Intrinsic value of Incyte - INCY

Previous Close

$91.92

  Intrinsic Value

$88.49

stock screener

  Rating & Target

hold

-4%

Previous close

$91.92

 
Intrinsic value

$88.49

 
Up/down potential

-4%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of INCY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  46.68
  42.00
  38.30
  34.97
  31.97
  29.28
  26.85
  24.66
  22.70
  20.93
  19.33
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
Revenue, $m
  1,106
  1,571
  2,172
  2,932
  3,869
  5,002
  6,344
  7,909
  9,704
  11,735
  14,004
  16,511
  19,253
  22,228
  25,430
  28,854
  32,495
  36,348
  40,408
  44,672
  49,139
  53,806
  58,675
  63,746
  69,024
  74,512
  80,217
  86,146
  92,306
  98,709
  105,365
Variable operating expenses, $m
 
  1,145
  1,577
  2,123
  2,797
  3,611
  4,577
  5,701
  6,992
  8,452
  10,083
  11,870
  13,841
  15,980
  18,282
  20,743
  23,360
  26,130
  29,049
  32,115
  35,325
  38,681
  42,181
  45,827
  49,621
  53,566
  57,668
  61,930
  66,359
  70,961
  75,746
Fixed operating expenses, $m
 
  158
  162
  166
  170
  174
  179
  183
  188
  192
  197
  202
  207
  212
  218
  223
  229
  234
  240
  246
  252
  259
  265
  272
  279
  286
  293
  300
  307
  315
  323
Total operating expenses, $m
  961
  1,303
  1,739
  2,289
  2,967
  3,785
  4,756
  5,884
  7,180
  8,644
  10,280
  12,072
  14,048
  16,192
  18,500
  20,966
  23,589
  26,364
  29,289
  32,361
  35,577
  38,940
  42,446
  46,099
  49,900
  53,852
  57,961
  62,230
  66,666
  71,276
  76,069
Operating income, $m
  145
  268
  433
  643
  902
  1,216
  1,589
  2,025
  2,525
  3,091
  3,724
  4,439
  5,205
  6,036
  6,931
  7,888
  8,906
  9,983
  11,119
  12,311
  13,561
  14,866
  16,229
  17,648
  19,124
  20,660
  22,257
  23,916
  25,640
  27,432
  29,296
EBITDA, $m
  203
  346
  536
  776
  1,072
  1,432
  1,859
  2,357
  2,928
  3,576
  4,300
  5,100
  5,975
  6,925
  7,948
  9,042
  10,206
  11,437
  12,735
  14,098
  15,526
  17,019
  18,576
  20,197
  21,885
  23,641
  25,465
  27,362
  29,333
  31,381
  33,510
Interest expense (income), $m
  7
  23
  17
  31
  49
  72
  98
  130
  167
  209
  257
  311
  370
  435
  505
  581
  662
  748
  839
  935
  1,036
  1,141
  1,252
  1,367
  1,486
  1,611
  1,741
  1,876
  2,016
  2,161
  2,313
Earnings before tax, $m
  107
  245
  416
  611
  853
  1,145
  1,491
  1,895
  2,358
  2,881
  3,466
  4,128
  4,835
  5,601
  6,426
  7,307
  8,244
  9,235
  10,280
  11,376
  12,525
  13,725
  14,977
  16,281
  17,638
  19,049
  20,516
  22,040
  23,625
  25,271
  26,983
Tax expense, $m
  3
  66
  112
  165
  230
  309
  403
  512
  637
  778
  936
  1,115
  1,305
  1,512
  1,735
  1,973
  2,226
  2,493
  2,775
  3,072
  3,382
  3,706
  4,044
  4,396
  4,762
  5,143
  5,539
  5,951
  6,379
  6,823
  7,285
Net income, $m
  104
  179
  304
  446
  622
  836
  1,088
  1,383
  1,721
  2,103
  2,531
  3,014
  3,529
  4,089
  4,691
  5,334
  6,018
  6,742
  7,504
  8,305
  9,143
  10,019
  10,933
  11,885
  12,876
  13,906
  14,977
  16,089
  17,246
  18,448
  19,697

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  809
  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
  1,639
  1,178
  1,629
  2,199
  2,902
  3,752
  4,759
  5,933
  7,280
  8,804
  10,506
  12,386
  14,444
  16,675
  19,077
  21,646
  24,377
  27,267
  30,313
  33,513
  36,863
  40,365
  44,017
  47,822
  51,781
  55,898
  60,178
  64,625
  69,247
  74,050
  79,043
Adjusted assets (=assets-cash), $m
  830
  1,178
  1,629
  2,199
  2,902
  3,752
  4,759
  5,933
  7,280
  8,804
  10,506
  12,386
  14,444
  16,675
  19,077
  21,646
  24,377
  27,267
  30,313
  33,513
  36,863
  40,365
  44,017
  47,822
  51,781
  55,898
  60,178
  64,625
  69,247
  74,050
  79,043
Revenue / Adjusted assets
  1.333
  1.334
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
Average production assets, $m
  262
  371
  513
  692
  913
  1,180
  1,497
  1,867
  2,290
  2,769
  3,305
  3,897
  4,544
  5,246
  6,001
  6,810
  7,669
  8,578
  9,536
  10,543
  11,597
  12,698
  13,847
  15,044
  16,290
  17,585
  18,931
  20,330
  21,784
  23,295
  24,866
Working capital, $m
  720
  -126
  -174
  -235
  -310
  -400
  -508
  -633
  -776
  -939
  -1,120
  -1,321
  -1,540
  -1,778
  -2,034
  -2,308
  -2,600
  -2,908
  -3,233
  -3,574
  -3,931
  -4,304
  -4,694
  -5,100
  -5,522
  -5,961
  -6,417
  -6,892
  -7,385
  -7,897
  -8,429
Total debt, $m
  651
  491
  897
  1,410
  2,043
  2,808
  3,715
  4,771
  5,983
  7,354
  8,886
  10,579
  12,430
  14,439
  16,601
  18,912
  21,371
  23,972
  26,713
  29,592
  32,608
  35,759
  39,046
  42,470
  46,034
  49,739
  53,591
  57,594
  61,753
  66,076
  70,570
Total liabilities, $m
  1,219
  1,060
  1,466
  1,979
  2,612
  3,377
  4,284
  5,340
  6,552
  7,923
  9,455
  11,148
  12,999
  15,008
  17,170
  19,481
  21,940
  24,541
  27,282
  30,161
  33,177
  36,328
  39,615
  43,039
  46,603
  50,308
  54,160
  58,163
  62,322
  66,645
  71,139
Total equity, $m
  419
  118
  163
  220
  290
  375
  476
  593
  728
  880
  1,051
  1,239
  1,444
  1,668
  1,908
  2,165
  2,438
  2,727
  3,031
  3,351
  3,686
  4,036
  4,402
  4,782
  5,178
  5,590
  6,018
  6,463
  6,925
  7,405
  7,904
Total liabilities and equity, $m
  1,638
  1,178
  1,629
  2,199
  2,902
  3,752
  4,760
  5,933
  7,280
  8,803
  10,506
  12,387
  14,443
  16,676
  19,078
  21,646
  24,378
  27,268
  30,313
  33,512
  36,863
  40,364
  44,017
  47,821
  51,781
  55,898
  60,178
  64,626
  69,247
  74,050
  79,043
Debt-to-equity ratio
  1.554
  4.170
  5.510
  6.410
  7.040
  7.480
  7.800
  8.040
  8.220
  8.350
  8.460
  8.540
  8.610
  8.660
  8.700
  8.740
  8.770
  8.790
  8.810
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.920
  8.930
Adjusted equity ratio
  -0.470
  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
  104
  179
  304
  446
  622
  836
  1,088
  1,383
  1,721
  2,103
  2,531
  3,014
  3,529
  4,089
  4,691
  5,334
  6,018
  6,742
  7,504
  8,305
  9,143
  10,019
  10,933
  11,885
  12,876
  13,906
  14,977
  16,089
  17,246
  18,448
  19,697
Depreciation, amort., depletion, $m
  58
  78
  102
  133
  170
  216
  269
  332
  404
  485
  576
  660
  770
  889
  1,017
  1,154
  1,300
  1,454
  1,616
  1,787
  1,966
  2,152
  2,347
  2,550
  2,761
  2,980
  3,209
  3,446
  3,692
  3,948
  4,215
Funds from operations, $m
  330
  257
  406
  579
  793
  1,051
  1,358
  1,715
  2,125
  2,588
  3,106
  3,674
  4,300
  4,978
  5,708
  6,488
  7,318
  8,196
  9,120
  10,092
  11,109
  12,172
  13,280
  14,435
  15,637
  16,886
  18,185
  19,535
  20,938
  22,396
  23,912
Change in working capital, $m
  25
  -37
  -48
  -61
  -75
  -91
  -107
  -125
  -144
  -162
  -182
  -201
  -219
  -238
  -256
  -274
  -291
  -308
  -325
  -341
  -357
  -373
  -389
  -406
  -422
  -439
  -456
  -474
  -493
  -512
  -532
Cash from operations, $m
  305
  295
  454
  640
  868
  1,142
  1,465
  1,840
  2,268
  2,751
  3,288
  3,875
  4,519
  5,216
  5,964
  6,762
  7,609
  8,504
  9,445
  10,433
  11,466
  12,545
  13,670
  14,841
  16,059
  17,325
  18,642
  20,010
  21,431
  22,908
  24,445
Maintenance CAPEX, $m
  0
  -44
  -63
  -87
  -117
  -155
  -200
  -254
  -316
  -388
  -469
  -560
  -660
  -770
  -889
  -1,017
  -1,154
  -1,300
  -1,454
  -1,616
  -1,787
  -1,966
  -2,152
  -2,347
  -2,550
  -2,761
  -2,980
  -3,209
  -3,446
  -3,692
  -3,948
New CAPEX, $m
  -120
  -109
  -142
  -179
  -221
  -267
  -317
  -369
  -424
  -479
  -535
  -592
  -647
  -702
  -756
  -808
  -859
  -909
  -958
  -1,006
  -1,054
  -1,101
  -1,149
  -1,197
  -1,246
  -1,295
  -1,346
  -1,399
  -1,454
  -1,511
  -1,571
Cash from investing activities, $m
  -232
  -153
  -205
  -266
  -338
  -422
  -517
  -623
  -740
  -867
  -1,004
  -1,152
  -1,307
  -1,472
  -1,645
  -1,825
  -2,013
  -2,209
  -2,412
  -2,622
  -2,841
  -3,067
  -3,301
  -3,544
  -3,796
  -4,056
  -4,326
  -4,608
  -4,900
  -5,203
  -5,519
Free cash flow, $m
  73
  141
  249
  374
  529
  720
  948
  1,217
  1,528
  1,883
  2,283
  2,723
  3,211
  3,744
  4,319
  4,937
  5,596
  6,295
  7,033
  7,810
  8,625
  9,478
  10,368
  11,297
  12,263
  13,269
  14,315
  15,402
  16,531
  17,705
  18,925
Issuance/(repayment) of debt, $m
  0
  -160
  406
  513
  633
  765
  907
  1,056
  1,212
  1,371
  1,532
  1,693
  1,852
  2,008
  2,162
  2,312
  2,458
  2,601
  2,741
  2,879
  3,016
  3,151
  3,287
  3,424
  3,563
  3,706
  3,852
  4,003
  4,160
  4,323
  4,494
Issuance/(repurchase) of shares, $m
  50
  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 from financing (excl. dividends), $m  
  59
  169
  406
  513
  633
  765
  907
  1,056
  1,212
  1,371
  1,532
  1,693
  1,852
  2,008
  2,162
  2,312
  2,458
  2,601
  2,741
  2,879
  3,016
  3,151
  3,287
  3,424
  3,563
  3,706
  3,852
  4,003
  4,160
  4,323
  4,494
Total cash flow (excl. dividends), $m
  131
  310
  656
  887
  1,162
  1,485
  1,855
  2,274
  2,740
  3,255
  3,815
  4,415
  5,063
  5,752
  6,481
  7,249
  8,054
  8,896
  9,774
  10,689
  11,641
  12,629
  13,656
  14,721
  15,827
  16,975
  18,167
  19,404
  20,691
  22,028
  23,419
Retained Cash Flow (-), $m
  -248
  -508
  -45
  -57
  -70
  -85
  -101
  -117
  -135
  -152
  -170
  -188
  -206
  -223
  -240
  -257
  -273
  -289
  -305
  -320
  -335
  -350
  -365
  -380
  -396
  -412
  -428
  -445
  -462
  -480
  -499
Prev. year cash balance distribution, $m
 
  809
  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
 
  611
  610
  830
  1,092
  1,400
  1,754
  2,156
  2,606
  3,102
  3,645
  4,227
  4,857
  5,529
  6,241
  6,992
  7,781
  8,607
  9,470
  10,369
  11,306
  12,279
  13,290
  14,341
  15,431
  16,563
  17,739
  18,960
  20,229
  21,548
  22,920
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
 
  586
  559
  722
  899
  1,085
  1,273
  1,457
  1,629
  1,782
  1,911
  2,007
  2,073
  2,102
  2,095
  2,053
  1,977
  1,873
  1,744
  1,597
  1,437
  1,270
  1,103
  940
  786
  644
  518
  407
  313
  235
  173
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib). JAKAFI (ruxolitinib) is indicated for the treatment of patients with intermediate or high risk myelofibrosis (MF) and for the treatment of patients with polycythemia vera (PV) having had an inadequate response to or are intolerant of hydroxyurea. As of December 31, 2016, the Food and Drug Administration had granted JAKAFI orphan drug status for MF, PV and essential thrombocythemia. The primary target for ICLUSIG is B Cell Receptor-ABL, an abnormal tyrosine kinase that is expressed in chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. The Company also has a portfolio of selective janus associated kinases 1 (JAK1) inhibitors.

FINANCIAL RATIOS  of  Incyte (INCY)

Valuation Ratios
P/E Ratio 166.9
Price to Sales 15.7
Price to Book 41.4
Price to Tangible Book
Price to Cash Flow 56.9
Price to Free Cash Flow 93.8
Growth Rates
Sales Growth Rate 46.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 361.5%
Cap. Spend. - 3 Yr. Gr. Rate 97.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 155.4%
Total Debt to Equity 155.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 35.3%
Return On Equity - 3 Yr. Avg. 28.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 95.8%
Gross Margin - 3 Yr. Avg. 97.2%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. 5.8%
Payout Ratio 0%

INCY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INCY stock intrinsic value calculation we used $1106 million for the last fiscal year's total revenue generated by Incyte. The default revenue input number comes from 2016 income statement of Incyte. 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 INCY stock valuation model: a) initial revenue growth rate of 42% 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 INCY is calculated based on our internal credit rating of Incyte, 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 Incyte.
    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 INCY stock the variable cost ratio is equal to 73.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $154 million in the base year in the intrinsic value calculation for INCY 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 3.5% for Incyte.

Corporate tax rate of 27% is the nominal tax rate for Incyte. 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 INCY 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 INCY are equal to 23.6%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Incyte 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 INCY is equal to -8%. 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 - $419 million for Incyte - 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 212.544 million for Incyte 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 Incyte at the current share price and the inputted number of shares is $19.5 billion.

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▶ ETFs with exposure to Incyte Corp. : November 21, 2017   [Nov-21-17 11:56AM  Capital Cube]
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▶ Incyte enters into licensing deal valued at up to $900M   [01:00PM  American City Business Journals]
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▶ Incyte to Report Third Quarter Financial Results   [Oct-12-17 04:10PM  Business Wire]
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Financial statements of INCY
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