Intrinsic value of Intercept Pharmaceuticals - ICPT

Previous Close

$96.53

  Intrinsic Value

$0.14

stock screener

  Rating & Target

str. sell

-100%

Previous close

$96.53

 
Intrinsic value

$0.14

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of ICPT 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 2.9

 

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, %
  41.10
  37.49
  34.24
  31.32
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
Revenue, $m
  185
  254
  341
  448
  576
  728
  904
  1,105
  1,332
  1,585
  1,864
  2,169
  2,498
  2,852
  3,230
  3,632
  4,057
  4,504
  4,973
  5,464
  5,977
  6,512
  7,069
  7,649
  8,251
  8,878
  9,529
  10,205
  10,908
  11,639
Variable operating expenses, $m
  633
  871
  1,169
  1,535
  1,975
  2,495
  3,098
  3,788
  4,566
  5,433
  6,388
  7,432
  8,561
  9,774
  11,070
  12,447
  13,902
  15,434
  17,042
  18,725
  20,483
  22,316
  24,225
  26,212
  28,277
  30,424
  32,655
  34,973
  37,382
  39,887
Fixed operating expenses, $m
  358
  366
  374
  382
  390
  399
  408
  417
  426
  435
  445
  454
  464
  475
  485
  496
  507
  518
  529
  541
  553
  565
  577
  590
  603
  616
  630
  644
  658
  672
Total operating expenses, $m
  991
  1,237
  1,543
  1,917
  2,365
  2,894
  3,506
  4,205
  4,992
  5,868
  6,833
  7,886
  9,025
  10,249
  11,555
  12,943
  14,409
  15,952
  17,571
  19,266
  21,036
  22,881
  24,802
  26,802
  28,880
  31,040
  33,285
  35,617
  38,040
  40,559
Operating income, $m
  -806
  -982
  -1,201
  -1,469
  -1,789
  -2,166
  -2,602
  -3,099
  -3,659
  -4,283
  -4,969
  -5,717
  -6,527
  -7,397
  -8,325
  -9,311
  -10,352
  -11,448
  -12,598
  -13,802
  -15,059
  -16,369
  -17,734
  -19,153
  -20,629
  -22,162
  -23,756
  -25,411
  -27,132
  -28,920
EBITDA, $m
  -802
  -977
  -1,194
  -1,459
  -1,777
  -2,150
  -2,583
  -3,076
  -3,631
  -4,249
  -4,930
  -5,672
  -6,475
  -7,337
  -8,257
  -9,234
  -10,267
  -11,353
  -12,494
  -13,687
  -14,933
  -16,232
  -17,585
  -18,993
  -20,456
  -21,976
  -23,556
  -25,197
  -26,903
  -28,676
Interest expense (income), $m
  0
  30
  9
  16
  25
  35
  48
  63
  81
  101
  124
  149
  177
  208
  241
  276
  314
  354
  397
  442
  489
  538
  589
  643
  698
  756
  817
  880
  945
  1,012
  1,083
Earnings before tax, $m
  -836
  -991
  -1,217
  -1,493
  -1,824
  -2,214
  -2,665
  -3,180
  -3,761
  -4,407
  -5,118
  -5,895
  -6,735
  -7,638
  -8,601
  -9,625
  -10,706
  -11,845
  -13,040
  -14,290
  -15,596
  -16,958
  -18,376
  -19,852
  -21,385
  -22,979
  -24,635
  -26,356
  -28,144
  -30,003
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
  -836
  -991
  -1,217
  -1,493
  -1,824
  -2,214
  -2,665
  -3,180
  -3,761
  -4,407
  -5,118
  -5,895
  -6,735
  -7,638
  -8,601
  -9,625
  -10,706
  -11,845
  -13,040
  -14,290
  -15,596
  -16,958
  -18,376
  -19,852
  -21,385
  -22,979
  -24,635
  -26,356
  -28,144
  -30,003

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
  245
  336
  452
  593
  763
  964
  1,197
  1,464
  1,765
  2,100
  2,469
  2,872
  3,309
  3,778
  4,279
  4,811
  5,373
  5,965
  6,586
  7,237
  7,916
  8,625
  9,363
  10,131
  10,929
  11,758
  12,621
  13,517
  14,448
  15,416
Adjusted assets (=assets-cash), $m
  245
  336
  452
  593
  763
  964
  1,197
  1,464
  1,765
  2,100
  2,469
  2,872
  3,309
  3,778
  4,279
  4,811
  5,373
  5,965
  6,586
  7,237
  7,916
  8,625
  9,363
  10,131
  10,929
  11,758
  12,621
  13,517
  14,448
  15,416
Revenue / Adjusted assets
  0.755
  0.756
  0.754
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
Average production assets, $m
  19
  27
  36
  47
  61
  76
  95
  116
  140
  166
  196
  228
  262
  299
  339
  381
  426
  473
  522
  574
  628
  684
  742
  803
  866
  932
  1,001
  1,072
  1,145
  1,222
Working capital, $m
  -100
  -137
  -184
  -241
  -311
  -392
  -487
  -596
  -718
  -854
  -1,005
  -1,169
  -1,346
  -1,537
  -1,741
  -1,958
  -2,186
  -2,427
  -2,680
  -2,945
  -3,222
  -3,510
  -3,810
  -4,123
  -4,447
  -4,785
  -5,136
  -5,501
  -5,879
  -6,273
Total debt, $m
  108
  191
  294
  422
  575
  756
  965
  1,205
  1,476
  1,778
  2,110
  2,473
  2,866
  3,288
  3,738
  4,217
  4,723
  5,256
  5,816
  6,401
  7,013
  7,650
  8,314
  9,005
  9,724
  10,470
  11,246
  12,053
  12,891
  13,762
Total liabilities, $m
  220
  303
  407
  534
  687
  868
  1,078
  1,318
  1,588
  1,890
  2,222
  2,585
  2,978
  3,400
  3,851
  4,330
  4,836
  5,369
  5,928
  6,513
  7,125
  7,762
  8,427
  9,118
  9,836
  10,583
  11,359
  12,165
  13,003
  13,874
Total equity, $m
  24
  34
  45
  59
  76
  96
  120
  146
  176
  210
  247
  287
  331
  378
  428
  481
  537
  597
  659
  724
  792
  862
  936
  1,013
  1,093
  1,176
  1,262
  1,352
  1,445
  1,542
Total liabilities and equity, $m
  244
  337
  452
  593
  763
  964
  1,198
  1,464
  1,764
  2,100
  2,469
  2,872
  3,309
  3,778
  4,279
  4,811
  5,373
  5,966
  6,587
  7,237
  7,917
  8,624
  9,363
  10,131
  10,929
  11,759
  12,621
  13,517
  14,448
  15,416
Debt-to-equity ratio
  4.410
  5.660
  6.510
  7.110
  7.530
  7.840
  8.060
  8.230
  8.360
  8.470
  8.550
  8.610
  8.660
  8.700
  8.740
  8.770
  8.790
  8.810
  8.830
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.900
  8.910
  8.920
  8.920
  8.930
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -836
  -991
  -1,217
  -1,493
  -1,824
  -2,214
  -2,665
  -3,180
  -3,761
  -4,407
  -5,118
  -5,895
  -6,735
  -7,638
  -8,601
  -9,625
  -10,706
  -11,845
  -13,040
  -14,290
  -15,596
  -16,958
  -18,376
  -19,852
  -21,385
  -22,979
  -24,635
  -26,356
  -28,144
  -30,003
Depreciation, amort., depletion, $m
  4
  5
  7
  9
  12
  15
  19
  23
  28
  33
  39
  46
  52
  60
  68
  76
  85
  95
  104
  115
  126
  137
  148
  161
  173
  186
  200
  214
  229
  244
Funds from operations, $m
  -832
  -986
  -1,210
  -1,484
  -1,812
  -2,199
  -2,646
  -3,157
  -3,733
  -4,373
  -5,079
  -5,849
  -6,683
  -7,578
  -8,534
  -9,548
  -10,621
  -11,750
  -12,935
  -14,176
  -15,471
  -16,822
  -18,228
  -19,691
  -21,212
  -22,793
  -24,435
  -26,142
  -27,915
  -29,759
Change in working capital, $m
  -29
  -37
  -47
  -58
  -69
  -82
  -95
  -108
  -122
  -136
  -150
  -164
  -178
  -191
  -204
  -216
  -229
  -241
  -253
  -265
  -277
  -288
  -300
  -312
  -325
  -338
  -351
  -365
  -379
  -394
Cash from operations, $m
  -803
  -949
  -1,163
  -1,427
  -1,743
  -2,117
  -2,551
  -3,049
  -3,610
  -4,237
  -4,929
  -5,685
  -6,505
  -7,387
  -8,330
  -9,332
  -10,392
  -11,509
  -12,682
  -13,911
  -15,194
  -16,533
  -17,928
  -19,379
  -20,887
  -22,455
  -24,084
  -25,777
  -27,536
  -29,365
Maintenance CAPEX, $m
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -19
  -23
  -28
  -33
  -39
  -46
  -52
  -60
  -68
  -76
  -85
  -95
  -104
  -115
  -126
  -137
  -148
  -161
  -173
  -186
  -200
  -214
  -229
New CAPEX, $m
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
Cash from investing activities, $m
  -9
  -11
  -14
  -18
  -22
  -28
  -33
  -40
  -47
  -55
  -62
  -71
  -81
  -89
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -195
  -209
  -224
  -239
  -254
  -271
  -288
  -306
Free cash flow, $m
  -812
  -960
  -1,178
  -1,445
  -1,766
  -2,145
  -2,585
  -3,089
  -3,657
  -4,292
  -4,991
  -5,756
  -6,585
  -7,477
  -8,429
  -9,442
  -10,513
  -11,641
  -12,826
  -14,067
  -15,363
  -16,715
  -18,123
  -19,588
  -21,111
  -22,694
  -24,339
  -26,048
  -27,824
  -29,670
Issuance/(repayment) of debt, $m
  -248
  83
  104
  127
  153
  181
  210
  240
  271
  302
  332
  363
  393
  422
  451
  479
  506
  533
  559
  585
  612
  638
  664
  691
  718
  747
  776
  806
  838
  871
Issuance/(repurchase) of shares, $m
  1,155
  1,000
  1,229
  1,508
  1,841
  2,234
  2,688
  3,207
  3,791
  4,440
  5,155
  5,935
  6,779
  7,685
  8,651
  9,678
  10,762
  11,904
  13,102
  14,355
  15,664
  17,029
  18,450
  19,928
  21,465
  23,062
  24,722
  26,446
  28,237
  30,100
Cash from financing (excl. dividends), $m  
  907
  1,083
  1,333
  1,635
  1,994
  2,415
  2,898
  3,447
  4,062
  4,742
  5,487
  6,298
  7,172
  8,107
  9,102
  10,157
  11,268
  12,437
  13,661
  14,940
  16,276
  17,667
  19,114
  20,619
  22,183
  23,809
  25,498
  27,252
  29,075
  30,971
Total cash flow (excl. dividends), $m
  96
  123
  155
  190
  229
  270
  313
  358
  404
  450
  496
  542
  586
  630
  673
  715
  756
  796
  835
  874
  913
  952
  991
  1,031
  1,072
  1,115
  1,158
  1,204
  1,251
  1,301
Retained Cash Flow (-), $m
  -1,155
  -1,000
  -1,229
  -1,508
  -1,841
  -2,234
  -2,688
  -3,207
  -3,791
  -4,440
  -5,155
  -5,935
  -6,779
  -7,685
  -8,651
  -9,678
  -10,762
  -11,904
  -13,102
  -14,355
  -15,664
  -17,029
  -18,450
  -19,928
  -21,465
  -23,062
  -24,722
  -26,446
  -28,237
  -30,100
Prev. year cash balance distribution, $m
  311
  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
  -748
  -877
  -1,074
  -1,318
  -1,613
  -1,964
  -2,375
  -2,849
  -3,387
  -3,990
  -4,659
  -5,393
  -6,192
  -7,054
  -7,978
  -8,963
  -10,007
  -11,108
  -12,267
  -13,481
  -14,752
  -16,077
  -17,459
  -18,897
  -20,393
  -21,947
  -23,563
  -25,242
  -26,986
  -28,799
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
  -718
  -803
  -935
  -1,085
  -1,250
  -1,425
  -1,605
  -1,781
  -1,945
  -2,092
  -2,213
  -2,302
  -2,354
  -2,368
  -2,342
  -2,278
  -2,177
  -2,046
  -1,889
  -1,713
  -1,526
  -1,334
  -1,144
  -962
  -793
  -640
  -506
  -391
  -295
  -217
Current shareholders' claim on cash, %
  50.0
  9.8
  2.1
  0.5
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Intercept Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company's product candidates have the potential to treat orphan and more prevalent diseases for which there are limited therapeutic solutions. The Company's product candidate, obeticholic acid (OCA), is a bile acid analog, a chemical substance that has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR). In addition to OCA, it is developing other bile acid analog compounds targeting FXR and a second dedicated bile acid receptor called TGR5, which is a target of interest for the treatment of type 2 diabetes and other gastrointestinal indications. The Company is also developing other products INT-767 for the treatment of fibrosis and INT-777 for the treatment of type 2 diabetes.

FINANCIAL RATIOS  of  Intercept Pharmaceuticals (ICPT)

Valuation Ratios
P/E Ratio -5.8
Price to Sales 95.8
Price to Book 7.6
Price to Tangible Book
Price to Cash Flow -7
Price to Free Cash Flow -6.9
Growth Rates
Sales Growth Rate 733.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 108.3%
Total Debt to Equity 108.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -59.2%
Ret/ On Assets - 3 Yr. Avg. -83%
Return On Total Capital -65.7%
Ret/ On T. Cap. - 3 Yr. Avg. -100.3%
Return On Equity -90.1%
Return On Equity - 3 Yr. Avg. -108.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1636%
EBITDA Margin - 3 Yr. Avg. -7750.9%
Operating Margin -1608%
Oper. Margin - 3 Yr. Avg. -4963.8%
Pre-Tax Margin -1652%
Pre-Tax Margin - 3 Yr. Avg. -7778.4%
Net Profit Margin -1652%
Net Profit Margin - 3 Yr. Avg. -7778.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ICPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICPT stock intrinsic value calculation we used $130.956 million for the last fiscal year's total revenue generated by Intercept Pharmaceuticals. The default revenue input number comes from 0001 income statement of Intercept 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 ICPT stock valuation model: a) initial revenue growth rate of 41.1% 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 ICPT is calculated based on our internal credit rating of Intercept 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 Intercept 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 ICPT stock the variable cost ratio is equal to 342.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $350 million in the base year in the intrinsic value calculation for ICPT 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 8.4% for Intercept Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Intercept 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 ICPT 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 ICPT are equal to 10.5%.

Life of production assets of 3 years is the average useful life of capital assets used in Intercept 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 ICPT is equal to -53.9%. 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 - $16.386 million for Intercept 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 29.583 million for Intercept 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 Intercept Pharmaceuticals at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

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▶ Intercept to Present at Upcoming Conference   [Jun-07-18 05:00PM  GlobeNewswire]
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▶ Intercept: 1Q Earnings Snapshot   [07:31AM  Associated Press]
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▶ Intercept reports 4Q loss   [08:05AM  Associated Press]

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