Ex-CEO of Incyte Hervé Hoppenot on 10x Growth, Biotech Cycles, and Breaking Bureaucracy | E58

When Hervé joined Incyte in 2014, the launch of lead product Jakafi in the US was choppy. By the time he left in 2025, he had grown their revenue from $300 million to a whopping $5 billion. We talk about the bureaucracy of Big Pharma, rare diseases, and why a biotech M&A supercycle isn’t as likely as you'd think.---Discover the best biotech companies in 🇪🇺 with the FlotBio Map. https://bit.ly/4nXmKjN---⭐️ ABOUT THE SPEAKERPrior 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, & Bicycle Therapeutics.🔗 LINKS MENTIONEDPascal Touchon | Cell Therapy, Jeito, Kymriah | E49 —https://flot.bio/episode/pascal-touchon-jeito/Alessandro Riva, Transgene | Cancer Vaccines, Oncolytic Viruses | E50— https://flot.bio/personalized-cancer-vaccine-oncolytic-viruses/Penn and Novartis CAR-T alliance (2012) — https://penntoday.upenn.edu/news/university-pennsylvania-and-novartis-form-alliance-expand-use-personalized-t-cell-therapy-canceIncyte and Novartis deal (2009) —https://investor.incyte.com/news-releases/news-release-details/incyte-announces-major-collaboration-and-license-agreement-twoHoppenot steps down as Incyte CEO (2025) — https://investor.incyte.com/news-releases/news-release-details/incyte-announces-change-its-board-directorsargenx leadership transition (2026) —https://argenx.com/news/2026/press-release-3212418BioNTech co-founders leadership transition (2026) — https://investors.biontech.de/news-releases/news-release-details/biontech-and-co-founders-announce-plan-pursue-next-generationIncyte tumbles after combo therapy with Merck fails study (2018) — https://www.reuters.com/article/incyte-study/update-2-incyte-tumbles-after-combo-therapy-with-merck-fails-study-idUSL4N1RJ2HW/Bristol-Myers Squibb receives accelerated approval of Opdivo (2014) — https://news.bms.com/news/details/2014/Bristol-Myers-Squibb-Receives-Accelerated-Approval-of-Opdivo-nivolumab-from-the-US-Food-and-Drug-Administration/default.aspxU.S. FDA approves Padcev (2025) https://www.pfizer.com/news/press-release/press-release-detail/us-fda-approves-padcevr-plus-keytrudar-certain-patientsFabrice Chouraqui, Pharming | Transgenic Rabbits, Rare Diseases | E43 — https://flot.bio/episode/fabrice-chouraqui-pharming-transgenic-rabbit/Isomorphic Labs secures $2.1 billion funding (2026) — https://storage.googleapis.com/isomorphiclabs-website-public-artifacts/ISOMORPHIC_LABS_FUNDING_12-05-26.pdf📜 TRANSCRIPTRead the transcript here: https://flot.bio/episode/herve-hoppenot-incyte-jafaki/📖 BLOGS:The $6 Billion Excel Illusion: Why Biotech Pipeline Forecasting is Broken: https://flot.bio/biotech-pipeline-forecasting-herve-hoppenot/💸 DONATEWe welcome donations from individuals and businesses to support our podcast and allow us to create even more content: https://www.paypal.me/PhilipHemme⭐️ SPONSORSHIPReady to amplify your brand to influential leaders in biotech and biopharma? Contact [email protected] and unlock sponsorship opportunities in our podcasts!🫶 FOLLOW USNewsletter: http://eepurl.com/h_fnmHLinkedIn: https://www.linkedin.com/company/flot-bio/X (Twitter): https://x.com/FlotBio🙏 LIKE/FOLLOW/REVIEWDid you enjoy the episode? Please hit the like and subscribe button. Also, please let me know your thoughts in the comments below.🎙️ ABOUT FLOT.BIOFlot.bio is a show to watch the best Europeans in biotech to help you grow. Hosted by Philip Hemme. 25k monthly views. Free.⏰ TIMESTAMPS[00:00:00] Intro[00:02:59] Incyte legacy[00:12:12] Leadership transitions in Incyte, argenx and BioNTech[00:13:43] The JAK inhibitor market[00:19:36] Why forecasting in pharma is broken[00:29:17] Investor expectations & the Jakafi cliff [00:36:51] Biotechs trading under cash[00:40:01] Hervé Hoppenot’s EU roots[00:44:40] Big Pharma & bureaucracy[00:51:58] Quick-fire questions