In a report released on February 10, Andrew Berens from Leerink Partners maintained a Buy rating on Incyte (INCY – Research Report), with a price target of $100.00.
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Andrew Berens has given his Buy rating due to a combination of factors, most notably Incyte’s strong financial performance in the fourth quarter. The company’s revenue for key products Jakafi and Opzelura surpassed expectations, with Jakafi generating $773 million and Opzelura $162 million, both exceeding the consensus estimates. Incyte’s total revenue was reported at $1.178 billion, outpacing the consensus of $1.146 billion, which demonstrates the company’s robust sales momentum.
Furthermore, Incyte’s forward-looking guidance for 2025 suggests continued growth, particularly with Jakafi’s revenue expected between $2.925-2.975 billion, indicating a year-over-year growth of approximately 6%. Although Opzelura’s revenue forecast is slightly below consensus, it still reflects a significant 28% year-over-year growth. Incyte’s strategic initiatives, including the progress in clinical developments such as the Jakafi XR bioequivalence criteria and pivotal trials for povorcitinib, provide potential for sustained revenue generation beyond Jakafi’s loss of exclusivity. These factors, combined with the company’s ongoing pipeline developments, underpin Berens’s optimistic outlook on Incyte’s future performance.
In another report released on February 11, Citi also maintained a Buy rating on the stock with a $88.00 price target.