Incyte Corporation

Hello, and welcome to the Insight fourth quarter and full year earnings call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It's now my pleasure to turn the call over to Christine Cho, Head of Investor Relations. Please go ahead.

Thank you, Kevin. Good morning, and welcome to Insight's fourth quarter and full year 2021 earnings conference call and webcast. The slides presented today are available for download on the investor section of our website. Joining me on the call today are Hervé, Barry, Stephen, and Christiana, who will deliver our prepared remarks, and Dash, who will join us for the Q&A. 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 actual results to differ materially, including those described in our reports filed with the SEC. We will now begin the call with Hervé.

Thank you, Christine, and good morning, everyone. So we had another year of strong commercial performance with product and royalty revenues growing 17% to reach $2.9 billion, representing a CAGR of 24% over the past five years. We have been able to maintain this level of growth through continued commercial execution for JAKA5, launches of new products and new indications across the U.S., Europe, and Japan, and a rapidly growing royalty revenue stream. JakaFi grew 10% for the full year and was up 15% in the fourth quarter, driven by the launch in steroid refractory chronic GVHD and robust new patient growth in MF and PV. For the full year, our other hematology and oncology portfolio grew 40% year over year, with contributions from new product launches including 69 million from Pemezir and $5 million from Minjuvi, and our royalty revenues grew 45% to $569 million for the full year. What's important to note is that this growth does not yet include meaningful contributions from recently approved products such as Minjuvi in Europe and Obsera in the U.S. On slide five, as we look ahead to 2022, we have multiple opportunities for growth across our portfolio with our recently launched product, Obzerura in atopic dermatitis, Pemazir in cholangiogarcinoma, Monjuvi and Minjuvi in relapsed or refractory DL-BCL, and Jacafi in chronic GVHD. Later this year, we expect regulatory decisions in the U.S. and in Europe for Roxolitinib cream in vitiligo, a disease that affects millions of patients and for whom there is no approved treatment for repigmentation. For our partner products with Novartis, Roxolitinib is under review in Europe and Japan for GVHD, and Capmetinib is under review in Europe for non-small cell lung cancer. Regulatory applications were also submitted by Lilly for Baracitinib in the U.S., Europe, and Japan for alopecia areata. 2022 is a year full of important milestones where we will develop and expand our pipeline, deliver new data in key clinical programs, and continue driving uptake of our newly launched products and new indications. Before handing the call over to Barry, I want to say a few words on the launch of Opsera and our expanding footprint in dermatology. A few years ago, we expanded our development capabilities into dermatology with the intention to bring roxalitinib cream to market. We were able to implement a robust and successful development program for roxalitinib cream in atopic dermatitis and vitiligo, and OBSERA became the first topical JAK inhibitor approved in atopic dermatitis in the U.S. and has the potential to be the first FDA-approved product for repigmentation in vitiligo. As you can see on the right, we have since expanded our dermatology clinical development pipeline to include multiple products and indications. We also established a dedicated commercial organization in the U.S. to support the launch of OPCERA, and these efforts have been translating into a very successful launch thus far. We expect our dermatology franchise to become an important growth driver for Insight, starting with OPCERA, which we believe can reach 1.5 billion in peak sales in atopic dermatitis in the U.S. alone. And to share more details on OPCERA and JAKA5's performance and outlook, I'll now turn the call over to Barry. Thank you, Irving.