First Chemotherapy-Free CD19/CD20 Lymphoma Regimen In Europe Might Change The Case For Investing In Incyte (INCY)

• In mid-December 2025, Incyte announced that the European Commission approved Minjuvi (tafasitamab) with lenalidomide and rituximab for adults with relapsed or refractory Grade 1–3a follicular lymphoma after at least one prior systemic therapy.
• This creates the first approved CD19/ CD20 dual-targeted, chemotherapy-free immunotherapy regimen for eligible follicular lymphoma patients in Europe, meaningfully broadening Incyte’s oncology footprint in a key market.
• We’ll now examine how this new European approval for a chemotherapy-free Minjuvi regimen could influence Incyte’s existing investment narrative and risk profile.

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Incyte Investment Narrative Recap

To own Incyte, you need to believe that its oncology and immunology portfolio can steadily reduce reliance on Jakafi while funding further pipeline progress from solid cash generation. The new European approval for a chemotherapy free Minjuvi regimen strengthens the oncology story in a key region, but it does not materially change that the most important short term catalyst remains continued uptake of Opzelura and Jakafi, while the biggest risk is still future erosion of Jakafi driven revenue.

Among recent updates, the FDA Breakthrough Therapy designation for INCA033989 stands out as especially relevant. It underlines Incyte’s push to build a deeper hematology pipeline around targeted biologics, which complements Minjuvi’s broader role in lymphoma and could, if development continues successfully, support the company’s effort to offset eventual pressure on Jakafi and other mature products.

However, even as Minjuvi expands in Europe, investors should be aware that...

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

Incyte's narrative projects $5.9 billion revenue and $1.5 billion earnings by 2028.

Uncover how Incyte's forecasts yield a $99.62 fair value, in line with its current price.

Exploring Other Perspectives

Three fair value estimates from the Simply Wall St Community span roughly US$60 to about US$400, showing how far apart individual views can be. Against that backdrop, the Minjuvi approval and ongoing dependence on Jakafi give you clear reasons to compare several of those perspectives before deciding how Incyte might fit in your portfolio.

Explore 3 other fair value estimates on Incyte - why the stock might be worth over 4x more 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.

• A great starting point for your Incyte research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Incyte research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Incyte's overall financial health at a glance.

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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.

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