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    The Bull Case For Incyte (INCY) Could Change Following Positive frontMIND Phase 3 DLBCL Results

    Simply Wall St·01/05/2026 16:15:34
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    • In early January 2026, Incyte reported positive topline Phase 3 frontMIND results showing that adding tafasitamab (Monjuvi/Minjuvi) and lenalidomide to R-CHOP improved progression-free survival versus R-CHOP alone in newly diagnosed high-risk diffuse large B-cell lymphoma, with no new safety signals observed.
    • This outcome strengthens tafasitamab’s profile beyond its existing relapsed or refractory follicular lymphoma approvals and sets up a planned supplemental Biologics License Application in 2026 for first-line DLBCL, potentially broadening Incyte’s oncology footprint.
    • We’ll now examine how the positive frontMIND Phase 3 data in first-line DLBCL could alter Incyte’s oncology-focused investment narrative.

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    Incyte Investment Narrative Recap

    To own Incyte, I think you need to believe that the company can gradually lessen its dependence on Jakafi by turning its oncology pipeline into durable, commercial franchises. The positive frontMIND Phase 3 data supports that story by giving tafasitamab a potential first-line DLBCL label, which could become a meaningful near term catalyst if regulators agree, while clinical and regulatory execution across the broader pipeline still looks like the key risk.

    Among recent announcements, the European Commission’s December 2025 approval of Minjuvi for relapsed or refractory follicular lymphoma already began to extend tafasitamab’s reach in hematologic cancers. Coupled with the new frontMIND results, this reinforces how much of Incyte’s medium term oncology opportunity, and its ability to offset eventual Jakafi pressure, is now tied to successfully scaling tafasitamab across multiple B cell lymphoma settings.

    Yet despite these advances, investors should be aware that Incyte’s heavy pipeline and commercialization spend could pressure margins if...

    Read the full narrative on Incyte (it's free!)

    Incyte's narrative projects $5.9 billion revenue and $1.5 billion earnings by 2028. This requires 8.9% yearly revenue growth and a $629.1 million earnings increase from $870.9 million today.

    Uncover how Incyte's forecasts yield a $100.10 fair value, in line with its current price.

    Exploring Other Perspectives

    INCY 1-Year Stock Price Chart
    INCY 1-Year Stock Price Chart

    Three Simply Wall St Community fair value estimates span roughly US$60 to about US$402 per share, showing just how far apart individual views can be. When you weigh that against Incyte’s need to prove that new oncology assets can meaningfully reduce its reliance on Jakafi, it becomes even more important to compare several perspectives before deciding how this stock might fit into your portfolio.

    Explore 3 other fair value estimates on Incyte - why the stock might be worth 41% less than the current price!

    Build Your Own Incyte Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.