INCYTE CORP (INCY)

Incyte is a global biopharmaceutical company headquartered in Wilmington, Delaware, with additional operations in Morges, Switzerland; Tokyo, Japan; and Montreal, Canada, focused on the discovery, development, and commercialization of proprietary therapeutics across three therapeutic areas: Hematology, Oncology, and Inflammation and Autoimmunity (IAI). Its hematology franchise includes four approved products—JAKAFI (ruxolitinib), approved for myelofibrosis, polycythemia vera, and acute/chronic graft-versus-host disease (GVHD), marketed in the U.S. with Novartis holding ex-U.S. rights under the JAKAVI brand; ICLUSIG (ponatinib) for chronic myeloid leukemia and Ph+ ALL in Europe; MONJUVI/MINJUVI (tafasitamab), now fully owned after a 2024 buyout from MorphoSys, approved for relapsed/refractory DLBCL and, more recently, follicular lymphoma; and NIKTIMVO (axatilimab-csfr), developed with Syndax, approved for chronic GVHD after prior systemic therapies. Pipeline hematology programs include a once-daily extended-release ruxolitinib formulation awaiting FDA resubmission decision, INCA033989 (an anti-mutant calreticulin antibody with Breakthrough Therapy designation for essential thrombocythemia, also being studied in myelofibrosis), INCA035784 (a mutCALRxCD3 bispecific), and INCB160058 (a JAK2V617F-specific inhibitor), alongside advancing combination studies of axatilimab and positive Phase 3 results for tafasitamab in first-line DLBCL.

The oncology franchise includes PEMAZYRE (pemigatinib), approved for FGFR2-altered cholangiocarcinoma and FGFR1-rearranged myeloid/lymphoid neoplasms, and ZYNYZ (retifanlimab-dlwr), a PD-1 antibody licensed from MacroGenics, approved for Merkel cell carcinoma and squamous cell carcinoma of the anal canal. Oncology pipeline candidates include INCB123667 (a CDK2 inhibitor for ovarian cancer with Phase 2/3 trials underway), INCB161734 (a KRAS G12D inhibitor for pancreatic cancer), and INCA33890 (a TGFβR2xPD-1 bispecific for colorectal cancer, developed using Merus’s platform, now in Phase 3). The IAI franchise centers on OPZELURA (ruxolitinib cream), approved for atopic dermatitis (including pediatric patients) and nonsegmental vitiligo, with pipeline programs including ruxolitinib cream for hidradenitis suppurativa (Phase 3 ongoing) and previously prurigo nodularis (paused after FDA feedback), povorcitinib (an oral JAK1 inhibitor with positive Phase 3 results in hidradenitis suppurativa, pending regulatory submissions, and ongoing studies in vitiligo, prurigo nodularis, and asthma), and zilurgisertib for fibrodysplasia ossificans progressiva.

Incyte also maintains partnered programs, including OLUMIANT (baricitinib), licensed to Eli Lilly for rheumatoid arthritis, atopic dermatitis, alopecia areata, COVID-19, and recently Type 1 diabetes (amended in October 2025 for a $100 million upfront payment and restructured royalties), and TABRECTA (capmatinib), licensed to Novartis for MET exon 14-mutant non-small cell lung cancer. The company's business model relies on extensive in-house drug discovery capabilities spanning small molecules, biologics, degraders, and bispecific/multispecific antibodies, complemented by strategic collaborations, with a focused pipeline strategy emphasizing targeted oncology, myeloid diseases, and dermatology, supported by integrated development, manufacturing, regulatory, and commercial operations.