Incyte Corporation

Greetings, and welcome to the Insight Corporation fourth quarter year-end 2020 earnings conference call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Mike Booth, head of investor relations. Please go ahead.

Thank you, Kevin. Good morning, and welcome to Insight's fourth quarter and full year 2020 earnings conference call and webcast. The slides used today are available for download on the investor section of insight.com. I am joined on the call today by Irve, Barry, Stephen, and Christiana, who will deliver our prepared remarks, and by Dash, who will join us for the Q&A session. During the question and answer session, I ask that you limit yourself to one question, and if needed, one follow-up, as this will enable as many of you to ask questions as time allows. Before we begin, I'd like to remind you that some of the statements made during our call today are forward-looking statements, including statements regarding our expectations for 2021, including our financial guidance, the commercialization of our products, and our development plans for the compounds in our pipeline, as well as the development plans of our collaboration partners. These forward-looking statements are subject to a number of risks and uncertainties that may cause our actual results to differ materially. including those described in our 10Q for the quarter ended September 30th, 2020, and from time to time in our other SEC documents. We'll now begin the call with Hervé.

Thank you, Mike, and good morning, everyone. So 2020 was a year of strong growth for products commercialized by Insight and those commercialized by our collaboration partners. Total product and royalty revenues grew 18%, fueled by continued growth demand for jacafi, which grew 15% year over year, and revenue from other hematology and oncology products was up 46% versus the prior year, benefiting from a strong launch of Pemezir and good performance from iQZ. The launch of Monjubi is progressing well as we continue to observe market share gains. Royalties were up 28% to nearly $400 million, with Jacavi up 23%, Alumiant up 38%, and the launch of Tabrecta now contributing to our royalty revenues. We also received over $200 million in milestone payments during 2020, resulting in an increase of 24% in total revenues year over year. Turning to slide five. In 2020, we presented positive data from several pivotal trials and submitted seven regulatory filings, and we expect to have decisions on all of these during this year. These decisions include the potential FDA approval of JAKAFI in chronic GVHD, retifanlimab in scrimacel and L-carcinoma, tafacitamab in DLBCL in Europe, and pemigatinib for cholangiocarcinoma in Japan and Europe, where we recently obtained a positive CHMP opinion. We are also just a few months away from the potential approval of roxalitinib cream in atopic dermatitis and the expected SMDA submission for vitiligo. I will now pass the call over to Barry for additional details on product performance as well as our commercial preparation for the launch of roxalitinib cream.