Incyte Corporation

Hello, and welcome to the Insight first quarter 2022 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, 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 Christine Cho, Head of Investor Relations. Please go ahead.

Thank you, Kevin. Good morning and welcome to Insight's first quarter 2022 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 Irve, 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. Insight's strong momentum in 2021 continues into the first quarter with product and royalty revenues up 20%. Jackify grew 17% year-over-year, with patient demand driving growth in MF and PV, as well as in GVHD, following the successful launch in the chronic indication. Our hematology and oncology portfolio grew 24% year-over-year, driven by our new product uptake, consisting of multiple new launches, including Pemazir in Europe and Japan, and Minjuvi in Europe. The Optelora launch continued to be very successful with strong uptake by dermatologists, high satisfaction reported by both patients and physicians, and significant advancements with payers, which Barry will address in his remarks. We made progress across all stages of our pipeline with important updates that include positive 52-week data for roxalitinib cream in vitiligo, the prioritization of 280 and 318 in our Oral PD-L1 program and the start of our CDK2 clinical program. Our royalty revenue remains strong, growing 23% year-over-year, contributing to our growth profile. Turning to slide five. As you can see on the left, we are still in the early phase of launch for many of these products, including Obzelua in atopic dermatitis, Pemazir in cholangiocarcinoma, where we are expanding geographically, and Minjuvi, which is just starting to launch in Europe, and Jackify, where we recently launched in chronic GVHD in the U.S. There is ample room for growth with each of these new launches. On top of that, we have new potential indications that will be providing additional growth opportunities with Obcelura and VT-Ligo, and with our partner product, where we have new indications being planned over the next few months for Aluminium, Tabrecta, and Jacqueline. In addition to these launches, there are a number of programs in our mid- and late-stage pipeline, as shown on the right, that could have a meaningful impact on our revenue. Before handling the call to Barry, I would like to provide an update on Obzelura manufacturing. We have recently received FDA approval and have implemented a new manufacturing process to improve the dissolution of API for Obzelura. In addition, Consistent with best practices, we have received FDA approval for a second manufacturer of Opsalura to support our successful launch. We are also preparing to reintroduce samples in the U.S. Now to share more details on product performance and outlook, I will turn the call over to Barry.