2Q26 Earnings - Breadth of Pipeline Progress Highlighted Into Catalyst-Rich 2H

Research evidence excerpt

2Q26 Earnings - Breadth of Pipeline Progress Highlighted Into Catalyst-Rich 2H

Idea

July 28, 2026 09:40 PM GMT

Morgan Stanley & Co. LLCMIncyte Corp | North America Judah C. Frommer, CFA

Equity Analyst

2Q26 Earnings - Breadth of Judah.Frommer@morganstanley.comParth Patel +1 212 761-1270

Research Associate

Parth.Patel@morganstanley.com +1 212 761-5065

Pipeline Progress Highlighted Nicholas D Japhet

Nick.Japhet@morganstanley.com +1 212 761-2721

Into Catalyst-Rich 2H

Incyte Corp (INCY.O, INCY US)

What’s Changed Biotechnology | United States of America

Incyte Corp (INCY.O) From To Stock Rating Equal-weight

Price Target $104.00 $119.00 Industry View Attractive

Price target $119.00

Shr price, close (Jul 27, 2026) $118.87

Mkt cap, curr (mm) $24,255

AlphaSignals Earnings Reaction 52-Week Range $120.71-69.70

Unchanged Modest upside Largely unchanged Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Impact to our thesis Financial results versus consensus Direction of next 12-month

EPS ($)** 6.80 2.75 8.86 9.96

consensus EPS

Prior EPS ($)** - 7.67 9.32 10.78

Source: Company data, Morgan Stanley Research P/E 14.5 43.3 13.4 11.9

EPS ($)§ 6.89 7.45 9.07 9.70

Div yld (%) - - - -

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

Key Takeaways **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

e = Morgan Stanley Research estimates

2Q revenue reached $1.67B (+38% Y/Y) and net sales were ~$1.24B ex-$246M

Quarterly EPS ($)

benefit (+17%), about 5% above MSe. 2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

Focus for 2H26 centers on key pipeline updates: 1L MF for ’989, ESMO updates Q1 1.16 - 1.81a - -

for ’734/’890/’667, and Ph3 dermatology readouts for povorcitinib and opzelura. Q2 1.57 1.66 3.09 - -