Incyte’s Growing Oncology and Autoimmune Portfolio Warrants a Narrow Moat Rating

Incyte's lead drug, Jakafi, initially gained traction in 2011 as the only drug approved for severe myelofibrosis, a rare blood disorder. Jakafi's stronghold of the MF market is likely to continue, especially after leading competitor drugs have left the playing field after lackluster pivotal trial data. Incyte expanded Jakafi’s label to polycythemia vera in late 2014 and steroid refractory acute graft versus host disease in May 2019, and it has positive recent Jakafi data in chronic GvHD, which should together push peak U.S. sales over $3 billion.