Dodge & Cox Comments on Incyte

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Feb 04, 2022
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Incyte

Incyte (

INCY, Financial) (1.0% position) is a U.S.-based biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics, largely focused on oncology. The company has a profitable legacy portfolio, and management has continued to reinvest profits from these franchises into its R&D pipeline. The team is working on avenues to extend its main Jakafi franchise beyond its patent expiry in 2027 and discover the next big drug to transform the company. In recent years, the company has improved R&D productivity and launched three new products, which could collectively generate $1 billion in sales annually. In addition, the company’s strong corporate governance and representation of long-term investors on the board align its interests with those of other long-term shareholders.

From Dodge & Cox's Global Stock Fund 2021 annual letter.

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