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Incyte Corp - Stock Quote INCY

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Morningstar's Incyte Corp Stock Analysis

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Maintaining Our $105 Incyte Fair Value Estimate Following Solid Q1 and Opzelura Launch Progress

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our $105 per share fair value estimate for Incyte following solid first-quarter results. Incyte's top line grew 21% in the quarter, largely driven by U.S. sales of blood disorder drug Jakafi (up 17%) and royalties from Eli Lilly on immunology drug Olumiant (up 49%, benefiting from COVID-19-related usage). Management only slightly narrowed its guidance for U.S. Jakafi sales for 2022 to $2.33 billion-$2.4 billion (from $2.3 billion-$2.4 billion). We're encouraged with Incyte's progress building a dermatology business, extending growth for its hematology business, and investing in the early-stage oncology pipeline, which includes oral PD-L1 therapies as well as potentially differentiated combination regimens, like CD73 and adenosine therapies, that should have data later this year. We think the firm's portfolio and strategy continue to warrant a narrow moat, and shares look undervalued at recent prices.

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Incyte Corp's Company Profile

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
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 2,094

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