Incyte shares drop after FDA approves GSK's competing blood-cancer treatment

Incyte Corp. (INCY) shares dropped more than 5% premarket on Monday after the U.S. Food and Drug Administration on Friday approved a GSK PLC (GSK.LN) blood-cancer treatment, Ojjaara, that will compete with Incyte's Jakafi. The FDA approved Ojjaara for use in patients with myelofibrosis, a rare blood cancer, with anemia. Ojjaara will likely put pressure on uptake of Jakafi as a first-line treatment for myelofibrosis, Truist Securities analysts wrote in a note Friday. The analysts maintained their buy rating on Incyte shares, saying they don't anticipate that Ojjaara will impact Jakafi revenues from two other conditions, polycythemia vera and graft-versus-host disease. Incyte shares have dropped more than 22% in the year to date, while the S&P 500 has gained 15.9%.

-Eleanor Laise

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-18-23 0812ET

Copyright (c) 2023 Dow Jones & Company, Inc.