ESMO Abstracts: G12D ('734) In the Hunt, Look to Mtg For Add'l Detail on '890; More Mature Data for Both Coming Soon

While we anticipate updated data with more recent cutoffs at ESMO, INCY's abstracts offer a snapshot, if immature. Net-net, based on these data, which will of course be updated imminently, we think '734 (G12D) remains competitive in 1L PDAC and late-line CRC and will look to details at the meeting for more insight into '890's (TGFBR2xPD-1 bispecific) profile in 1L CRC, which so far looks combinable. More broadly in INCY, we see mgmt taking the right steps to advance a pipeline that will represent INCY's next wave of drivers post-Jakafi LOE, and would look to see more de-risking data on these assets to become more constructive. '734 (G12Di) in 1L PDAC: as of the March 2026 abstract cutoff, ORRs are in the range of the zoldonrasib benchmarks based on 50 PDAC patients receiving '734 + chemo split evenly between GnP and mFOLFIRINOX, with ORRs of 63%/75%;