Intrinsic value of Incyte - INCY

Previous Close

$114.19

  Intrinsic Value

$49.33

stock screener

  Rating & Target

str. sell

-57%

Previous close

$114.19

 
Intrinsic value

$49.33

 
Up/down potential

-57%

 
Rating

str. sell

*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

Revenue (in 2016), $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 24.1

 

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
  32.50
  29.75
  27.28
  25.05
  23.04
  21.24
  19.61
  18.15
  16.84
  15.65
  14.59
  13.63
  12.77
  11.99
  11.29
  10.66
  10.10
  9.59
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
  6.78
  6.60
  6.44
  6.30
Revenue, $m
  1,106
  1,465
  1,901
  2,420
  3,026
  3,724
  4,514
  5,400
  6,380
  7,454
  8,621
  9,879
  11,225
  12,658
  14,176
  15,777
  17,459
  19,222
  21,064
  22,987
  24,990
  27,075
  29,244
  31,498
  33,841
  36,275
  38,805
  41,434
  44,169
  47,013
  49,973
Variable operating expenses, $m
 
  1,069
  1,383
  1,755
  2,191
  2,692
  3,261
  3,897
  4,602
  5,374
  6,213
  7,102
  8,070
  9,100
  10,191
  11,342
  12,551
  13,818
  15,143
  16,525
  17,965
  19,464
  21,023
  22,644
  24,328
  26,078
  27,897
  29,787
  31,753
  33,797
  35,925
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
  1,227
  1,545
  1,921
  2,361
  2,866
  3,440
  4,080
  4,790
  5,566
  6,410
  7,304
  8,277
  9,312
  10,409
  11,565
  12,780
  14,052
  15,383
  16,771
  18,217
  19,723
  21,288
  22,916
  24,607
  26,364
  28,190
  30,087
  32,060
  34,112
  36,248
Operating income, $m
  145
  238
  357
  499
  665
  857
  1,075
  1,319
  1,590
  1,888
  2,211
  2,575
  2,948
  3,346
  3,767
  4,212
  4,679
  5,169
  5,681
  6,216
  6,773
  7,352
  7,955
  8,582
  9,234
  9,912
  10,616
  11,347
  12,109
  12,900
  13,724
EBITDA, $m
  203
  313
  449
  611
  802
  1,021
  1,271
  1,551
  1,861
  2,201
  2,571
  2,970
  3,397
  3,852
  4,334
  4,843
  5,378
  5,938
  6,524
  7,135
  7,772
  8,435
  9,125
  9,842
  10,588
  11,363
  12,168
  13,005
  13,875
  14,781
  15,723
Interest expense (income), $m
  7
  23
  15
  25
  37
  52
  68
  87
  108
  131
  156
  184
  214
  245
  279
  315
  353
  393
  434
  478
  523
  571
  620
  671
  724
  780
  837
  897
  959
  1,024
  1,091
Earnings before tax, $m
  107
  216
  342
  474
  628
  805
  1,007
  1,232
  1,483
  1,757
  2,054
  2,391
  2,735
  3,101
  3,488
  3,897
  4,326
  4,776
  5,247
  5,738
  6,249
  6,782
  7,336
  7,911
  8,510
  9,132
  9,778
  10,450
  11,149
  11,877
  12,633
Tax expense, $m
  3
  58
  92
  128
  170
  217
  272
  333
  400
  474
  555
  646
  738
  837
  942
  1,052
  1,168
  1,290
  1,417
  1,549
  1,687
  1,831
  1,981
  2,136
  2,298
  2,466
  2,640
  2,822
  3,010
  3,207
  3,411
Net income, $m
  104
  157
  250
  346
  458
  588
  735
  900
  1,082
  1,282
  1,500
  1,746
  1,996
  2,264
  2,546
  2,845
  3,158
  3,487
  3,830
  4,189
  4,562
  4,951
  5,355
  5,775
  6,212
  6,666
  7,138
  7,629
  8,139
  8,670
  9,222

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
  1,099
  1,426
  1,815
  2,270
  2,793
  3,387
  4,051
  4,786
  5,592
  6,468
  7,411
  8,421
  9,496
  10,635
  11,836
  13,098
  14,420
  15,802
  17,245
  18,747
  20,312
  21,938
  23,629
  25,387
  27,213
  29,111
  31,084
  33,135
  35,268
  37,489
Adjusted assets (=assets-cash), $m
  830
  1,099
  1,426
  1,815
  2,270
  2,793
  3,387
  4,051
  4,786
  5,592
  6,468
  7,411
  8,421
  9,496
  10,635
  11,836
  13,098
  14,420
  15,802
  17,245
  18,747
  20,312
  21,938
  23,629
  25,387
  27,213
  29,111
  31,084
  33,135
  35,268
  37,489
Revenue / Adjusted assets
  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
  1.333
  1.333
Average production assets, $m
  262
  346
  449
  571
  714
  879
  1,065
  1,274
  1,506
  1,759
  2,035
  2,331
  2,649
  2,987
  3,346
  3,723
  4,120
  4,536
  4,971
  5,425
  5,898
  6,390
  6,902
  7,434
  7,986
  8,561
  9,158
  9,779
  10,424
  11,095
  11,794
Working capital, $m
  720
  -117
  -152
  -194
  -242
  -298
  -361
  -432
  -510
  -596
  -690
  -790
  -898
  -1,013
  -1,134
  -1,262
  -1,397
  -1,538
  -1,685
  -1,839
  -1,999
  -2,166
  -2,340
  -2,520
  -2,707
  -2,902
  -3,104
  -3,315
  -3,534
  -3,761
  -3,998
Total debt, $m
  651
  420
  715
  1,065
  1,474
  1,945
  2,479
  3,077
  3,739
  4,464
  5,252
  6,101
  7,010
  7,978
  9,002
  10,083
  11,219
  12,409
  13,653
  14,951
  16,304
  17,711
  19,175
  20,697
  22,279
  23,923
  25,631
  27,406
  29,252
  31,173
  33,171
Total liabilities, $m
  1,219
  989
  1,284
  1,634
  2,043
  2,514
  3,048
  3,646
  4,308
  5,033
  5,821
  6,670
  7,579
  8,547
  9,571
  10,652
  11,788
  12,978
  14,222
  15,520
  16,873
  18,280
  19,744
  21,266
  22,848
  24,492
  26,200
  27,975
  29,821
  31,742
  33,740
Total equity, $m
  419
  110
  143
  182
  227
  279
  339
  405
  479
  559
  647
  741
  842
  950
  1,063
  1,184
  1,310
  1,442
  1,580
  1,724
  1,875
  2,031
  2,194
  2,363
  2,539
  2,721
  2,911
  3,108
  3,313
  3,527
  3,749
Total liabilities and equity, $m
  1,638
  1,099
  1,427
  1,816
  2,270
  2,793
  3,387
  4,051
  4,787
  5,592
  6,468
  7,411
  8,421
  9,497
  10,634
  11,836
  13,098
  14,420
  15,802
  17,244
  18,748
  20,311
  21,938
  23,629
  25,387
  27,213
  29,111
  31,083
  33,134
  35,269
  37,489
Debt-to-equity ratio
  1.554
  3.820
  5.010
  5.870
  6.490
  6.960
  7.320
  7.600
  7.810
  7.980
  8.120
  8.230
  8.320
  8.400
  8.460
  8.520
  8.570
  8.610
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
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
  157
  250
  346
  458
  588
  735
  900
  1,082
  1,282
  1,500
  1,746
  1,996
  2,264
  2,546
  2,845
  3,158
  3,487
  3,830
  4,189
  4,562
  4,951
  5,355
  5,775
  6,212
  6,666
  7,138
  7,629
  8,139
  8,670
  9,222
Depreciation, amort., depletion, $m
  58
  74
  92
  112
  137
  165
  196
  232
  271
  314
  360
  395
  449
  506
  567
  631
  698
  769
  843
  919
  1,000
  1,083
  1,170
  1,260
  1,354
  1,451
  1,552
  1,657
  1,767
  1,881
  1,999
Funds from operations, $m
  330
  232
  342
  458
  595
  752
  931
  1,131
  1,353
  1,596
  1,860
  2,141
  2,445
  2,770
  3,113
  3,476
  3,857
  4,256
  4,673
  5,108
  5,562
  6,034
  6,525
  7,035
  7,566
  8,117
  8,690
  9,286
  9,906
  10,550
  11,221
Change in working capital, $m
  25
  -29
  -35
  -41
  -48
  -56
  -63
  -71
  -78
  -86
  -93
  -101
  -108
  -115
  -121
  -128
  -135
  -141
  -147
  -154
  -160
  -167
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -228
  -237
Cash from operations, $m
  305
  260
  376
  500
  643
  808
  994
  1,202
  1,431
  1,682
  1,954
  2,241
  2,553
  2,885
  3,235
  3,604
  3,991
  4,397
  4,820
  5,262
  5,722
  6,200
  6,698
  7,216
  7,753
  8,312
  8,893
  9,497
  10,125
  10,778
  11,458
Maintenance CAPEX, $m
  0
  -44
  -59
  -76
  -97
  -121
  -149
  -181
  -216
  -255
  -298
  -345
  -395
  -449
  -506
  -567
  -631
  -698
  -769
  -843
  -919
  -1,000
  -1,083
  -1,170
  -1,260
  -1,354
  -1,451
  -1,552
  -1,657
  -1,767
  -1,881
New CAPEX, $m
  -120
  -84
  -103
  -122
  -143
  -165
  -187
  -209
  -231
  -254
  -275
  -297
  -318
  -338
  -358
  -378
  -397
  -416
  -435
  -454
  -473
  -492
  -512
  -532
  -553
  -575
  -597
  -621
  -645
  -671
  -698
Cash from investing activities, $m
  -232
  -128
  -162
  -198
  -240
  -286
  -336
  -390
  -447
  -509
  -573
  -642
  -713
  -787
  -864
  -945
  -1,028
  -1,114
  -1,204
  -1,297
  -1,392
  -1,492
  -1,595
  -1,702
  -1,813
  -1,929
  -2,048
  -2,173
  -2,302
  -2,438
  -2,579
Free cash flow, $m
  73
  132
  215
  301
  404
  523
  659
  813
  984
  1,173
  1,380
  1,600
  1,840
  2,097
  2,370
  2,659
  2,963
  3,282
  3,616
  3,966
  4,330
  4,709
  5,103
  5,514
  5,940
  6,384
  6,845
  7,324
  7,822
  8,340
  8,879
Issuance/(repayment) of debt, $m
  0
  -231
  294
  350
  409
  471
  534
  598
  662
  725
  788
  849
  909
  968
  1,025
  1,081
  1,136
  1,190
  1,244
  1,298
  1,353
  1,408
  1,464
  1,522
  1,582
  1,644
  1,708
  1,776
  1,846
  1,920
  1,998
Issuance/(repurchase) of shares, $m
  50
  342
  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
  111
  294
  350
  409
  471
  534
  598
  662
  725
  788
  849
  909
  968
  1,025
  1,081
  1,136
  1,190
  1,244
  1,298
  1,353
  1,408
  1,464
  1,522
  1,582
  1,644
  1,708
  1,776
  1,846
  1,920
  1,998
Total cash flow (excl. dividends), $m
  131
  244
  509
  651
  813
  993
  1,193
  1,410
  1,646
  1,899
  2,168
  2,449
  2,749
  3,065
  3,395
  3,740
  4,099
  4,472
  4,861
  5,264
  5,682
  6,117
  6,567
  7,036
  7,522
  8,027
  8,553
  9,099
  9,668
  10,260
  10,877
Retained Cash Flow (-), $m
  -248
  -500
  -33
  -39
  -45
  -52
  -59
  -66
  -74
  -81
  -88
  -94
  -101
  -108
  -114
  -120
  -126
  -132
  -138
  -144
  -150
  -156
  -163
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -222
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
 
  553
  477
  613
  767
  941
  1,133
  1,344
  1,572
  1,818
  2,080
  2,354
  2,648
  2,957
  3,281
  3,620
  3,973
  4,340
  4,722
  5,119
  5,532
  5,960
  6,405
  6,867
  7,346
  7,845
  8,363
  8,902
  9,463
  10,047
  10,655
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
 
  530
  436
  533
  632
  729
  823
  908
  983
  1,044
  1,091
  1,118
  1,130
  1,124
  1,102
  1,063
  1,010
  944
  870
  788
  703
  616
  531
  450
  374
  305
  244
  191
  146
  110
  80
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 207.4
Price to Sales 19.5
Price to Book 51.5
Price to Tangible Book
Price to Cash Flow 70.7
Price to Free Cash Flow 116.6
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 32.5% 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 210.614 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 $24.1 billion.

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COMPANY NEWS

▶ Gilead Sciences Stock: Performance in 3Q17   [Oct-20-17 02:39PM  Market Realist]
▶ Incyte to Report Third Quarter Financial Results   [Oct-12-17 04:10PM  Business Wire]
▶ Take a look: Incyte unveils new global headquarters in Wilmington   [Oct-06-17 02:58PM  American City Business Journals]
▶ ETFs with exposure to Incyte Corp. : October 5, 2017   [Oct-05-17 11:06AM  Capital Cube]
▶ Cancer-Cure Makers Make Great Takeover Stocks   [Oct-04-17 11:40AM  Forbes]
▶ 3 Stocks That Turned $7,000 Into $130,200   [Sep-28-17 07:32PM  Motley Fool]
▶ 12 Stocks That Will Push the S&P 500 Higher   [Sep-25-17 02:30PM  Investopedia]
▶ 3 Monster Biotech Stocks in the Making   [Sep-24-17 09:09AM  Motley Fool]
▶ ETFs with exposure to Incyte Corp. : September 13, 2017   [Sep-13-17 06:39PM  Capital Cube]
▶ Alexion: Quite a Comeback   [Sep-05-17 11:50AM  Barrons.com]
▶ The Hot Stocks: Incyte Jumps 11%   [04:58PM  Barrons.com]
▶ 2 Stocks Fall on Earnings Report   [Aug-29-17 03:26PM  GuruFocus.com]
▶ IBD Rating Upgrades: Incyte Shows Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ 4 of the Highest-Growth Stocks in Biotech Today   [Aug-24-17 10:35AM  Motley Fool]
▶ Incyte Had These Key Collaborations and Developments in 2Q17   [Aug-23-17 11:53AM  Market Realist]
▶ Inside Incytes Jakafi Performance in 2Q17   [09:07AM  Market Realist]
▶ Behind Incytes 2Q17 Product Portfolio   [07:37AM  Market Realist]
▶ Understanding Incytes 2Q17 Revenue Stream   [Aug-22-17 02:05PM  Market Realist]
▶ Assessing Incytes 2Q17 Revenue Growth   [12:35PM  Market Realist]
▶ Incyte reports 2Q loss   [Aug-01-17 10:56PM  Associated Press]
▶ Eli Lilly Tumbles On Arthritis Drug Delay   [04:02PM  Investor's Business Daily]
▶ Eli Lilly: What the Heck Just Happened?   [12:10PM  Barrons.com]
▶ Why Gilead Won't Buy Incyte and Vertex   [Jul-18-17 06:00AM  Investopedia]
▶ Gilead Could Acquire This Biotech But Vertex Is Still Better: Analyst   [Jul-14-17 04:44PM  Investor's Business Daily]
▶ Could Q2 Surprise Spike This Beleaguered Biotech's Stock?   [02:37PM  Investor's Business Daily]
Financial statements of INCY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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