Solid Jakafi Demand Drives Incyte's 4Q Results; Raising FVE to $138 with Catalysts on the Horizon
Following Incyte’s fourth-quarter results, we are increasing our fair value estimate to $138 per share from $131 to reflect the time value of money and our updated estimated cost of equity. Revenue from the company’s Jakafi franchise (marketed as Jakavi outside of the U.S.) matched our estimates. Higher-than-expected milestone payments thanks to pipeline progression were offset by higher research and development costs. We believe Incyte’s JAK inhibitor program, including Jakafi and next-generati...
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