Incyte's 3Q Pipeline Progression Prompts a Jump in Our FVE to $131; Shares Undervalued
Thanks to impressive pipeline progression in the third quarter, we are increasing our fair value estimate for Incyte to $131 per share from $113. Strong performance from its lead rare-blood-disease drug Jakafi prompted management to revise its full-year sales guidance to $1.125 billion-$1.135 billion from $1.090 billion-$1.120 billion previously. We adjusted our estimates marginally to the midpoint of this guidance. This boost was partially offset by higher-than-expected research and development...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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