Incyte Corporation

Hello, and welcome to the Insight second quarter 2022 earnings conference call and webcast. 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. 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, Christine.

Thank you, Kevin. Good morning and welcome to Insight's second 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 Irvay, Barry, Steven, 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. In the second quarter, revenues increased 29% year-over-year, reaching $911 million. JAKA5 net cells grew 13% to 598 million, benefiting from growth in new patient start in all three indications. The contribution from our other hematology and oncology products continued to increase as the launches of PEMASIR and MINJUVI progressed in Europe and Japan. We also made significant progress with the launch of OBSELURA in atopic dermatitis, where we now have the third PBM-GPO contract signed. This is a key milestone in achieving broad formulary access and an important step towards accelerating the growth of Opsalura net revenue. As we shift from free drug to paid prescription, we are seeing some temporary delays in the filling of prescription, which had an impact on second quarter revenues. However, patient demand and satisfaction remain strong, and improvements in reimbursement are translating to an increase in covert claims with a significant increase seen in July. These metrics are pointing to a continuation of a successful launch in atopic dermatitis. Turning to slide 5, two weeks ago, Opzera was also approved for the treatment of non-segmental vitiligo, becoming the first and only therapy for repigmentation for this patient. The approval of Obzera was a momentous occasion for the millions of people living with the disease and generated a tremendous amount of excitement in the dermatology community with advocacy groups and patients. Turning to slide six, we also had multiple approvals this quarter with our partner products. Jacavi was approved as the first posterior systemic treatment for both acute and chronic GVSG in Europe. Olumiant was approved as the first and only systemic treatment for alopecia areata in the U.S., Europe, and Japan, and Tabrecta received European approval for a subgroup of patients with non-small cell lung cancer. Together, these approvals provided insight with $130 million of milestone revenues and will contribute with royalties to our future revenue growth. Finally, looking at some of the additional highlights of our pipeline on slide 7, povercitinib formerly known as 707, is now in preparation for a Phase III study in HS, following the positive results from our Phase II trials. As part of the LIMBER program, IND clearance was received for CK0804, Telanco's cord blood-derived TREC cells, as add-on therapy to roxalitinib for the treatment of myelofibrosis. We also received FDA clearance FDA acceptance of the NDA submission for QD-roxalcinib with a PDUFA date of March 23rd. And lastly, in early development, we expect to initiate a clinical program later this year with 459, a LAX3 PD-1 bispecific antibody developed in partnership with Merus. We have multiple ongoing studies across dermatology, limber, and hematology-oncology, as you can see on the right. where each represents a meaningful opportunity and puts us in an excellent position for future growth and diversification. With that, I'll turn the call over to Barry.