Intrinsic value of Incyte - INCY

Previous Close

$68.80

  Intrinsic Value

$51.24

stock screener

  Rating & Target

sell

-26%

Previous close

$68.80

 
Intrinsic value

$51.24

 
Up/down potential

-26%

 
Rating

sell

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 2017), $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 14.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.76
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
Revenue, $m
  2,134
  2,891
  3,830
  4,967
  6,321
  7,902
  9,721
  11,783
  14,091
  16,647
  19,447
  22,488
  25,765
  29,273
  33,007
  36,962
  41,131
  45,513
  50,105
  54,905
  59,913
  65,131
  70,562
  76,210
  82,081
  88,183
  94,523
  101,113
  107,962
  115,084
Variable operating expenses, $m
  1,805
  2,432
  3,208
  4,150
  5,269
  6,578
  8,083
  9,789
  11,699
  13,814
  16,092
  18,608
  21,320
  24,223
  27,313
  30,585
  34,035
  37,661
  41,461
  45,432
  49,577
  53,894
  58,388
  63,062
  67,920
  72,969
  78,216
  83,669
  89,336
  95,230
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
  1,805
  2,432
  3,208
  4,150
  5,269
  6,578
  8,083
  9,789
  11,699
  13,814
  16,092
  18,608
  21,320
  24,223
  27,313
  30,585
  34,035
  37,661
  41,461
  45,432
  49,577
  53,894
  58,388
  63,062
  67,920
  72,969
  78,216
  83,669
  89,336
  95,230
Operating income, $m
  329
  460
  621
  818
  1,051
  1,324
  1,638
  1,994
  2,392
  2,833
  3,355
  3,880
  4,445
  5,050
  5,694
  6,377
  7,096
  7,852
  8,644
  9,472
  10,336
  11,236
  12,173
  13,148
  14,161
  15,213
  16,307
  17,444
  18,626
  19,854
EBITDA, $m
  454
  615
  815
  1,057
  1,345
  1,681
  2,068
  2,506
  2,998
  3,541
  4,137
  4,784
  5,481
  6,227
  7,021
  7,862
  8,750
  9,682
  10,658
  11,679
  12,745
  13,855
  15,010
  16,211
  17,460
  18,758
  20,107
  21,509
  22,966
  24,481
Interest expense (income), $m
  7
  1
  15
  33
  55
  81
  113
  150
  192
  240
  294
  354
  419
  491
  567
  649
  736
  829
  926
  1,029
  1,136
  1,248
  1,365
  1,487
  1,614
  1,746
  1,883
  2,026
  2,174
  2,328
  2,488
Earnings before tax, $m
  328
  445
  589
  763
  970
  1,211
  1,488
  1,801
  2,151
  2,538
  3,001
  3,460
  3,954
  4,483
  5,045
  5,640
  6,267
  6,926
  7,615
  8,336
  9,088
  9,871
  10,686
  11,534
  12,415
  13,330
  14,281
  15,270
  16,298
  17,366
Tax expense, $m
  89
  120
  159
  206
  262
  327
  402
  486
  581
  685
  810
  934
  1,068
  1,210
  1,362
  1,523
  1,692
  1,870
  2,056
  2,251
  2,454
  2,665
  2,885
  3,114
  3,352
  3,599
  3,856
  4,123
  4,400
  4,689
Net income, $m
  239
  325
  430
  557
  708
  884
  1,086
  1,315
  1,571
  1,853
  2,191
  2,526
  2,887
  3,273
  3,683
  4,117
  4,575
  5,056
  5,559
  6,085
  6,634
  7,206
  7,801
  8,420
  9,063
  9,731
  10,425
  11,147
  11,897
  12,677

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
  2,094
  2,837
  3,758
  4,875
  6,203
  7,755
  9,539
  11,563
  13,829
  16,336
  19,084
  22,068
  25,285
  28,728
  32,392
  36,272
  40,365
  44,665
  49,171
  53,881
  58,796
  63,916
  69,246
  74,789
  80,550
  86,538
  92,761
  99,227
  105,949
  112,938
Adjusted assets (=assets-cash), $m
  2,094
  2,837
  3,758
  4,875
  6,203
  7,755
  9,539
  11,563
  13,829
  16,336
  19,084
  22,068
  25,285
  28,728
  32,392
  36,272
  40,365
  44,665
  49,171
  53,881
  58,796
  63,916
  69,246
  74,789
  80,550
  86,538
  92,761
  99,227
  105,949
  112,938
Revenue / Adjusted assets
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
Average production assets, $m
  858
  1,162
  1,539
  1,997
  2,541
  3,177
  3,908
  4,737
  5,665
  6,692
  7,818
  9,040
  10,358
  11,768
  13,269
  14,859
  16,535
  18,296
  20,142
  22,072
  24,085
  26,183
  28,366
  30,636
  32,997
  35,449
  37,998
  40,647
  43,401
  46,264
Working capital, $m
  -75
  -101
  -134
  -174
  -221
  -277
  -340
  -412
  -493
  -583
  -681
  -787
  -902
  -1,025
  -1,155
  -1,294
  -1,440
  -1,593
  -1,754
  -1,922
  -2,097
  -2,280
  -2,470
  -2,667
  -2,873
  -3,086
  -3,308
  -3,539
  -3,779
  -4,028
Total debt, $m
  276
  604
  1,010
  1,502
  2,088
  2,772
  3,559
  4,452
  5,451
  6,557
  7,768
  9,085
  10,503
  12,021
  13,637
  15,349
  17,153
  19,050
  21,037
  23,114
  25,281
  27,540
  29,890
  32,334
  34,875
  37,516
  40,260
  43,112
  46,076
  49,158
Total liabilities, $m
  923
  1,251
  1,657
  2,150
  2,735
  3,420
  4,207
  5,099
  6,098
  7,204
  8,416
  9,732
  11,151
  12,669
  14,285
  15,996
  17,801
  19,697
  21,684
  23,761
  25,929
  28,187
  30,537
  32,982
  35,523
  38,163
  40,907
  43,759
  46,724
  49,806
Total equity, $m
  1,170
  1,586
  2,101
  2,725
  3,467
  4,335
  5,332
  6,464
  7,730
  9,132
  10,668
  12,336
  14,134
  16,059
  18,107
  20,276
  22,564
  24,968
  27,486
  30,119
  32,867
  35,729
  38,708
  41,807
  45,028
  48,375
  51,853
  55,468
  59,226
  63,133
Total liabilities and equity, $m
  2,093
  2,837
  3,758
  4,875
  6,202
  7,755
  9,539
  11,563
  13,828
  16,336
  19,084
  22,068
  25,285
  28,728
  32,392
  36,272
  40,365
  44,665
  49,170
  53,880
  58,796
  63,916
  69,245
  74,789
  80,551
  86,538
  92,760
  99,227
  105,950
  112,939
Debt-to-equity ratio
  0.240
  0.380
  0.480
  0.550
  0.600
  0.640
  0.670
  0.690
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
Adjusted equity ratio
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  239
  325
  430
  557
  708
  884
  1,086
  1,315
  1,571
  1,853
  2,191
  2,526
  2,887
  3,273
  3,683
  4,117
  4,575
  5,056
  5,559
  6,085
  6,634
  7,206
  7,801
  8,420
  9,063
  9,731
  10,425
  11,147
  11,897
  12,677
Depreciation, amort., depletion, $m
  125
  155
  193
  239
  293
  357
  430
  513
  606
  708
  782
  904
  1,036
  1,177
  1,327
  1,486
  1,653
  1,830
  2,014
  2,207
  2,408
  2,618
  2,837
  3,064
  3,300
  3,545
  3,800
  4,065
  4,340
  4,626
Funds from operations, $m
  364
  480
  623
  796
  1,001
  1,241
  1,516
  1,828
  2,176
  2,561
  2,972
  3,430
  3,922
  4,449
  5,010
  5,603
  6,229
  6,885
  7,574
  8,293
  9,043
  9,824
  10,638
  11,483
  12,362
  13,276
  14,225
  15,212
  16,237
  17,304
Change in working capital, $m
  -21
  -27
  -33
  -40
  -47
  -55
  -64
  -72
  -81
  -89
  -98
  -106
  -115
  -123
  -131
  -138
  -146
  -153
  -161
  -168
  -175
  -183
  -190
  -198
  -205
  -214
  -222
  -231
  -240
  -249
Cash from operations, $m
  385
  507
  656
  836
  1,049
  1,296
  1,580
  1,900
  2,257
  2,651
  3,070
  3,536
  4,037
  4,572
  5,141
  5,742
  6,374
  7,039
  7,734
  8,461
  9,218
  10,007
  10,828
  11,681
  12,568
  13,489
  14,447
  15,442
  16,477
  17,553
Maintenance CAPEX, $m
  -62
  -86
  -116
  -154
  -200
  -254
  -318
  -391
  -474
  -566
  -669
  -782
  -904
  -1,036
  -1,177
  -1,327
  -1,486
  -1,653
  -1,830
  -2,014
  -2,207
  -2,408
  -2,618
  -2,837
  -3,064
  -3,300
  -3,545
  -3,800
  -4,065
  -4,340
New CAPEX, $m
  -241
  -305
  -377
  -457
  -544
  -636
  -731
  -829
  -928
  -1,027
  -1,126
  -1,223
  -1,318
  -1,410
  -1,501
  -1,590
  -1,676
  -1,762
  -1,846
  -1,929
  -2,013
  -2,098
  -2,183
  -2,271
  -2,360
  -2,453
  -2,549
  -2,649
  -2,754
  -2,863
Cash from investing activities, $m
  -303
  -391
  -493
  -611
  -744
  -890
  -1,049
  -1,220
  -1,402
  -1,593
  -1,795
  -2,005
  -2,222
  -2,446
  -2,678
  -2,917
  -3,162
  -3,415
  -3,676
  -3,943
  -4,220
  -4,506
  -4,801
  -5,108
  -5,424
  -5,753
  -6,094
  -6,449
  -6,819
  -7,203
Free cash flow, $m
  83
  116
  162
  225
  305
  407
  531
  680
  855
  1,057
  1,276
  1,532
  1,816
  2,126
  2,463
  2,825
  3,212
  3,624
  4,059
  4,517
  4,998
  5,501
  6,026
  6,574
  7,144
  7,737
  8,353
  8,994
  9,659
  10,350
Issuance/(repayment) of debt, $m
  259
  328
  406
  492
  586
  684
  787
  892
  999
  1,106
  1,212
  1,316
  1,418
  1,518
  1,616
  1,711
  1,805
  1,896
  1,987
  2,077
  2,167
  2,258
  2,350
  2,444
  2,541
  2,641
  2,744
  2,852
  2,964
  3,082
Issuance/(repurchase) of shares, $m
  88
  91
  85
  67
  34
  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  
  347
  419
  491
  559
  620
  684
  787
  892
  999
  1,106
  1,212
  1,316
  1,418
  1,518
  1,616
  1,711
  1,805
  1,896
  1,987
  2,077
  2,167
  2,258
  2,350
  2,444
  2,541
  2,641
  2,744
  2,852
  2,964
  3,082
Total cash flow (excl. dividends), $m
  430
  535
  653
  784
  925
  1,091
  1,318
  1,573
  1,854
  2,163
  2,487
  2,848
  3,234
  3,644
  4,079
  4,536
  5,017
  5,520
  6,046
  6,594
  7,165
  7,759
  8,376
  9,018
  9,685
  10,378
  11,097
  11,845
  12,623
  13,432
Retained Cash Flow (-), $m
  -327
  -416
  -515
  -624
  -742
  -867
  -998
  -1,131
  -1,266
  -1,402
  -1,536
  -1,668
  -1,798
  -1,925
  -2,048
  -2,169
  -2,288
  -2,404
  -2,519
  -2,633
  -2,747
  -2,862
  -2,979
  -3,098
  -3,221
  -3,347
  -3,478
  -3,615
  -3,757
  -3,907
Prev. year cash balance distribution, $m
  788
  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
  134
  186
  252
  333
  432
  550
  687
  846
  1,025
  1,226
  1,448
  1,692
  1,956
  2,242
  2,547
  2,872
  3,216
  3,578
  3,960
  4,359
  4,777
  5,212
  5,666
  6,139
  6,630
  7,141
  7,672
  8,224
  8,797
  9,393
Cash available for distribution, $m
  890
  119
  139
  160
  183
  224
  321
  441
  588
  761
  951
  1,180
  1,436
  1,720
  2,030
  2,367
  2,729
  3,116
  3,527
  3,961
  4,418
  4,897
  5,397
  5,920
  6,464
  7,030
  7,619
  8,231
  8,866
  9,525
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
  854
  109
  121
  132
  142
  162
  217
  276
  338
  399
  452
  503
  546
  577
  596
  602
  594
  574
  543
  503
  457
  406
  354
  302
  251
  205
  164
  127
  97
  72
Current shareholders' claim on cash, %
  98.8
  97.9
  97.3
  97.0
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8

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 124.9
Price to Sales 11.7
Price to Book 31
Price to Tangible Book
Price to Cash Flow 42.6
Price to Free Cash Flow 70.2
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 $1536 million for the last fiscal year's total revenue generated by Incyte. The default revenue input number comes from 2017 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 38.9% 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 85.3%.

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 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 5.4% 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 8.7%.

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 40.2%.

Life of production assets of 10 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 -3.5%. 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 - $1631 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 205 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 $14.1 billion.

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COMPANY NEWS

▶ This stock sector most often beats analysts estimates   [Aug-06-18 04:00PM  MarketWatch]
▶ Incyte: 2Q Earnings Snapshot   [07:26AM  Associated Press]
▶ Could Gilead Merge With Pfizer Or Vertex To Solve Its CEO Problem?   [Jul-30-18 12:09PM  Investor's Business Daily]
▶ 10 Cancer-Fighting Health Care Stocks to Buy   [Jul-20-18 03:00PM  Kiplinger]
▶ Incyte to Report Second Quarter Financial Results   [Jul-12-18 08:00AM  Business Wire]
▶ After the Bell: Back From the Abyss   [Jun-26-18 05:01PM  Barrons.com]
▶ Former Incyte CEO Buys Slumping Nektar Shares   [Jun-11-18 02:58PM  Barrons.com]
▶ Here's Why Incyte Rose 10.2% in May   [Jun-08-18 09:37AM  Motley Fool]
▶ [$$] Gormley's Take: Searching for Better Cancer Drug Combinations   [May-29-18 07:30AM  The Wall Street Journal]
▶ Incyte to Present at Upcoming Investor Conferences   [May-24-18 08:00AM  Business Wire]
▶ Is Agenus Inc. (AGEN) a Buy?   [May-12-18 09:28AM  Motley Fool]
▶ Big Peninsula biotech buyout means happy returns for Kleiner Perkins, other VCs   [May-10-18 05:50PM  American City Business Journals]
▶ Biotech: Better Luck Next Time   [10:13AM  Barrons.com]
▶ Incyte to Present at Upcoming Investor Conference   [Apr-26-18 08:00AM  Business Wire]
▶ What Incyte's Phase 3 Fail Means for Immuno-Oncology   [Apr-16-18 05:01PM  Motley Fool]
▶ What's Next for Incyte?   [04:16PM  Motley Fool]
▶ What Happened With Incyte's IDO Inhibitor Flop   [Apr-13-18 06:01PM  Motley Fool]
▶ Why One Drug Flop Tanked Incyte's Stock   [Apr-12-18 06:00PM  Motley Fool]
▶ MARKETS: Welcome to the low volume, low liquidity algo-driven market   [Apr-10-18 02:05PM  Yahoo Finance Video]
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