February 4, 2019

INCY – Market expectations are for Uniform ROA compression, but management is confident about ruxolitinib cream, capmatinib, and GVHD research


  • Incyte Corporation (INCY:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 12.3x Uniform P/E, implying bearish expectations for the firm. However, management is confident about Phase III tests of ruxolitinib cream, capmatinib submission, and GVHD research
  • Specifically, management is confident in their agreement with the FDA regarding issues related to Phase III tests of ruxolitinib cream. Additionally, they are confident about the Novartis submission of capmatinib, and about itacitinib’s uses in studying treatment-naïve acute and chronic GVHD
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