Incyte Corporation

Hello, and welcome to the Insight first quarter earnings 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. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Christine Cho. Please go ahead.

Thank you, Kevin. Good morning and welcome to Insight's first quarter 2021 earnings conference call and webcast. The slides used today are available for download on our website. I'm joined on the call today by Herve, Barry, Stephen, and Christiana, who will deliver our prepared remarks, and by Dash, who will join us for the Q&A session. Before we begin, I'd like to remind you that some of the statements made during the call today are forward-looking statements and are subject to a number of risks and uncertainties that may cause our results to differ materially, including those described in our 10-K for the year ended December 31st, 2020, and from time to time in our other SEC documents. We'll now begin the call with Hervé.

Thank you, Christine, and good morning, everyone. In the first quarter of this year, we continue to execute on our strategy to drive further growth and diversification. We entered the year following a strong 2020 where we were able to increase revenue by 24% and achieve multiple regulatory successes, including three product approvals. We continue to deliver across our portfolio in the first quarter. Our revenues grew 6% year over year to reach $605 million, with growth driven by new product launches and royalty revenues of $100 million. Q1, which is typically a quarter impacted by a higher growth to net and forward purchasing patterns in the U.S., was further challenged by the ongoing pandemic. Total patients on JacaFi grew year over year, and in March, new patients started to recover to pre-COVID levels. The launches of both Monjuvi and Pemazir continue to progress with good uptake from both academic and community physicians. Barry will provide additional details in his remarks. We made significant progress across the clinical and regulatory landscape, with PEMASI approved in both Europe and Japan, becoming the first internally discovered product to be globally commercialized by Insight. We also have three regulatory applications under priority review at the FDA, as well as two applications under review in Europe, potentially increasing our sources of revenue in the near term. Last month, we presented updated data for ROX-CREME at the American Academy of Dermatology meeting, including the two-year data from our Phase II vitiligo trial and updated pooled results from our Phase III true AD program in atopic dermatitis, with each highlighting the exciting potential of ROX-CREME as a treatment for these two indications. We also announced with our partner Lilly two positive pivotal trials for baracitinib in alopecia areata. If approved, baracitinib could be the first FDA-approved therapy in alopecia areata. Looking ahead over the next one to two years, we have the potential to undergo a significant transformation here at Insight with several expansion opportunities as new products and new indications are launched across the U.S., Europe, and Japan. These include Roxcrim in atopic dermatitis and vitiligo, Roxalitinib in chronic GVHD, Safacitamab in relapsed refractory DLBCL in Europe, Parsaclizib in multiple types of lymphomas, and QD Roxalitinib in MFPV and GVHD. As we look at our key business objectives for the year, we have three priorities. First, to grow our existing revenue base by driving new patient starts for JakaFi and accelerating the uptake of Monjuvi and Pemazir. Second, to expand upon our revenue base by successfully launching new products and new indications. We expect several regulatory decisions before the end of this year. And third, to continue to progress our late-stage pipeline as well as our earlier-stage program. The call to Barry. I'd like to now take a minute to speak about our ESG initiative, which we call Global Responsibility, and which was launched in 2019. Since then, we have increased our ESG disclosures and improved upon our objectives. In this slide, we list a few key accomplishments among our five priority areas, and I'd like to specifically highlight our efforts on the environmental front. In an effort to reduce our environmental impact, we offset 100% of our 2019 measured carbon emissions in the U.S. through verified reforestation carbon credits in partnership with the Arbor Day Foundation. Looking ahead, we have set a goal to achieve carbon neutrality through a combination of absolute reductions and offsets by 2025. With that, I'll hand it over to Barry to cover the individual product performance.