INCB123667

从1984年科学家首次发现细胞周期蛋白依赖性激酶（CDK）之后，这一调控细胞周期进展的核心激酶家族便成为肿瘤研究的焦点。而直到2015年，全球首款CDK抑制剂（哌柏西利）才得以上市，用于乳腺癌治疗。 而后续历经数十年沉淀，CDK抑制剂这一细分市场无论是市场规模，还是新药数量均大幅上涨，俨然间成为行业难得的黄金赛道。其中，CDK4/6抑制剂领域现已广泛应用于临床，已成为HR＋/HER2﹣晚期乳腺癌患者的标准一线疗法，2023年全球四款率先获批的CDK4/6抑制剂的总销售额高达107.4亿美元。2025年上半年，更是短时间内批准了4款新的CDK4/6药物。 在CDK4/6抑制剂一片大好的临床场景之外，其安全性方面的重大局限随之凸显，比如：常见的中性粒细胞减少，白细胞减少、血小板降低等不良反应，腹泻，皮疹，脱发等副作用风险。更关键的是，接受常规CDK4/6抑制剂治疗的患者往往会在后续出现不同程度的耐药性问题，导致疾病持续进展。 安全性不足+常规性耐药，导致该领域出现了亟待解决的临床需求，继而引发了药企们对新一代抑制剂的探索，而“CDK2抑制剂”正是肿瘤药物研发中较热门的靶点之一。 探索历程：CDK抑制剂的三个时代 一般而言，非程序性增殖作为癌细胞的关键标志之一，其直接或间接由失调的细胞周期蛋白依赖性激酶（CDKs）介导。 过程中，CDKs直接参与细胞周期进程和转录调控过程中催化蛋白磷酸化，而其催化活性则依赖与细胞周期蛋白调控伴侣（Cyclin）结合。目前几种已知“CDKs+细胞周期蛋白”的组合已在不同物种中被鉴定识别，并参与细胞进程，即熟知的G1、S、G2和M期（下图）。 其中，除了直接驱动细胞周期进程的CDKs（如CDK4、CDK6、CDK2、CDK1和CDK3）外，还有控制转录的CDKs家族，包括CDK7、CDK8、CDK9、CDK10、CDK11、CDK12、CDK13等。而鉴于CDKs在细胞周期调控中发挥的至关重要的功能，几乎所有恶性肿瘤都具有某些损害细胞周期正常控制的特征可能。这就是为何过去30年里，多种靶向CDKs活性的药物不断进化的根本原因。 现如今，选择性靶向CDK抑制剂已成为现代癌症治疗的支柱，多种CDK抑制剂被开发用于阻断癌细胞增殖，截止目前，可大致分为四代产品。 数据来源：公开数据整理（点击查看大图） 第一代CDK抑制剂：泛CDK抑制剂，其对多种CDK及细胞增殖相关蛋白激酶均有抑制作用，特异性有限，治疗窗窄，毒副作用大，单药疗法在临床试验中多因毒性问题终止。比如Flavopiridol、Roscovitine等。 第二代CDK抑制剂：特异性CDK抑制剂，对部分特定靶点选择性有所提高，但却仍存在特异性和安全性不足的问题，甚至部分药物因此无缘晚期临床，早早终止，代表管线有Dinaciclib、At7519等。 第三代CDK抑制剂：高选择性CDK抑制剂，主要靶点方向集中于CDK4与CDK6，其他同阶靶点影响较小，在上一代CDK抑制剂之上显著提高了其安全性，也是目前临床CDK抑制剂的主要产品，代表产品为Palbociclib（哌柏西利）、Abemaciclib（阿贝西利）与Ribociclib（瑞波西利）等。 从第一代至如今主流的第三代CDK抑制剂，其发展方向遵循提高选择性、降低副作用，行业发展速度有目共睹。然而现阶段CDK抑制剂原则上也并非完美，比如日益凸显的耐药性问题。 第四代CDK：CDK2抑制剂满足迫切需求 如上文所述，尽管以CDK4/6抑制剂为首的第三代CDK抑制剂在临床上取得了成功，但随着时间的推移，这些抑制剂的原发性和获得性耐药性大幅增加，一定程度上限制了功效。 而导致CDK4/6抑制剂耐药的机制多种多样，比如①Rb基因缺失或表达下调、②细胞周期蛋白Cyclin E过表达可导致CDK2活化和Rb磷酸化的恢复、③CDK6过表达、④PI3K/AKT/mTOR通路的激活、⑤FGFR1上调诱导PI3K/AKT/mTOR和MAPK通路的激活。 其中，“CDK2活化”被认为是抑制耐药的最主要机制之一。而CDK2作为细胞从G1晚期过渡到S和G2期的重要驱动因素，其对正常细胞增殖的影响却相对较小。因此，“选择性CDK2抑制剂”理论上可以有效治疗CCNE1扩增肿瘤和CDK4/6i耐药乳腺癌，且最大限度地减少临床毒性。 目前，CDK2已被提议作为多种癌症的治疗靶标，例如KRAS驱动的肺癌、MYC扩增的神经母细胞瘤、黑色素瘤、急性髓性白血病、胶质母细胞瘤、前列腺癌和乳腺癌等。 综上，鉴于目前CDK4/6双靶点抑制剂毒副作用与耐药问题，CDK2抑制剂成为了现阶段解决问题的关键，开发一个选择性的CDK2激酶抑制剂，可能是目前临床上迫切且必须得临床需求，也预示CDK2抑制剂或可成为“第四代CDK抑制剂”。 赛道角逐：CDK抑制剂玩家数量暴涨 然而，严峻现实之下，早期CDK2抑制剂虽在临床前期展现出优秀的抗肿瘤潜力，但由于CDK家族成员间存在高度的序列同源性，其选择性却存在严重的不足，继而引发了较高的不良反应。因此，关于“下一代CDK2抑制剂”的研发再次回到了困扰整个领域发展的关键点，即如何提高药物的选择性？ 直至近年，随着靶向药物设计技术的突破，高选择性CDK2抑制剂凭借“精准打击肿瘤细胞、降低脱靶毒性”的优势脱颖而出，多款候选药物在临床研究中展现出亮眼疗效，为肿瘤治疗开辟了新的精准赛道。 一者，CDK2成为了各大国际性会议上的热门靶点，MNC与Biotech争先披露其核心CDK2抑制剂的临床结果： ASCO 2023大会上，Pfizer公开了其选择性CDK2抑制剂Tagtociclib在晚期实体瘤和HR+/HER2-乳腺癌患者中的初步积极临床结果：在先前接受过CDK4/6i治疗后病情进展的HR+/HER2-mBC患者中，经大量治疗后显示出抗肿瘤活性。 AACR 2024大会上，阿斯利康首次公开CDK2抑制剂AZD8421的具体信息。 ASCO 2025大会上，Incyte公布了其选择性CDK2抑制剂INCB123667治疗卵巢癌的I期研究数据。结果显示，90例患者经不同剂量治疗后，客观缓解率（ORR）为21.1%（19/90），其中4例为完全缓解，15例为部分缓解。 ASCO 2025大会上，百济神州首次公布了其高选择性CDK2抑制剂BG-68501的首次人体1a/b期剂量递增/扩展研究数据，结果显示BG-68501表现出良好的安全性/耐受性。 二者，全球范围内关于CDK2抑制剂的并购与管线交易也日益频繁，国内外前沿药企均一定程度上看好该领域的未来发展。 2023年6月1日，Bayer收购了Cedilla Therapeutics的CDK2抑制剂管线，获得了该公司CyclinE1/CDK2复合物抑制剂的开发和商业化的全部权利。 2023年11月21日，百济神州引进了Ensem Therapeutics的ETX-197(临床前)的全球独家许可，总交易额13.3亿美元。 2024年1月4日，Avenzo Therapeutics引进了国内安锐生物的“潜在BIC”的CDK2抑制剂ARTS-021与另一个临床前项目的独家选择权，首付款4000万美元，总交易额超10亿美元。 2024年9月30日，锐格医药与罗氏旗下基因泰克就两款CDK抑制剂达成收购协议，其中QR-6401是一款CDK2抑制剂，而RGT-419B则是一款CDK2/4/6/抑制剂，针对HR+/HER2-乳腺癌。 2025年6月25日，吉利德（Gilead Sciences）与Kymera Therapeutics宣布，双方已达成一项独家选择权和许可协议，以加速开发和商业化一种靶向细胞周期蛋白依赖性激酶2（CDK2）的新型分子胶降解剂（MGD）项目。该项目在肿瘤治疗领域具有广泛潜力，包括乳腺癌和其他实体瘤。 资本+药企的组合之下，近年来CDK2抑制剂领域迅速发展，据“药智数据”显示，目前全球管线上，尚无任何一款CDK2抑制剂获批上市，且仅有Incyte的INCB123667进入了临床III期，其余管线均处于临床前期（I/II期）阶段。 药品名称 药品类别 原研单位 在研适应症（总） 全球最高阶段 最近活跃时间 INCB-123667 化药 Incyte Corp 卵巢癌;实体瘤 临床Ⅲ期 2025-10-16 INX-315 化药 Incyclix Bio LLC 乳腺癌;卵巢癌;实体瘤;癌症 临床Ⅱ期 2024-12-24 BLU-222 化药 Blueprint Medicines Corp 乳腺癌;实体瘤 临床Ⅱ期 2024-02-22 PF-07104091 化药 辉瑞 卵巢癌;实体瘤;小细胞肺癌;转移性乳腺癌 临床Ⅱ期 2025-07-01 BGB-68501 化药 百济神州 乳腺癌;实体瘤 临床Ⅰ期 2025-02-21 INCB-0123667 化药 Incyte Corp 乳腺癌;卵巢癌;子宫内膜癌 临床Ⅰ期 2025-05-23 NKT-3964 化药;PROTAC NiKang Therapeutics Inc 实体瘤 临床Ⅰ期 2024-09-04 ARTS-021 化药 安锐生物Avenzo Therapeutics（合作） 乳腺癌;卵巢癌;子宫内膜癌等实体瘤 临床Ⅰ期 2025-09-15 NKT-3447 化药 NiKang Therapeutics 实体瘤 临床Ⅰ期 2024-02-09 EXT-197 化药 ENSEM Therapeutics;百济神州 乳腺癌;实体瘤;癌症 临床Ⅰ期 2025-01-14 AZD8421 化药 阿斯利康 实体瘤 临床Ⅰ期 2023-12-01 数据来源：药智数据（如有错误请指正） 而随着CDK2靶点领域的玩家数量的进一步上涨，越来越多药企与资本不再满足于常规抑制剂与单靶点药物，领域内逐渐出现越来越多差异化的创新疗法，比如CDK2 PROTAC、CDK2分子胶以及CDK2多靶药物。 未来：CDK2迈向多元化技术路线 为了克服传统CDK4/6抑制剂产生的选择性与耐药性问题，也为了与诸多CDK2常规产品体现差异化，CDK2抑制剂的未来发展呈现出多维度的创新趋势：研发逐渐偏向分子胶、PROTAC（蛋白降解靶向嵌合体）与多靶点方向。而三者间显著具备其自身多重优势，比如延长靶点抑制、靶向“不可成药”蛋白以及克服由靶蛋白结合位点突变等。 ① CDK2多靶药物： 虽然，CDK4/6抑制剂在国内外各大指南中均已成为晚期激素受体阳性乳腺癌一线标准治疗方案，且CDK2抑制剂也被证明是解决传统CDK抑制剂耐药的关键载体，但目前来看，其单药在临床上疗效整体不佳，因此领域发展短时间内只能依靠药物联用与多靶点策略。 相关研究表明也证明，同时靶向CDK2、CDK4及CDK6有望在一定程度上克服 CDK4/6抑制剂耐药问题，增强抗肿瘤疗效。 近期美国癌症研究协会（AACR）官方杂志CLINICAL CANCER RESEARCH公布了 CDK2/4/6三靶点抑制剂PF-0687360的首个人体临床研究结果，为破解CDK4/6抑制剂耐药提供了新的临床证据。而另一方面，正大天晴的库莫西利（Culmerciclib）作为中国药企自主研发的CDK2/4/6抑制剂，也被证实对CDK2具有高抑制活性，同时对CDK4具有高度选择性，对CDK6抑制力较弱，因此理论上的副作用相对更低。 而在CDK2/4/6三靶点抑制剂外，以Cyclacel公司的CYC065为代表的CDK2/9抑制剂也是首批进入临床的高选择性第二代CDK2抑制剂之一，相比传统CDK抑制剂，其生物利用度高，耐受性良好，患者依从性佳。在二期数据不足以支持其在患者群体中作为单药继续开发的情况下，与CDK4/6抑制剂联用的可能性却依旧存在。 ② PROTAC： PROTACs通过利用细胞的泛素-蛋白酶体系统降解目标蛋白，为癌症治疗提供了一种独特的方法，并克服了传统CDK抑制剂的局限性，如耐药机制和脱靶效应。目前其针对CDK2、CDK4/6、CDK5、CDK8、CDK9和CDK12/13等CDK成员的PROTACs已经取得了显著进展。 今年，Kymera开发了一类对CDK2具有高选择性的降解剂，并发现其作用机制意外地同时诱导了Cyclin E1的降解，并在几乎不降解CDK1的浓度下即可完全抑制RB蛋白磷酸化。相较于小分子抑制剂，该降解剂对CDK2的效力和选择性提升，能够以更高的特异性抑制CCNE1扩增癌细胞的增殖活性。此外，CDK2与Cyclin E1的降解机制还可使帕博西利耐药（Pa）乳腺癌细胞重新发生细胞周期阻滞。通过口服给药，他们证实了该降解剂能实现强效且持久的RB通路抑制，抑制CCNE1扩增肿瘤生长所必需的条件。 2025年6月25日，吉利德科学和Kymera Therapeutics已宣布签订独家选择权和许可协议，以加快一种新型分子胶降解剂（MGD）计划的开发和商业化，该计划针对具有广泛肿瘤治疗潜力的细胞周期依赖性激酶2（CDK2），包括乳腺癌症和其他实体瘤。 尽管取得了这些进展，但PROTACs的开发仍面临挑战，包括选择合适的E3连接酶、提高选择性、减少脱靶效应以及改善药代动力学特性和细胞转运。 ③ 分子胶： 分子胶作为另一种靶向蛋白降解策略，通过增强靶蛋白与E3连接酶之间的相互作用来促进其降解，CDK2分子胶能够选择性降解CDK2，导致E2F下游蛋白的减少和增殖的抑制，其与CDK2抑制剂有着不同的作用机制，被处理细胞并不存在CCNE1上调或p-Rb反弹的情况。 例如，(R)-CR8被发现是一种能够以纳摩尔浓度降解细胞周期蛋白K的分子胶。另有研究发现了一种新型分子胶，能够促进CDK12和DDB1之间的连接，从而选择性降解CDK12。此外，Monte Rosa最近也开始重点宣传其CDK2分子胶项目，其出色的临床前数据，展现其在HR+/HER2-乳腺癌中的治疗潜力。 CDK靶向PROTACs和分子胶的临床转化是癌症治疗的重大突破。2020年，首批PROTAC分子进入临床试验，提供了这种治疗方法可行性的初步证据。目前正在进行的临床试验正在评估这些化合物在多种癌症类型（包括实体瘤和血液恶性肿瘤）中的安全性和有效性。 从理论上看，分子胶相较PROTAC，其成药性接近小分子抑制剂，但具备更优秀的选择性与耐药机制，有望成为未来CDK2临床发展的BIC方向。 小结 从1992年泛CDK抑制剂的毒副作用桎梏，Flavopiridol、Roscovitine等管线因毒性问题屡屡终止。 到2000年特异性CDK抑制剂概念出现，虽提高了靶点选择性，却难逃安全性不足问题，Dinaciclib、At7519等管线无缘临床后期。 再到高选择性CDK抑制剂显著提高安全性，哌柏西利、阿贝西利等CDK4/6抑制剂大量上市。 CDK靶向治疗的进化史，本质其实就是一场对“精准抑制肿瘤、降低治疗损伤”的持续求索！而随着CDK抑制剂领域持续发展，耐药性问题逐渐凸显，新的临床需求也促使新的药物类型持续出现，而CDK2抑制剂正是破解临床痛点的关键抓手。 而本质上，以CDK2抑制剂为代表的第四代CDK抑制剂的出现，与之前的发展轨迹略有不同，请原则上并不会短时间内取代第三代CDK抑制剂，更多的仍是对其后续耐药性患者的叠加治疗，利大于弊。 至于未来，多靶点协同、PROTAC蛋白降解、分子胶靶向结合等多元化技术路线能否重塑产品格局，则仍需更多证据支持。既为耐药肿瘤患者打开生存新通道，也将重塑CDK靶向治疗的行业格局，推动肿瘤精准治疗迈入“高效、低毒、抗耐药”的全新发展阶段。 博腾股份成立于2005年，主要为全球药企、生物科技公司、科研机构等提供从临床前研究到药品上市全生命周期所需的小分子药物、多肽与寡核苷酸药物、蛋白与偶联药物以及细胞与基因治疗药物等一站式服务解决方案，研发、生产、运营场地覆盖中国（重庆、上海、四川、江苏、江西、湖北）、美国、斯洛文尼亚、比利时、瑞士和丹麦等地。我们始终坚持以客户为中心，致力于为客户提供创新、可靠的全球化、端到端CDMO服务，让好药更早惠及大众。 免责声明：本文仅作者个人观点的表达，文中观点不代表博腾及其所属子公司立场，亦不对本文所提供信息做任何形式的保证。同时，本文不做治疗方案推荐，也不承担因使用或依赖本文信息所产生的任何直接或间接的后果。如需获得治疗方案指导，请前往正规医院就诊。

WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) today reported financial results for the third quarter of 2025 and provided a business update. “Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year, which highlights the momentum in our business and effective commercial execution,” said Bill Meury, President & CEO. “Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year, which highlights the momentum in our business and effective commercial execution,” said Bill Meury, President and Chief Executive Officer, Incyte. “We are taking a deliberate approach to pipeline prioritization. We are actively reviewing our R&D efforts and focusing on high-value programs that are scientifically differentiated, address unmet medical needs, and have the potential to significantly drive Incyte’s next phase of growth." Third Quarter 2025 Results Total revenues: Total revenues were $1.37 billion, an increase of 20% compared to the third quarter of 2024, primarily driven by an increase in total net product revenues. Total net product revenue for the third quarter of 2025 was $1.15 billion, an increase of 19%. The increase was primarily related to patient demand for Jakafi ® (ruxolitinib) across all indications and strong uptake of the initial launch of Niktimvo ™ (axatilimab-csfr). Cost of product revenues: GAAP and non-GAAP cost of product revenues were $99.0 million and $92.7 million, an increase of 15% and 16%, respectively, compared to the prior year period. Research and development (R&D) expenses: GAAP and non-GAAP R&D expenses were $506.6 million and $467.0 million, a decrease of 12% and 11%, respectively, compared to the prior year period. Selling, general and administrative (SG&A) expenses: GAAP and non-GAAP SG&A expenses were $329.1 million and $308.0 million, an increase of 6% and 11%, respectively, compared to the prior year period. Cash, cash equivalents and marketable securities position: As of September 30, 2025 and December 31, 2024, cash, cash equivalents and marketable securities totaled $2.9 billion and $2.2 billion, respectively. Full-year 2025 Financial Guidance The Company is raising its full-year 2025 net product revenue guidance to $4.23 - $4.32 billion to account for higher demand for Jakafi and other hematology and oncology marketed products. The update includes raised guidance for Jakafi to $3.050 - $3.075 billion, as well as other hematology and oncology marketed products to $550 - $575 million. The Opzelura ® (ruxolitinib) cream revenue guidance of $630 - $670 million is maintained. The Company reiterates its guidance for GAAP and non-GAAP cost of product revenues, R&D, and SG&A expenses for full year 2025, which reflects the continued investment in mid- and late-stage clinical development programs and commercial capabilities. Key Business Updates Myeloproliferative Neoplasms (MPNs) and Graft-Versus-Host Disease (GVHD) The Company is on track to submit ruxolitinib extended-release (XR) bioequivalence data to the U.S. Food and Drug Administration (FDA) in the fourth quarter. Results from the Phase 1 trial evaluating INCA033989, an investigational mutant calreticulin (mutCALR) selective monoclonal antibody, in mutCALR positive patients with myelofibrosis (MF) are expected in the second half of 2025. The Phase 1 results will include safety and efficacy data evaluating INCA033989 as a monotherapy in patients who are resistant, refractory or intolerant to JAK inhibitor treatment, as well as data evaluating INCA033989 as a combination therapy with ruxolitinib in patients who are exhibiting a suboptimal response to ruxolitinib monotherapy. Hematology/Oncology In October, results from the Phase 1 trial evaluating INCA33890 (TGFBR2xPD-1 bispecific antibody) in solid tumors were presented at the European Society for Medical Oncology (ESMO) Congress. In the trial, INCA33890 demonstrated a manageable tolerability profile and clinical efficacy across multiple tumors, including microsatellite stable colorectal cancer (MSS CRC) patients with and without active liver metastases. Based on these initial findings, the Company plans to initiate a registrational program evaluating INCA33890 in MSS CRC in 2026. Preliminary results from the Phase 1 trial evaluating INCB161734 (KRAS G12D selective inhibitor) were presented at the ESMO Congress in October. In the trial, INCB161734 demonstrated a manageable safety profile and clinical efficacy in heavily pretreated pancreatic ductal adenocarcinoma (PDAC) patients with a KRAS G12D mutation. Evaluation of INCB161734 in PDAC patients as a monotherapy, and in combination with chemotherapy, is ongoing and will support potential future development efforts. A Phase 2 trial evaluating INCB123667 (CDK2i) in patients with platinum-resistant ovarian cancer (PROC) with Cyclin E1 overexpression was initiated in the third quarter. The Phase 3 study evaluating tafasitamab (Monjuvi ® ) as first-line treatment for diffuse large B-cell lymphoma (DLBCL) is ongoing, with data anticipated around year-end 2025. Inflammation and Autoimmunity (IAI) Ruxolitinib cream In September, the FDA approved the supplemental New Drug Application (sNDA) for Opzelura for pediatric atopic dermatitis (AD). Opzelura is now indicated for the short-term and non-continuous chronic treatment of mild to moderate AD in non-immunocompromised adult and pediatric patients two years of age and older whose disease is not well controlled with topical prescription therapies, or when those therapies are not recommended. In October, Phase 3 results from the TRuE-AD4 trial evaluating Opzelura in patients with moderate AD were presented at the International Symposium on Atopic Dermatitis (ISAD). Results from the study demonstrated that by Week 8, treatment with Opzelura significantly improved the clinical signs of AD, rapidly improved itch, improved quality of life measures and was well tolerated in adults with moderate AD who had an inadequate response, intolerance or contraindication to topical corticosteroid (TCS)s and topical calcineurin inhibitor (TCI)s. The Company anticipates filing a Type-II variation application for ruxolitinib cream 1.5% for the treatment of adults with moderate AD in the European Union (EU) by year-end 2025. Povorcitinib In September, longer-term data for povorcitinib were presented at the European Association of Dermatology and Venereology (EADV) which demonstrated continued clinically meaningful and statistically significant improvements in patients with active moderate to severe hidradenitis suppurativa (HS). Regulatory submissions for povorcitinib in moderate to severe HS in the EU and the U.S. are anticipated by year end 2025 and early 2026, respectively. Data from the Phase 3 studies evaluating povorcitinib in prurigo nodularis (PN) and vitiligo, as well as data from the Phase 2 proof-of-concept trial in asthma, are anticipated in 2026. Corporate and Business Development Updates The Company strengthened its executive leadership team through the appointment of Soni Basi as Executive Vice President and Chief Human Resources Officer and Dave Gardner as Executive Vice President and Chief Strategy Officer in the third quarter. Based on ongoing pipeline prioritization efforts, the Company has paused further development of the INCA034460 (anti-CD122) and INCB57643 (BET inhibitor) programs, as well as the development of povorcitinib in chronic spontaneous urticaria (CSU). The Company announced a strategic partnership with Enable Injections, Inc., to develop and commercialize specific assets in Incyte’s portfolio, including INCA033989, with Enable’s enFuse ® on-body delivery system. Under the terms of the agreement, Incyte will obtain a worldwide, exclusive license to use the enFuse technology with INCA033989 in essential thrombocythemia (ET) and MF, with the potential to expand to additional assets and indications. 2025 Third Quarter Financial Results The financial measures presented in this press release for the three and nine months ended September 30, 2025 and 2024 have been prepared by the Company in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), unless otherwise identified as a Non-GAAP financial measure. Management believes that Non-GAAP information is useful for investors, when considered in conjunction with Incyte’s GAAP disclosures. Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company’s business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company’s core operations. The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company’s core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used in conjunction with and to supplement Incyte’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in our industry. As changes in exchange rates are an important factor in understanding period-to-period comparisons, Management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP. Financial Highlights Financial Highlights (unaudited, in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Total GAAP revenues $ 1,365,980 $ 1,137,871 $ 3,634,407 $ 3,062,519 Total GAAP operating income (loss) 443,518 146,085 1,179,000 (240,147 ) Total Non-GAAP operating income 498,296 255,236 1,164,516 37,618 GAAP net income (loss) 424,169 106,456 987,371 (168,597 ) Non-GAAP net income (loss) 455,972 209,651 997,358 (53,762 ) GAAP basic EPS $ 2.17 $ 0.55 $ 5.08 $ (0.80 ) Non-GAAP basic EPS $ 2.33 $ 1.09 $ 5.13 $ (0.25 ) GAAP diluted EPS1 $ 2.11 $ 0.54 $ 4.95 $ (0.80 ) Non-GAAP diluted EPS1 $ 2.26 $ 1.07 $ 5.00 $ (0.25 ) 1 All stock options and stock awards were excluded from the diluted share calculation for the nine months ended September 30, 2024 because their effect would have been anti-dilutive, as we were in a net loss position. Revenue Details Revenue Details (unaudited, in thousands) Three Months Ended September 30, % Change (as reported) % Change (constant currency)1 Nine Months Ended September 30, % Change (as reported) % Change (constant currency)1 2025 2024 2025 2024 Net product revenues: Jakafi $ 791,071 $ 741,181 7 % NA $ 2,264,271 $ 2,018,993 12 % NA Opzelura 187,968 139,272 35 % 33 % 471,172 346,691 36 % 35 % Iclusig 37,582 29,745 26 % 19 % 99,855 86,950 15 % 11 % Pemazyre 22,741 20,661 10 % 9 % 63,373 58,606 8 % 8 % Minjuvi/ Monjuvi 41,990 31,439 34 % 32 % 102,672 86,429 19 % 18 % Niktimvo 45,830 — NM NA 95,597 — NM NA Zynyz 22,674 694 3,167 % NA 34,604 1,812 1,810 % NA Total net product revenues 1,149,856 962,992 19 % 19 % 3,131,544 2,599,481 20 % 20 % Royalty revenues: Jakavi 125,645 115,741 9 % 4 % 327,504 304,653 8 % 5 % Olumiant 37,111 34,796 7 % 4 % 101,393 97,087 4 % 5 % Tabrecta 6,513 5,928 10 % NA 19,558 16,460 19 % NA Other 1,855 414 348 % NA 4,408 1,838 140 % NA Total royalty revenues 171,124 156,879 9 % 452,863 420,038 8 % Total net product and royalty revenues 1,320,980 1,119,871 18 % 3,584,407 3,019,519 19 % Milestone and contract revenues 45,000 18,000 150 % 150 % 50,000 43,000 16 % 16 % Total GAAP revenues $ 1,365,980 $ 1,137,871 20 % $ 3,634,407 $ 3,062,519 19 % NM = not meaningful NA = not applicable 1 Percentage change in constant currency is calculated using 2024 foreign exchange rates to recalculate 2025 results. Product and Royalty Revenues Total net product revenues for the quarter ended September 30, 2025 increased 19% over the prior year comparative period. Jakafi net product revenue increased 7% in the third quarter of 2025 versus the prior year comparable period to $791 million, primarily driven by a 10% increase in paid demand across all indications. Jakafi inventory levels were within normal range at the end of the third quarter of 2025. Opzelura net product revenue increased 35% in the third quarter of 2025 versus the prior year comparable period to $188 million driven by increased patient demand and refills in both atopic dermatitis (AD) and vitiligo. Opzelura inventory levels were within normal range at the end of the third quarter of 2025. Niktimvo net product revenue increased 27% versus the second quarter of 2025 to $46 million driven by strong uptake following the product launch in the first quarter of 2025. Total net product and royalty revenues for the quarter ended September 30, 2025 increased 18% over the prior year comparative period. Operating Expenses Operating Expense Summary (unaudited, in thousands) Three Months Ended September 30, % Change Nine Months Ended September 30, % Change 2025 2024 2025 2024 GAAP cost of product revenues $ 99,001 $ 85,993 15 % $ 250,955 $ 223,583 12 % Non-GAAP cost of product revenues1 92,694 79,981 16 % 232,183 205,839 13 % Contract dispute settlement — — NM (242,251 ) — NM Non-GAAP contract dispute settlement2 — — NM — — NM GAAP research and development 506,584 573,174 (12 %) 1,438,780 2,140,814 (33 %) Non-GAAP research and development3 466,950 525,343 (11 %) 1,322,605 2,002,870 (34 %) GAAP selling, general and administrative 329,081 309,209 6 % 985,794 915,447 8 % Non-GAAP selling, general and administrative4 308,040 277,311 11 % 915,103 817,217 12 % GAAP (gain) loss on change in fair value of acquisition-related contingent consideration (12,204 ) 23,410 NM 22,129 23,847 NM Non-GAAP (gain) loss on change in fair value of acquisition-related contingent consideration — — NM — — NM GAAP (profit) and loss sharing under collaboration agreements — — NM — (1,025 ) NM NM = not meaningful 1 Non-GAAP cost of product revenues excludes the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the cost of stock-based compensation. 2 Non-GAAP contract dispute settlement excludes the contract dispute settlement reached with Novartis. 3 Non-GAAP research and development expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient acquisition related compensation expense related to cash settled unvested Escient equity awards and severance payments. 4 Non-GAAP selling, general and administrative expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient acquisition related compensation expense related to cash settled unvested Escient equity awards and severance payments. Cost of product revenues GAAP and Non-GAAP cost of product revenues for the quarter ended September 30, 2025 were $99.0 million and $92.7 million, an increase of 15% and 16%, respectively, compared to the same period in 2024, primarily driven by growth in net product revenues, the Niktimvo profit share and increased manufacturing related costs, partially offset by the impact of the contract dispute settlement with Novartis. Research and development expenses GAAP and Non-GAAP research and development expenses for the quarter ended September 30, 2025 were $506.6 million and $467.0 million, a decrease of 12% and 11%, respectively, compared to the same period in 2024, primarily due to the $100 million milestone payment made to MacroGenics during the third quarter of 2024. Excluding upfront and milestone payments and Escient severance payments, research and development expenses for the quarter ended September 30, 2025 increased 7% compared to the same period in 2024 primarily driven by continued investment in our late stage development assets. Selling, general and administrative expenses GAAP and Non-GAAP selling, general and administrative expenses for the quarter ended September 30, 2025 were $329.1 million and $308.0 million, an increase of 6% and 11%, respectively, compared to the same period in 2024, primarily due to international marketing activities to support product launches. Other Financial Information Contract dispute settlement In May 2025, Incyte and Novartis entered into a settlement agreement with respect to litigation relating to the duration of royalty payments owed under the Collaboration and License Agreement between Incyte and Novartis. We recorded $242.2 million in contract dispute settlement on the condensed consolidated statement of operations for the nine months ended September 30, 2025, representing the difference between the accrued royalties and the total amount paid by us to Novartis. Change in fair value of acquisition-related contingent consideration The change in fair value of contingent consideration during the quarter ended September 30, 2025, compared to the same period in 2024, was primarily due to updated projections of future net revenues of Iclusig, including the impacts from fluctuations in foreign currency exchange rates. Operating income GAAP and Non-GAAP operating income for the quarter ended September 30, 2025 increased 204% and 95%, respectively, compared to the same period in 2024, driven primarily by growth in net product revenues and the $100 million milestone payment made to MacroGenics during the third quarter of 2024. Cash, cash equivalents and marketable securities position As of September 30, 2025 and December 31, 2024, cash, cash equivalents and marketable securities totaled $2.9 billion and $2.2 billion, respectively. 2025 Financial Guidance Incyte’s guidance for the fiscal year 2025 is summarized below. Incyte is raising its full year 2025 net product revenue guidance to $4.23 - $4.32 billion to account for higher demand for Jakafi and other hematology and oncology marketed products. The update includes raised guidance for Jakafi to $3.050 - $3.075 billion, as well as other hematology and oncology marketed products to $550 - $575 million. Incyte is reaffirming its guidance across all other categories. Current Previous Jakafi net product revenues $3,050 - $3,075 million $3,000 - $3,050 million Opzelura net product revenues Unchanged $630 - $670 million Other oncology net product revenues(1) $550 - $575 million $500 - $520 million GAAP Cost of product revenues Unchanged 8.0% - 9.0% of net product revenues Non-GAAP Cost of product revenues(2) Unchanged 7.0% - 8.0% of net product revenues GAAP Research and development expenses Unchanged $1,965 - $1,995 million Non-GAAP Research and development expenses(3) Unchanged $1,815 - $1,840 million GAAP Selling, general and administrative expenses Unchanged $1,280 - $1,310 million Non-GAAP Selling, general and administrative expenses(3) Unchanged $1,160 - $1,185 million 1Pemazyre in the U.S., EU and Japan; Niktimvo, Monjuvi and Zynyz in the U.S.; and Iclusig and Minjuvi in the EU. 2Adjusted to exclude the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the estimated cost of stock-based compensation. 3Adjusted to exclude the estimated cost of stock-based compensation. Conference Call and Webcast Information Incyte will hold a conference call and webcast this morning at 8:00 a.m. ET. To access the conference call, please dial 877-407-3042 for domestic callers or 201-389-0864 for international callers. When prompted, provide the conference identification number, 13756261. If you are unable to participate, a replay of the conference call will be available for 90 days. The replay dial-in number for the United States is 877-660-6853 and the dial-in number for international callers is 201-612-7415. To access the replay you will need the conference identification number, 13756261. The conference call will also be webcast live and can be accessed at investor.incyte.com. About Incyte A global biopharmaceutical company on a mission to Solve On., Incyte follows the science to find solutions for patients with unmet medical needs through the discovery, development and commercialization of proprietary therapeutics. Incyte's unique expertise in medicinal chemistry and biology has enabled us to establish a portfolio of first-in-class medicines for patients and a strong pipeline of products in Oncology and Inflammation & Autoimmunity. Headquartered in Wilmington, Delaware, Incyte has operations in North America, Europe and Asia. For additional information on Incyte, please visit Incyte.com or follow us on social media: LinkedIn, X, Instagram, Facebook, YouTube. About Jakafi® (ruxolitinib) Jakafi® (ruxolitinib) is a JAK1/JAK2 inhibitor approved by the U.S. FDA for the treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea; intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF in adults; steroid-refractory acute GVHD in adult and pediatric patients 12 years and older; and chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older. Jakafi is a registered trademark of Incyte. About Opzelura® (ruxolitinib) Cream Opzelura® (ruxolitinib) cream, a novel cream formulation of Incyte’s selective JAK1/JAK2 inhibitor ruxolitinib, approved by the U.S. FDA for the topical treatment of nonsegmental vitiligo in patients 12 years of age and older, is the first and only treatment for repigmentation approved for use in the United States. Opzelura is also approved in the U.S. for the topical short-term and non-continuous chronic treatment of mild to moderate AD in non-immunocompromised patients 2 years of age and older whose disease is not adequately controlled with topical prescription therapies, or when those therapies are not advisable. Use of Opzelura in combination with therapeutic biologics, other JAK inhibitors, or potent immunosuppressants, such as azathioprine or cyclosporine, is not recommended. In Europe, Opzelura (ruxolitinib) cream 15mg/g is approved for the treatment of non-segmental vitiligo with facial involvement in adults and adolescents from 12 years of age. Incyte has worldwide rights for the development and commercialization of ruxolitinib cream, marketed in the United States as Opzelura. Opzelura and the Opzelura logo are registered trademarks of Incyte. About Monjuvi® (tafasitamab-cxix) Monjuvi® (tafasitamab-cxix) is a humanized Fc-modified cytolytic CD19-targeting monoclonal antibody. Tafasitamab incorporates an XmAb® engineered Fc domain, which mediates B-cell lysis through apoptosis and immune effector mechanism including Antibody-Dependent Cell-Mediated Cytotoxicity (ADCC) and Antibody-Dependent Cellular Phagocytosis (ADCP). Incyte licenses exclusive worldwide rights to develop and commercialize tafasitamab from Xencor, Inc. In the U.S., Monjuvi is approved by the U.S. FDA in combination with lenalidomide and rituximab for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL). Monjuvi is not indicated and is not recommended for the treatment of patients with relapsed or refractory marginal zone lymphoma outside of controlled clinical trials. Additionally, Monjuvi received accelerated approval in the United States in combination with lenalidomide for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) not otherwise specified, including DLBCL arising from low grade lymphoma, and who are not eligible for autologous stem cell transplant (ASCT). In Europe, Minjuvi® (tafasitamab) received conditional Marketing Authorization from the European Medicines Agency in combination with lenalidomide, followed by Minjuvi monotherapy, for the treatment of adult patients with relapsed or refractory DLBCL who are not eligible for ASCT. XmAb® is a registered trademark of Xencor, Inc. Monjuvi, Minjuvi, the Minjuvi and Monjuvi logos and the “triangle” design are registered trademarks of Incyte. About Pemazyre® (pemigatinib) Pemazyre® (pemigatinib) is a kinase inhibitor indicated in the United States for the treatment of adults with previously treated, unresectable locally advanced or metastatic cholangiocarcinoma with a fibroblast growth factor receptor 2 (FGFR2) fusion or other rearrangement as detected by an FDA-approved test. This indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s). Pemazyre is also the first targeted treatment approved for use in the United States for treatment of adults with relapsed or refractory myeloid/lymphoid neoplasms (MLNs) with FGFR1 rearrangement. In Japan, Pemazyre is approved for the treatment of patients with unresectable biliary tract cancer (BTC) with an FGFR2 fusion gene, worsening after cancer chemotherapy. In Europe, Pemazyre is approved for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with a FGFR2 fusion or rearrangement that have progressed after at least one prior line of systemic therapy. Pemazyre is a potent, selective, oral inhibitor of FGFR isoforms 1, 2 and 3 which has demonstrated selective pharmacologic activity against cancer cells with FGFR alterations. Pemazyre is marketed by Incyte in the United States, Europe and Japan. Pemazyre is a trademark of Incyte. About Iclusig® (ponatinib) tablets Iclusig® (ponatinib), targets not only native BCR-ABL but also its isoforms that carry mutations that confer resistance to treatment, including the T315I mutation, which has been associated with resistance to other approved tyrosine kinase inhibitors. In the EU, Iclusig is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia (CML) who are resistant to dasatinib or nilotinib; who are intolerant to dasatinib or nilotinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation, or the treatment of adult patients with Philadelphia-chromosome positive acute lymphoblastic leukemia (Ph+ ALL) who are resistant to dasatinib; who are intolerant to dasatinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation. Click here to view the Iclusig EU Summary of Medicinal Product Characteristics. Incyte has an exclusive license from Takeda Pharmaceuticals International AG to commercialize ponatinib in the European Union and 29 other countries, including Switzerland, UK, Norway, Turkey, Israel and Russia. Iclusig is marketed in the U.S. by Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited. About Zynyz® (retifanlimab-dlwr) Zynyz® (retifanlimab-dlwr) is a humanized monoclonal antibody targeting programmed death receptor-1 (PD-1), indicated in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with inoperable locally recurrent or metastatic SCAC and as a single agent for the treatment of adult patients with locally recurrent or metastatic SCAC with disease progression or intolerance to platinum-based chemotherapy in the U.S. Zynyz is also indicated for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC) in the U.S. This indication is approved under accelerated approval based on tumor response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials. Zynyz is marketed by Incyte in the United States. In 2017, Incyte entered into an exclusive collaboration and license agreement with MacroGenics, Inc. for global rights to retifanlimab. Zynyz is a registered trademark of Incyte. About Niktimvo™ (axatilimab-csfr) Niktimvo™ (axatilimab-csfr) is a first-in-class colony stimulating factor-1 receptor (CSF-1R)-blocking antibody approved for use in the U.S. for the treatment of chronic GVHD after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs). In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications. Axatilimab is being studied in frontline combination trials in chronic GVHD – a Phase 2 combination trial with ruxolitinib (NCT06388564) and a Phase 3 combination trial with steroids (NCT06585774) are underway. Axatilimab is also being studied in an ongoing Phase 2 trial in patients with idiopathic pulmonary fibrosis (NCT06132256). Niktimvo is a trademark of Incyte. All other trademarks are the property of their respective owners. Forward-Looking Statements Except for the historical information set forth herein, the matters set forth in this release contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte’s strategic priorities and its plans for executing on same; Incyte’s financial guidance for 2025, including its expectations regarding sales of and demand for Jakafi and Opzelura; expected revenue contribution from Niktimvo and other hematology and oncology products; Incyte’s potential for continued performance and growth; expectations regarding regulatory submissions, approvals and launches of ruxolitinib XR, ruxolitinib cream in Europe and povorcitinib; the potential and progress of programs in our pipeline, including povorcitinib, our TGFBR2xPD1 bispecific (INCA33890), our KRASG12D inhibitor (INCB161734) and INCA033989; ongoing clinical trials and clinical trials to be initiated; expectations regarding discussions with regulators, regulatory submissions and regulatory approvals; and 2025 newsflow items. These forward-looking statements are based on Incyte’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials and the ability to enroll subjects in accordance with planned schedules; determinations made by the FDA, EMA and other regulatory agencies; Incyte’s dependence on its relationships with and changes in the plans of its collaboration partners; the efficacy or safety of Incyte’s products and the products of Incyte’s collaboration partners; the acceptance of Incyte’s products and the products of Incyte’s collaboration partners in the marketplace; market competition; unexpected variations in the demand for Incyte’s products and the products of Incyte’s collaboration partners; the effects of announced or unexpected price regulation or limitations on reimbursement or coverage for Incyte’s products and the products of Incyte’s collaboration partners; sales, marketing, manufacturing and distribution requirements, including Incyte’s and its collaboration partners’ ability to successfully commercialize and build commercial infrastructure for newly approved products and any additional products that become approved; greater than expected expenses, including expenses relating to litigation or strategic activities; variations in foreign currency exchange rates; and other risks detailed in Incyte’s reports filed with the Securities and Exchange Commission, including its annual report on form 10-K for the year ended December 31, 2024. Incyte disclaims any intent or obligation to update these forward-looking statements. INCYTE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP GAAP Revenues: Product revenues, net $ 1,149,856 $ 962,992 $ 3,131,544 $ 2,599,481 Product royalty revenues 171,124 156,879 452,863 420,038 Milestone and contract revenues 45,000 18,000 50,000 43,000 Total revenues 1,365,980 1,137,871 3,634,407 3,062,519 Costs, expenses and other: Cost of product revenues (including definite-lived intangible amortization) 99,001 85,993 250,955 223,583 Contract dispute settlement — — (242,251 ) — Research and development 506,584 573,174 1,438,780 2,140,814 Selling, general and administrative 329,081 309,209 985,794 915,447 (Gain) loss on change in fair value of acquisition-related contingent consideration (12,204 ) 23,410 22,129 23,847 (Profit) and loss sharing under collaboration agreements — — — (1,025 ) Total costs, expenses and other 922,462 991,786 2,455,407 3,302,666 Income (loss) from operations 443,518 146,085 1,179,000 (240,147 ) Interest income 26,781 19,266 74,846 107,512 Interest expense (592 ) (774 ) (1,846 ) (1,861 ) Gain (loss) on equity investments 8,558 (12,982 ) 3,064 126,206 Other, net 4,043 4,929 19,446 11,196 Income before provision for income taxes 482,308 156,524 1,274,510 2,906 Provision for income taxes 58,139 50,068 287,139 171,503 Net income (loss) $ 424,169 $ 106,456 $ 987,371 $ (168,597 ) Net income (loss) per share: Basic $ 2.17 $ 0.55 $ 5.08 $ (0.80 ) Diluted $ 2.11 $ 0.54 $ 4.95 $ (0.80 ) Shares used in computing net income (loss) per share: Basic 195,670 192,629 194,459 211,763 Diluted 201,429 195,838 199,405 211,763 INCYTE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) September 30, 2025 December 31, 2024 ASSETS Cash, cash equivalents and marketable securities $ 2,929,820 $ 2,158,092 Accounts receivable 895,890 853,154 Property and equipment, net 798,634 763,411 Finance lease right-of-use assets, net 28,155 30,803 Inventory 449,957 407,199 Prepaid expenses and other assets 402,878 181,382 Equity investments 21,870 18,814 Other intangible assets, net 119,421 113,803 Goodwill 155,593 155,593 Deferred income tax asset 528,138 762,071 Total assets $ 6,330,356 $ 5,444,322 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable, accrued expenses and other liabilities $ 1,459,790 $ 1,765,733 Finance lease liabilities 35,372 37,961 Acquisition-related contingent consideration 184,000 193,000 Stockholders’ equity 4,651,194 3,447,628 Total liabilities and stockholders’ equity $ 6,330,356 $ 5,444,322 INCYTE CORPORATION RECONCILIATION OF GAAP NET (LOSS) INCOME TO SELECTED NON-GAAP ADJUSTED INFORMATION (unaudited, in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 GAAP Net Income (Loss) $ 424,169 $ 106,456 $ 987,371 $ (168,597 ) Adjustments1: Non-cash stock compensation from equity awards (R&D)2 39,634 45,808 114,058 117,141 Non-cash stock compensation from equity awards (SG&A)2 21,041 31,486 70,511 75,607 Non-cash stock compensation from equity awards (COGS)2 923 628 2,620 1,592 Non-cash interest3 82 81 245 333 (Gain) loss on equity investments4 (8,558 ) 12,982 (3,064 ) (126,206 ) Amortization of acquired product rights5 5,384 5,384 16,152 16,152 (Gain) loss on change in fair value of contingent consideration6 (12,204 ) 23,410 22,129 23,847 Contract dispute settlement7 — — (242,251 ) — MorphoSys transition costs8 — 132 — 7,084 Escient acquisition related compensation expense9 — 2,303 2,297 36,342 Tax effect of Non-GAAP pre-tax adjustments10 (14,499 ) (19,019 ) 27,290 (37,057 ) Non-GAAP Net Income (Loss) $ 455,972 $ 209,651 $ 997,358 $ (53,762 ) Non-GAAP net income (loss) per share: Basic $ 2.33 $ 1.09 $ 5.13 $ (0.25 ) Diluted11 $ 2.26 $ 1.07 $ 5.00 $ (0.25 ) Shares used in computing Non-GAAP net income (loss) per share: Basic 195,670 192,629 194,459 211,763 Diluted11 201,429 195,838 199,405 211,763 1 Included within the Milestone and contract revenues line item in the Condensed Consolidated Statements of Operations (in thousands) for the three and nine months ended September 30, 2025 are milestones of $45,000 and $50,000 earned from our collaborative partners, as compared to $18,000 and $43,000 of milestones earned for the three and nine months ended September 30, 2024. Included within the Research and development expenses line item in the Condensed Consolidated Statements of Operations (in thousands) for the three and nine months ended September 30, 2025 are upfront consideration and milestones of $100 and $28,150, respectively, related to our collaborative partners as compared to upfront consideration and milestones of $100,000 and $101,414, respectively, for the three and nine months ended September 30, 2024. 2 As included within the Cost of product revenues (including definite-lived intangible amortization) line item; the Research and development expenses line item; and the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations. 3 As included within the Interest expense line item in the Condensed Consolidated Statements of Operations. 4 As included within the Gain (loss) on equity investments line item in the Condensed Consolidated Statements of Operations. 5 As included within the Cost of product revenues (including definite-lived intangible amortization) line item in the Condensed Consolidated Statements of Operations. Acquired product rights of licensed intellectual property for Iclusig is amortized utilizing a straight-line method over the estimated useful life of 12.5 years. 6 As included within the (Gain) loss on change in fair value of acquisition-related contingent consideration line item in the Condensed Consolidated Statements of Operations. 7 As included within the Contract dispute settlement line item in the Condensed Consolidated Statements of Operations. 8 Included within the Research and development line item in the Condensed Consolidated Statements of Operations (in thousands) is $226 and $6,489 for the three and nine months ended September 30, 2024, respectively, and included within the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations (in thousands) is a benefit of $94 and expense of $595 for the three and nine months ended September 30, 2024, respectively. MorphoSys transition costs primarily represent employee related costs to transition research and development and selling, general and administrative activities to us under the former collaboration agreement with MorphoSys. 9 Included within the Research and development line item in the Condensed Consolidated Statements of Operations (in thousands) is $0 and $2,117 for the three and nine months ended September 30, 2025, and included within the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations is $0 and $180 for the three and nine months ended September 30, 2025. Included within the Research and development line item in the Condensed Consolidated Statements of Operations (in thousands) is $1,797 and $14,314, respectively, for the three and nine months ended September 30, 2024, and included within the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations (in thousands) is $506 and $22,028, respectively, for the three and nine months ended September 30, 2024. Escient acquisition related compensation expense represents non-recurring charges associated with (i) cash settled unvested Escient equity awards in connection with the acquisition, and (ii) severance payments to former Escient employees. 10 Income tax effects of Non-GAAP pre-tax adjustments are calculated using an estimated annual effective tax rate, taking into consideration any permanent items and valuation allowances against related deferred tax assets. 11 All stock options and stock awards were excluded from the diluted share calculation for the nine ended September 30, 2024 because their effect would have been anti-dilutive, as we were in a net loss position.