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WILMINGTON, Del. - Incyte (NASDAQ:INCY), a $12.7 billion biopharmaceutical company with strong financial health according to InvestingPro metrics, has announced that its novel monoclonal antibody, INCA033989, has shown safety and efficacy in treating essential thrombocythemia (ET), according to new data presented at the European Hematology Association (EHA) congress in Milan. The late-breaking oral presentation, held on June 15, detailed the impact of INCA033989’s mechanism of action on mutCALR-driven ET, a myeloproliferative neoplasm (MPN).
The company believes this first-in-class, mutCALR-directed therapy has the potential to modify the disease and transform treatment for patients with MPNs like ET. Incyte’s President and Head of Research and Development, Pablo J. Cagnoni, M.D., expressed optimism about the data’s demonstration of INCA033989’s transformative potential.
Incyte’s hematology/oncology portfolio featured prominently at the EHA congress, with several abstracts accepted for presentation. These included findings on INCA035784, a T cell redirecting antibody for patients with MPNs carrying different types of calreticulin mutations, and clinical outcomes associated with the use of ruxolitinib and anemia supporting medications in myelofibrosis treatment.
The company also highlighted data on tafasitamab in combination with lenalidomide and rituximab for relapsed or refractory follicular lymphoma, and various studies on axatilimab for chronic graft-versus-host disease. Other presentations covered the BET protein inhibitor INCB057643’s role in myeloproliferative neoplasms and the impact of ponatinib treatment on pregnancy outcomes. With revenue growth of 17.13% in the last twelve months and a strong balance sheet showing more cash than debt, Incyte continues to demonstrate robust operational performance. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12 additional ProTips available to subscribers.
In addition to the EHA congress presentations, Incyte will host an analyst and investor event on Sunday, June 15, to discuss the key mutCALR data. This event will be available for replay on Incyte’s website for 30 days. For deeper insights into Incyte’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available exclusively on InvestingPro, which provides detailed analysis of the company’s performance metrics and future outlook.
Mutations in calreticulin (mutCALR) are known to drive 25-35% of all ET and myelofibrosis cases, leading to abnormal bone marrow function and overproduction of blood cells. Incyte’s development of INCA033989 reflects its commitment to advancing novel therapies that specifically target malignant cells in these conditions.
This news is based on a press release statement.
In other recent news, Incyte Corporation reported first-quarter earnings for 2025 that exceeded Wall Street expectations, with an earnings per share of $1.16 and revenue totaling $1.05 billion, surpassing the projected $990.99 million. This strong financial performance was driven by robust sales of Jakafi, which generated $709 million, significantly exceeding the consensus estimate of $641 million. Incyte has also received FDA approval for Zynyz, a new treatment for advanced squamous cell carcinoma of the anal canal, marking a significant development for patients with this condition. Additionally, Incyte settled a royalty dispute with Novartis for $280 million, clarifying financial obligations related to JAKAFI sales in the U.S. market. Analyst perspectives varied, with UBS maintaining a neutral rating on Incyte due to concerns about drug developments, while BofA Securities raised its price target to $89, maintaining a Buy rating. The settlement with Novartis and recent FDA approval are pivotal developments for Incyte, as they continue to navigate a competitive biopharmaceutical landscape.
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