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    Incyte Corp (INCY)

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    Business Description

    Incyte is a global biopharmaceutical company headquartered in Wilmington, Delaware, with additional offices in Europe, Japan, and Canada . The company is dedicated to the discovery, development, and commercialization of proprietary therapeutics, primarily focusing on two therapeutic areas: Hematology/Oncology and Inflammation and Autoimmunity (IAI) . Incyte's product portfolio includes several approved therapeutics, with JAKAFI being a significant contributor to its revenue .

    1. Hematology/Oncology - Focuses on developing and commercializing treatments for blood disorders and cancers. This segment includes six approved products:

      • JAKAFI (ruxolitinib) - A leading product marketed as JAKAVI outside the United States, contributing significantly to the company's revenue.
      • MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) - Approved for use in specific cancer treatments.
      • PEMAZYRE (pemigatinib) - Targets specific genetic mutations in cancer patients.
      • ICLUSIG (ponatinib) - Used in the treatment of certain types of leukemia.
      • ZYNYZ (retifanlimab-dlwr) - An immunotherapy product for cancer treatment.
      • NIKTIMVO (axatilimab-csfr) - Approved for treating specific hematological conditions.

    2. Inflammation and Autoimmunity (IAI) - Develops treatments for inflammatory and autoimmune diseases, including a Dermatology commercial franchise. This segment includes:

      • Opzelura - A key product showing significant growth, used in dermatological applications.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Hervé HoppenotPresident and Chief Executive OfficerJanuary 2014Hervé Hoppenot joined Incyte as President and CEO and a Director in January 2014. He was appointed Chairman of the Board in May 2015. Previously, he was President of Novartis Oncology .
    Pablo J. CagnoniPresident and Head of Research and DevelopmentJune 2023Pablo J. Cagnoni joined Incyte in June 2023. He previously served as Chief Executive of Laronde and Executive Partner at Flagship Pioneering, and was CEO at Rubius Therapeutics, Inc. .
    Sheila DentonExecutive Vice President, General Counsel and Corporate SecretaryOctober 2023Sheila Denton joined Incyte in October 2023. She was previously Senior Vice President, General Counsel, and Corporate Secretary of Boehringer Ingelheim USA, Inc. .
    Michael MorrisseyExecutive Vice President and Head of Global Technical OperationsJune 2019Michael Morrissey has served in his current role since June 2019. He joined Incyte in January 2016 as Corporate Senior Vice President and Head of Global Technical Operations .
    Christiana StamoulisExecutive Vice President and Chief Financial OfficerFebruary 2019Christiana Stamoulis joined Incyte in February 2019. She was previously President and CFO at Unum Therapeutics Inc. and has held senior positions at Vertex Pharmaceuticals, Citigroup, and Goldman Sachs .
    Steven SteinExecutive Vice President and Chief Medical OfficerMay 2016Steven Stein has served as Executive Vice President and Chief Medical Officer since May 2016. He joined Incyte as Senior Vice President and Chief Medical Officer in March 2015 .
    Paula J. SwainExecutive Vice President, Human ResourcesAugust 2002Paula J. Swain has served as Executive Vice President, Human Resources since August 2002. She joined Incyte as Senior Vice President of Human Resources in January 2002 .
    Jonathan E. DickinsonExecutive Vice President and General Manager, EuropeJune 2019Jonathan E. Dickinson has served in his current role since June 2019. He joined Incyte as Senior Vice President and General Manager, Europe in June 2016 .
    Barry P. FlannellyExecutive Vice President and General Manager, North AmericaJune 2015Barry P. Flannelly has served as Executive Vice President and General Manager, North America since June 2015. He joined Incyte as Executive Vice President, Business Development and Strategic Planning in August 2014 .
    Vijay IyengarExecutive Vice President, Global Strategy and Corporate DevelopmentMay 2016Vijay Iyengar joined Incyte in May 2016. He was previously President of Genoptix Corporation, a Novartis Company, and held various leadership roles at Novartis Pharmaceuticals .

    Questions to Ask Management

    1. With the discontinuation of multiple programs such as your oral PD-L1, LAG-3 monoclonal antibody, TIM-3 monoclonal antibody, and LAG-3 by PD-1 bispecific programs, can you elaborate on the specific data-driven factors that led to these decisions and how they impact your strategic position in oncology?

    2. Given the recent substantial share repurchase, can you explain how this affects your capacity for future business development and why you prioritized buybacks over potential acquisitions to bolster your pipeline?

    3. How confident are you that your current pipeline, including the assets acquired from Escient Pharmaceuticals, will adequately offset the eventual loss of exclusivity for Jakafi and sustain long-term growth beyond 2027?

    4. Regarding tafasitamab, what are your latest considerations for developing it in autoimmune diseases, and what factors are influencing your decision-making process in this potential expansion?

    5. As you prepare to present data on your CDK2 inhibitor at ESMO, what key benchmarks or data points should investors look for to assess its competitiveness in ovarian cancer and its potential applicability in other more competitive indications like breast cancer?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMay 13, 2024
    End Date/DurationJune 13, 2024
    Total additional amount$2.0 billion
    Remaining authorization amount$0
    DetailsReflects confidence in future outlook and strategic use of capital

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Major pharmaceutical and biotechnology companies
    • Specialty pharmaceutical firms
    • Generic manufacturers (in the context of the Hatch-Waxman Act)
    • Pfizer Inc. (competitor for OPZELURA with EUCRISA)
    • Sanofi and Regeneron Pharmaceuticals, Inc. (competitors for OPZELURA with DUPIXENT)
    • Pfizer Inc. (competitor for OPZELURA with CIBINQO)
    • AbbVie Inc. (competitor for OPZELURA with RINVOQ)

    Customer Concentration

    CustomerRelationshipSegmentDetails
    Customer A
    Major product purchaser
    All
    Contributed 16% of total net product revenues in 2023, 19% in 2022, and 18% in 2021; part of collective 40% AR in 2023.
    Customer B
    Major product purchaser
    All
    Contributed 10% of total net product revenues in 2023, 11% in 2022, and 12% in 2021; part of collective 40% AR in 2023.
    Customer C
    Major product purchaser
    All
    Contributed 18% of total net product revenues in 2023, 2022, and 2021; part of collective 40% AR in 2023.
    Customer D
    Major product purchaser
    All
    Contributed 10% of total net product revenues in 2023And 2022, and 11% in 2021; part of collective 40% AR in 2023.
    Customer E
    Major product purchaser
    All
    Contributed 12% of total net product revenues in 2023, 14% in 2022, and 8% in 2021; part of collective 40% AR in 2023.

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1991 PresentCurrent auditor