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Incyte Corp INCY

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Raising Our Incyte Fair Value Estimate to $120 Following 2020 Results and Pipeline Advancement

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're raising our Incyte fair value estimate to $120 per share from $111 following solid 2020 results that were slightly ahead of our expectations, as well as significantly stronger operating leverage implied in management's 2021 guidance over our previous forecast, despite continued investment in phase 3 programs and ongoing/upcoming drug launches. Sales of key hematology drug Jakafi sales grew 15% in 2020, with the firm's overall 18% product and royalty revenue benefiting from launches of cancer drugs Pemazyre and Monjuvi and strong 38% royalty growth for immunology drug Olumiant.

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Company Profile

Business Description

Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). Incyte's pipeline includes a broad array of oncology and dermatology programs.

1801 Augustine Cut-Off
Wilmington, DE, 19803
T +1 302 498-6700
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 1,773