Incyte Corporation: Takeaways from our meetings with INCY at our Healthcare conference

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Incyte Corporation: Takeaways from our meetings with INCY at our Healthcare conference

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Incyte Corporation

Takeaways from our meetings with INCY

at our Healthcare conference

Maintain Rating: BUY | PO: 124.00 USD | Price: 98.82 USD

Clear long-term growth strategy ahead of Jakafi LOE 14 May 2026

We hosted Incyte’s (INCY) CEO Bill Meury, who highlighted a year of strategic Equity

repositioning since taking the role, emphasizing that the company is transitioning

Tazeen Ahmad

toward its next growth phase post-Jakafi. He highlighted they see a clear path to grow Research Analyst

the core ex-Jakafi business to $3-4bn and continue to expand the opportunity through BofAS tazeen.ahmad@bofa.com

strong R&D execution. He noted multiple emerging assets could help offset the 2028

Daniel Giraldo

Jakafi LOE and support a diversified set of growth drivers. He highlighted 989 (mCALR), Research Analyst

povorcitinib and 734 (KRASG12D) as high PTRS programs and key strategic areas of BofAS daniel.giraldoperez@bofa.com

focus for the company. He also noted they continue to actively evaluate BD

Jeremiah Lorentz

opportunities, which could help reduce the duration of the post LOE trough, with a key Research Analyst

focus on hematology and immunology. We are encouraged by multiple shots on goal in BofASjeremiah.lorentz@bofa.com

the pipeline with several near-term catalysts. We maintain our Buy with $124 PO. Wesley Yon

Research Analyst

989 updates expected at EHA and ASH BofASwesley.yon@bofa.com

On 989, INCY highlighted upcoming updates in 2L MF and ET at EHA where focus will be

on consistency of the data in a larger population. 1L data for monotherapy and in

combination with ruxolitinib are expected at ASH, which could support advancing to

Stock Dataphase 3 in early-27.