US Biotechnology: One Interesting Nugget from Each Team in the Last Week & Looking Ahead

研报英文原文证据摘录

US Biotechnology: One Interesting Nugget from Each Team in the Last Week & Looking Ahead

J P M O R G A N North America Equity Research

02 July 2026

US Biotechnology

One Interesting Nugget from Each Team in the Last

Week & Looking Ahead

We wanted to provide one interesting nugget from each team’s coverage universe The J.P. Morgan Biotech Team

ACfrom the last week as well as highlight upcoming calls and prior conference call Jessica Fye

replays. Please see below. (1-212) 622-4165

jessica.m.fye@jpmorgan.com

One interesting nugget from each team’s coverage universe in the last week Anupam Rama AC

(1-212) 622-0900

• Incyte (INCY) – Fye: We’re hearing buy-side questions about the longer-term anupam.rama@jpmorgan.com

risk to ‘989 revenues from emerging, early competition, particularly if there Tessa T Romero AC

could be improvements on efficacy in non-type 1 patients, route of admin, and/ (1-212) 622-4484

or dosing frequency. We caught up with INCY this week who acknowledged tessa.t.romero@jpmchase.com

that in ET (where the mix of Type 1 to non-Type 1 is more balanced), non-Type Brian Cheng AC

1 patients are more likely to need to dose escalate in phase III, and this option (1-212) 622-0449

was intentionally built into the design. Meanwhile in MF, where coming out of brian.cheng@jpmorgan.com

J.P. Morgan Securities LLC

EHA, INCY showed less robust efficacy on SVR35 in non-Type 1 pts than in

Type 1, they see less difference between Type 1 and non-Type 1 pts on other

efficacy metrics. With this in mind, we have been wondering how INCY plans

to balance the natural desire to pursue the broadest pt population (keeping non-

Type 1 in the mix) with the competing priority of generating the best possible

efficacy data/maximizing prob of success. We think this decision could be