INCY - Embedded Expectations Analysis - 2021 04 06
Incyte Corporation (INCY:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with an 8.4x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but management is confident about their LIMBER program trials, CITADEL study, and Monjuvi uptakeSpecifically, management is confident they are seeing good uptake for Monjuvi across their top 100 key accounts, that the number of prescriptions for the treatment of atopic dermatitis has grown significantly in recent years, and that there are a lot of aspects of the LIMBER program which can help enhance treatment efficacy. Moreover, they are confident the approval of TG Therapeutics does not impact their CITADEL study plans and that they are making good progress on their 2 LIMBER program Phase III trial site initiations
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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