Olumiant's Limited U.S. Approval Prompts Marginal Decrease to Forecast and Incyte FVE
We are marginally lowering our fair value estimate for Incyte to $97 per share from $98 to incorporate the U.S. Food and Drug Administration's approval of Olumiant (baracitinib) at a 2 mg dose but not the 4 mg dose proposed by Eli Lilly and its partner Incyte amid safety concerns. The limited approval is on par with the advisory committee recommendation released earlier in April but is at odds with the approved dose found elsewhere in the world, namely Europe and Japan. Our narrow moat rating re...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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