Vitiligo

Ad hoc announcement pursuant to Art. 53 LR Allschwil, Switzerland – April 30, 2025Idorsia Ltd (SIX: IDIA) today announced its financial results for the first quarter of 2025. Business highlights Q1 2025 QUVIVIQ™ (daridorexant): Strong performance and accelerating sales in Q1 2025 with total Idorsia-led net sales of CHF 25 m.QUVIVIQ EUCAN: Demand grew by 50% from Q4 2024 to Q1 2025, strongly driven by reimbursed markets. Overall, more than 10 million nights of sleep prescribed in Q1 2025.Daridorexant: Positive data with daridorexant in patients with chronic insomnia and nocturia published in the Journal of Sleep Research and assessing the transition from night to day published in Sleep Medicine.TRYVIO™ (aprocitentan): REMS requirement removed by US FDA.Aprocitentan: Effect of reducing blood pressure and proteinuria in Black patients with resistant hypertension published in HypertensionRestructured convertible bond debt: Tailored approach to remove large debt overhang.New funding: Bondholders to provide CHF 150 m new money facility.Viatris collaboration: Updated agreement removed significant cash requirement for 2025. Financial highlights Net revenue Q1 2025 of CHF 59 m.US GAAP operating expenses Q1 2025 of CHF 5 m (income) were positively impacted by a one-off gain from the amendment of the Viatris deal with non-GAAP operating expenses Q1 2025 of CHF 78 m.US GAAP operating income Q1 2025 of CHF 67 m and non-GAAP operating loss of CHF 17 m. Guidance for 2025 – unforeseen events excluded QUVIVIQ net sales of around CHF 110 m.SG&A expenses of around CHF 210 m, R&D expenses of around CHF 100 m, leading to non-GAAP operating expenses of around CHF 325 m.US GAAP loss for global business of around CHF 125 m. André C. Muller, Chief Executive Officer of Idorsia, commented:“Beyond the transformation of Idorsia’s financial situation, we made significant progress on multiple fronts in the first quarter. QUVIVIQ is taking off in Europe with a particularly impressive performance in France following the commercial partnership to call on GPs initiated in October 2024; we hope Germany will follow suit, as a similar partnership will kick-in from April 2025. In the US, we have implemented a focused commercialization approach for QUVIVIQ to maintain sales until the potential descheduling of the dual orexin receptor antagonist (DORA) class can be achieved. We received great news from the FDA, with the removal of the REMS requirement for TRYVIO allowing a shift toward broad product availability in retail pharmacies. This, together with the early positive prescribing experience in leading US hypertension centers of excellence gives us confidence of the potential of our antihypertensive drug. Lastly, we streamlined the R&D organization to invest in our promising refocused pipeline. All these achievements put us on a solid path to reach our 2025 goals.” Financial results US GAAP results First Quarterin CHF millions, except EPS (CHF) and number of shares (millions) 20252024Net revenue 5910Operating expenses 520Operating income 6731Net income 6330Basic EPS 0.330.17Basic weighted average number of shares 188.9179.1Diluted EPS 0.230.13Diluted weighted average number of shares 270.8233.3 Net revenue of CHF 59 m in Q1 2025 resulted from QUVIVIQ product sales (CHF 25 m), product sales to partners (CHF 1 m), and contract revenues (CHF 32 m), comprising a one-off exclusivity fee of CHF 32 m paid by an undisclosed party in relation to a potential aprocitentan deal, and non-cash revenue related to the R-Bridge royalty monetization agreement of CHF 1 m. This compares to net revenue of CHF 10 m in Q1 2024 from QUVIVIQ product sales. US GAAP operating expenses of CHF 5 m (income) in Q1 2025 and CHF 20 m (income) in Q1 2024 were impacted by a one-off gain of CHF 90 m (Viatris deal amendment) in 2025 and CHF 125 m (Viatris deal) in 2024, respectively. Excluding these one-off gains, US GAAP operating expenses at Q1 2025 decreased by CHF 20 m, mainly driven by R&D expenses of CHF 27 m decreasing by CHF 6 m compared to Q1 2024 (CHF 33 m), and SG&A expenses of CHF 54 m decreasing by CHF 14 m compared to Q1 2024 (CHF 68 m). US GAAP net income in Q1 2025 of CHF 63 m (CHF 27 m net loss excluding Viatris deal amendment) and CHF 30 m in Q1 2024 (CHF 95 m net loss excluding Viatris deal). Excluding these one-offs, the reduced net loss in Q1 2025 was primarily due to lower operating expenses from cost savings through the effective restructuring efforts announced in November 2024 and higher revenue. The US GAAP net income resulted in a basic net income per share of CHF 0.33 (diluted net income per share of CHF 0.23) in Q1 2025, compared to a basic net income per share of CHF 0.17 (diluted net income per share of CHF 0.13) in Q1 2024. Non-GAAP* measures First Quarterin CHF millions, except EPS (CHF) and number of shares (millions) 20252024Net revenue 5810Operating expenses (78)(96)Operating loss (17)(85)Net loss (25)(86)Basic and diluted EPS (0.13)(0.48)Basic and diluted weighted average number of shares 188.9179.1 * Idorsia measures, reports, and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance. Non-GAAP net loss in Q1 2025 amounted to CHF 25 m; the difference versus US GAAP net income was mainly driven by the one-off gain from the amendment of the Viatris Deal (CHF 90 m). The non-GAAP net loss resulted in a net loss per share of CHF 0.13 (basic and diluted) in Q1 2025, compared to a net loss per share of CHF 0.48 (basic and diluted) in Q1 2024. Viatris collaborationIn March 2024, Idorsia entered into a global research and development collaboration with Viatris, for the global development and commercialization rights to selatogrel and cenerimod. Idorsia received an upfront payment of USD 350 million (CHF 308 million) with Idorsia obligated to contribute USD 200 million for the development of selatogrel and cenerimod. Idorsia is entitled to potential development and regulatory milestone payments, and certain contingent payments of additional sales milestone payments and tiered royalties in the mid-single to low-double digit percentages on annual net sales. In February 2025, Idorsia reached an agreement with Viatris to update the terms of the collaboration. In exchange for a USD 100 million reduction to Idorsia’s contribution to the development costs due in 2025, Idorsia has agreed to a USD 250 million reduction in future potential regulatory and sales milestone payments, and an expansion of territorial rights to Viatris for cenerimod. The agreed royalties on future sales remain unchanged. Under the updated terms, Idorsia's contribution for the development of selatogrel and cenerimod is reduced to USD 100 million with no commitment in 2025. Idorsia has contributed USD 73 million in 2024 for the performance of development services, and the remaining USD 27 million will be paid in 2026. Restructured convertible bond debt and new funding securedOn February 26, 2025, Idorsia announced that it has reached an agreement with more than two-thirds of the holders of its outstanding convertible bond debt on the main terms of a holistic restructuring of the bonds and a CHF 150 million new money facility, to alleviate the short- to mid-term debt overhang of CHF 800 million while retaining upside potential of key assets beyond the value of the debt. As part of the holistic restructuring Idorsia will issue up to 27.5 million shares and up to 25.5 million warrants. When complete, the tailored solution secures future operations of Idorsia into 2026. More information can be found in the dedicated press release. Capital increaseIn connection with the holistic restructuring of the convertible bond debt and raising of additional funds, 35 million registered shares with a nominal value of CHF 0.05 each were created out of capital band and were listed on March 4, 2025. Financial guidance for 2025As previously announced, for the Idorsia-led portfolio in 2025, the company expects a continued acceleration of QUVIVIQ with net sales of around CHF 110 million, COGS of around CHF 15 million, SG&A expenses of around CHF 210 million, and R&D expense of around CHF 100 million, leading to non-GAAP operating expenses of around CHF 325 million. This performance would result in an Idorsia-led business non-GAAP operating loss of around CHF 215 million and US-GAAP operating loss of around CHF 260 million. The company expects US-GAAP EBIT for the partnered business of around CHF 135 million – updated to reflect the positive impact of the one-off exclusivity fee paid by an undisclosed party in Q4 2024 but recognized in Q1 2025 – and mainly driven by the amended deal with Viatris. This would result in a US-GAAP loss for the global business of around CHF 125 million. All amounts exclude unforeseen events and potential revenue related to additional business development activities. Arno Groenewoud, Chief Financial Officer, commented:“The updated agreement with Viatris, and the convertible debt restructuring, together with the new money facility agreed with our bondholders, has significantly changed the financial situation of Idorsia. That said, there are still several steps to implement in order to realize what was agreed. The restructuring of the bonds is moving forward with the first step approved by the court, allowing us to proceed to the next bondholder meetings. We are also making progress with putting the new money facility in place. The excellent uplift with QUVIVIQ in Europe and the tight cost-control means we are well on track with our financial performance targets.” Liquidity and indebtednessAt the end of the first quarter of 2025, Idorsia’s liquidity amounted to CHF 51 million. (in CHF millions) Mar 31, 2025Dec 31, 2024Liquidity Cash and cash equivalents 51106Total liquidity* 51106 Indebtedness Convertible loan 335335Convertible bond 797797Other financial debt 190189Total indebtedness 1,3221,321 *rounding differences may occur Commercial operationsIn the first quarter of 2025, QUVIVIQ™ (daridorexant) in the US, Germany, Italy, Switzerland, Spain, UK, Canada, Austria, France, and Sweden generated total product sales of CHF 25 million. Europe and Canada ProductMechanism of actionIndicationCommercially availableDual orexin receptor antagonistTreatment of adult patients with insomnia characterised by symptoms present for at least three months and considerable impact on daytime functioningSweden: Sept. 2024France: Mar. 2024Austria: Feb. 2024UK: Oct. 2023Spain: Sept. 2023Switzerland: Jun. 2023Germany: Nov. 2022Italy: Nov. 2022 Management of adult patients with insomnia, characterized by difficulties with sleep onset and/or sleep maintenanceCanada: Nov. 2023 QUVIVIQ (daridorexant) net sales in the first quarter of 2025 reached CHF 19.4 million in the Europe and Canada (EUCAN) region, a significant increase from CHF 3.5 million in the first quarter of 2024. In France, QUVIVIQ is reimbursed for moderate and severe chronic insomnia patients after, or as an alternative to, cognitive behavioral therapy for insomnia. The outstanding launch in France is driven by a combination of co-promotion with Menarini reflected by a new-to-brand share growing from 1.1% in September 2024 to 9.3% in January 2025 in the general practitioner (GP) segment, and a strong positioning to specialists in retail and hospital settings reflected by a solid new-to-brand share evolution from 9.7% in September 2024 to 14.4% in January 2025 in the psychiatrist segment. In Germany, QUVIVIQ was launched in November 2022 and is the only sleep medication in Germany that can be prescribed for long-term treatment of chronic insomnia. The progress made in Germany is reflected by the performance of QUVIVIQ on the market, with demand increasing by 20% quarter on quarter. In February 2025, Idorsia successfully concluded negotiations for the reimbursement price in Germany. Idorsia is expanding its commercial reach from specialist prescribers to GPs through a commercial partnership with Berlin-Chemie (a wholly owned subsidiary of the Menarini Group), which started in April 2025. In the UK, QUVIVIQ is recommended as first-line pharmaceutical treatment for patients with chronic insomnia, after, or as an alternative to, cognitive behavioral therapy for insomnia (CBT-I). QUVIVIQ was launched in October 2023 at NICE approval. The priority in the UK in 2024 was to secure regional access, and the team has achieved reimbursement throughout 85% of the UK, as well as raising awareness of QUVIVIQ among general practitioners. Increased access and awareness have started to translate into strong demand in the UK which grew by 48% from Q4 2024 to Q1 2025. In Canada, after being approved in April 2023, QUVIVIQ was launched in November 2023 to the private market, representing 55% of the Canadian insomnia market. To date, 85% of private Canadian lives are covered. The focus is now on public payers; the company submitted public reimbursement dossiers and expects decisions by the end of 2025. QUVIVIQ demand in Canada grew by 25% from Q4 2024 to Q1 2025. Austria will soon become the fourth EUCAN country to grant public reimbursement to QUVIVIQ, starting from June 1, 2025. This is a significant achievement in a country that has strict reimbursement rules and underpins the value QUVIVIQ brings to patients, physicians and the healthcare system. In Italy, QUVIVIQ is now officially available for all prescribers, following its publication in the Official Gazette in mid-March 2025, this includes GPs who represent nearly 80% of the total insomnia market. In Switzerland, Spain, and Sweden, where we are still negotiating for reimbursement, launches have been very successful despite the out-of-pocket costs for patients, particularly in Switzerland where we see a strong demand. Benjamin Limal, President of Europe and Canada region, commented:“Demand has grown by an impressive 50% quarter on quarter, mainly driven by reimbursed markets. Across Europe and Canada, more than 10 million nights of sleep have been prescribed in the first quarter of 2025. Recent successes in access and pricing, notably in Austria and Germany, reinforce our confidence for continued growth moving forward. QUVIVIQ has been strongly adopted by specialists and more and more general practitioners start prescribing QUVIVIQ due to our increased efforts with recent partnerships for the GP market.” For more information about QUVIVIQ in the EU, see the Summary of Product Characteristics. For more information about QUVIVIQ in Switzerland, see the Patient Information and Information for Healthcare Professionals. For more information on the marketing authorization of QUVIVIQ in Canada, see the Product Monograph. United States ProductMechanism of actionIndicationCommercially available sinceDual orexin receptor antagonistTreatment of adult patients with insomnia, characterized by difficulties with sleep onset and/or sleep maintenanceMay 2022 QUVIVIQ® (daridorexant) net sales in the first quarter of 2025 amounted to CHF 5.9 million in the US, compared to CHF 6.5 million in the first quarter of 2024. As of the end of the first quarter of 2025, more than 180,000 patients have been treated with QUVIVIQ since launch in the US, over 600,000 prescriptions have been dispensed, and the product has been prescribed by more than 50,000 healthcare professionals. Michael Moye, President and General Manager of Idorsia US, commented:“We have implemented a streamlined, focused, and more cost-efficient commercialization approach for QUVIVIQ to maintain sales until the potential descheduling of the dual orexin receptor antagonist (DORA) class can be achieved. Our commercialization partner, Syneos Health, is fully operational and executing a highly targeted digital marketing plan supporting 20 virtual sales reps. Syneos is now also executing educational programming and market access activities in support of the virtual representatives. We are seeing early, positive prescribing results in key customer areas.” For more information about QUVIVIQ in the US, see the Full Prescribing Information (PI and Medication Guide). ProductMechanism of actionIndicationCommercially available sinceDual endothelin receptor antagonistTreatment of hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugsOctober 2024 On March 19, 2024, the US Food and Drug Administration (FDA) approved TRYVIO™ (aprocitentan) for the treatment of hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs. Lowering blood pressure reduces the risk of fatal and non-fatal cardiovascular events, primarily strokes and myocardial infarctions. The recommended dosage of TRYVIO is 12.5 mg orally once daily, with or without food. Following the approval, the US team rapidly established the positioning, branding, websites, materials, training and educational platforms, and field sales force and MSL coverage plans. TRYVIO was made available for prescription in October 2024 via Walgreens Specialty Pharmacy. There is ongoing engagement with hypertension experts at major cardiovascular and nephrology congresses and encouraging discussions with payors. In March 2025, the US FDA fully released TRYVIO from its REMS (Risk Evaluation and Mitigation Strategy) requirement to minimize the burden on the healthcare delivery system of complying with the REMS. The US FDA has determined that a REMS is no longer necessary to ensure the benefits of TRYVIO outweigh the risk of embryo-fetal toxicity and that labeling is sufficient for conveying the safety information. As a result, a rapid transition from specialty pharmacy to a wide retail pharmacy distribution model is underway. Funding for a field sales force and promotional activities continues to be dependent on a partnership deal. Michael concluded:“Early prescribing experience in leading US hypertension centers of excellence has been very positive, with prescribers confirming that they are seeing blood pressure reductions, safety and tolerability consistent with the Phase 3 study. The REMS removal and shift toward broad product availability in retail pharmacies has profoundly improved the potential of TRYVIO to reach millions of patients struggling with their hypertension on existing medication regimens.” For more information see the Full Prescribing Information including BOXED Warning (PI and Medication Guide). Research & DevelopmentOur drug discovery engine has produced innovative drugs with the potential to transform the treatment paradigm in multiple therapeutic areas, including CNS, cardiovascular, and immunological disorders, as well as orphan diseases. The company also has a vaccine platform for the discovery and development of glycoconjugate vaccines to prevent infection. The company has focused its drug discovery efforts, reducing the number of active projects in research and development and preparing some for out-licensing. The prioritization has resulted in a portfolio of assets where Idorsia intends to develop to the next inflection point before partnering, or when feasible and appropriate, developing further ourselves. The company expects new lucerastat data from a kidney biopsy sub-study (to the ongoing Phase 3 open-label extension study) in the second quarter of 2025, with further discussions on the regulatory pathway to follow. The results from a Phase 1 study of our Clostridium difficile infection vaccine are also expected in the coming months. The company will need to further prioritize activities in order to reduce costs and the decisions on which assets to advance will be taken based on the data when available and the results of ongoing out-licensing discussions for early-stage assets. In March 2025, “A randomized cross-over trial of daridorexant for the treatment of chronic insomnia and nocturia” was published in the Journal of Sleep Research. The new data provides evidence of the benefit of daridorexant, at a daily dose of 50 mg, in patients aged >=55 years with chronic insomnia and comorbid nocturia, with efficacy data on symptoms of both conditions, improvement in daytime functioning, and a good safety and tolerability profile. In April 2025, the “Effect of daridorexant on nighttime wakefulness and next-morning sleepiness: assessing the transition from night to day in insomnia disorder” was published in Sleep Medicine. The analysis of the Phase 3 data provides evidence that daridorexant reduces wakefulness throughout the entire night, while decreasing morning sleepiness and improving daytime functioning and alertness in patients with chronic insomnia disorder. Idorsia-led portfolioThe company will develop each asset to the next inflection point or seek a partner. CompoundMechanism of actionTarget indicationStatusQUVIVIQ™ (daridorexant)Dual orexin receptor antagonistInsomniaCommercialized by Idorsia in the US, Germany, Italy, Switzerland, Spain, the UK, Canada, Austria, France, and Sweden; approved throughout the EU.LucerastatGlucosylceramide synthase inhibitorFabry diseasePhase 3 open-label extension study ongoing – kidney biopsy sub-study results expected in Q2 2025 – regulatory pathway to be further discussed with FDA.DaridorexantDual orexin receptor antagonistPediatric insomniaPhase 2 in pediatric insomnia is ongoing.ACT-777991CXCR3 receptor antagonistVitiligoProof-of-concept study in preparation for patients with vitiligo. Unique precision medicine with a dual targeting of CD8+ CXCR3+ T cells offers potential for a first-in-class targeted systemic therapy for effective and safer treatment of immuno-dermatology and autoimmune disorders.ACT-1004-1239ACKR3 (CXCR7) receptor antagonistProgressive multiple sclerosis Proof-of-concept study in preparation for patients with progressive MS. Unique combination of re-myelination and anti-inflammatory effect with decreased inflammatory cell infiltration.IDOR-1117-2520CCR6 receptor antagonistPsoriasisProof-of-concept study in preparation for patients with psoriasis. Unique potential as a first-in-class, oral, targeted systemic therapy for effective treatment of Th17-driven immuno-dermatology and autoimmune disorders.ACT-1016-0707LPA 1 receptor antagonistImmune-mediated and fibrosis related disordersEntry-into-human package complete. Potential best-in-class due to insurmountable binding mode – proven inhibitory activity in preclinical models of inflammation and fibrosis.IDOR-1134-9712CFTR Type-IV correctorCystic FibrosisEntry-into-human package in progress. A unique corrector targeting an Idorsia-identified binding site on the Cystic Fibrosis Transmembrane regulator (CFTR) protein. Potential synergy with other molecules.IDOR-1141-8472Orexin 2 receptor agonistOrexin-related CNS disordersEntry-into-human package ready to begin. Potential best-in-class – sustained chronic efficacy in a preclinical model of narcolepsy.IDOR-1126-6421Undisclosed mechanismOrgan injury / fibrosisEntry-into-human package in progress. Broad potential of undisclosed mechanism for inhibiting organ injury and fibrosis – proven effectiveness in several preclinical models of organ injury. Synthetic Glycan Vaccine PlatformIdorsia will seek a partner for the platform or individual vaccines.IDOR-1134-2831Synthetic glycan vaccineClostridium difficile infectionIdorsia is conducting a Phase 1 clinical pharmacology study which will test the immune response of the vaccine and evaluate its safety and tolerability. Results expected in Q2 2025.IDOR-1142-0810Synthetic glycan vaccineKlebsiella pneumonia infection Entry-into-human package in progress. Further details including the current status of each project in our portfolio can be found in our innovation fact sheet.Idorsia partner-led portfolioFor Idorsia, partnerships are a way of gaining strategic access to technologies or products and fully exploiting our discovery engine and clinical pipeline. We seek suitable external project partners to maximize the value of internal innovation. On March 19, 2024, the US Food and Drug Administration (FDA) approved TRYVIO™ (aprocitentan) for the treatment of hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs. See the commercial operations section above. On June 27, 2024, the European Commission (EC) approved JERAYGO™ (aprocitentan) for the treatment of resistant hypertension in adult patients in combination with at least three antihypertensive medicinal products. The recommended dose is 12.5 mg orally once daily. The dose can be increased to 25 mg once daily for patients tolerating the 12.5 mg dose and in need of tighter blood pressure (BP) control. For more information about JERAYGO in the EU, see the Summary of Product Characteristics. Aprocitentan is an innovative and highly differentiated drug, commercially available in the US and approved in Europe and UK for the millions of patients who are unable to bring their hypertension under control with existing medications. As the first drug to target the endothelin pathway in systemic hypertension, aprocitentan has blockbuster potential in uncontrolled hypertension, particularly for difficult to treat patients with chronic kidney disease and hypertension, and further potential beyond hypertension. The priority remains to partner aprocitentan, having been released from the exclusivity constraint with the undisclosed party, the company will resume discussions with alternative potential partners that recognize the value of aprocitentan. In April 2025, "Aprocitentan for Blood Pressure Reduction in Black Patients” was published in Hypertension. The publication reports preplanned analyses of the efficacy, tolerability and safety of aprocitentan in the subgroup of African American patients enrolled in the Phase 3 PRECISION study in patients with confirmed resistant hypertension. Aprocitentan, when added to a combination of at least three antihypertensive drugs (four in more than 50% of patients), produced clinically meaningful and sustained blood pressure reductions. Aprocitentan also markedly decreased proteinuria in the patients with proteinuria at baseline. As reported by the authors, aprocitentan was safe and well tolerated, even in those Black patients with chronic kidney disease. CompoundMechanism of actionTarget indicationPartner/statusTRYVIO™ (aprocitentan) Dual endothelin receptor antagonistSystemic hypertension in combination with other antihypertensivesTo be defined: worldwide development and commercialization rightsCommercially available in the USJERAYGO™ (aprocitentan)Dual endothelin receptor antagonistResistant hypertension in combination with other antihypertensivesTo be defined: worldwide development and commercialization rights Approved in the EU and UK; Marketing authorization applications under review in Canada, and SwitzerlandQUVIVIQ™ (daridorexant)Dual orexin receptor antagonistInsomniaNxera Pharma: license to develop and commercialize for Asia-Pacific region (excluding China)Launched for the treatment of insomnia in Japan; Phase 3 ongoing in South KoreaDaridorexantDual orexin receptor antagonistInsomniaSimcere: license to develop and commercialize for Greater China regionNDA submitted in Greater China; approved for the treatment of insomnia in Hong-KongSelatogrelP2Y12 inhibitorAcute myocardial infarctionViatris: worldwide development and commercialization rightsPhase 3 “SOS-AMI” program ongoingCenerimodS1P1 receptor modulatorSystemic lupus erythematosusViatris: worldwide development and commercialization rightsPhase 3 “OPUS” program ongoingDaridorexantDual orexin receptor antagonistPosttraumatic stress disorder (PTSD)US Department of Defense (DOD): Idorsia is supporting a clinical study sponsored by the US DOD to develop new therapies to treat PTSDACT-1002-4391EP2/EP4 receptor antagonistImmuno-oncologyOwkin: global license to develop and commercializePhase 1 ongoing Further details including the current status of each project in our partner-led portfolio can be found in our innovation fact sheet. Note to ShareholdersThe Annual General Meeting (AGM) of Shareholders to approve the Annual Report of the year ending December 31, 2024, will be held on Wednesday, May 28, 2025. In order to attend and vote at the AGM, shareholders must be registered in the company's shareholder register by May 19, 2025, 17:00 CEST, at the latest. Results Day CenterInvestor community: To make your job easier, we provide all relevant documentation via the Results Day Center on our corporate website: www.idorsia.com/results-day-center. Events Annual General Meeting of Shareholders on May 28, 2025Half-Year 2025 Financial Results reporting on July 30, 20259-Month 2025 Financial Results reporting on October 30, 2025 Notes to the editor About IdorsiaIdorsia Ltd is reaching out for more – we have more passion for science, we see more opportunities, and we want to help more patients. The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines – either with in-house capabilities or together with partners – and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core. Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA). For further information, please contactInvestor & Media RelationsIdorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil+41 58 844 10 10 investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Attachment Press Release PDF

WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) today reports 2025 first quarter financial results, and provides a status update on the Company’s clinical development portfolio. "The double-digit revenue growth in the first quarter driven by the continued growth of Jakafi and Opzelura and the recent launch of Niktimvo, puts us on track to achieve our full year objectives," said Hervé Hoppenot, Chief Executive Officer, Incyte. "We also continued to advance our innovative pipeline, which will be critical for driving long-term growth. The positive Phase 3 results for povorcitinib in hidradenitis suppurativa in addition to the proof-of-concept in chronic spontaneous urticaria, strengthens the potential of povorcitinib as a multibillion-dollar product addressing patient needs across the five indications currently in development.” Key Commercial Highlights Jakafi® (ruxolitinib): Net product revenues for the first quarter 2025 of $709 million (+24% Y/Y): Opzelura® (ruxolitinib) cream: Net product revenues for the first quarter 2025 of $119 million (+38% Y/Y): Pipeline Updates Myeloproliferative Neoplasms (MPNs) and Graft-Versus-Host Disease (GVHD) – key highlights MPN and GVHD Programs Indication and status Ruxolitinib XR (QD) (JAK1/JAK2) Myelofibrosis, polycythemia vera and GVHD Ruxolitinib + INCB57643 (JAK1/JAK2 + BETi) Myelofibrosis: Phase 2 Ruxolitinib + axatilimab1 (JAK1/JAK2 + anti-CSF-1R) Chronic GVHD: Phase 2 Steroids + axatilimab1 (Steroids + anti-CSF-1R) Chronic GVHD: Phase 3 INCA33989 (mutCALR) Myelofibrosis, essential thrombocythemia: Phase 1 INCB160058 (JAK2V617Fi) Myelofibrosis: Phase 1 1 Clinical development of axatilimab in GVHD conducted in collaboration with Syndax Pharmaceuticals. Other Hematology/Oncology – key highlights Heme/Oncology Programs Indication and status Tafasitamab (Monjuvi®/Minjuvi®) (CD19) Relapsed or refractory diffuse large B-cell lymphoma (DLBCL): Phase 3 (B-MIND) First-line DLBCL: Phase 3 (frontMIND) Relapsed or refractory follicular lymphoma (FL): Phase 3 (inMIND) Retifanlimab (Zynyz®)1 (PD-1) Squamous cell anal cancer (SCAC): Phase 3 (POD1UM-303) Non-small cell lung cancer (NSCLC): Phase 3 (POD1UM-304) MSI-high endometrial cancer: Phase 2 (POD1UM-101, POD1UM-204) INCB123667 (CDK2i) Solid tumors with CCNE1 amplification/Cyclin E overexpression: Phase 1 INCB161734 (KRASG12D) Advanced metastatic solid tumors with a KRASG12D mutation: Phase 1 INCA33890 (TGFßR2×PD-1)2 Advanced or metastatic solid tumors: Phase 1 1 Retifanlimab licensed from MacroGenics. 2 Development in collaboration with Merus. Inflammation and Autoimmunity (IAI) – key highlights Ruxolitinib Cream Povorcitinib (INCB54707) IAI and Dermatology Programs Indication and status Ruxolitinib cream (Opzelura)1 (JAK1/JAK2) Atopic dermatitis: Phase 3 pediatric study (TRuE-AD3) Hidradenitis suppurativa: Phase 2; Phase 3 expected to initiate in 2025 Prurigo nodularis: Phase 3 (TRuE-PN1, TRuE-PN2) Povorcitinib (JAK1) Hidradenitis suppurativa: Phase 3 (STOP-HS1, STOP-HS2) Vitiligo: Phase 3 (STOP-V1, STOP-V2) Prurigo nodularis: Phase 3 (STOP-PN1, STOP-PN2) Chronic spontaneous urticaria: Phase 2 Asthma: Phase 2 INCA034460 (anti-CD122) Vitiligo: Phase 1 1 Novartis’ rights to ruxolitinib outside of the United States under our Collaboration and License Agreement with Novartis do not include topical administration. Other - key highlights In February 2025, Incyte and Genesis Therapeutics, Inc. (Genesis) entered into a strategic collaboration focused on the research, discovery and development of novel small molecule medicines, with an initial focus on collaboration targets selected by Incyte. Incyte receives exclusive rights to develop and commercialize collaboration products leveraged through Genesis’ GEMS artificial intelligence (AI) platform. Other Program Indication and Phase Zilurgisertib (ALK2) Fibrodysplasia ossificans progressiva: Pivotal Phase 2 2025 First Quarter Financial Results The financial measures presented in this press release for the three months ended March 31, 2025 and 2024 have been prepared by the Company in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), unless otherwise identified as a Non-GAAP financial measure. Management believes that Non-GAAP information is useful for investors, when considered in conjunction with Incyte’s GAAP disclosures. Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company’s business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company’s core operations. The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company’s core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used in conjunction with and to supplement Incyte’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in our industry. As changes in exchange rates are an important factor in understanding period-to-period comparisons, Management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP. Financial Highlights Financial Highlights (unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 Total GAAP revenues $ 1,052,898 $ 880,889 Total GAAP operating income 205,168 91,898 Total Non-GAAP operating income 283,641 161,183 GAAP net income 158,203 169,548 Non-GAAP net income 229,459 132,719 GAAP basic EPS $ 0.82 $ 0.76 Non-GAAP basic EPS $ 1.18 $ 0.59 GAAP diluted EPS $ 0.80 $ 0.75 Non-GAAP diluted EPS $ 1.16 $ 0.58 Revenue Details Revenue Details (unaudited, in thousands) Three Months Ended March 31, % Change (as reported) % Change (constant currency)1 2025 2024 Net product revenues: Jakafi $ 709,412 $ 571,839 24 % NA Opzelura 118,705 85,724 38 % 39 % Iclusig 29,544 30,343 (3 %) — % Pemazyre 18,440 17,676 4 % 6 % Minjuvi/ Monjuvi 29,551 23,874 24 % 25 % Niktimvo 13,613 — NM NA Zynyz 3,009 467 544 % NA Total net product revenues 922,274 729,923 26 % 27 % Royalty revenues: Jakavi 92,145 89,595 3 % 6 % Olumiant 30,800 30,589 1 % 6 % Tabrecta 6,413 5,234 23 % NA Other 1,266 548 131 % NM Total royalty revenues 130,624 125,966 4 % Total net product and royalty revenues 1,052,898 855,889 23 % Milestone and contract revenues — 25,000 — % — % Total GAAP revenues $ 1,052,898 $ 880,889 20 % NM = not meaningful NA = not applicable 1 Percentage change in constant currency is calculated using 2024 foreign exchange rates to recalculate 2025 results. Product and Royalty Revenues Total net product and royalty revenues for the quarter ended March 31, 2025 increased 23% over the prior year comparative period. Total net product revenues for the quarter ended March 31, 2025 increased 26% over the prior year comparative period primarily driven by the following: Jakafi net product revenue increased 24% versus the prior year comparable period, driven by an increase in paid demand of 10% reflecting continued demand growth in all indications, the positive impact of the Part D redesign under the Inflation Reduction Act, partially offset by growth in 340B, and 7% favorable impact from less de-stocking compared to the first quarter of 2024. Jakafi inventory levels were within normal range at the end of the first quarter of 2025. Opzelura net product revenue increased 38% due to continued growth in new patient starts and refills in the U.S. with U.S. paid demand up 24% versus the first quarter of 2024, partially offset by a reduction in channel inventory, and increased contribution from ex-U.S. driven by continued uptake in Germany and France, as well as growth from the recent launches in Italy and Spain. Opzelura inventory levels were within normal range at the end of the first quarter of 2025. Minjuvi/Monjuvi net product revenue increased 24% as a result of the first quarter of 2025 reflecting three months of net product revenues in the U.S., compared to two months of net product revenue in the first quarter of 2024 due to the acquisition of U.S. rights to Monjuvi, which closed in February 2024. Niktimvo net product revenue driven by the commercial launch of the product during the first quarter of 2025. Operating Expenses Operating Expense Summary (unaudited, in thousands) Three Months Ended March 31, % Change 2025 2024 GAAP cost of product revenues $ 73,188 $ 60,956 20 % Non-GAAP cost of product revenues1 66,945 54,959 22 % GAAP research and development 437,279 429,260 2 % Non-GAAP research and development2 400,020 388,437 3 % GAAP selling, general and administrative 325,691 300,256 8 % Non-GAAP selling, general and administrative3 302,292 277,335 9 % GAAP loss (gain) on change in fair value of acquisition-related contingent consideration 11,572 (456 ) NM Non-GAAP loss (gain) on change in fair value of acquisition-related contingent consideration — — — % GAAP (profit) and loss sharing under collaboration agreements — (1,025 ) — % 1 Non-GAAP cost of product revenues excludes the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the cost of stock-based compensation. 2 Non-GAAP research and development expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient severance payments. 3 Non-GAAP selling, general and administrative expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient severance payments. Cost of product revenues GAAP and Non-GAAP cost of product revenues for the quarter ended March 31, 2025 increased 20% and 22% respectively, compared to the same period in 2024 primarily due to increased royalty expense. Research and development expenses GAAP and Non-GAAP research and development expense for the quarter ended March 31, 2025 increased 2% and 3%, respectively, compared to the same period in 2024, reflecting continued investment in our late stage development assets and timing of certain expenses. Selling, general and administrative expenses GAAP and Non-GAAP selling, general and administrative expenses for the quarter ended March 31, 2025 increased 8% and 9%, respectively, compared to the same period in 2024 primarily due to timing of consumer marketing activities and of certain other expenses. Other Financial Information Change in fair value of acquisition-related contingent consideration The change in fair value of contingent consideration during the quarter ended March 31, 2025, compared to the same period in 2024, was primarily due to fluctuations in foreign currency exchange rates impacting future revenue projections of Iclusig. Operating income GAAP and Non-GAAP operating income for the three months ended March 31, 2025 increased 123% and 76%, respectively, compared to the same period in 2024, driven primarily by growth in net product revenue. Cash, cash equivalents and marketable securities position As of March 31, 2025 and December 31, 2024, cash, cash equivalents and marketable securities totaled $2.4 billion and $2.2 billion, respectively. 2025 Financial Guidance Incyte's guidance for the fiscal year 2025 is summarized below. Incyte is raising its full year 2025 Jakafi revenue guidance. Guidance for Opzelura includes net product revenue for pediatric atopic dermatitis which has an anticipated approval in the second half of 2025. Guidance for other oncology net product revenues include net product revenue for Monjuvi in follicular lymphoma and Zynyz in squamous cell anal carcinoma. Approvals for these indications are anticipated in the second half of 2025. Guidance for research and development excludes the $15 million of expense for the full year 2025 related to our recently announced collaboration with Genesis. Current Previous Jakafi net product revenues $2,950 - $3,000 million $2,925 - $2,975 million Opzelura net product revenues Unchanged $630 - $670 million Other oncology net product revenues(1) Unchanged $415 - $455 million GAAP Cost of product revenues Unchanged 8.5% - 9.0% of net product revenues Non-GAAP Cost of product revenues(2) Unchanged 7.5% - 8.0% of net product revenues GAAP Research and development expenses Unchanged $1,930 - $1,960 million Non-GAAP Research and development expenses(3) Unchanged $1,780 - $1,805 million GAAP Selling, general and administrative expenses Unchanged $1,280 - $1,310 million Non-GAAP Selling, general and administrative expenses(3) Unchanged $1,160 - $1,185 million 1Pemazyre in the U.S., EU and Japan; Niktimvo, Monjuvi and Zynyz in the U.S.; and Iclusig and Minjuvi in the EU. 2Adjusted to exclude the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the estimated cost of stock-based compensation. 3Adjusted to exclude the estimated cost of stock-based compensation. Conference Call and Webcast Information Incyte will hold a conference call and webcast this morning at 8:00 a.m. ET. To access the conference call, please dial 877-407-3042 for domestic callers or 201-389-0864 for international callers. When prompted, provide the conference identification number, 13753168. If you are unable to participate, a replay of the conference call will be available for 90 days. The replay dial-in number for the United States is 877-660-6853 and the dial-in number for international callers is 201-612-7415. To access the replay you will need the conference identification number, 13753168. The conference call will also be webcast live and can be accessed at investor.incyte.com. About Incyte A global biopharmaceutical company on a mission to Solve On., Incyte follows the science to find solutions for patients with unmet medical needs. Through the discovery, development and commercialization of proprietary therapeutics, Incyte has established a portfolio of first-in-class medicines for patients and a strong pipeline of products in Oncology and Inflammation & Autoimmunity. Headquartered in Wilmington, Delaware, Incyte has operations in North America, Europe and Asia. For additional information on Incyte, please visit Incyte.com or follow us on social media: LinkedIn, X, Instagram, Facebook, YouTube. About Jakafi® (ruxolitinib) Jakafi® (ruxolitinib) is a JAK1/JAK2 inhibitor approved by the U.S. FDA for treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea; intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF in adults; steroid-refractory acute GVHD in adult and pediatric patients 12 years and older; and chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older. Jakafi is a registered trademark of Incyte. About Opzelura® (ruxolitinib) Cream Opzelura® (ruxolitinib) cream, a novel cream formulation of Incyte’s selective JAK1/JAK2 inhibitor ruxolitinib, approved by the U.S. Food & Drug Administration for the topical treatment of nonsegmental vitiligo in patients 12 years of age and older, is the first and only treatment for repigmentation approved for use in the United States. Opzelura is also approved in the U.S. for the topical short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis (AD) in non-immunocompromised patients 12 years of age and older whose disease is not adequately controlled with topical prescription therapies, or when those therapies are not advisable. Use of Opzelura in combination with therapeutic biologics, other JAK inhibitors, or potent immunosuppressants, such as azathioprine or cyclosporine, is not recommended. In Europe, Opzelura (ruxolitinib) cream 15mg/g is approved for the treatment of non-segmental vitiligo with facial involvement in adults and adolescents from 12 years of age. Incyte has worldwide rights for the development and commercialization of ruxolitinib cream, marketed in the United States as Opzelura. Opzelura and the Opzelura logo are registered trademarks of Incyte. About Monjuvi® (tafasitamab-cxix) Monjuvi® (tafasitamab-cxix) is a humanized Fc-modified cytolytic CD19 targeting monoclonal antibody. In 2010, MorphoSys licensed exclusive worldwide rights to develop and commercialize tafasitamab from Xencor, Inc. Tafasitamab incorporates an XmAb® engineered Fc domain, which mediates B-cell lysis through apoptosis and immune effector mechanism including Antibody-Dependent Cell-Mediated Cytotoxicity (ADCC) and Antibody-Dependent Cellular Phagocytosis (ADCP). MorphoSys and Incyte entered into: (a) in January 2020, a collaboration and licensing agreement to develop and commercialize tafasitamab globally; and (b) in February 2024, an agreement whereby Incyte obtained exclusive rights to develop and commercialize tafasitamab globally. Following accelerated approval by the U.S. Food and Drug Administration in July 2020, Monjuvi® (tafasitamab-cxix) is being commercialized in the United States by Incyte. In Europe, Minjuvi® (tafasitamab) received conditional Marketing Authorization from the European Medicines Agency in August 2021. XmAb® is a registered trademark of Xencor, Inc. Monjuvi, Minjuvi, the Minjuvi and Monjuvi logos and the “triangle” design are (registered) trademarks of Incyte. About Pemazyre® (pemigatinib) Pemazyre® (pemigatinib) is a kinase inhibitor indicated in the United States for the treatment of adults with previously treated, unresectable locally advanced or metastatic cholangiocarcinoma with a fibroblast growth factor receptor 2 (FGFR2) fusion or other rearrangement as detected by an FDA-approved test. This indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s). Pemazyre is also the first targeted treatment approved for use in the United States for treatment of adults with relapsed or refractory myeloid/lymphoid neoplasms (MLNs) with FGFR1 rearrangement. In Japan, Pemazyre is approved for the treatment of patients with unresectable biliary tract cancer (BTC) with a fibroblast growth factor receptor 2 (FGFR2) fusion gene, worsening after cancer chemotherapy. In Europe, Pemazyre is approved for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with a fibroblast growth factor receptor 2 (FGFR2) fusion or rearrangement that have progressed after at least one prior line of systemic therapy. Pemazyre is a potent, selective, oral inhibitor of FGFR isoforms 1, 2 and 3 which, in preclinical studies, has demonstrated selective pharmacologic activity against cancer cells with FGFR alterations. Pemazyre is marketed by Incyte in the United States, Europe and Japan. Pemazyre is a trademark of Incyte. About Iclusig® (ponatinib) tablets Iclusig® (ponatinib) targets not only native BCR-ABL but also its isoforms that carry mutations that confer resistance to treatment, including the T315I mutation, which has been associated with resistance to other approved TKIs. In the EU, Iclusig is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia (CML) who are resistant to dasatinib or nilotinib; who are intolerant to dasatinib or nilotinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation, or the treatment of adult patients with Philadelphia-chromosome positive acute lymphoblastic leukemia (Ph+ ALL) who are resistant to dasatinib; who are intolerant to dasatinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation. Click here to view the Iclusig EU Summary of Medicinal Product Characteristics. Incyte has an exclusive license from Takeda Pharmaceuticals International AG to commercialize ponatinib in the European Union and 29 other countries, including Switzerland, UK, Norway, Turkey, Israel and Russia. Iclusig is marketed in the U.S. by Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Limited. About Zynyz® (retifanlimab-dlwr) Zynyz® (retifanlimab) is an intravenous PD-1 inhibitor indicated in the U.S. for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC). This indication is approved under accelerated approval based on tumor response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials. Zynyz is marketed by Incyte in the U.S. In 2017, Incyte entered into an exclusive collaboration and license agreement with MacroGenics, Inc. for global rights to retifanlimab. Zynyz is a trademark of Incyte. About Niktimvo™ (axatilimab-csfr) Niktimvo (axatilimab-csfr) is a first-in-class colony stimulating factor-1 receptor (CSF-1R)-blocking antibody approved for use in the U.S. for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs). In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications. Axatilimab is being studied in frontline combination trials in chronic GVHD – a Phase 2 combination trial with ruxolitinib (NCT06388564) and a Phase 3 combination trial with steroids (NCT06585774) are underway. Axatilimab is also being studied in an ongoing Phase 2 trial in patients with idiopathic pulmonary fibrosis (NCT06132256). Niktimvo is a trademark of Incyte. All other trademarks are the property of their respective owners. Forward-Looking Statements Except for the historical information set forth herein, the matters set forth in this release contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte’s potential for continued performance and growth; Incyte’s ability to achieve both its full-year and long-term objectives; Incyte’s financial guidance for 2025, including its expectations regarding sales of and demand for Jakafi and Opzelura; expected revenue contribution from Niktimvo and additional near-term launches; the potential of povorcitinib to be a multibillion-dollar product; the possibility for 2025 to be a transformational year for Incyte in terms of launches, phase 3 study initiations, pivotal readouts and proof of concept readouts; Incyte’s potential to have more than 10 high impact launches by 2030; the potential and progress of programs in our pipeline; ongoing clinical trials and clinical trials that may be initiated; expectations regarding discussions with regulators, regulatory submissions and regulatory approvals; plans to present data at upcoming medical conferences; Incyte’s exposure to potential tariffs; and 2025 newsflow items. These forward-looking statements are based on Incyte’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials and the ability to enroll subjects in accordance with planned schedules; determinations made by the FDA, EMA and other regulatory agencies; Incyte’s dependence on its relationships with and changes in the plans of its collaboration partners; the efficacy or safety of Incyte’s products and the products of Incyte’s collaboration partners; the acceptance of Incyte’s products and the products of Incyte’s collaboration partners in the marketplace; market competition; unexpected variations in the demand for Incyte’s products and the products of Incyte’s collaboration partners; the effects of announced or unexpected price regulation or limitations on reimbursement or coverage for Incyte’s products and the products of Incyte’s collaboration partners; sales, marketing, manufacturing and distribution requirements, including Incyte’s and its collaboration partners’ ability to successfully commercialize and build commercial infrastructure for newly approved products and any additional products that become approved; greater than expected expenses, including expenses relating to litigation or strategic activities; variations in foreign currency exchange rates; and other risks detailed in Incyte’s reports filed with the Securities and Exchange Commission, including its annual report on form 10-K for the year ended December 31, 2024. Incyte disclaims any intent or obligation to update these forward-looking statements. INCYTE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 GAAP Revenues: Product revenues, net $ 922,274 $ 729,923 Product royalty revenues 130,624 125,966 Milestone and contract revenues — 25,000 Total revenues 1,052,898 880,889 Costs, expenses and other: Cost of product revenues (including definite-lived intangible amortization) 73,188 60,956 Research and development 437,279 429,260 Selling, general and administrative 325,691 300,256 Loss (gain) on change in fair value of acquisition-related contingent consideration 11,572 (456 ) (Profit) and loss sharing under collaboration agreements — (1,025 ) Total costs, expenses and other 847,730 788,991 Income from operations 205,168 91,898 Interest income 22,929 46,770 Interest expense (660 ) (430 ) (Loss) gain on equity investments (1,343 ) 99,947 Other, net 8,096 (2,026 ) Income before provision for income taxes 234,190 236,159 Provision for income taxes 75,987 66,611 Net income $ 158,203 $ 169,548 Net income per share: Basic $ 0.82 $ 0.76 Diluted $ 0.80 $ 0.75 Shares used in computing net income per share: Basic 193,712 224,484 Diluted 198,197 227,219 INCYTE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) March 31, 2025 December 31, 2024 ASSETS Cash, cash equivalents and marketable securities $ 2,408,658 $ 2,158,092 Accounts receivable 823,134 853,154 Property and equipment, net 765,359 763,411 Finance lease right-of-use assets, net 29,892 30,803 Inventory 429,286 407,199 Prepaid expenses and other assets 243,470 181,382 Equity investments 17,463 18,814 Other intangible assets, net 107,611 113,803 Goodwill 155,593 155,593 Deferred income tax asset 768,899 762,071 Total assets $ 5,749,365 $ 5,444,322 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable, accrued expenses and other liabilities $ 1,849,681 $ 1,765,733 Finance lease liabilities 37,121 37,961 Acquisition-related contingent consideration 195,000 193,000 Stockholders’ equity 3,667,563 3,447,628 Total liabilities and stockholders’ equity $ 5,749,365 $ 5,444,322 INCYTE CORPORATION RECONCILIATION OF GAAP NET (LOSS) INCOME TO SELECTED NON-GAAP ADJUSTED INFORMATION (unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 GAAP Net Income $ 158,203 $ 169,548 Adjustments1: Non-cash stock compensation from equity awards (R&D)2 36,724 36,792 Non-cash stock compensation from equity awards (SG&A)2 23,399 22,373 Non-cash stock compensation from equity awards (COGS)2 859 613 Non-cash interest3 82 108 Loss (gain) on equity investments4 1,343 (99,947 ) Amortization of acquired product rights5 5,384 5,384 Loss (gain) on change in fair value of contingent consideration6 11,572 (456 ) MorphoSys transition costs7 — 4,579 Escient acquisition related compensation expense8 535 — Tax effect of Non-GAAP pre-tax adjustments9 (8,642 ) (6,275 ) Non-GAAP Net Income $ 229,459 $ 132,719 Non-GAAP net income per share: Basic $ 1.18 $ 0.59 Diluted $ 1.16 $ 0.58 Shares used in computing Non-GAAP net income per share: Basic 193,712 224,484 Diluted 198,197 227,219 1 Included within the Milestone and contract revenues line item in the Condensed Consolidated Statements of Operations (in thousands) for the three months ended March 31, 2025 are milestones of $0 earned from our collaborative partners, as compared to $25,000 of milestones earned for the three months ended March 31, 2024. Included within the Research and development expenses line item in the Condensed Consolidated Statements of Operations (in thousands) for the three months ended March 31, 2025 and 2024 are upfront consideration and milestones of $15,500 and $1,000, respectively, related to our collaborative partners. 2 As included within the Cost of product revenues (including definite-lived intangible amortization) line item; the Research and development expenses line item; and the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations. 3 As included within the Interest expense line item in the Condensed Consolidated Statements of Operations. 4 As included within the (Loss) gain on equity investments line item in the Condensed Consolidated Statements of Operations. 5 As included within the Cost of product revenues (including definite-lived intangible amortization) line item in the Condensed Consolidated Statements of Operations. Acquired product rights of licensed intellectual property for Iclusig is amortized utilizing a straight-line method over the estimated useful life of 12.5 years. 6 As included within the Loss (gain) on change in fair value of acquisition-related contingent consideration line item in the Condensed Consolidated Statements of Operations. 7 Included within the Research and development line item in the Condensed Consolidated Statements of Operations (in thousands) is $4,031 for the three months ended March 31, 2024, and $548 is included within the Selling, general and administrative expenses line item in the Condensed Consolidated Statements of Operations (in thousands) for the three months ended March 31, 2024. MorphoSys transition costs primarily represent employee related costs to transition research and development and selling, general and administrative activities to us under the former collaboration agreement with MorphoSys. 8 Included within the Research and development line item in the Condensed Consolidated Statements of Operations (in thousands) is $535 for the three months ended March 31, 2025. Escient acquisition related compensation expense represents non-recurring charges associated with severance payments to former Escient employees. 9 Income tax effects of Non-GAAP pre-tax adjustments are calculated using an estimated annual effective tax rate, taking into consideration any permanent items and valuation allowances against related deferred tax assets. The Non-GAAP net income for the three months ended March 31, 2024 should have been $132,719 compared to the $145,269 previously disclosed to correct a transposition error in the tax effect of Non-GAAP pre-tax adjustments. For the three months ended March 31, 2024, the tax effect of Non-GAAP pre-tax adjustments should have been ($6,275) instead of $6,275. This correction is reflected in the table above.

In March 2025, the global pharmaceutical sector witnessed a surge of innovation where technology deeply integrates with clinical needs, spanning key areas such as gene therapy, antibiotic breakthroughs, targeted therapies for rare diseases, and vaccine upgrades. From Fitusiran (the world's first RNAi therapy for hemophilia) to Gepotidacin (a novel antibiotic combating drug-resistant strains), from Diazoxide Choline (the first targeted drug for Prader-Willi Syndrome) to the quadrivalent influenza vaccine (covering a broader range of viral subtypes), these new drugs not only break through the limitations of traditional treatments but also redefine disease management paradigms through precision targeting, broad-spectrum antiviral strategies, and the cost-effectiveness of biosimilars. 1. Fitusiran On March 28, 2025, Fitusiran received approval from the U.S. Food and Drug Administration (FDA) for the first time in the United States, becoming the first RNA interference (RNAi) drug to treat hemophilia A and B by inhibiting antithrombin (AT). This milestone marks a groundbreaking advancement of gene therapy technology in the field of blood disorders. The FDA's approval was based on its efficacy in significantly reducing bleeding events in clinical trials, supported by long-term safety data. In addition to the U.S., Fitusiran has also been granted priority review status by China's National Medical Products Administration (NMPA), accelerating its commercialization in key global markets. Developed by Alnylam Pharmaceuticals, Fitusiran's R&D journey exemplifies the deep collaboration of multinational pharmaceutical companies. Alnylam partnered strategically with Sanofi and its subsidiary Genzyme Corp. to jointly advance the drug's clinical trials, optimize production processes, and facilitate global registration. This collaboration leveraged Alnylam's expertise in RNAi technology and Sanofi's extensive experience in treating blood disorders. Moreover, during the R&D process, Fitusiran, due to its innovation in targeting a rare disease, successively received the FDA's "Fast Track" designation and "Orphan Drug" status, further highlighting its value in addressing unmet medical needs. Fitusiran specifically targets antithrombin mRNA via RNAi technology, blocking its translation process to reduce antithrombin levels (by approximately 80%-90%). Antithrombin, a key natural anticoagulant protein in the blood, can overly inhibit the activity of residual clotting factors (such as VIII or IX), exacerbating the bleeding tendency in hemophilia patients. By removing this inhibition, Fitusiran allows the residual clotting factors in patients to more effectively participate in hemostasis, significantly reducing spontaneous or traumatic bleeding events. Technically, the drug employs a GalNAc (N-acetylgalactosamine)-conjugated delivery system to precisely target the liver (the primary organ for antithrombin synthesis), combined with 2'-O-methylation and locked nucleic acid (LNA) chemical modifications to enhance stability, reduce off-target effects, and minimize immunogenicity, achieving a long-acting treatment with monthly subcutaneous injections. In addition to the U.S. and China, Fitusiran is also in the accelerated review stage in major markets such as the EU and Japan, with an expectation to cover major global regions by the end of 2025. Its differentiated advantages—eliminating the need for frequent clotting factor infusions, applicable to all hemophilia subtypes and inhibitor patients—make it a significant complement to existing therapies (such as factor replacement therapy and the anticoagulant Emicizumab). Furthermore, the R&D team is exploring the potential applications of Fitusiran in a broader range of indications, including von Willebrand disease, perioperative clotting management, and prevention of bleeding risks following trauma or surgery, further expanding its clinical value. 2.Technetium Tc 99m Trofolastat Technetium Tc 99m Trofolastat is an innovative diagnostic radiopharmaceutical belonging to the category of radionuclide-conjugated drugs, primarily used for imaging diagnosis of prostate-specific membrane antigen (PSMA)-positive prostate cancer. The drug precisely labels tumor lesions by binding to PSMA, a protein highly expressed on the surface of prostate cancer cells, aiding doctors in locating primary tumors, assessing metastatic distribution, and monitoring treatment responses. Its core advantage lies in the use of the radioactive isotope technetium-99m (Tc-99m), which has a short half-life (approximately 6 hours) and high imaging sensitivity, providing clear tumor images while ensuring patient safety. On March 27, 2025, the drug was first approved in the UK, becoming the world's first radiopharmaceutical diagnostic agent based on PSMA-targeting technology, marking a significant breakthrough in prostate cancer imaging diagnostics. The mechanism of action of Trofolastat is based on the targeting of PSMA. PSMA is a membrane protein overexpressed on the surface of prostate cancer cells, particularly in metastatic or recurrent tumors. The drug specifically binds to PSMA through its chemical structure, then conjugates with Tc-99m to form a radioactive tracer. After intravenous injection into the body, PSMA-positive tumor cells take up and accumulate the drug, generating high-resolution tumor distribution maps through gamma camera imaging. Compared to traditional imaging techniques (such as CT or MRI), Trofolastat can detect PSMA-positive lesions earlier and more sensitively, especially in the assessment of bone metastases or lymph node metastases. Its short half-life reduces patient radiation exposure risks, and the widespread global availability of Tc-99m (due to its mature infrastructure) further enhances the convenience of clinical application. The drug was led in development by Progenics Pharmaceuticals, Inc., with its R&D journey exemplifying the synergistic effects of multi-party collaboration. Progenics initially discovered the targeting potential of PSMA and designed the molecular structure of Trofolastat. Subsequently, Lantheus Medical Imaging, Inc. (now part of Bracco Imaging) became a key partner, responsible for optimizing drug production, global registration, and commercial promotion, especially in the European and American markets. Additionally, the R&D team leveraged Progenics' technical accumulation in the PSMA field (such as the development experience of the therapeutic drug 177Lu-PSMA-617) to further validate the feasibility of PSMA targeting in diagnostics. Despite Progenics' acquisition by Bracco in 2023, the R&D team continued to optimize drug performance, ultimately leading to its first approval in the UK, filling the gap in PSMA-targeted diagnostic drugs. The R&D progress of Trofolastat has been rapid, entering Phase III clinical trials by 2025 and validating its diagnostic accuracy through key trials. On March 27, 2025, the UK Medicines and Healthcare products Regulatory Agency (MHRA) approved it for the diagnosis of PSMA-positive prostate cancer, making it the first PSMA-targeted radiopharmaceutical diagnostic agent approved in Europe. The current indication focuses on the localization and staging of PSMA-positive prostate cancer, with potential future expansion to monitoring the recurrence of metastatic prostate cancer and assessing treatment effectiveness. Although similar drugs (such as Ga-68 PSMA-11) have been approved in the U.S., Trofolastat's widespread availability of Tc-99m (used in 90% of global nuclear medicine imaging) and longer imaging window (suitable for primary care hospitals) demonstrate significant market competitiveness. 3.Diazoxide Choline Diazoxide Choline (brand name: VYKAT XR) is a small-molecule chemical drug that acts as a potassium channel agonist, reducing appetite by modulating the function of potassium ion channels in cell membranes. Developed by Essentialis, Inc. and subsequently advanced to the clinical stage by Soleno Therapeutics, Inc., it was first approved in the United States on March 26, 2025, for the treatment of hyperphagia and Prader-Willi Syndrome (PWS). PWS is a genetic disorder where patients often experience extreme hunger and an increased risk of obesity due to hypothalamic dysfunction. Diazoxide Choline, by targeting the appetite regulation center, becomes the first drug to address the core pathological mechanisms of this disease. Its extended-release formulation (VYKAT XR) is designed to allow once-daily dosing, significantly improving patient adherence. The mechanism of action of Diazoxide Choline is based on the activation of potassium ions (K⁺) channels. The drug activates ATP-sensitive potassium channels (KATP), inhibiting the secretion of glucagon by pancreatic α-cells while modulating the hypothalamic appetite regulation pathway to reduce hunger and suppress binge eating behavior. In patients with Prader-Willi Syndrome, hypothalamic dysfunction leads to abnormally elevated ghrelin levels and defective leptin signaling, exacerbating uncontrolled appetite. Diazoxide Choline restores the hypothalamus's regulation of energy balance through potassium channel-mediated signaling pathways, thereby reducing the impulse to overeat. Additionally, the drug has no significant impact on insulin secretion, reducing the risk of side effects such as hypoglycemia and ensuring higher safety. The drug's development began with Essentialis, Inc., and was later taken over by Soleno Therapeutics to advance it to the clinical stage. During the R&D process, Diazoxide Choline received several special review designations from the FDA, including Fast Track status, Breakthrough Therapy designation, and Orphan Drug status (both in the U.S. and EU), highlighting its importance in treating the rare disease PWS. Additionally, the drug underwent priority review by the FDA, accelerating the approval process. Although initially explored for indications such as hypertriglyceridemia, its breakthrough efficacy in PWS became the core R&D direction. Phase III clinical trial data showed that Diazoxide Choline significantly reduced binge eating behavior, weight gain, and hospitalization rates in PWS patients. In the trial, patients receiving treatment experienced a reduction in hunger scores by over 50%, with no serious drug-related adverse events reported. After its first approval in March 2025, the indication focused on hyperphagia and Prader-Willi Syndrome, with potential future expansion to other hypothalamic dysfunction-related appetite disorders. Additionally, the R&D team is exploring its potential to improve cognitive function and behavioral symptoms in PWS patients, further enhancing the drug's comprehensive therapeutic value. 4. Suraxavir Marboxil Suraxavir Marboxil is a novel small-molecule antiviral drug jointly developed by Ginkgo Pharmaceutical in collaboration with Kerui and Qingfeng Pharmaceutical. It was approved for marketing in China on March 25, 2025, becoming the first broad-spectrum anti-influenza drug targeting both influenza A and B virus infections. Its mechanism of action involves targeting key proteins of the influenza virus (presumably neuraminidase or related targets), thereby inhibiting viral replication and release. This mechanism helps to shorten the duration of illness and reduce the risk of severe complications. The approval of Suraxavir Marboxil fills a critical gap in China's broad-spectrum anti-influenza drug market and holds significant value in addressing seasonal flu outbreaks and potential pandemic threats. Its formulation (likely oral) and convenient administration make it a valuable tool for influenza treatment and prevention. Suraxavir Marboxil’s antiviral mechanism is based on the inhibition of essential viral proteins. Influenza viruses rely on neuraminidase (NA) to release newly formed viral particles from host cells. This drug is believed to bind selectively and inhibit the activity of neuraminidase, thus preventing viral spread. Compared to traditional neuraminidase inhibitors (such as oseltamivir), Suraxavir Marboxil may offer broader antiviral coverage against both influenza A and B, whereas traditional drugs typically focus on influenza A. Additionally, its molecular structure has likely been optimized to enhance efficacy against drug-resistant strains and minimize side effects. Preclinical studies have demonstrated its rapid onset, strong antiviral activity, and low toxicity in both in vitro and animal models. Clinical trial data show that Suraxavir Marboxil significantly outperforms placebo in reducing the duration of influenza symptoms and lowering the incidence of complications (such as pneumonia), with proven efficacy against both influenza A and B viruses. It has exhibited a favorable safety profile, with no reports of serious drug-related adverse events, making it suitable for children, adults, and the elderly. The current approved indication focuses on influenza A and B infections, with potential future expansion to prophylactic use in high-risk populations (e.g., immunocompromised individuals or patients with chronic illnesses). Moreover, the development team is exploring its applicability in patients with impaired liver function to expand its coverage across broader patient populations. 5. Gepotidacin Gepotidacin is a novel small-molecule antibiotic developed by GlaxoSmithKline (GSK), which received its first approval in the United States on March 25, 2025. It is indicated for the treatment of bacterial infections caused by susceptible organisms, including urinary tract infections (such as acute cystitis and gonococcal urethritis). Gepotidacin features a unique mechanism of action—dual inhibition of bacterial DNA gyrase and topoisomerase IV—which blocks bacterial DNA replication and repair, thereby rapidly eliminating pathogens. As the first approved antibiotic in the triazolopyrimidine class, Gepotidacin addresses treatment gaps caused by antibiotic resistance to traditional fluoroquinolones, especially against resistant Gram-positive and Gram-negative pathogens. Unlike conventional fluoroquinolones (e.g., levofloxacin), Gepotidacin targets both DNA gyrase (primarily in Gram-negative bacteria) and topoisomerase IV (primarily in Gram-positive bacteria), providing broad-spectrum antibacterial activity. This dual-targeted mechanism significantly reduces the risk of resistance, as bacteria must simultaneously mutate both targets to develop resistance—an event with very low probability. Preclinical studies have shown that Gepotidacin is active against multidrug-resistant organisms (such as ESBL-producing E. coli and MRSA) and lacks cross-resistance with existing antibiotics, offering a promising option for resistant infections. Its rapid bactericidal activity—reducing bacterial load within hours—also shortens the course of infection compared to traditional antibiotics. Gepotidacin's development was driven by GSK’s urgent need for novel antibiotics to address the global antibiotic resistance crisis. While no special regulatory designations (e.g., FDA Fast Track or Orphan Drug status) have been mentioned, its timely approval in 2025 was supported by positive Phase III clinical trial data and the FDA’s commitment to fostering innovation in anti-infective drug development. GSK advanced clinical trials in collaboration with global partners (e.g., Atos SE in Europe), evaluating its potential in treating complex infections, such as complicated skin and soft tissue infections. Furthermore, the drug’s oral formulation and favorable tolerability profile (with fewer gastrointestinal side effects) enhance its clinical utility. Phase III trial results indicated that Gepotidacin's efficacy in treating acute bacterial cystitis was comparable to that of levofloxacin, with better tolerability. Although its current approved indication focuses on urinary tract infections, its broad-spectrum activity suggests potential future use in complicated urinary tract infections, gonorrhea, and skin and soft tissue infections. GSK is also investigating its use in treating multidrug-resistant infections—such as carbapenem-resistant Enterobacteriaceae (CRE)—to address the growing challenge of nosocomial infections. In the future, Gepotidacin could become the preferred alternative to traditional fluoroquinolones, particularly in regions with high rates of antibiotic resistance. 6. Encofosbuvir Encofosbuvir is a novel small-molecule direct-acting antiviral (DAA) developed jointly by Sunshine Lake Pharma and YiChang HEC ChangJiang Pharmaceutical. On March 25, 2025, it was approved in China as the first domestically produced pan-genotypic treatment for hepatitis C, indicated for the treatment of chronic hepatitis C virus (HCV) infection. The drug targets a key step in the HCV lifecycle, exerting potent antiviral effects by inhibiting viral RNA replication. Encofosbuvir specifically targets the HCV NS5B RNA-dependent RNA polymerase, a core enzyme involved in viral replication. By competitively binding to the active site of NS5B polymerase, it inhibits the elongation of viral RNA chains, thereby blocking viral RNA synthesis and assembly. As a nucleotide analog prodrug, Encofosbuvir is metabolized in vivo into its active form, which is incorporated into the viral RNA chain, resulting in premature chain termination and complete suppression of viral replication. Its pan-genotypic activity stems from its broad inhibitory effect across all major HCV genotypes (1–6), and it retains efficacy against common resistance-associated substitutions (e.g., Y93H). Compared to traditional interferon-based regimens, Encofosbuvir offers a significantly higher sustained virologic response (SVR) rate and lower resistance barrier, greatly improving treatment success while reducing adverse effects. Encofosbuvir was developed from Sunshine Lake Pharma’s antiviral drug platform, with clinical development and manufacturing supported by Humanwell Healthcare. During its development, the team optimized the drug design to align with the epidemiological characteristics of hepatitis C in China (primarily genotype 1b), and efficacy and safety were validated through multicenter Phase III clinical trials. Although no special review designations were noted, the drug’s swift approval in 2025 reflects regulatory support for domestic innovation in China. Clinical trials demonstrated that Encofosbuvir, either as monotherapy or in combination with ribavirin (RBV), achieved SVR12 rates exceeding 95% in patients with chronic hepatitis C, including those with cirrhosis. It showed a favorable safety profile, with common adverse events limited to mild fatigue or headache and no reports of serious hepatotoxicity or hematological toxicity. Currently approved for pan-genotypic chronic hepatitis C, future indications may include acute HCV infection and post-liver transplantation recurrence. Additionally, fixed-dose combinations with novel antivirals, such as NS3/4A protease inhibitors, are under exploration to further simplify treatment regimens and enhance adherence. The launch of Encofosbuvir not only provides Chinese hepatitis C patients with a cost-effective therapeutic option but also represents a major milestone in the localization of global antiviral drug development. Its pan-genotypic coverage and short-course regimen can significantly improve treatment accessibility, particularly in regions with limited healthcare resources. With its broader application, China is well-positioned to accelerate progress toward the World Health Organization (WHO)’s goal of eliminating viral hepatitis as a public health threat by 2030. Moreover, the successful development of Encofosbuvir offers technical insights for antiviral drug development targeting other RNA viruses such as hepatitis B and HIV, highlighting China's growing innovation capacity in the antiviral therapeutics sector. 7. Influenza Vaccine (Split Virion, Quadrivalent) The Influenza Vaccine (split virion, quadrivalent), developed by Anhui Longcom Biologic Pharmacy, is a multivalent prophylactic vaccine approved in China on March 18, 2025, for the prevention of influenza virus infection. Utilizing a virus-splitting technique, the vaccine separates influenza viruses into key antigenic components (such as hemagglutinin and neuraminidase), removes viral nucleic acids, and retains immunogenic elements to stimulate an immune response. It induces antibody production against influenza A subtypes H1N1 and H3N2, as well as B lineages Victoria and Yamagata. As a quadrivalent formulation, it offers broader coverage than trivalent vaccines, effectively addressing the high mutation rates of circulating influenza strains, particularly the predominant seasonal strains. Its approval fills a market gap for high-end domestically produced influenza vaccines in China, providing an affordable and effective option for seasonal influenza prevention. The vaccine's mechanism of action involves antigen presentation and activation of humoral immunity. The split virion fragments, especially hemagglutinin proteins, are recognized by the immune system and presented by dendritic cells to T lymphocytes, which in turn activate B cells to produce specific IgG antibodies. These antibodies bind to hemagglutinin on the virus surface, blocking receptor binding to host cells and marking viral particles for macrophage clearance. The vaccine also induces immune memory, offering long-term protection and reducing the risk of reinfection. The quadrivalent design, covering two A and two B influenza strains, significantly enhances cross-protection against variant strains, particularly in high-risk populations such as children, the elderly, and individuals with chronic illnesses. The splitting process ensures vaccine safety by eliminating the risk of infection associated with whole-virus vaccines, while preserving antigenic epitopes for robust immune responses. Due to the segmented genome structure of influenza viruses, frequent mutations occur annually, leading to hundreds of millions of global infections and hundreds of thousands of deaths. As a populous nation, China faces considerable challenges in influenza control. The mismatch between the traditional vaccine development cycle (approximately 6–8 months) and the rapid mutation rate of the virus highlights the urgent need for broad-spectrum, efficient vaccines. Anhui Longcom Biologic Pharmacy's quadrivalent influenza vaccine was developed in alignment with China's influenza epidemiology. By dynamically monitoring strain variations and selecting WHO-recommended dominant strains for seasonal formulation, the vaccine ensures optimal protection. Clinical trial data show that the vaccine achieves a seroprotection rate (antibody titer ≥40) exceeding 90% in both adults and children, providing significant protection against covered influenza strains. Reported adverse reactions are mostly mild, including injection site pain and low-grade fever, with no reports of severe allergic events. The current approved indication is prevention of influenza virus infection for individuals aged six months and older, with strong recommendations for high-risk groups such as healthcare workers, the elderly, and people with chronic conditions. Future directions may include emergency use during outbreaks of specific variant strains, or co-administration with COVID-19 vaccines to address co-infection risks. Additionally, the development team is investigating the vaccine's immunogenicity in immunocompromised patients to optimize vaccination strategies. 8. Ivarmacitinib Sulfate Ivarmacitinib sulfate is a selective Janus kinase (JAK) inhibitor jointly developed by Jiangsu Hengrui Pharmaceuticals and Reistone Biopharma. It was approved for marketing in China on March 18, 2025, for the treatment of ankylosing spondylitis. The drug functions by targeting and inhibiting JAK kinases and their downstream signaling pathways, thereby blocking the transmission of pro-inflammatory cytokines such as IL-6 and IL-23. This suppression mitigates the inflammatory responses triggered by excessive immune system activation. As the first domestically developed JAK inhibitor in China, Ivarmacitinib received accelerated approval through “breakthrough therapy” designation, addressing a significant unmet need in targeted therapy for ankylosing spondylitis. It offers a novel treatment option, especially for patients who are unresponsive or intolerant to traditional therapies like TNF-α inhibitors. The drug is also being investigated for other autoimmune conditions such as atopic dermatitis, alopecia areata, and ulcerative colitis, demonstrating broad clinical potential. The mechanism of action of Ivarmacitinib centers on inhibition of the JAK-STAT signaling pathway. JAK kinases are key mediators in cytokine signaling (e.g., IL-6, IL-17, IL-23), which are overexpressed in inflammatory autoimmune diseases such as ankylosing spondylitis and psoriatic arthritis. By selectively inhibiting JAK1/3 isoforms, Ivarmacitinib blocks signal transduction following cytokine-receptor binding, reduces the release of pro-inflammatory cytokines, and alleviates joint inflammation, skin damage, and systemic immune responses. During development, the research team optimized the molecular structure to enhance isoform selectivity, reduce off-target effects, and improve oral bioavailability, making it suitable for long-term treatment. As a domestically developed innovative drug, Ivarmacitinib responds to the urgent demand for effective and safe targeted therapies for autoimmune diseases. Supported by Hengrui’s robust R&D capabilities, the drug was rapidly translated from laboratory research to clinical application. Phase III clinical trial results showed that Ivarmacitinib significantly improved joint pain, morning stiffness, and functional impairment in patients with ankylosing spondylitis, with a favorable safety profile (the main adverse effects being mild elevation of liver enzymes and headache). Its currently approved indication is ankylosing spondylitis, with potential future indications including moderate-to-severe atopic dermatitis (now in Phase III), alopecia areata (Phase II data showing >50% hair regrowth rate), and ulcerative colitis. The research team is also exploring its efficacy in psoriatic arthritis and non-segmental vitiligo, aiming for integrated management of multisystem diseases through immune modulation. Notably, after early collaboration with Arcutis Biotherapeutics ended, Hengrui continued clinical development independently, underscoring its leadership in domestic innovation. Compared with existing JAK inhibitors, Ivarmacitinib offers several differentiating advantages: ·Higher JAK isoform selectivity, minimizing inhibition of JAK2 (which is involved in hematopoiesis) and thereby reducing risks of thrombosis and anemia; ·Longer half-life (~24 hours), allowing for once-daily dosing and improved patient adherence; ·Localized anti-inflammatory effect, targeting affected tissues (e.g., skin, joints) while minimizing systemic immunosuppressive side effects.These features make Ivarmacitinib particularly competitive in balancing efficacy and safety, especially in the long-term management of chronic inflammatory diseases. 9. Teprotumumab N01 Teprotumumab N01 is a monoclonal antibody targeting the insulin-like growth factor-1 receptor (IGF-1R), independently developed by Innovent Biologics. It was approved in China on March 11, 2025, for the treatment of moderate-to-severe Graves' ophthalmopathy (GO). By inhibiting the IGF-1R signaling pathway, the drug reduces orbital inflammation, fibrosis, and muscle edema, thereby improving symptoms such as proptosis, diplopia, and visual impairment. Graves' ophthalmopathy is an autoimmune thyroid-associated eye disease characterized by the activation of the IGF-1/IGF-1R pathway, which triggers downstream signaling cascades (e.g., PI3K/Akt/mTOR), leading to orbital fibroblast proliferation, collagen deposition, and cytokine release. Teprotumumab N01 binds with high affinity to the α-subunit of IGF-1R, blocking the activation of the IGF-1 pathway, suppressing fibroblast activation and inflammation, and reducing orbital tissue swelling and fibrosis. The research team enhanced the drug’s specificity and safety by optimizing the antibody structure, including modifications to the Fc region to reduce immunogenicity. Approval was based on strong Phase III trial results: compared to placebo, patients receiving Teprotumumab experienced an average reduction of 3.3 mm in proptosis (P<0.001), and 80% showed symptom improvement (e.g., reduced diplopia, stabilized vision). Adverse events were primarily mild injection site reactions. Teprotumumab N01 is indicated for patients with moderate-to-severe active Graves' ophthalmopathy (e.g., Clinical Activity Score ≥3) who are either intolerant or unresponsive to corticosteroids. Its differentiated advantages are threefold: 1.Precision targeting of the IGF-1R pathway: Specifically blocks IGF-1R activation, directly inhibiting abnormal proliferation of orbital fibroblasts and associated inflammation, thus reducing fibrosis and edema. This avoids systemic side effects of corticosteroids, such as osteoporosis, blood glucose fluctuations, and immunosuppression. 2.Robust and sustained efficacy: Phase III data showed a 3.3 mm average reduction in proptosis after six months, with marked improvement in diplopia and orbital pressure. These benefits were maintained over a 12-month follow-up period and significantly outperformed placebo. 3.Good safety and convenient administration: No severe immune-related adverse events (e.g., neutropenia or liver enzyme abnormalities) were observed; only mild injection site reactions occurred. The drug is administered via intravenous infusion, suitable for outpatient treatment and enhancing patient adherence. Looking forward, Teprotumumab N01 may be used preventatively in early or mild GO to delay disease progression and could be explored in combination with radiotherapy or surgery to optimize outcomes in severe cases. This would further expand its clinical value. The approval of Teprotumumab N01 marks a breakthrough in targeted therapy for rare diseases in China. Its development process—from antibody screening to clinical validation—demonstrates Innovent’s comprehensive capabilities in biologic innovation. Currently, the only similar product worldwide is Lilly’s Teprotumumab, approved by the U.S. FDA in 2019. However, Teprotumumab N01, through differentiated design (e.g., longer half-life enabling dosing every three weeks) and localized clinical data, significantly reduces treatment costs and benefits more Chinese patients. Furthermore, its development model provides a reference for targeted therapies in other autoimmune-related ophthalmic diseases (e.g., dry eye disease associated with Sjögren’s syndrome), enhancing China’s global competitiveness in ophthalmologic biologics. 4o 10. Denosumab-bnhtDenosumab-bnht is a biosimilar of denosumab developed by Germany-based Fresenius Kabi, approved in the United States on March 25, 2025, for the treatment of various skeletal-related disorders. As a monoclonal antibody biosimilar, it functions by targeting and inhibiting the receptor activator of nuclear factor kappa-Β ligand (RANKL), mirroring the mechanism of the reference product. By optimizing the manufacturing process, it offers a more cost-effective treatment option for patients. Structurally, functionally, and in terms of safety and efficacy, Denosumab-bnht is highly consistent with the originator drug, and is indicated for conditions such as osteoporosis, giant cell tumor of bone (GCTB), glucocorticoid-induced osteoporosis, hypercalcemia of malignancy, and multiple myeloma, particularly in cases of bone density loss or skeletal damage caused by abnormal bone metabolism. The drug works by blocking the interaction between RANKL and its receptor RANK on the surface of osteoclast precursors and mature osteoclasts. This inhibition suppresses the differentiation, activity, and survival of osteoclasts, thereby reducing bone resorption and maintaining bone density. This mechanism significantly lowers fracture risk in osteoporosis patients, particularly postmenopausal women and cancer patients at risk of bone metastases. Moreover, by modulating bone metabolism, it helps manage the progression of GCTB and alleviate tumor-related bone destruction and pain. As a biosimilar, Denosumab-bnht demonstrates equivalence to the originator in pharmacokinetics, immunogenicity, and clinical efficacy, while simplified manufacturing enhances accessibility. In clinical practice, Denosumab-bnht has broad indications: for osteoporosis, a subcutaneous injection every six months significantly improves patient compliance and reduces the risk of vertebral, non-vertebral, and hip fractures; in GCTB, it can reduce tumor size and relieve bone pain; for emergency treatment of malignancy-associated hypercalcemia, a single injection rapidly lowers serum calcium levels and improves prognosis. Additionally, the drug can prevent skeletal-related fractures in patients with multiple myeloma or solid tumors and reduce the need for radiation therapy. Phase III clinical trials have shown no statistically significant difference in efficacy compared to the originator, with a favorable safety profile. Common adverse reactions include injection site reactions and hypocalcemia, while severe allergic reactions are rare. From a development and market positioning perspective, Denosumab-bnht followed a rigorous biosimilar development pathway, including structural characterization, animal studies, and clinical comparison trials to ensure interchangeability with the reference product. Fresenius Kabi, leveraging its experience in the biosimilar field, optimized antibody production to reduce costs and provide a cost-effective option for both patients and healthcare systems. Its approval marks further expansion of biosimilars in the treatment of skeletal disorders, and in the U.S. market, its pricing advantage is expected to accelerate substitution of the originator drug, offering critical therapeutic opportunities for underserved populations, including those in developing countries. 11. Liraglutide BiosimilarThe liraglutide biosimilar developed by Zhuhai United Pharmaceutical is the first GLP-1 receptor agonist biosimilar approved in China. It was granted market approval on March 18, 2025, for the treatment of type 2 diabetes. Jointly developed by Zhuhai United Pharmaceutical and its subsidiaries, this product contains liraglutide, a recombinant glucagon-like peptide-1 (GLP-1) analog highly homologous to human GLP-1, which lowers blood glucose by mimicking endogenous GLP-1's physiological effects. As a biosimilar, it exhibits high structural, functional, safety, and efficacy similarity to the reference drug (Novo Nordisk’s Victoza), while optimized production processes and cost control provide a more affordable treatment option—particularly beneficial for China's large type 2 diabetes population. The mechanism of action centers on GLP-1 receptor activation: it stimulates glucose-dependent insulin secretion from pancreatic β-cells, suppresses glucagon secretion from α-cells to reduce hepatic glucose output, delays gastric emptying, and increases satiety, thereby lowering both blood glucose levels and body weight. With a half-life of 12–14 hours, it supports once-daily subcutaneous administration. Its fatty acid side chain modification reduces immunogenicity and lowers the risk of allergic reactions. These characteristics result in comprehensive benefits for glycemic control, cardiovascular protection, and weight management, making it suitable for patients inadequately managed by oral antidiabetic drugs or those with insulin resistance. Clinically, the liraglutide biosimilar offers multiple advantages in managing type 2 diabetes. Phase III clinical trials showed no statistically significant difference in HbA1c reduction compared to the originator drug, with average reductions ranging from 1.5% to 2.0%, and significantly lower risk of hypoglycemia due to its glucose-dependent mechanism. In addition, it promotes weight loss (average reduction of 3%–5%) and offers cardiovascular benefits by improving lipid profiles and slowing the progression of atherosclerosis. Regarding safety, the most common adverse events are mild gastrointestinal reactions (e.g., nausea, diarrhea), which tend to decrease over time; no serious immunogenic events were observed. Looking ahead, the clinical use of this biosimilar may expand to other metabolic syndrome-related conditions, such as obesity and non-alcoholic fatty liver disease (NAFLD). Long-term cardiovascular benefits observed in the originator drug’s post-marketing studies could also support its positioning as a preferred option for diabetic patients with elevated cardiovascular risk. Conclusion The global drug approvals in March 2025 highlight three trends in biomedicine: the clinical translation of gene and RNA therapies, breakthroughs in antibiotics and antivirals, and the broader accessibility of biosimilars and vaccines. In gene therapy, Fitusiran became the world’s first RNAi treatment to offer once-monthly management for hemophilia by suppressing antithrombin. Novel treatments such as Teprotumumab N01 (an IGF-1R monoclonal antibody) and Encofosbuvir (a pan-genotypic DAA for hepatitis C) target precise signaling pathways or viral replication mechanisms, offering breakthroughs for rare diseases and chronic infections. In the antibiotic field, Suraxavir Marboxil emerged as a novel weapon against resistant bacteria by dual inhibition of DNA enzymes, while Mashurashave, China’s first broad-spectrum influenza drug, addressed resistance and treatment complexity with its single-dose regimen. On the public health front, Denosumab-bnht and the liraglutide biosimilar enhance treatment accessibility for osteoporosis and diabetes through cost reductions. Meanwhile, quadrivalent influenza vaccines employing split-virus technology improve coverage against multiple viral subtypes, strengthening public health preparedness. The approvals of Diazoxide Choline (for Prader-Willi syndrome) and Ivarmacitinib (a JAK inhibitor for ankylosing spondylitis) further extend the application of targeted therapies in metabolic and autoimmune disorders. Finally, the innovation and global partnerships of Chinese pharmaceutical companies—such as Hengrui and Innovent Biologics—are accelerating the integration of global R&D resources. How to obtain the latest research advancements in the field of biopharmaceuticals? In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!