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Incyte Corp INCY Stock Quote

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Incyte's Q3 Results Show Strengthening Opzelura Launch; Maintaining Our $105 Fair Value Estimate

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Incyte reported solid third-quarter results driven by continued growth of hematology drug Jakafi as well as accelerating growth for new dermatology drug Opzelura, and we're maintaining our $105 fair value estimate. Product sales grew 20% in the quarter, with 13% growth in U.S. Jakafi sales and $38 million in sales of topical drug Opzelura in its new atopic dermatitis and vitiligo indications in the U.S. While sales of the drug are still transitioning from free drug and discount programs, we think demand looks strong (Opzelura is already topping new prescriptions in atopic dermatitis), and we continue to model peak annual sales approaching $2 billion for the drug. Incyte is also continuing to build a larger dermatology pipeline. First, oral JAK1 drug povorcitinib is poised to start phase 3 in hidradenitis suppurativa by the end of the year and is in phase 2 testing in other skin conditions, including prurigo nodularis and the 30% of vitiligo patients who have more extensive disease (Opzelura focuses on patients with body surface area of less than 10%). Second, Incyte is in the process of acquiring Villaris Therapeutics and IL-15 receptor beta antibody auremolimab, which could be complementary to other vitiligo programs and is poised to enter clinical trials in 2023.

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Key Statistics INCY

Company Profile INCY

Business Description

Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis. Incyte's pipeline includes a broad array of oncology and dermatology programs.

1801 Augustine Cut-Off
Wilmington, DE, 19803
T +1 302 498-6700
Industry Biotechnology
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 2,094

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