Intrinsic value of Agios Pharmaceuticals - AGIO

Previous Close

$67.27

  Intrinsic Value

$1.63

stock screener

  Rating & Target

str. sell

-98%

Previous close

$67.27

 
Intrinsic value

$1.63

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of AGIO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  69
  106
  159
  231
  325
  447
  601
  789
  1,015
  1,282
  1,592
  1,946
  2,346
  2,791
  3,282
  3,817
  4,397
  5,020
  5,686
  6,393
  7,140
  7,926
  8,752
  9,616
  10,519
  11,460
  12,440
  13,460
  14,521
  15,623
Variable operating expenses, $m
  267
  413
  618
  896
  1,264
  1,738
  2,333
  3,063
  3,942
  4,979
  6,182
  7,559
  9,111
  10,840
  12,746
  14,826
  17,079
  19,499
  22,084
  24,829
  27,731
  30,786
  33,993
  37,350
  40,856
  44,512
  48,319
  52,280
  56,399
  60,680
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  267
  413
  618
  896
  1,264
  1,738
  2,333
  3,063
  3,942
  4,979
  6,182
  7,559
  9,111
  10,840
  12,746
  14,826
  17,079
  19,499
  22,084
  24,829
  27,731
  30,786
  33,993
  37,350
  40,856
  44,512
  48,319
  52,280
  56,399
  60,680
Operating income, $m
  -198
  -307
  -459
  -665
  -939
  -1,291
  -1,732
  -2,275
  -2,927
  -3,697
  -4,591
  -5,613
  -6,765
  -8,049
  -9,464
  -11,009
  -12,682
  -14,479
  -16,398
  -18,436
  -20,591
  -22,860
  -25,241
  -27,733
  -30,337
  -33,051
  -35,878
  -38,820
  -41,878
  -45,057
EBITDA, $m
  -191
  -294
  -440
  -639
  -901
  -1,239
  -1,663
  -2,183
  -2,809
  -3,548
  -4,406
  -5,387
  -6,493
  -7,726
  -9,084
  -10,567
  -12,172
  -13,898
  -15,740
  -17,696
  -19,764
  -21,942
  -24,227
  -26,620
  -29,119
  -31,724
  -34,438
  -37,261
  -40,197
  -43,248
Interest expense (income), $m
  0
  0
  8
  19
  35
  56
  85
  121
  167
  223
  291
  371
  464
  570
  689
  822
  969
  1,130
  1,303
  1,490
  1,689
  1,901
  2,124
  2,360
  2,607
  2,865
  3,136
  3,417
  3,711
  4,016
  4,334
Earnings before tax, $m
  -198
  -314
  -477
  -700
  -995
  -1,375
  -1,853
  -2,442
  -3,150
  -3,988
  -4,961
  -6,076
  -7,335
  -8,738
  -10,287
  -11,979
  -13,811
  -15,782
  -17,888
  -20,125
  -22,492
  -24,984
  -27,601
  -30,340
  -33,202
  -36,187
  -39,296
  -42,531
  -45,894
  -49,390
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -198
  -314
  -477
  -700
  -995
  -1,375
  -1,853
  -2,442
  -3,150
  -3,988
  -4,961
  -6,076
  -7,335
  -8,738
  -10,287
  -11,979
  -13,811
  -15,782
  -17,888
  -20,125
  -22,492
  -24,984
  -27,601
  -30,340
  -33,202
  -36,187
  -39,296
  -42,531
  -45,894
  -49,390

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  456
  704
  1,053
  1,528
  2,156
  2,963
  3,978
  5,223
  6,721
  8,489
  10,542
  12,888
  15,534
  18,483
  21,733
  25,280
  29,121
  33,248
  37,655
  42,335
  47,283
  52,493
  57,960
  63,684
  69,662
  75,896
  82,387
  89,142
  96,165
  103,464
Adjusted assets (=assets-cash), $m
  456
  704
  1,053
  1,528
  2,156
  2,963
  3,978
  5,223
  6,721
  8,489
  10,542
  12,888
  15,534
  18,483
  21,733
  25,280
  29,121
  33,248
  37,655
  42,335
  47,283
  52,493
  57,960
  63,684
  69,662
  75,896
  82,387
  89,142
  96,165
  103,464
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  40
  62
  92
  134
  188
  259
  348
  457
  588
  742
  922
  1,127
  1,358
  1,616
  1,900
  2,210
  2,546
  2,907
  3,292
  3,701
  4,134
  4,589
  5,067
  5,568
  6,090
  6,635
  7,203
  7,794
  8,408
  9,046
Working capital, $m
  -118
  -182
  -272
  -395
  -557
  -766
  -1,028
  -1,350
  -1,737
  -2,195
  -2,725
  -3,332
  -4,016
  -4,778
  -5,618
  -6,535
  -7,528
  -8,595
  -9,734
  -10,944
  -12,223
  -13,570
  -14,983
  -16,463
  -18,008
  -19,620
  -21,298
  -23,044
  -24,860
  -26,747
Total debt, $m
  143
  350
  642
  1,040
  1,565
  2,242
  3,091
  4,133
  5,387
  6,867
  8,584
  10,548
  12,763
  15,231
  17,951
  20,921
  24,135
  27,590
  31,278
  35,196
  39,337
  43,697
  48,274
  53,064
  58,068
  63,286
  68,719
  74,373
  80,251
  86,361
Total liabilities, $m
  381
  589
  881
  1,279
  1,804
  2,480
  3,329
  4,372
  5,625
  7,105
  8,823
  10,787
  13,002
  15,470
  18,190
  21,160
  24,374
  27,829
  31,517
  35,435
  39,576
  43,936
  48,513
  53,303
  58,307
  63,525
  68,958
  74,612
  80,490
  86,599
Total equity, $m
  74
  115
  172
  249
  351
  483
  648
  851
  1,096
  1,384
  1,718
  2,101
  2,532
  3,013
  3,542
  4,121
  4,747
  5,419
  6,138
  6,901
  7,707
  8,556
  9,448
  10,380
  11,355
  12,371
  13,429
  14,530
  15,675
  16,865
Total liabilities and equity, $m
  455
  704
  1,053
  1,528
  2,155
  2,963
  3,977
  5,223
  6,721
  8,489
  10,541
  12,888
  15,534
  18,483
  21,732
  25,281
  29,121
  33,248
  37,655
  42,336
  47,283
  52,492
  57,961
  63,683
  69,662
  75,896
  82,387
  89,142
  96,165
  103,464
Debt-to-equity ratio
  1.920
  3.050
  3.740
  4.180
  4.460
  4.640
  4.770
  4.850
  4.920
  4.960
  5.000
  5.020
  5.040
  5.060
  5.070
  5.080
  5.080
  5.090
  5.100
  5.100
  5.100
  5.110
  5.110
  5.110
  5.110
  5.120
  5.120
  5.120
  5.120
  5.120
Adjusted equity ratio
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -198
  -314
  -477
  -700
  -995
  -1,375
  -1,853
  -2,442
  -3,150
  -3,988
  -4,961
  -6,076
  -7,335
  -8,738
  -10,287
  -11,979
  -13,811
  -15,782
  -17,888
  -20,125
  -22,492
  -24,984
  -27,601
  -30,340
  -33,202
  -36,187
  -39,296
  -42,531
  -45,894
  -49,390
Depreciation, amort., depletion, $m
  8
  12
  18
  27
  38
  52
  70
  91
  118
  148
  184
  225
  272
  323
  380
  442
  509
  581
  658
  740
  827
  918
  1,013
  1,114
  1,218
  1,327
  1,441
  1,559
  1,682
  1,809
Funds from operations, $m
  -191
  -302
  -459
  -673
  -957
  -1,323
  -1,784
  -2,350
  -3,033
  -3,839
  -4,777
  -5,851
  -7,063
  -8,415
  -9,907
  -11,536
  -13,302
  -15,201
  -17,230
  -19,385
  -21,665
  -24,066
  -26,587
  -29,227
  -31,984
  -34,860
  -37,855
  -40,972
  -44,213
  -47,581
Change in working capital, $m
  -44
  -64
  -90
  -123
  -162
  -209
  -262
  -322
  -387
  -457
  -531
  -607
  -684
  -762
  -840
  -917
  -993
  -1,067
  -1,139
  -1,210
  -1,279
  -1,347
  -1,413
  -1,480
  -1,545
  -1,611
  -1,678
  -1,746
  -1,816
  -1,887
Cash from operations, $m
  -146
  -238
  -369
  -551
  -795
  -1,114
  -1,522
  -2,028
  -2,645
  -3,382
  -4,247
  -5,244
  -6,379
  -7,653
  -9,067
  -10,619
  -12,309
  -14,134
  -16,090
  -18,175
  -20,386
  -22,719
  -25,174
  -27,747
  -30,439
  -33,248
  -36,177
  -39,226
  -42,397
  -45,694
Maintenance CAPEX, $m
  -5
  -8
  -12
  -18
  -27
  -38
  -52
  -70
  -91
  -118
  -148
  -184
  -225
  -272
  -323
  -380
  -442
  -509
  -581
  -658
  -740
  -827
  -918
  -1,013
  -1,114
  -1,218
  -1,327
  -1,441
  -1,559
  -1,682
New CAPEX, $m
  -15
  -22
  -31
  -42
  -55
  -71
  -89
  -109
  -131
  -155
  -179
  -205
  -231
  -258
  -284
  -310
  -336
  -361
  -385
  -409
  -433
  -455
  -478
  -500
  -523
  -545
  -568
  -591
  -614
  -638
Cash from investing activities, $m
  -20
  -30
  -43
  -60
  -82
  -109
  -141
  -179
  -222
  -273
  -327
  -389
  -456
  -530
  -607
  -690
  -778
  -870
  -966
  -1,067
  -1,173
  -1,282
  -1,396
  -1,513
  -1,637
  -1,763
  -1,895
  -2,032
  -2,173
  -2,320
Free cash flow, $m
  -166
  -267
  -412
  -611
  -877
  -1,223
  -1,662
  -2,207
  -2,868
  -3,654
  -4,574
  -5,634
  -6,836
  -8,182
  -9,674
  -11,310
  -13,087
  -15,004
  -17,057
  -19,243
  -21,559
  -24,002
  -26,569
  -29,261
  -32,075
  -35,012
  -38,072
  -41,257
  -44,570
  -48,014
Issuance/(repayment) of debt, $m
  143
  208
  292
  397
  525
  676
  849
  1,042
  1,254
  1,480
  1,718
  1,964
  2,215
  2,468
  2,720
  2,969
  3,214
  3,454
  3,689
  3,917
  4,141
  4,360
  4,577
  4,790
  5,004
  5,218
  5,434
  5,653
  5,878
  6,110
Issuance/(repurchase) of shares, $m
  226
  355
  534
  777
  1,097
  1,507
  2,019
  2,644
  3,394
  4,276
  5,296
  6,459
  7,766
  9,219
  10,816
  12,557
  14,437
  16,455
  18,606
  20,888
  23,298
  25,833
  28,492
  31,273
  34,177
  37,203
  40,354
  43,632
  47,039
  50,580
Cash from financing (excl. dividends), $m  
  369
  563
  826
  1,174
  1,622
  2,183
  2,868
  3,686
  4,648
  5,756
  7,014
  8,423
  9,981
  11,687
  13,536
  15,526
  17,651
  19,909
  22,295
  24,805
  27,439
  30,193
  33,069
  36,063
  39,181
  42,421
  45,788
  49,285
  52,917
  56,690
Total cash flow (excl. dividends), $m
  203
  295
  415
  564
  746
  960
  1,206
  1,480
  1,780
  2,102
  2,439
  2,789
  3,145
  3,504
  3,863
  4,217
  4,565
  4,905
  5,238
  5,563
  5,881
  6,192
  6,499
  6,803
  7,105
  7,409
  7,716
  8,028
  8,347
  8,676
Retained Cash Flow (-), $m
  -226
  -355
  -534
  -777
  -1,097
  -1,507
  -2,019
  -2,644
  -3,394
  -4,276
  -5,296
  -6,459
  -7,766
  -9,219
  -10,816
  -12,557
  -14,437
  -16,455
  -18,606
  -20,888
  -23,298
  -25,833
  -28,492
  -31,273
  -34,177
  -37,203
  -40,354
  -43,632
  -47,039
  -50,580
Prev. year cash balance distribution, $m
  329
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  305
  -60
  -120
  -213
  -351
  -547
  -813
  -1,164
  -1,614
  -2,174
  -2,857
  -3,670
  -4,621
  -5,714
  -6,954
  -8,340
  -9,873
  -11,550
  -13,368
  -15,325
  -17,417
  -19,641
  -21,993
  -24,470
  -27,071
  -29,794
  -32,638
  -35,604
  -38,692
  -41,904
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  293
  -55
  -104
  -175
  -272
  -397
  -549
  -728
  -927
  -1,140
  -1,357
  -1,566
  -1,757
  -1,918
  -2,042
  -2,119
  -2,148
  -2,127
  -2,058
  -1,947
  -1,802
  -1,630
  -1,441
  -1,246
  -1,053
  -869
  -701
  -551
  -422
  -316
Current shareholders' claim on cash, %
  67.3
  45.5
  31.1
  21.4
  14.8
  10.4
  7.3
  5.2
  3.7
  2.7
  1.9
  1.4
  1.0
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Agios Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company's therapeutic areas of focus are cancer and rare genetic metabolic disorders, which are a group of over 600 rare genetic diseases caused by mutations, or defects, of single metabolic genes. The Company's cancer product candidates are enasidenib and ivosidenib (AG-120), which target mutated isocitrate dehydrogenase 2 (IDH2) and isocitrate dehydrogenase 1 (IDH1), respectively, and AG-881, which targets both mutated IDH1 and mutated IDH2. These mutations are found in a range of hematological malignancies and solid tumors. The lead product candidate in its rare genetic metabolic disorder (RGD), programs, AG-348, targets pyruvate kinase-R for the treatment of pyruvate kinase deficiency. Pyruvate kinase deficiency is a rare disorder that often results in severe hemolytic anemia due to inherited mutations in the pyruvate kinase enzyme within red blood cells.

FINANCIAL RATIOS  of  Agios Pharmaceuticals (AGIO)

Valuation Ratios
P/E Ratio -14.3
Price to Sales 40.6
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 72.8
Price to Free Cash Flow 97.9
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate 58.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -38.1%
Ret/ On Assets - 3 Yr. Avg. -26.5%
Return On Total Capital -56.3%
Ret/ On T. Cap. - 3 Yr. Avg. -35.5%
Return On Equity -56.3%
Return On Equity - 3 Yr. Avg. -35.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -274.3%
EBITDA Margin - 3 Yr. Avg. -183.6%
Operating Margin -287.1%
Oper. Margin - 3 Yr. Avg. -190.6%
Pre-Tax Margin -282.9%
Pre-Tax Margin - 3 Yr. Avg. -188.6%
Net Profit Margin -282.9%
Net Profit Margin - 3 Yr. Avg. -188.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AGIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGIO stock intrinsic value calculation we used $43.011 million for the last fiscal year's total revenue generated by Agios Pharmaceuticals. The default revenue input number comes from 0001 income statement of Agios Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AGIO stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AGIO is calculated based on our internal credit rating of Agios Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Agios Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AGIO stock the variable cost ratio is equal to 388.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AGIO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Agios Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Agios Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AGIO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AGIO are equal to 57.9%.

Life of production assets of 3.9 years is the average useful life of capital assets used in Agios Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AGIO is equal to -171.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $375.503 million for Agios Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.606 million for Agios Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Agios Pharmaceuticals at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ 3 Biotech Stocks Poised for Big Rebounds   [06:00AM  Investopedia]
▶ Agios Pharmaceuticals: 3Q Earnings Snapshot   [08:22AM  Associated Press]
▶ After auspicious run at Agios, biotech exec David Schenkein mulls future   [Oct-01-18 06:35AM  American City Business Journals]
▶ [$$] Agios Pharmaceuticals Plans to Pump Cash Into R&D   [04:53PM  The Wall Street Journal]
▶ Opening Bell, August 13, 2018   [Aug-13-18 09:30AM  CNBC Videos]
▶ Agios Pharmaceuticals: 2Q Earnings Snapshot   [08:19AM  Associated Press]
▶ Cambridge's Agios wins FDA approval for second cancer drug   [Jul-20-18 02:46PM  American City Business Journals]
▶ Agios Pharmaceuticals: 1Q Earnings Snapshot   [07:09AM  Associated Press]
▶ Why Alcoa, Merck, and Agios Pharmaceuticals Jumped Today   [Apr-09-18 04:32PM  Motley Fool]
▶ 3 Hot Biotech Stocks Facing Sharp Declines   [Apr-02-18 06:00AM  Investopedia]
▶ Agios Pharmaceuticals reports 4Q loss   [07:09AM  Associated Press]
▶ Why Agios Pharmaceuticals Shares Jumped 37.8% in January   [Feb-07-18 12:57PM  Motley Fool]
▶ Celgene's Investments Are Soaring   [08:00AM  Motley Fool]
▶ Agios sizes up funding needs   [Jan-19-18 12:56PM  Reuters]
▶ Agios Announces Proposed Offering of Common Stock   [Jan-17-18 04:01PM  GlobeNewswire]
▶ How Did Bioverativ Perform in 3Q17?   [Jan-10-18 05:20PM  Market Realist]

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