Incyte Remains Undervalued Following in Line 1Q; Multiple Data Catalysts Expected Through 2020
Incyte's first-quarter results were in line with our expectations, and after adjusting for lower expected Olumiant royalties and the advancement of ruxolitinib cream into a second late-stage indication, we're maintaining our $97 per share fair value estimate. Incyte reported 20% growth in Jakafi, driven mostly by volume, and we're keeping our full-year estimates for Incyte revenue at $1.63 billion. We're slightly adjusting down our estimate for research and development costs for the year and low...Incyte is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. JAKAFI (ruxolitinib) has been approved for the treatment of patients with intermediate or high-risk myelofibrosis, for the treatment of patients with polycythemia vera, and for the treatment of steroid-refractory acute graft-versus-host disease in adult and pediatric patients 12 years and older. The company has also obtained a license to develop and commercialize ICLUSIG (ponatinib) in Europe and other select countries. In the European Union, ICLUSIG is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia.
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