Incyte Corp Focus remains on 1L MF data at YE; we look at mCALR delivery strategy: 2Q Preview

研报英文原文证据摘录

Incyte Corp Focus remains on 1L MF data at YE; we look at mCALR delivery strategy: 2Q Preview

on updated 11x (prior 10x) P/E

From To % ch Cons.

multiple on 2027E EPS, given the improved peer-group multiple as the biotech sector re-

Q1 1.81 1.81 0 1.81

rates higher.

Q2E 1.74 2.58 48 1.82

Q3E 1.97 1.97 0 2.01

mCALR delivery strategy: Mgmt confident around enFuse disc approach Q4E 2.09 2.09 0 2.07

An emerging area of investor interest has been the planned use of the enFuse disc 12/26E 7.57 8.40 11 7.70

platform for mCALR subQ administration. Mgmt has consistently emphasized 12/27E 9.97 9.97 0 8.95

encouraging progress around concentration and bioavailability of the mAb in our 12/28E 10.42 10.42 0 9.62

conversations, supporting confidence in this delivery approach (see preclinical

Ashwani Verma

publication on '989 here). Importantly, INCY maintains the goal of a simple one disc, one

Analyst

administration, one dose configuration, which could improve convenience over IV and ash.verma@ubs.com

support broader commercial adoption. +1-212-713 4059

Concentration and dosage: For the highest dose of 2,500 mg, a concentration Paritosh Gangaramani

of '989 significantly above 100 mg/mL would be required given that bioavailability Associate Analyst

will not be close to 100% (enFuse capacity is 25 mL). For reference, the paritosh.gangaramani@ubs.com

+1-212-713 8073 concentration of Empaveli (pegcetacoplan) supplied for use with the enFuse

device is 54mg/mL, however nearly ⅓ of all FDA-approved mAbs feature So Youn Shim

formulations ≥100 mg/mL, with concentrations as high as 200 mg/mL (see here). Analyst

Mgmt has cited that across a range of products, companies are able to come up so-youn.shim@ubs.com

+1-212-713 4331