INCY - Embedded Expectations Analysis - 2019 05 15
Incyte Corporation (INCY:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 14.2x Uniform P/E, implying bearish expectations for the firm. However, management is confident about their ability to enter the European market, the efficacy of their tumor-agnostic program, and the progress of their FGFR inhibition drug to approval.Specifically, management is confident in commercialization opportunities in Europe, the growth potential of the vitiligo market, and the patient coverage of their mild to moderate atopic dermatitis treatment. In addition, they are confident in the efficacy of their tumor-agnostic program, the progress of their FGFR inhibition drug approval, and their ability to recruit for their JAK inhibition study. Finally, they are confident in their decision to end baricitinib cofounding.
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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