Incyte Corp INCY

Morningstar Rating
$115.30 −1.84 (1.57%)
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Company Report

No-Moat Incyte Faces Jakafi Patent Cliff as Focus Remains on Opzelura and Expanding Portfolio

Incyte built a solid foundation over the past decade with its flagship hematology drug Jakafi, and the approval of the same active ingredient (ruxolitinib) as dermatology drug Opzelura is expanding the firm's focus to new therapeutic areas. We think the strategy to find more effective combination therapies in hematology and build a larger oncology and dermatology portfolio is solid, although we're waiting for key data before assuming the firm can grow significantly through Jakafi's patent expiration in 2028.

Price vs Fair Value

INCY is trading at a LOCK|Z$@<RN premium.
Price
$117.14
Fair Value
Y!
Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Incyte's Jakafi is the first FDA-approved treatment for a rare blood disorder known as myelofibrosis, giving it strong pricing power and market penetration.

Bears

Several competing myelofibrosis therapies are entering the market and could upend Incyte's monopoly on the myelofibrosis market.

News

Trading Information

Previous Close Price
$117.14
Day Range
$114.57–117.19
52-Week Range
$82.82–132.60
Bid/Ask
$110.74 / $120.50
Shares Outstanding
202.70M
Market Cap
$23.37B
Volume/Avg
2M / 2M

Key Statistics

Price/Earnings (Normalized)
13.07
Price/Sales
4.13
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Dividend Payment Schedule
—
Total Yield
—

Company Profile

Incyte focuses on the discovery and development of small-molecule drugs. The firm's leading 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). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis and 2022 for vitiligo. Incyte's pipeline includes an array of oncology and dermatology programs.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Mid Core
Total Number of Employees
2,844

Competitors

Valuation

Metric
INCY
MRK
PFE
Price/Earnings (Normalized)
13.0744.809.22
Price/Book Value
3.718.471.88
Price/Sales
4.135.362.53
Price/Cash Flow
10.4116.1010.46
Price/Earnings
INCY
MRK
PFE

Financial Strength

Metric
INCY
MRK
PFE
Quick Ratio
4.310.710.85
Current Ratio
4.591.321.27
Interest Coverage
791.554.282.36
Quick Ratio
INCY
MRK
PFE

Profitability

Metric
INCY
MRK
PFE
Return on Assets (Normalized)
26.83%6.27%8.46%
Return on Equity (Normalized)
35.48%16.68%19.70%
Return on Invested Capital (Normalized)
33.21%9.82%12.66%
Return on Assets
INCY
MRK
PFE

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