Updated
The most significant concentration Incyte discloses is JAKAFI, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Incyte’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'We depend heavily on JAKAFI/JAKAVI (ruxolitinib), and if we are not able to maintain revenues from JAKAFI/JAKAVI or those revenues decrease, our business may be materially harmed.'”
“10-K Item 1A: 'A limited number of specialty pharmacies and wholesalers represent a significant portion of revenues from JAKAFI and most of our other products'”
The company's disclosed concentration profile combines a product-level exposure and a distribution-channel exposure, both carrying moderate disclosed size. The company depends heavily on JAKAFI/JAKAVI (ruxolitinib), and the filing explicitly states that an inability to maintain or grow revenues from that product could materially harm the business. The character of this exposure is mixed: it is partly structural, in that ruxolitinib has been approved and commercialized across multiple indications, and partly idiosyncratic, in that the franchise could be disrupted by patent challenges, competitive approvals, or label changes specific to that molecule. Layered on the product concentration is a moderate distribution dependency: a limited number of specialty pharmacies and wholesalers represent a significant portion of revenues from JAKAFI and most of the company's other products. This is a dependency exposure — a disruption to key distribution relationships could affect the company's ability to deliver product to patients and collect revenue, regardless of underlying demand. The concentration of distribution through a narrow channel adds an operational layer to the product concentration rather than diversifying it. Together, the two disclosures point to a profile where ruxolitinib franchise performance and the health of a small set of specialty pharmacy and wholesale relationships are the primary variables to monitor. Neither exposure is individually unusual for a specialty pharma company of this size, but they reinforce each other.
For the engine’s reasoning on INCY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| ACLX | Arcellx, Inc. | 1 | 1 | 0 | 2 |
| AGIO | Agios Pharmaceuticals, Inc. | 1 | 0 | 0 | 1 |
| ALMS | Alumis Inc. | 1 | 0 | 0 | 1 |
| INCY● | Incyte Corporation | 0 | 2 | 0 | 2 |
| ADMA | ADMA Biologics Inc | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.