Lilly Posts Strong 2Q While U.S. Baricitinib Delay Disappoints; Shares Look Slightly Undervalued
In tandem with Eli Lilly’s strong-second quarter earnings release, the firm announced at least an 18-month U.S. filing delay for rheumatoid arthritis drug baricitinib (partnered with Incyte), and these events collectively don’t have a major impact on our $89 fair value estimate. We continue to view the stock as undervalued, and we view a stock pull back on the baricitinib delay as an opportunity. The company remains on solid footing with its wide moat, supported by a robust pipeline and diverse ...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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