Incyte (INCY) 7 Feb 232022 Q4 Earnings call transcript

Hello, and welcome to the Incyte Fourth Quarter and Full Year Financial Results Conference Call and webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Christine Chiou, Head of Investor Relations. Please go ahead, Christine.

Thank you, Kevin. to Call Quarter and welcome XXXX Full and Conference Earnings Webcast. morning, Incyte's and Fourth Year Good The slides presented the Investors today are available of website. for our section download on

and today Joining the who will the prepared are Christiana, for Dash, who us Hervé, remarks; me and will call Barry, Q&A. on join our deliver Steven

that made are begin, today uncertainties are call the I'd you cause subject Before risks the a may to we of that some filed SEC. results materially, statements, and actual during remind like of to number in with the to statements those including our forward-looking our and differ reports described

will We Hervé. call begin now with the

significant and and Christine, year we commercial you, advancements in dermatology Thank stages which made strong across our of pipeline. morning, another all everyone. oncology XXXX was delivered successful and good performance

portfolio million in both full Revenues include $X.X XX% to commercialized from the year $X.X billion. for for royalty, our grew year, and to revenues billion, and fourth current XX% products Total the the grew year-over-year, $XXX our of quarter which respectively.

and year recently across Pemazyre reach we U.S. including in increased of are and growth in $XXX double-digit Japan of execution Opzelura the in and net continued portfolio, the launched commercial million products the As and this the for billion which from drivers $X.X Jakafi, our initial Minjuvi look contributions sales to indications, Europe and

patient received been repigmentation. significant growth in by past the atopic the Incyte. launch to successful. on The well has for was therapy July, advocacy believe for I be Opzelura, Opzelura FDA-approved driver and briefly as received for launched and touch a was we we vitiligo group approval want dermatologists, this September approved which Opzelura patients and very approval And dermatitis. first XXXX in will

drove in which for for expect layer of $XXX adds in Strong vitiligo of growth In net patient million full fourth franchise. the and Europe, the Opzelura and we an formulary $XX approval million quarter for the in sales year. access increasing demand XXXX, another

to Turning now our regulatory achievements. R&D and

is an hematology therapeutic focused each pipeline we significant and Our areas. targeting which other ongoing potential therapy discovery progress combination on for studies mutant clinical be dermatology. MPN new XX% in ET. GVHD, three important CALR a asset areas: to new these has oncology, LIMBER, MF three and data In of disclosed approximately the of development presented patients And we across made and and from disease-modifying

presented combination which both updated In inhibitor we our XXX, promise data oral other agent. shows hematology and monotherapy a and PD-LX oncology, for as

X which anemia, We warm progressed no parsaclisib approved disease hemolytic Phase for a autoimmune in into also there are therapies.

And need. continue disease and our in we is in area Opzelura focusing there portfolio a dermatology, where povorcitinib, with significant expand to unmet

important two updates to relating had we patents. Lastly,

added Jakafi Opzelura months our Jakafi through exclusivity The applied first further to exclusivity, which to existing This earned Incyte and patent. expansion is that six expands entitled patents This ability December to our our of patents Opzelura. for our Incyte pediatric to enforce XXXX.

In the and obtained respectively. and of treatment addition, year, an patent last atopic issued dermatitis for allowed late vitiligo, we claims

claims the these Opzelura to of permitting in confident out strength are We us to the XXXX U.S. in protect

for outlook on the to XXXX, growth product revenues our the into wanted to moving X. back as look Before take at a Slide moment of I shown

at us of XX%. product approvals well years, execution Over the portfolio, revenues commercial and existing strong our past a our to five for of grow CAGR products indications allowed as as new has

operational looking X, at Slide On our performance. historical

our total left the SG&A our and is R&D On revenues versus spend.

five total past XX% operational performance over strong with CAGR a growing growing at a delivered years at revenue our operating have XX% and the We expenses CAGR.

sales dermatology and revenues, excluding the and leverage, operating on of our showing are we right, expenses. the marketing On impact

is time with in can We early expect operating in franchise, which can see pronounced. to additional near we two launch leverage high-growth operating drive approvals term. more further of even could the you our stages and over where Here, dermatology is see performance our

X. Turning to Slide

there drivers continue -- each strong ahead growth, strong and main look these are to we expect Incyte, As of throughout of are throughout for to already four areas continue momentum significant making to sustainable XXXX. and the momentum progress in we

Jakafi first our where ruxolitinib important approval Jakafi LIMBER XXXX, The driver expand parsaclisib in to for franchise we data, in program, combination we our our In beyond results MPN and the responders expect pivotal and leadership in suboptimal including is of aim GVHD. to MF. XR,

where in we Opzelura is and AD launching are launching will in XXXX, we where vitiligo Next and Europe. be in

program expect PD-LX and other our data povorcitinib new we nodularis from of In vitiligo. prurigo clinical in oral and areas development,

Lastly, and CDKX monitoring we program. CALR our be will mutant early data from

I that, Barry. to call to like With would pass the

is strong of in indications. quarter. In to duration you, in of includes both which Hervé, is Total Jakafi duration, The based X% grew and to sales in GVHD growth across average growing in increase approximately quarter, data, X% to and year and $XXX fourth the all be morning, new driven an key the QX full prior the for of year-over-year in XXXX, everyone. recent the continues months. therapy; grew year of chronic, billion. XX% patient versus rose driver GVHD patients launch net good Jakafi Thank demand the with XX% number chronic by $X.X patients total million XX acute A and on

year-over-year see can consistently each as grown left, XX, million million Slide on has you from $XXX ranging $XXX the year. Jakafi On to

with be billion. expect $X.XX product year between in XXXX billion $X.XX We continue revenues strong to net to to full growth

Turning demand dermatitis XX. vitiligo. to Opzelura in very in a We a strong had launch successful for double-digit atopic Opzelura continued Slide quarter and patient with growth on in sequential

in demand, quarter increasing chart improvements continued includes can Paid number access. QX shown paid by blue to growth formulary grew light the which bars, in prior XX,XXX QX, free the demand, and refills. patient by the and driven drug, versus XX% total see XX% as driven of an on right, new on both grew you As units, reach by both in

year Opzelura were versus for result, prior As sales $XXX $XX Total grew full sales million. million. a net XX% net to quarter

Looking for and #X continues agent itch, to new both for significant Opzelura by vitiligo impact unmatched we patients on and primary expect ahead, to branded AD, be the other therapy is drivers of prescribing. which any driver topical prescribed AD In growth AD be Opzelura. remains the its

Opzelura to profile expect efficacy in drive We to AD. uptake of continue the

seek is opportunity XXX,XXX There an U.S. to potential vitiligo an estimated estimated patients X.X In Opzelura's diagnosed AD terms to the were patients vitiligo, XX-year of the of see In are additional and two approval, market near-term growth prior could to XXX,XXX trial, opportunities, results to year pending Phase the in with X pediatric million the for size substantial. olds. And approval the the treatment. we in from an next motivated

provides we you with product of As their an many approved to to X.X to activate have treatment to with of the Europe, few patients the help opportunity first Opzelura diagnosed in is estimated patients X.X the know, are months, expect repigment and million stopped that naive seeking in treatment And Opzelura the vitiligo disease. and this in living million next patients skin altogether. the only who or are approval us where be there an

community. advocacy of few within XX and vitiligo the Slide activity a consumer patient examples shows

to for We build are the TV patients, Opzelura from direct-to-consumer continue awareness high quarter. already will commencement including we excitement year, and throughout of this on the seeing that momentum and

alterations. negative of ongoing a million $XX And up million, four lastly, $XX of were coming is for European revenues patients reimbursement foreign million, QX continues In in and The million therapy which U.S.; million cholangiocarcinoma the Monjuvi impact. in markets, with as $XX in total again, launch from year. $XX XXXX with XX% Monjuvi, standard by $XX outside is Minjuvi year the exchange were on established continue negatively and by year-over-year, grew includes we exchange impacted $X the sales million. sales to Net Minjuvi with and living on Pemazyre. in the $X for Pemazyre of for were to in and in patients other foreign gain care U.S. sales Pemazyre grow countries. to million the net full FGFRX

to turn the call Steven. I'll that, over With

progress and the programs. clinical slides achievements and I year Barry, portfolio had to made We the regulatory few morning, of in good highlight throughout We multiple would you, our few next clinical the Thank everyone. a XXXX. development use key significant to like across and

in data we XX. our the left, of monotherapy X/X of in we abstracts presented with of initial patients the presentations, starting those in Hematology program on and XX where Slide Highlighting which responses study Starting demonstrated Phase American at results ruxolitinib, had Society inhibitor Annual XXXX ALKX anemia Meeting presented myelofibrosis. were with the hemoglobin Key evaluating and zilurgisertib with on improvement in accepted combination two LIMBER for presentations. our

affecting not proliferation disclosed type our CALR, to antibody, monoclonal novel of selectively cells mutant while harboring a we discovery calreticulin cells. of which normal shown or been has the XXX, anti-mutant differentiation and inhibit Additionally, healthy wild

we LIMBER of of towards is the that our approval a calendar BET Starting are expected ruxolitinib year, across step fixed-dose right list this On this inhibitor. important zilurgisertib XR, PDUFA is March with year. have combinations expected and XX and the a parsaclisib, an date updates key with

BET clinic of monoclonal pivotal the in this more suboptimal in of half see well one of and anti-mutant pivotal second ALKX this combinations, pipeline of of parsaclisib antibody, terms as these ruxolitinib expect responders data, we potentially the ALKX or we our with plus In data BET of what Depending X and both with year. Phase start as on will our in year. enter with trials Early which could mature ruxolitinib see sets CALR the we the compounds. is data

are from disease. study graft host in host versus regards With to disease, axatilimab midyear evaluating data AGAVE-XXX, graft pivotal a third-line versus chronic expecting we

our demonstrated data XXX data and Meeting. and shrinkage of were well presented PD-LX activity with at Society molecule and Moving this of share were expect and second hematology to Both of in the of oncology half Key Annual oral generally tolerated Cancer Immunotherapy tumor the year. program mature we more set small rest XXX the clinical to the portfolio. for

and to addition, trials of CTLA-X the plan In XXX initiate combination year. this with an first adagrasib, VEGF oral inhibitor of in half we

utility of X and amplified cancers as resistant could or as potent our CDKX/X cancers entered to molecule INCBXXXXXX, development. overexpressing small cyclin CDKX in inhibitors. that selective E oral clinical novel well we Yes, are Phase inhibitor see in

disease. Now gained achievement the in vitiligo. looking at This indication living Slide Opzelura its last with our and July community on a XX. second franchise people vitiligo year, of In for the was dermatology huge

continue suppurativa. the different diseases, initiated to these we approved. no In ruxolitinib planus, lichen in X topical sclerosis we and maximize each conditions, therapies including potential multiple lichen Phase there with are oral cream, As studies or of hidradenitis

first the year, CHMP We vitiligo respectively. study track AD quarter have dermatology second of from available and and first for in pediatric the and is opinion X the data withdrawal in XXXX, in study this maintenance vitiligo many cream, X be the ruxolitinib the in upcoming important will while currently half, milestones on Phase Phase

Turning to povorcitinib.

We presentation Foundation European nodularis into with expect have additional And both from later in this HS, at to I provide X agent. prurigo Hidradenitis and data highlight year. durability of we insights should additionally, Phase an this Suppurativa oral that Phase later which in vitiligo the of X updated our some this study the the XX-week data want response week

auremolimab acquired And the enter newly is lastly, our expected beta clinic to receptor monoclonal antibody IL-XX for vitiligo.

Slide we're see multiple another on and busy forward you XX, regulatory As year with clinical to looking updates. can

With over to like the to call turn would financial Christiana the that, I update. for

everyone. Steven, you, and morning, good Thank

million are Our product results over revenues million hematology/oncology with $XXX of quarter an Opzelura. comprised the and Jakafi, total fourth of for million, revenue of growth $XX for representing Total XX% increase quarter XXXX. of products $XXX continued $XX product million other fourth strong for reflect revenues

Minjuvi Net net include by by which from unfavorable impacted revenues, increases changes were hematology/oncology FX driven Iclusig, revenues in Other revenues. and Opzelura product rates. net growth was and revenue primarily Pemazyre in Jakafi

in XX% comprised other are period. million of a currency year hematology/oncology of from for $XXX for constant by royalty prior grew revenues quarter $X for product On Novartis royalties net the million treatment COVID-XX. FX Total the over were were $XX revenues from Olumiant million were a the basis, Tabrecta by royalties for Lilly Jakavi net Olumiant impacted headwinds, and quarter negatively Jakavi royalties impacted and and Olumiant product for by as use a sales royalties million for of of and also while $XX for decrease Olumiant.

royalties Olumiant period. Excluding to the currency prior the XX% year impact COVID-XX of compared fluctuation, related sales and increased

respectively. were total For representing the $X.X billion XXXX, $X.X total full revenues product increase, billion, were year-over-year XX% and revenues year and XX% net

and Moving broadening revenues product for driven $XX the demand by were quarter to Slide XX. access. net robust Opzelura million, payer

of discount continue and Opzelura rate payers quarter improvement XXXX quarter from to decreased share to we the third to net of exited year, at As to in XX%. in an gross discount rate. in The claims this gross of rate a to XX% average fourth of covered XX% XXXX add we the to see to an the net discount average the increase, net formularies gross and of continue of

co-pay assumption to for at gross work reset will net improving average net, we be to the turn, plans quarter gross continue year. the XX% is While an to of on good working higher net gross quarters to and reducing as expected the XXXX in patient of discount patient subsequent with year deductibles a first than beginning a in the of

provided I opportunity like IQVIA. would the to on prescriptions also the by to data take you update Opzelura

you the narrowing. of in gap the QX, XX, see Slide number reported total on IQVIA, between prescriptions by and saw As of actual we the number prescriptions

of for to level IQVIA to been expectations While this a data product. is a to newly has continues demand, overstate which XX%, within the launched overstatement X% reduced

important demand, and free paid is that note addition, total reflects includes IQVIA prescriptions In it data both drug. to which

free to one in forward, of paid adjust this total expected is to When sense get drug overstatement order better for IQVIA around demand. XX% for need a as would at represent looking to Going free drug of as demand. well data,

Slide GAAP Villaris to consideration XXXX. for quarter. billion operating on quarter were $XX fourth R&D the were the $XXX for million upfront XX R&D of which basis. $XXX expenses expenses expenses, our Ongoing year the on include $X.X for of full Moving acquisition Total and and million a million fourth the for our

other which of milestone was were payment, and include upfront the and partially progression upfront in For to total in $X.X the a million in $XX full offset due to year-over-year the year increase pipeline expenses R&D billion primarily also The milestone XXXX, payment XXXX. X% representing by addition expenses, increase. lower Villaris was our

dermatology of to SG&A support atopic was the for increase vitiligo. $X for full and organization year-over-year expenses dermatitis and and Total year the related $XXX U.S. investments were new the in in the by to XXXX. launch million activities the commercial The billion fourth driven quarter the related Opzelura

a Moving to on discuss key will guidance on GAAP components XXXX. I basis. the now of our

XXXX, across expect For an million $X.XX Jakafi, the which in $X.XX of indications. net at $XXX billion, of over we driven midpoint approximately increase the product to to by revenues growth be all range represents billion continued

expect to We our reflecting continued for approximately expected gross XXXX XXXB to XX%, adjustments be net in volumes. growth

of quarter net to other adjustment quarter always in participation. share is gross the higher of the first due the our reminder, the quarter to quarters hole to for year a donut subsequent As previous and relative Medicare and

U.S., hematology/oncology total Europe, Japan, For and in other products, which include the Pemazyre to and the to EU are expecting million of $XXX million. net revenues $XXX in and in range we Minjuvi product Iclusig be

are with in $X.XX of $X.XX of vitiligo to growth the year-over-year X% be expenses net billion a X% basis, be billion representing the range of Opzelura to revenues, in expenses Turning product to of XXXX. billion, indication. R&D of a to continued $X.XX is range we on expect range COGS investment X% year in the investment the to and in expenses full SG&A line operating expected which primarily at impact billion, in the to GAAP the are in midpoint. expected reflecting $X.XX

that give for Operator, our prepared instructions the concludes your open Q&A. remarks. and call Please

[Operator first today question Salveen coming Goldman Instructions] from Our is Sachs. Richter from

provide you do are Congratulations tubes for questions of inventory guidance vitiligo. in might Two average in One and on this there play it year. duration an of not patient highlight But is, number any on quarter. any dynamics for I you or recognize provide year out how for can here? treatment Opzelura And AD the me. to per details

later-stage ALKX Now the the given represented do that your to data, confidence think Can question in on inhibitor to speak concept? BET you you programs? combinations. you forward second early proof into do the on these what to The And of and is see want studies? move

Salveen, part Sure. question first first answer question get Steven of or and to the afterwards. the it I'll -- the

it's vitiligo, for therapy duration just the terms Opzelura of in early So of very in in launch. obviously

of average through the XX year, had that XX and what, far we've tubes be as you duration per year, beyond. before tubes therapy, for per the continued think study will patients. And vitiligo know we So continued about said as the weeks

inventory of just inventory inventory very two that end terms weeks, low. at three In have like Steven? would the standard The of the was actually it's to more on year, we hand.

Thanks, both Salveen. just programs. out separate I'll

with I'll So start the ALKX program.

had increases few are We in we in end substantial proof of towards hepcidin a which we at in to forward. to that, move. very excited hemoglobin receive the RUX, us we update but the the that ALKX of with mechanism And patients saw the with hemoglobin Prior escalation gave confidence and end showing terms monotherapy lot in of the year the terms of a more seen in in going seen then year hemoglobin. both quite increases, combination decreases, hadn't program of

we do efficacy and anemia, we which RUX myelofibrosis them underlying both to independents, And anemic underlying the patients or allow and the even the ameliorate see we'll the escalate. For in effects the terms from still with intensity. a We for at in year, be that then relatively with to be standard but comers. maintain patients to dose doses, ruxolitinib-induced had particularly transfusion We increase to terms the get in to anemia expect towards from scope anemic with, know populations all. studies continue this effect, in ruxolitinib. then dependence we MF And effect. maximum treat of with pivotal don't then RUX that, year, negative low dual reason begin would beginning of to to obvious itself anemia combination the of in much will potentially one to the to tolerability, convert you is the all of reverse side that when The so would dose

seen their escalate of ALKX. continue encouraged we've the with we'll or end population year. go pivotal towards make to So by this what to We'll and we're with extremely populations on then decisions program dose after what

of pathway see terms know epigenetically spleen well In again, the we responses. as myelofibrosis. as response that BET We both is important program, in symptom

We dose be year, XX seen also be particularly across milligrams We'll with begin dose-limiting. board and And milligrams profile the study, the the to continue first-line inhibitors. on-target escalate BET least, this to it dose suboptimal the to to will that at the We with the because that X BET of with in will combination with is milligrams. It's study our push to X would there to from thrombocytopenia. We've ruxolitinib. population be to toxicity the continue own program, BET with The doing likely go at pivotal that that note, just after responders. moment. know competition

after. wide So the suboptimal towards think, go population, And we determine this end open to we'll that of the year. is again,

today from is question next Brian Abrahams Your coming RBC. from

like sounds to was hoping Jakafi quick more. to guidance demand both a midpoint there. of bit and growth, I less could unpack It the that be price seems net math range, your at it gross expecting be is little for a or going either you you little may from bit our the growth contribution relatively stable

potentially that So terms demand that? wondering about and bit perhaps -- dynamics of some I today, that to as and we maybe if remain shapes price of in see whether indications could across different you underlying assumptions talk more are a upside could they little this if guidance net was the

Barry. it's Brian,

mean, myelofibrosis, is for the really setting. second-line drug. you #X question. I and polycythemia acute both for Jakafi vera Jakafi as for and the the treatment for that in the the treatment in #X thanks the #X know, steroid-refractory So setting chronic GVHD Yes, is

right competitors have middle terms for is the fact for competitor the the But GVHD of actually in a guidance, of MF, that think our two appropriateness third year there's now. we'll appropriate for the perfectly now, we given in it's

transitioned of of our last access than access bolus you expanded them of year, remember in from GVHD, patients If more the program, expanded growth quarter XXX terms transferred commercial in fourth we about XXXX our had as drug. program to of from

quarter-over-quarter, patients again GVHD. of at kind the in see is this likely terms appropriate. growth we'll But guidance to So again, not happen drug but and the of seeing new MF, year-over-year grow this total continue is in PV patients, year, point to that

Your next question JPMorgan. is from coming from Fye Jessica

we exit should fourth nets for? a rate gross-to-nets like Opzelura quarter-to-quarter Looks quarter. product variability should bit the gross any hit the to that Great. and in out in Can little how about on we you you think XXXX look talk XX% about for

is Christiana. This

a So to in for in net the good average is terms gross the XXXX, XX% assumption. of think rate I the working year

the for rate beginning in in to above deductibles to between that see and further the get the of will that's at you you result, However, other to rate average be XX% see variability us -- the reset And plan reset expect above the indicated, that will cover, you is quarters -- as QX rate gross the as the to and quarters. And because, rate. patients. year, I a net for there which increases during more

Your Tazeen next from Bank America. Ahmad question of coming is from

secondly, the what vitiligo in be longer AD? any expect you then will and On versus compliance year? on between do AD split to patients rates Opzelura, difference vitiligo between And influence term, for your this will gross net

I the gross first in of No, we indications. to So don't take the any the difference two between expect question. net part can

don't difference. of rates, terms in expect between no, compliance So difference we

believe the XX that per tubes year. said about I we vitiligo, before, will be average in As

they So period using will and XX long itching And If beyond. use their stop a time, back, long generally comes flare in it of obviously, these while. and again. their of then itch for it patients back, is start AD, are back, for they'll gone, as as terms comes until then it inflammation a staying patients inflammation weeks their comes on their

like I vitiligo use for different some short-term use are of period time. it So compliant. they're that long a some probably just believe to diseases, going obviously, needing It's and

noticed And any have holidays? you seasonality during

a versus don't any go generally across Thanksgiving, see of seasonality down. holidays, board and holidays. and AD any for they terms and believe products Amongst all the in of individual But winter, really there's patients, forth. being like differences -- difference in may generally versus in -- Christmas there's during evidence the summer seasonality our so don't vitiligo. for or Well, the for there's we in Well, prescription now that that perceive example, difference see rates difference winter summer that holidays, for during you

coming from Morgan Vikram is question from Purohit Next Stanley.

on from dermatology The our two side.

for the pediatric population, cream size would here? commercial for year strong data population? the the the population X opportunity in versus this AD RUX consider what And First, Phase you with you expected the do later a pediatric outcome how adult

second And is then my on povorcitinib. question

expected data of in the povorcitinib being outcome? versus envision year the this first you if half potentially For do with a consider Opzelura? you used vitiligo, how it’s again, would good what approved And

Vikram, It's Steven. hi.

pediatric the a as from XX So to population atopic of up said age two study, dermatitis Barry remarks, age. years years prepared his in of addresses

outside million the terms the X label -- U.S. about in the currently, there. patients that epidemiology and and So important. it's in opportunity so That's of

growth, either. and the expect we anything disease efficacy-wise, expect the separate same reasons the pathophysiology There's we outcomes. adults. then is a when of expect so don't no cetera, like be same, expect Safety-wise, is safety-wise, -- firstly, the -- is reason it And the as bone obvious this in time we the unusual occurring. to They for we et out populations same

are things perspective. that there monitored So from are safety a other

we But in which higher data with much and oral anything is patients, our unusual pediatric there. from then data expect exposures preclinical at don't RUX,

above a is body povorcitinib, of involvement is povorcitinib in not it's oral vitiligo vitiligo with profile straight we in to a of after in regulators terms of about surface surface by tolerability for above. is different there, area X% of would XX% there as of current body be of therapeutic this patients. it's vitiligo, will ratio. patients different And perspective. the it be substantial be be indication know that accepted an more patients. area a XX% the obviously or XX% patients math, There slight involvement, also, label and or below question or in of vitiligo about "inflammatory but a safety X% there, which think extensive is because of and In compromises the population. but we likely overlap, overlap, from second mechanism slight the go cream the that will given efficacy, The treated the JAK your population vitiligo action Because RUX condition" inhibitor Every we expectation

that. we’ve And on so, eyes-wide-open

again, substantial with at The end. expected. So efficacy labelling, the safety deal we'll

Yes.

Steven commercial are mentioned So XX, than X younger children that the million. about opportunity for

about patients adults, have overall, think patients but pediatric many, when than the more is of pediatric or greater percentage eczema that dermatitis atopic So there's many we adults.

even end lower with of therefore, higher So at number up a you potentially percentage, eczema. have that patients

think we an So exciting opportunity. it's

We just some lives to going are because great is younger that for believe it's Opzelura we these XX. patients the also think of improve with of than patients eczema who

today from coming Kripa Your next question is from Truist. Devarakonda

being about it's the more I my much lag? enthusiasm drug you questions reflected? seems mean, there's the for I patient so in and talked growth is quarter. being are survey congrats that atopic Is you think candidacy. they vitiligo. new like prescriptions what a candidacy derm I Thank patient candidacy in about the survey you and regarding you question reflected in on for a taking had doctor saying the the are results doctors granted, only it's that have patients' -- new stats the Or compare It And there starts? also patient vitiligo, if versus approved. seeing for

the And provide guidance, of but for know I if I there in sort visibility guidance was future, just you is don't give Opzelura? plan or any just wondering some -- Opzelura to

is Kripa, Sure. Barry. this

do dermatologists, of professionals treat it that in increased again, surveys think turn patient these who diseases, we healthcare rapidly or does we candidacies terms of prescription So into of volume.

there come encouraging because For where because remember, patients for vitiligo vitiligo, to it never is just may back now little take bit treatment we're a longer there was. a

see they that actively dermatologist a for in So little take of who to results are eczema aren't expect. their but might getting being longer go so patients back treated period and times that

about think is how of So enthusiasm in about in Opzelura using use effective, as itch inflammation there atopic obviously, there's changing as excited potentially feel people and vitiligo? enthusiasm who terms Opzelura. for suffering there's are I with they themselves. are patients And, potentially particularly to vitiligo and who that's more very drug for dermatitis a

it the In turn to guidance, terms Christiana. over of I'll

Sure.

to So of on also vitiligo provide Kripa, would like quarters which any before guidance we would Opzelura, see few include uptake more a we around especially vitiligo. and

As how Barry come population get activated will quickly patient inactive they seek indicated, the treatment. looking to are we at will and and

So on that we in are provide position to to would like before a guidance we any see Opzelura.

today Company. Privitera is question and Eva from coming Next from Cowen

the And taking our on Congrats for quarter. questions. thanks

QX for your maybe net net us based XX%. net numbers that So XX% may discrepancy for understand gross Opzelura, for QX XX% to Can of press on units the number? gross and to help we a to total release between the what the sales, and account calculated you

So is gross the average to XX% net the QX rate.

How in calculation? accounted is drug free that

the So part included a it's is net. the revenues and free calculation of not to not gross of drug in

the price, X,XXX you -- around the X,XXX to price So look discount. paid gross XX% net at apply demand the gross times X need would and minus net which be

XX%. now? And you possibly still It narrow XX% in to to are closer the range? you term sounds will Okay. it be comfortable that Can the like near guidance long-term with XX% guidance

Yes.

difficult. net. year. is saying are which Obviously, net continue for we'll That's bringing improve the over a would assumption to to gross to down now getting we XX% time, on gross to good improvements average further work is XXXX, continue more So the co-pay, for a why

And another question on ALK.

see interested studies in up you of what And other these into from in ALKX of some the So MF to applications? myelofibrosis. other anemias need perhaps? potential applications the some Are open order these of outside has to do you program

of mediator, and saying good inhibition, in earlier many a Mechanistically, in question. conditions. which inflammation, will, if occurs It's is chronic of that you. remarks, I my through it Thank works was the anemia, inflammation hepcidin chronic main as you

there's failure. So including in the across of some conditions chronic potential those board renal

potential to some in settings we're So of see work these some early starting if there's there.

We in U.S. regulatory has chronic encouraged products renal by from are in the recent movement difficult the treat in areas to the like past. failure, which anemia FDA in improving been

still and days. may all indications early look a that us it's But further. make look the for those little So very there,

The Evan from BMO Markets. next Seigerman from question is coming Capital

maybe further? my talk sales no a XXXX. question to on progress. accelerate on for to congrats had issues this me for mean, clear Thanks what even the are kind is but really about focusing you taking much of that and supply It's growth there I team good Opzelura, year so the

have You getting the of level your and focused organization get over that on you to net What more is ensure highest gross the scripts normalized. to next paid the commercial year? number sales are to

Evan. Sure,

team sales the dermatologists So on regular with is their basis. actively engaged a

Fortunately, other areas, short therapeutic on ago. we just vitiligo. perhaps. vitiligo that AD It's time focused exciting launched compared both a period some access good and have very to of as They're

these in could used for exciting it's many from there's of that's actually that because patients, be only repigmentation for So available -- very atopic could millions but the patients benefit so drug that's dermatitis. Opzelura

So they're focused both. on really

AD obviously, on So inflammation sticking in on Opzelura treat their with drive and vitiligo. to is and itch their to focus

drug the should real in to need for weeks that period weeks, healthcare before compliance on they a So XX vitiligo use reinforce time, of weeks, educating they're and over concentrating forth, big see example, so and what a professionals, see repigmentation. a the impact that so they on for over the while XX eight they

the in for flares patients and refills they in fact, concentrating get dermatitis, do, way, making atopic disease sure again, from their if complete get have they're back. come know And on that that so relief they same should they their

the engaged sales lay atopic very excited both front vitiligo. and dermatitis about opportunities and them team for in very the that So is of

coming is question Jay from Oppenheimer. Olson from next Your

on the and for the Congrats update. thank quarter you

differentiation both impact program, they're the your be LIMBER LIMBER you RUX that plus will of of overall the later about versus the suboptimal a RUX readout Phase X what responders? inhibitor for parsaclisib strategy since And how For you can will program? year? this plus And RUX in targeting for plus parsaclisib BET talk the looking then

Steven. Thank you. Okay, it's

lumber and obviously our the last critically So us important patients movement, combination the towards year particularly are of in really to with to program, and work. end we the happy

parsaclisib So off your with start to plus question. RUX

studies Just there a ongoing are two reminder, pivotal there.

year. symptoms. patients That's stable the are least in longer weeks at an will least and at on who've dosing get had first The of or eight ruxolitinib is adequate one which of terms a spleen or study in months on having suboptimal and of this we XXX response three about readout patients

-- response, the even a spleen both very from spleen terms of than magnitude view X symptom even We at the better and in ASH encouraging. was symptom response quantitative response year, last which showed response was is the of and Phase encouragingly point data really final and

Additionally, far looks follow-up. very long-term thus clean profile the a safety in MF quite with

the the combination lymphoma, year randomized not there. we Phase positive those some will doses MF. long in very given think also will for additionally, being and It's benefit what's few RUX probably therapies in a that There and Phase there. positive this side different. replicate is X the study seen it is are up And report encouraged really for effects. stable RUX be who the be that be ameliorate may then it's indication So used because We're of If underlying there. on And in would out the with the profile we by having to and data, responders. disease suboptimal patients will exactly B in is suppressive no then term not a X cell months, set be

will study first-line read and total or in scores, that's about you need And all-comer XX% spleen The of an take out, standard of greater endpoints, year first-line response to volume both. patients. in improvements XXX symptom longer terms a a

earlier. BET the program mentioned You that's

comments make be similarly As may think I and the as more it's again, a And we segment both the suboptimal improve high year to we're populations it can. push why And will dose-limiting. continuing dose on that's be there. best thrombocytopenia we know it sure then said be this tolerable and to in dose that that will And data based in as efficacy will population. setting. suited We to into some run escalate the we'll earlier,

after that in I will seen. of really mechanism hemoglobin We rest what aggressively end we’ve ALK said going that leaders encouraged programs of we're very declare towards the proof there. field. earlier, the want this and program, we're have The we year, as to of because by the Again, chase very responses

Goldstein Mizuho. from question from is coming Your Mara next

prescription on covered rate, free firstly, the So XX% drug. you mentioned you about anticipate

among So How consistent and do at And bit about about talk expect dermatitis? atopic a rollout And time that to this can think to it Jakafi? how expectations at will secondarily, you're affect little point XX% you should for vitiligo incremental the that would the in QD we XX%. you quickly and that indicate how get is of difference? covered RUX or

Sure.

Mara, is So this Barry.

So their drug the covered rate -- actually, to about the right through commercial XX% access is insurance patients now. that commercial have

match In improving criteria forth. terms getting in the example, has happened that, which so happy far. don't because to to the states. still And exactly in said, continues XX it coverage But with, numbers and we're lag there's But happy with work have I better. all commercial not We're coverage get utilization to XX%. and written variety very utilization might thus co-pay We and including about be these things, of obviously, beyond of like is for covered and better coverage, do insurance a up we it's that some very criteria where be. Medicaid want a that

same. Medicaid, atopic thing some essentially of AD DoD it's the is that very, vitiligo. say, to vitiligo same. VA, but have criteria is written is of with the low. related compared The I number improving there's very terms when dermatitis, and number day. commercial scripts utilization essentially is In essentially issues, about getting But the problems launched Opzelura The been coverage have to is the coverage only filled the The vitiligo vitiligo, to we less, every and same. coverage The of

don't we about it fact, at much that hear all. In

very mentioned roll announce for for terms launching on really how lead that could the we We better QD. And we'll this for compliance give about patients, RUX to QD, But launch. patients, out, some better it patients; approval, could the in information comes positioning In more and date the we We PDUFA gives opportunity to lead an upcoming that, sometime of you a some so after to least April. in already convenience when forth excited and plan at few going the better that think which weeks we're of March. we're better for think RUX I about compliance after outcomes.

we're looking really forward that. So to

JMP Next question Ren Benjamin from is coming Securities. from

great taking the questions and for congratulations quarter. a Thanks on

between chronic the bit -- in at Just looking XXXX, market, you can ibrutinib. split if U.S? comparison fit program, thoughts acute? especially data tafa reduced curious, a I And drug And of the especially one. this in just GVHD for the 'XX? just Can the about into let's guess expected the I'm how used, kind mid thinking least pivotal squeeze us you're at to, does where how versus little give you axa can in about say, what extra I is the after And expectations on talk some being one the and

Sure. This is Barry.

there's between in So chronic, about steroid-refractory acute and split in of patients the terms acute GVHD. X,XXX

we're of said there I patients for drug As they're GVHD. used much less in steroid-refractory there’s treated period before, the and a #X acute time. But shorter

months So GVHD. it for example, might be, for acute six

GVHD, chronic X,XXX are For there's that XX,XXX maybe patients, steroid-refractory.

chronic the So GVHD of GVHD. from is coming chronic growth and persistence most the in

we the of of time, as chronic are acute GVHD. I space. scripts is any far don't population, And terms But chronic. in for most and as as that can are in coming that much, population acute would majority claims their now between resistant in bigger the really Now come than tell, of much differentiate the all said, vast physician

drugs example, In these setting. for the terms in third and Rezurock, ibrutinib of line perhaps used are

as we Jakafi. opportunity. is far after tell, Rezurock and of As in great axatilimab's usage we But ibrutinib a think terms can uses declining opportunity, third line it's

very forward think, this transplant In to the Rezurock of the I the for setting. who setting, talk third-line a people docs to think treat fact, success uniquely And even they're bone marrow in axatilimab who success well of in drug. different product that treat I GVHD, it's we much. looking And when bodes

in -- of setting. combination in In terms the It's a of second-line great tafa tafa-len terms combination.

the seen in rates non-chemotherapy results the of XX%, of rate, a second-line in option You've response terms complete overall response setting.

it the that -- product line think very the issue increased competition, dramatically B-cell has has the a line but and into whole the to for break challenging place is CAR-T second that it's large with us changed second really diffuse through, I becomes setting, the the to good marketplace with moving therapies drug the particularly there competition setting, try expand a absolutely patients it's of in continuing the that's plus long really challenge. to with response setting we we're a of line durations from second and responses that use it. will and the somewhat increasing think benefit And of in competition because just complete really have can particular this lymphoma

from from is Piper coming Allison question Next Sandler. Bratzel

is it's really Opzelura. patient on launch, if be expected DTC of opportunity say there's of specific who seeking about of activation clearly early anything vitiligo a can determinant how the you but is Or be I underway? to driver me against for to aren't tracking I is the just vitiligo not currently know is until One know expectations? patients wondering activation this days size your in the treatment. ultimate a going

separate question on the growth XXXX other And guidance to that imply just compared then just 'XX. somewhat seems a range hem/onc limited franchise, to

just year? you on for you the And pushes areas and any the the So could sort range? for considered franchise that guidance pulls of XXXX expand growth in

Okay.

guess. start, then off and I'll I So I'll to hand Christiana,

activation vitiligo, happening I for think patient of terms in So it's already.

very commercials patient yet. even on community. with vitiligo work with direct-to-consumer live advocacy Internet TV searches. We on healthcare will and soon. the closely healthcare between direct-to-consumer professionals commercials, TV But on online, media, very patients nonlinear and social start professionals programming That do linear started We being vitiligo haven't activated. There's activities and going We are work for patients.

greater much is a degree the So to occurring now, that and will continue it future. in

that. patients you think using for lots presentations, drug and by to excitement who very are of have the our share proud good see there's can I experience gotten

drug. that perhaps, So great who a in helps hand Christiana. over deal terms from may informing to guidance, of patients this benefit in And it actually I'll

guidance the So is increase, for guidance to being we in primary terms Minjuvi, yes. the hem/onc, million $XXX provided other $XXX driver million that the of of range have with

today from Matt coming question Phipps Blair. William is from final Our

with for compete additional But today. reason the labels cited I competition appropriateness guess, guidance really expect a your in you Barry, to this is directly Jakafi. don't of I year MF those

of you're is that or patients prior. earlier maybe you're kind Jakafi off little impact they having would about? see the if to to I a have starting talking wonder who of switching than If responders option were So of switch now kind suboptimal another

we setting use Yes. the Matt. exclusively. that that. us available know in fedratinib think there's necessarily, the and No, do it's in the second-line Sure, to almost If determine setting, are hard but first-line don't currently that are really so for any pacritinib used drugs we two

has But know in Jakafi terms will to is future, do that and don't improvement June, to of necessarily gave to symptom patients momelotinib the the differentiation going we looking and continue, to I date why be play how PDUFA survival, second-line of product. and indication used is exactly out, -- because don't unsurpassed what in guidance will the drugs In spleen from benefit setting. necessarily a But We of that overall reduction. is. this other that's volume did. we obviously, think -- think will with we're We these the that we're know sure that GSK think we going and what benefit not continue we

further question-and-answer of comments. session. the like We’ve our end the you. reached back I'd to or any closing floor for over Thank turn

follow-up. and you today call team available and you, your The the IR participating be the in day for rest will of for Thank questions. Thank for all goodbye. the for

Thank you. webcast. today's That teleconference does conclude and

thank day. wonderful disconnect today. your a may have We for your at participation lines you this time, You and