Our move into drug discovery was a logical, strategic decision. It has enabled us to build on our leadership position in genomics and biological information, while creating an advantageous approach to the discovery and development of novel, proprietary medicines. Simultaneous with our efforts to build our drug discovery programs, we continue to refine our database product offerings to adapt to the evolving needs of the industry, making them more pharmaceutically relevant and user-friendly.

Incyte's intellectual property is a valuable asset, which currently generates significant revenues and has the potential to grow substantially. Our broad patent portfolio, covering important genomic technologies as well as numerous patents relating to genes and proteins, provides our database customers and our own drug discovery team with freedom to operate. We expect to realize additional value through collaborations involving therapeutic antibodies, from additional strategic licenses for our proprietary technologies, and from future product royalties.

In summary, we have not abandoned genomics for drug discovery or our commitment to leadership in this field. In fact, we fully expect to capitalize on our expertise in this area by effectively and efficiently using genomic information to develop important new medicines.

Paul A. Friedman, M.D.
Chief Executive Officer
Incyte

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