Graft versus host disease (GVHD) is a potentially life-threatening complication of allogeneic hematopoietic stem-cell transplantation (HSCT). GVHD is a systemic inflammatory reaction triggered by donor T cells’ recognition of host cell antigens in nontarget tissue as foreign. For decades, steroids have been the first-line therapy for the prevention and treatment of GVHD, but interviewed experts call for better treatments for steroid-refractory patients, as well as better first-line and prophylactic treatments for GVHD. Although development in this space has historically been slow, the pipeline for GVHD therapies is now robust with a number of late-phase agents, including Mesoblast’s Ryoncil (remestemcel-L), Incyte’s itacitinib, Kadmon’s belumosudil, Elsalys / Mediolanum’s Leukotac (inolimomab), and Xenikos’s T-Guard. Here, we examine the clinical and commercial opportunity of these emerging therapies and how they may affect the commercial performance of current therapies, such as AbbVie / Janssen’s Imbruvica and Incyte / Novartis’s Jakafi / Jakavi.