Incyte Corp
INCY
Services-Commercial Physical & Biological Research
Mkt Cap
$12.85BPE
17.24Debt
-Cash
$3.348BEV
-FCF
$790.8MP/E Ratio
17.24Debt
-Cash
$3.348BEV
-FCF
$790.8MCharts data: {"Earnings":[{"time":"2014-12-30","value":-48481000},{"time":"2015-12-30","value":6531000},{"time":"2016-12-30","value":104222000},{"time":"2017-12-30","value":-313142000},{"time":"2018-12-30","value":109493000},{"time":"2019-12-30","value":446906000},{"time":"2020-12-30","value":-295697000},{"time":"2021-12-30","value":948581000},{"time":"2022-12-30","value":340660000},{"time":"2023-12-30","value":597599000}],"Sales":[{"time":"2014-12-30","value":511495000},{"time":"2015-12-30","value":753751000},{"time":"2016-12-30","value":1105719000},{"time":"2017-12-30","value":1536216000},{"time":"2018-12-30","value":1881883000},{"time":"2019-12-30","value":2158759000},{"time":"2020-12-30","value":2666702000},{"time":"2021-12-30","value":2986267000},{"time":"2022-12-30","value":3394635000},{"time":"2023-12-30","value":3695649000}],"Net Margins":[{"time":"2014-12-30","value":-0.09478294020469408},{"time":"2015-12-30","value":0.008664665121505643},{"time":"2016-12-30","value":0.09425722086714618},{"time":"2017-12-30","value":-0.20383982460799782},{"time":"2018-12-30","value":0.05818268192018314},{"time":"2019-12-30","value":0.20701986650663645},{"time":"2020-12-30","value":-0.11088490577499849},{"time":"2021-12-30","value":0.317647752193625},{"time":"2022-12-30","value":0.10035246793837924},{"time":"2023-12-30","value":0.16170339769821215}],"Assets":[{"time":"2014-12-30","value":830069000},{"time":"2015-12-30","value":1007440000},{"time":"2016-12-30","value":1638597000},{"time":"2017-12-30","value":2302582000},{"time":"2018-12-30","value":2645762000},{"time":"2019-12-30","value":3426750000},{"time":"2020-12-30","value":3560918000},{"time":"2021-12-30","value":4933352000},{"time":"2022-12-30","value":5840984000},{"time":"2023-12-30","value":6782107000}],"Stockholders Equity":[{"time":"2014-12-30","value":-81628000},{"time":"2015-12-30","value":171155000},{"time":"2016-12-30","value":419467000},{"time":"2017-12-30","value":1630629000},{"time":"2018-12-30","value":1925967000},{"time":"2019-12-30","value":2598406000},{"time":"2020-12-30","value":2611268000},{"time":"2021-12-30","value":3770004000},{"time":"2022-12-30","value":4370119000},{"time":"2023-12-30","value":5189837000}],"ROE":[{"time":"2014-12-30","value":0.5939261037879159},{"time":"2015-12-30","value":0.03815839443779031},{"time":"2016-12-30","value":0.2484629303377858},{"time":"2017-12-30","value":-0.19203755115357327},{"time":"2018-12-30","value":0.05685092216014086},{"time":"2019-12-30","value":0.17199236762846146},{"time":"2020-12-30","value":-0.11323885560578233},{"time":"2021-12-30","value":0.25161273038437093},{"time":"2022-12-30","value":0.07795211068623074},{"time":"2023-12-30","value":0.11514793239171095}],"ROA":[{"time":"2014-12-30","value":-0.002070912177180451},{"time":"2015-12-30","value":0.052766417851187165},{"time":"2016-12-30","value":0.08919154618249636},{"time":"2017-12-30","value":-0.10585247344068528},{"time":"2018-12-30","value":0.048841505774139926},{"time":"2019-12-30","value":0.14259750492449114},{"time":"2020-12-30","value":-0.06460244240389697},{"time":"2021-12-30","value":0.11873813180166345},{"time":"2022-12-30","value":0.0992024631466205},{"time":"2023-12-30","value":0.12300233540992497}]}
Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia. Its clinical stage products include axatilimab, an anti-CSF-1R monoclonal antibody being developed as a therapy for patients with chronic GVHD as well as in additional immune-mediated diseases; and parsaclisib, a PI3Kd inhibitor which is in Phase II clinical trial for follicular lymphoma, marginal zone lymphoma, and mantel cell lymphoma. It also develops retifanlimab, is in Phase III clinical trials for squamous cell carcinoma of the anal canal and non-small cell lung cancer, and Fast Track designation for the treatment of metastatic MSI-H or DNA mismatch repair (dMMR) endometrial cancer; and INCB99280 and INCB99318 currently under Phase I for the treatment solid tumors. It has collaboration out- license agreements with Novartis, Lilly, Innovent, InnoCare, Maruho, and CMS Aesthetics Limited; and in- license agreements with Agenus, Merus, MacroGenics, Syros, MorphoSys, and Syndax. The company was incorporated in 1991 and is headquartered in Wilmington, Delaware.
DCF
Discounted Cash Flow Valuation of Incyte Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $790.8M | $1.028B | $1.308B | $1.628B | $1.98B | $2.354B | $2.734B | $3.098B | $3.425B | $3.691B | $3.876B | $38.76B |
| DCF | $893.9M | $988.9M | $1.07B | $1.132B | $1.17B | $1.182B | $1.165B | $1.12B | $1.049B | $958.1M | $9.581B | |
| Value | $20.31B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 46%
Earnings Stability 29%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 0.87% | 9.4% | -20% | 5.8% | 21% | -11% | 32% | 10% | 16% | 20% |
| ROA | 5.3% | 8.9% | -11% | 4.9% | 14% | -6.5% | 12% | 9.9% | 12% | 14% |
| ROE | 3.8% | 25% | -19% | 5.7% | 17% | -11% | 25% | 7.8% | 12% | 14% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +12.23%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +1.79%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +7.8%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +1.21%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +9.34%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +1.07%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 11.83 | 4.06 | -0.17 | 72.67 | 0.03 | - | - | - | - | - |
| Debt Equity | 4.38 | 1.79 | 0.02 | 9.91 | 0.01 | - | - | - | - | - |
| MIN | ||||||||||
| Graham Stability | - | - | -1.5K% | - | - | -360% | 100% | 93% | 100% | -1.5K% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is -.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -72.64.
What is the Graham’s Stability?
Graham’s Stability measure stands at -15.09.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 19% | 14% | 11% | 8.9% | -5.1% |
| Net Income | 28% | 40% | - | 75% | -210% |
| Stockholders Equity | 43% | 22% | 26% | 19% | -26% |
| FCF | 14% | 12% | - | -48% | -31% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +14.45%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is -5.1%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +40.41%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -206.44%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +21.93%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -26.24%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +12.05%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -31.16%.