• Gilead Sciences for innovative cancer and inflammatory disease treatments.
• Regeneron Pharmaceuticals for oncology and autoimmune conditions.

• Jakafi (ruxolitinib): A prescription medicine used to treat myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease.
• Opzelura (ruxolitinib cream): A topical cream used to treat atopic dermatitis and nonsegmental vitiligo.
• Monjuvi (tafasitamab-cxix): A prescription medicine for adults with relapsed or refractory diffuse large B-cell lymphoma.
• Pemazyre (pemigatinib): A prescription medicine used to treat certain types of cholangiocarcinoma and myeloid/lymphoid neoplasms.

Incyte (INCY) primarily sells its pharmaceutical products to other companies, specifically major drug wholesalers and distributors.

The major customer companies for Incyte and their respective symbols are:

• Cardinal Health, Inc. (CAH)
• McKesson Corporation (MCK)
• Cencora, Inc. (COR) (formerly AmerisourceBergen Corporation)

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Bill Meury, President and Chief Executive Officer

Bill Meury joined Incyte in 2025 as President, Chief Executive Officer, and a member of the Company's Board of Directors. He has over three decades of industry experience, including expertise in organizational strategy, pipeline and commercial execution, and capital allocation. Prior to joining Incyte, Mr. Meury was CEO of Anthos, which was acquired by Novartis for $925 million in 2025. Before Anthos, he served as President and CEO of Karuna Therapeutics, leading its transition into a fully integrated R&D and commercial organization, before its $14 billion merger with Bristol Myers Squibb in 2024. Earlier in his career, Mr. Meury served as a Partner at Hildred Capital Management, a private equity firm. He spent more than two decades at Allergan, where he was Chief Commercial Officer, managing a global business with fifty products and $16 billion in revenue. He also served as Allergan's President, Branded Pharma, and Executive Vice President, Commercial, North American Brands, and as Executive Vice President Commercial Operations at Forest Laboratories prior to its acquisition by Allergan. He has been involved with over 20 U.S. FDA approvals and new product launches, as well as 25 different business development and licensing (BD&L) transactions.

Christiana Stamoulis, Former Executive Vice President and Chief Financial Officer

Christiana Stamoulis joined Incyte as Executive Vice President and Chief Financial Officer in February 2019. She stepped down from her role at Incyte on September 16, 2025, to pursue another opportunity, becoming President and Chief Financial Officer of Mallinckrodt, effective September 22, 2025. Prior to Incyte, Ms. Stamoulis was President and Chief Financial Officer of Unum Therapeutics. Before Unum, she served as Senior Vice President of Corporate Strategy and Business Development at Vertex Pharmaceuticals. Ms. Stamoulis spent nearly 15 years in the investment banking and management consulting industries, including as a Managing Director at Citigroup's Investment Banking division and a senior investment banker in the Healthcare Investment Banking Group at Goldman Sachs. She began her career as a strategy consultant at The Boston Consulting Group. Ms. Stamoulis currently serves on the Board of Directors of Hologic Inc.

Pablo J. Cagnoni, M.D., President, Head of Research & Development

Pablo J. Cagnoni, M.D., joined Incyte in 2023 as President, Head of Research & Development. In this role, he oversees Incyte's research and development efforts across its portfolio in Oncology, Hematology, Inflammation and Autoimmunity, including Dermatology. Prior to joining Incyte, Dr. Cagnoni served as the Chief Executive Officer of Laronde, a company focused on developing endless RNA (eRNA), and held the CEO position at Rubius Therapeutics. He also held leadership roles at Tizona Therapeutics, Onyx Pharmaceuticals, and Novartis Oncology. Throughout his career, Dr. Cagnoni has been instrumental in advancing the development of breakthrough treatments and has played a key role in the development, approval, and commercialization of more than 20 life-changing medicines.

Steven H. Stein, M.D., Executive Vice President and Chief Medical Officer

Steven H. Stein, M.D., joined Incyte in 2015 and currently serves as the Company's Executive Vice President and Chief Medical Officer. In this role, he oversees various verticals including clinical development, clinical operations, pharmacovigilance, statistics and data management, and regulatory affairs. Before joining Incyte, Dr. Stein worked at Novartis Pharmaceuticals Corporation, most recently as Senior Vice President, U.S. Clinical Development & Medical Affairs for Novartis Oncology.

Maria E. Pasquale, Executive Vice President and General Counsel

Maria E. Pasquale serves as Incyte's Executive Vice President and General Counsel. She has been with Incyte for over 15 years, having joined the company in 2008 as Vice President, Legal. Before joining Incyte, Ms. Pasquale worked in the corporate and securities group at Hogan & Hartson LLP (now Hogan Lovells). She earned her law degree from Georgetown University Law Center and her undergraduate degree from Georgetown University.

Incyte faces clear emerging threats from competitor drugs targeting its key therapeutic areas:

• Increased competition in Myelofibrosis (MF) targeting specific patient populations: Newer drugs have recently been approved that directly compete with Incyte's flagship product, Jakafi (ruxolitinib), by addressing specific unmet needs or limitations within the MF patient population. Examples include Momelotinib (Ojjaara, GSK), approved in 2023 for MF with anemia, and Pacritinib (Vonjo, Sobi), approved in 2022 for MF with severe thrombocytopenia. These competitors segment the market, directly threatening Jakafi's dominance and market share among specific subsets of MF patients where Jakafi may have limitations or associated side effects like anemia.

• Emergence of novel bispecific antibody therapies in Relapsed/Refractory Diffuse Large B-cell Lymphoma (DLBCL): Incyte's Monjuvi (tafasitamab) for relapsed/refractory DLBCL is facing significant competition from a new class of effective therapies. Bispecific antibodies like Epkinly (epcoritamab, Genmab/AbbVie), approved in 2023, and Lunsumio (mosunetuzumab, Genentech), approved in 2022, offer alternative mechanisms of action with strong efficacy in the same patient population as Monjuvi. These readily accessible therapies directly compete for market share, posing a substantial threat to Monjuvi's commercial uptake and long-term positioning.

Incyte Corporation (INCY) has several main products addressing various market segments. The addressable market sizes for their key products are identified below:

• Jakafi (ruxolitinib)
  • Myelofibrosis: The global myelofibrosis treatment market was valued at USD 786.1 million in 2021 and is projected to reach USD 1,160.29 million by 2031. The total myelofibrosis treatment market size in the leading markets (the United States, EU4, the United Kingdom, and Japan) was USD 2.2 billion in 2024.
  • Polycythemia Vera: The global polycythemia vera treatment market size was valued at USD 1.70 billion in 2024 and is expected to reach USD 3.56 billion by 2032. The polycythemia vera market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.5 billion in 2024 and is expected to reach USD 3.4 billion by 2035.
  • Graft-versus-host disease (GVHD): The global graft versus host disease (GvHD) treatment market size was valued at USD 2.8 billion in 2023 and is forecast to reach USD 4.53 billion by 2030. The graft versus host disease market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.6 billion in 2024 and is expected to reach USD 7.3 billion by 2035.
• Opzelura (ruxolitinib cream)
  • Nonsegmental Vitiligo: The global vitiligo treatment market size was valued at USD 1.74 billion in 2024 and is projected to grow to USD 2.38 billion by 2032.
  • Atopic Dermatitis (AD): Incyte indicates a potential U.S. addressable market size of greater than USD 3 billion for atopic dermatitis.
• Monjuvi (tafasitamab-cxix)
  • Follicular Lymphoma (FL): Follicular Lymphoma represents a global market of USD 2.5 billion.
• Niktimvo (axatilimab-csfr)
  • Chronic Graft-versus-host disease (cGVHD): This product targets chronic GVHD, which is a segment of the overall graft versus host disease market. The global GVHD market was valued at USD 2.8 billion in 2023 and is forecast to reach USD 4.53 billion by 2030. The GVHD market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.6 billion in 2024 and is expected to reach USD 7.3 billion by 2035.
• Pemazyre (pemigatinib): null
• Tabrecta (capmatinib): null
• Iclusig (ponatinib): null
• Zynyz (retifanlimab-dlwr): null

1. Continued Growth of Key Marketed Products: Incyte anticipates sustained revenue growth from its established products, Jakafi (ruxolitinib) and Opzelura (ruxolitinib cream). Jakafi continues to demonstrate strong demand across its approved indications, including myelofibrosis, polycythemia vera, and graft-versus-host disease (GVHD). The company raised its 2025 net product revenue guidance for Jakafi to between $3.050 billion and $3.075 billion. Opzelura has shown robust performance, with global sales increasing by 35% year-over-year in Q3 2025, driven by its success in atopic dermatitis and vitiligo. Incyte is focused on optimizing promotional strategies for these key products to sustain their growth.
2. Recent and Upcoming Product Launches: The launch of new products is a significant driver of future revenue. Niktimvo (axatilimab), approved in August 2024 and launched in January 2025 for chronic GVHD, is expected to contribute meaningfully to sales growth. Additionally, Incyte plans to launch Ruxolitinib XR, an extended-release version of Jakafi, in 2026, which offers a more convenient once-daily dosing and is anticipated to be a substantial contributor. Povorcitinib, a JAK1 specific inhibitor, is also expected to launch for hidradenitis suppurativa (HS) within the next two years. These new launches are projected to generate approximately $1 billion in incremental revenue by 2029.
3. Geographic Expansion of Opzelura: Incyte is expanding the market reach of its dermatology product, Opzelura. Specifically, the launch of Opzelura for atopic dermatitis in Europe is planned, which will open new revenue streams for the product outside of its strong U.S. market. Incyte currently has operations in North America, Europe, and Asia, providing a foundation for international growth.
4. Advancement of Pipeline Candidates: Incyte's commitment to advancing its late-stage pipeline is another key driver. The company is strategically prioritizing its research and development programs, focusing on high-value initiatives. For example, INCA033989, a first-in-class mutant calreticulin (mutCALR)-targeted monoclonal antibody, is showing promising new Phase 1 monotherapy and combination data in myelofibrosis (MF) and updated data in essential thrombocythemia (ET). These pipeline developments are crucial for long-term growth and for potentially offsetting the impact of Jakafi's patent expiration in 2028.

Share Repurchases

• In May 2024, Incyte's Board of Directors authorized a $2.0 billion share repurchase program.
• In June 2024, Incyte completed a tender offer and a separate agreement, repurchasing approximately 33.3 million shares for a total of about $2.0 billion.
• This repurchase represented approximately 14.8% of the company's total outstanding shares as of early June 2024.

Share Issuance

• No significant capital-raising share issuances by Incyte were identified over the last 3-5 years. The company regularly issues restricted stock units and stock options to employees as part of compensation.

Outbound Investments

• In April 2024, Incyte acquired Escient Pharmaceuticals for $750 million, adding clinical-stage molecules for inflammatory diseases.
• In 2022, Incyte acquired Villaris Therapeutics for approximately $1.4 billion, which included an upfront payment and milestones, expanding its portfolio for vitiligo and other autoimmune conditions.
• In November 2025, Incyte made an upfront payment of $35 million and a $25 million equity investment (total $60 million) in Prelude Therapeutics as part of an exclusive option agreement to acquire its JAK2V617F JH2 inhibitor program.

Capital Expenditures

• Capital expenditures were $86.3 million in 2024 and $32.5 million in 2023.
• Incyte's capital expenditures have fluctuated, with a high of $181 million in 2021 and a low of $32.5 million in 2023 within the last 3-5 years.
• Capital expenditures are predominantly for operational needs, including research and development efforts, and generally reflect investments in facilities and equipment.