- Incyte Corporation (NASDAQ: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 (NASDAQ: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.
Bitcoin, Ethereum Rise, Dogecoin Flat: Why This Analyst Finds Apex Crypto’s ‘Modest’ Weakness ‘Rather Impressive’
Bitcoin and Ethereum saw gains on Monday evening as the global cryptocurrency market cap rose 1.55% higher to $938 billion at 8:03 p.m. EDT.
