<p>When Hervé joined Incyte in 2014, the launch of lead product Jakafi in the US was a little choppy. By the time he left in 2025, he had grown their revenue from $300 million to a whopping $5 billion. We also talk about the bureaucracy of Big Pharma, rare diseases, and why a biotech M&amp;A supercycle isn’t as likely as you might think.</p><p>---Discover the best biotech companies in 🇪🇺 with the FlotBio Map. Use discount code FLOT20 before June 26 to get 20% off the pro version at <a href="https://bit.ly/4nXmKjN" target="_blank" rel="noopener noreferer">https://bit.ly/4nXmKjN</a>---</p><p>⭐️ ABOUT THE SPEAKER</p><p>Prior to his time at Incyte, Hervé led the oncology business unit at Novartis and had leading roles at Aventis (now Sanofi). He is currently on the boards of companies including Incyte, Pierre Fabre, and Bicycle Therapeutics.</p><p>🔗 LINKS MENTIONED</p><ul><li>Pascal Touchon 🇫🇷 | Cell Therapy, Jeito, Kymriah | E49 —<a href="https://flot.bio/episode/pascal-touchon-jeito/" target="_blank" rel="noopener noreferer">https://flot.bio/episode/pascal-touchon-jeito/</a></li><li>Alessandro Riva, Transgene | Cancer Vaccines, Oncolytic Viruses | E50— <a href="https://flot.bio/personalized-cancer-vaccine-oncolytic-viruses/" target="_blank" rel="noopener noreferer">https://flot.bio/personalized-cancer-vaccine-oncolytic-viruses/</a></li><li>Penn and Novartis CAR-T alliance (2012) — <a href="https://penntoday.upenn.edu/news/university-pennsylvania-and-novartis-form-alliance-expand-use-personalized-t-cell-therapy-cance" target="_blank" rel="noopener noreferer">https://penntoday.upenn.edu/news/university-pennsylvania-and-novartis-form-alliance-expand-use-personalized-t-cell-therapy-cance</a></li><li>Incyte and Novartis deal (2009) —<a href="https://investor.incyte.com/news-releases/news-release-details/incyte-announces-major-collaboration-and-license-agreement-two" target="_blank" rel="noopener noreferer">https://investor.incyte.com/news-releases/news-release-details/incyte-announces-major-collaboration-and-license-agreement-two</a></li><li>Hoppenot steps down as Incyte CEO (2025) — <a href="https://investor.incyte.com/news-releases/news-release-details/incyte-announces-change-its-board-directors" target="_blank" rel="noopener noreferer">https://investor.incyte.com/news-releases/news-release-details/incyte-announces-change-its-board-directors</a></li><li>argenx leadership transition (2026) —<a href="https://argenx.com/news/2026/press-release-3212418" target="_blank" rel="noopener noreferer">https://argenx.com/news/2026/press-release-3212418</a></li><li>BioNTech co-founders leadership transition (2026) — <a href="https://investors.biontech.de/news-releases/news-release-details/biontech-and-co-founders-announce-plan-pursue-next-generation" target="_blank" rel="noopener noreferer">https://investors.biontech.de/news-releases/news-release-details/biontech-and-co-founders-announce-plan-pursue-next-generation</a></li><li>Incyte tumbles after combo therapy with Merck fails study (2018) — <a href="https://www.reuters.com/article/incyte-study/update-2-incyte-tumbles-after-combo-therapy-with-merck-fails-study-idUSL4N1RJ2HW/" target="_blank" rel="noopener noreferer">https://www.reuters.com/article/incyte-study/update-2-incyte-tumbles-after-combo-therapy-with-merck-fails-study-idUSL4N1RJ2HW/</a></li><li>Bristol-Myers Squibb receives accelerated approval of Opdivo (2014) — <a href="https://news.bms.com/news/details/2014/Bristol-Myers-Squibb-Receives-Accelerated-Approval-of-Opdivo-nivolumab-from-the-US-Food-and-Drug-Administration/default.aspx" target="_blank" rel="noopener noreferer">https://news.bms.com/news/details/2014/Bristol-Myers-Squibb-Receives-Accelerated-Approval-of-Opdivo-nivolumab-from-the-US-Food-and-Drug-Administration/default.aspx</a></li><li>U.S. FDA approves Padcev (2025) <a href="https://www.pfizer.com/news/press-release/press-release-detail/us-fda-approves-padcevr-plus-keytrudar-certain-patients" target="_blank" rel="noopener noreferer">https://www.pfizer.com/news/press-release/press-release-detail/us-fda-approves-padcevr-plus-keytrudar-certain-patients</a></li><li>Fabrice Chouraqui, Pharming 🇳🇱 | Transgenic Rabbits, Rare Diseases | E43 — <a href="https://flot.bio/episode/fabrice-chouraqui-pharming-transgenic-rabbit/" target="_blank" rel="noopener noreferer">https://flot.bio/episode/fabrice-chouraqui-pharming-transgenic-rabbit/</a></li><li>Isomorphic Labs secures $2.1 billion funding (2026) — <a href="https://storage.googleapis.com/isomorphiclabs-website-public-artifacts/ISOMORPHIC_LABS_FUNDING_12-05-26.pdf" target="_blank" rel="noopener noreferer">https://storage.googleapis.com/isomorphiclabs-website-public-artifacts/ISOMORPHIC_LABS_FUNDING_12-05-26.pdf</a></li></ul><p>📜 TRANSCRIPT</p><p>Read the full transcript here: <a href="https://flot.bio/?post_type=episode&p=953" target="_blank" rel="external noreferrer noopener"><u>https://flot.bio/episode/herve-hoppenot-incyte-jafaki/</u></a></p><p>💸 DONATE</p><p>We welcome donations from individuals and businesses to support our podcast and allow us to create even more content: <a href="https://www.paypal.me/PhilipHemme" target="_blank" rel="noopener noreferer">https://www.paypal.me/PhilipHemme</a></p><p>⭐️ SPONSORSHIPReady to amplify your brand to influential leaders in biotech and biopharma? Contact [email protected] and unlock sponsorship opportunities in our podcasts!</p><p>🫶 FOLLOW US</p><ul><li>Newsletter: <a href="http://eepurl.com/h_fnmH" target="_blank" rel="noopener noreferer">http://eepurl.com/h_fnmH</a></li><li>LinkedIn: <a href="https://www.linkedin.com/company/flot-bio/" target="_blank" rel="noopener noreferer">https://www.linkedin.com/company/flot-bio/</a></li><li>X (Twitter): <a href="https://x.com/FlotBio" target="_blank" rel="noopener noreferer">https://x.com/FlotBio</a></li></ul><p>🙏 LIKE/FOLLOW/REVIEW</p><p>Did you enjoy the episode? Please hit the like and subscribe button. Also, please let me know your thoughts in the comments below.</p><p>🎙️ ABOUT FLOT.BIO</p><p>Flot.bio is a show to watch the best Europeans in biotech to help you grow. Hosted by Philip Hemme. 25k monthly views. Free.</p><p>⏰ TIMESTAMPS</p><ul><li>[00:00:00] Intro</li><li>[00:02:59] Hervé Hoppenot’s Incyte legacy</li><li>[00:12:12] Leadership transitions in Incyte, argenx and BioNTech</li><li>[00:13:43] The JAK inhibitor market</li><li>[00:19:36] Why forecasting in pharma is so broken</li><li>[00:29:17] Investor expectations and the Jakafi cliff </li><li>[00:36:51] Biotechs trading under cash</li><li>[00:40:01] Hervé Hoppenot’s European roots</li><li>[00:44:40] Big Pharma and bureaucracy</li><li>[00:51:58] Quick-fire questions</li></ul>