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- Incyte Corporation INCY will report Q1 FY23 results on May 2.
- Investor focus remains on the Opzelura launch, which has faced some hiccups over the first 18 months of launch and began to gain traction toward the end of 2022.
- In March, the FDA issued a complete response letter to Incyte’s ruxolitinib extended-release (XR) tablets for certain types of myelofibrosis (MF), polycythemia vera (PV) and graft-versus-host disease (GVHD).
- Also Read: Incyte Discontinues LIMBER-304 On Doubts Regarding Meeting Primary Goal, Analyst Says It Underpins Some Investor Concerns.
- Strong growth in 2023 will be needed to give investors confidence in management’s $1.5 billion peak sales estimate (which only covers atopic dermatitis), and script trends in Q1 look noisy, William Blair writes.
- The analyst also notes investors’ concerns around competition for Jakafi based on the evolving landscape in myelofibrosis (MF), with bullish management commentary from CTI BioPharma Corp CTIC on the launch of Vonjo and potential additional competition from momelotinib in June.
- Given the strong script trends, William Blair’s 2023 estimate of $2.63 billion in sales remains right at the top of management guidance.
- The analyst continues to see the growth of Opzelura and Jakafi in 2023 as driving upside to shares at current levels despite recent pipeline setbacks, reiterating Outperform rating.
- Price Action: INCY shares are up 1.14% at $74.69 on the last check Friday.
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