Incyte Corporation

This is our first report on biopharma player, Incyte Corporation. The company has seen a significantly large number of products approved in the last two years. Royalty revenues and products have grown in the recent quarter as well. Further growth is expected from the latest approvals of Minjuvi in Europe and Pemazyre in Japan and Europe. The GVHD/MPN franchise, including Jakafi and the rest of the innovations, are on the path to increasing sales. Incyte Corporation, along with Eli Lilly and Company, has also announced that the U.S. FDA has agreed on a pill named Olumiant. This once-daily pill is the foremost in-disease complete treatment for adults having severe alopecia areata. The company has established its dermatology commercial franchise successfully in the US. Also, Incyte Corporation has announced that it has gotten into a strategic alliance agreement with Maruho Co. Ltd for the manufacturing, development, and limited commercialization of ruxolitinib cream. We initiate coverage on the stock of Incyte Corporation with a ‘Hold’ rating.