Incyte (INCY) faces limited exposure to tariffs with dual sourcing for key products in the Europe and US, UBS said Wednesday in a report.

The large molecule production facility is in Switzerland, combined with investments in US manufacturing capacity, leaves Incyte "relatively less exposed to policy and

regulatory risks weighing on the rest of the biopharma sector," the report said.

UBS estimated Q1 sales of $103 million on Opzelura, used to treat atopic dermatitis, trailing the consensus forecast of $131 million. The bank's projection on Jakafi, containing ruxolitinib used to treat certain blood cancers, rose to $640 million from $606 million, compared with the consensus $643 million.

Results from Q1 are expected April 29.

UBS maintained its neutral rating on Incyte stock and reduced the price target to $61 from $69, partly citing "a lack of meaningful pipeline catalysts."

Incyte shares fell 5.3% in recent Thursday trading.

Price: 55.72, Change: -3.14, Percent Change: -5.33