Maintaining Our $116 Incyte FVE Following Solid Q4 Results; Focus on Opzelura Launch, Oncology Data

We're maintaining our $116 fair value estimate for Incyte following fourth-quarter results that were in line with our estimates. While we've slightly raised our operating expense assumptions for 2022 and beyond, and we've reduced our assumed sales for pipeline oncology drug parsaclisib (due to Incyte's withdrawal of its initial filing in lymphoma), we've also lowered our assumed tax rate for Incyte, as we no longer predict significant U.S. tax reform during Biden's term, countering any impact on our fair value estimate.