Bond.az - Bernstein SocGen Group initiated coverage on Incyte Corp. (NASDAQ:INCY) with a Market Perform rating and $99 price target, citing concerns over revenue growth after Jakafi loses exclusivity in 2028.
Analyst Jeffrey Walch noted that Jakafi contributed 60% of total revenue in fiscal 2025. The company has a strong balance sheet with more cash than debt.
Bernstein believes lifecycle management efforts, including Monjuvi with peak sales of $1.1 billion, are insufficient for a return to growth.
The best opportunity is the early-stage drug INCA033989, a potential first-in-class antibody for Essential thrombocythemia and Myelofibrosis.
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