Incyte Corp

Health Care
Biotechnology: Commercial Physical & Biological Resarch
www.incyte.com

Earnings Score
Moat Score

Market Cap $14.62B
PE -25
Debt $NaN
Cash $1.31B
EV $NaN
FCF -$369.50M

Earnings

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Sales & Net Margins

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Earnings	-$596.65M
EBIT	-$595.15M
ROE	-19%
ROA	-12%
FCF	-$369.50M
Equity	$3.17B
Growth Stability	-2K%
PE	-24.51
PEG	35.81
PB	4.61
P/FCF	-39.58
P/S	59.03
Price/Cash	0.09
Net Margins	-6%
Gross Margins	88%
Op. Margins	-240%
Earnings CAGR	11%
Sales Growth YoY	12%
Sales CAGR	6%
FCF CAGR	9%
Equity CAGR	42%
Earnings Stability	0.19
Earnings Growth YoY	-47%

Earnings CAGR 5Y	-1%
Sales CAGR 5Y	-23%
FCF CAGR 5Y	2%
Equity CAGR 5Y	16%
Earnings CAGR 3Y	-61%
Sales CAGR 3Y	-61%
FCF CAGR 3Y	-1%
Equity CAGR 3Y	-5%
Market Cap	$14.62B
Revenue	$247.76M
Assets	$5.01B
Cash	$1.31B
Shares Outstanding	192.63M
Earnings Score	10%
Moat Score	6%
Working Capital	1.31B
Current Ratio	1.87
Gross Profit	$218.21M
Shares Growth 3y	-4%
Equity Growth QoQ	6%
Equity Growth YoY	-39%

Assets & ROA

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Stockholders Equity & ROE

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Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis. Incyte's pipeline includes a broad array of oncology and dermatology programs.

SEC Filings

Direct access to Incyte Corp (INCY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Incyte Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Incyte Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 19%

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Incyte Corp Discounted Cash Flow

Fully customizable DCF calculator online for Incyte Corp.

Years

Calculation mode

= -$6.9B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$369M	-$403M	-$439M	-$479M	-$523M	-$570M	-$622M	-$678M	-$739M	-$806M	-$880M	-$8.8B
DCF		-$366M	-$363M	-$360M	-$357M	-$354M	-$351M	-$348M	-$345M	-$342M	-$339M	-$3.4B
Value	-$6.9B

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	05/2024	TTM
Net Margins	-9%	1%	9%	-20%	6%	21%	-11%	32%	10%	16%	-	-6%
ROA	-	5%	9%	-11%	5%	14%	-6%	12%	10%	12%	-	-12%
ROE	-	4%	25%	-19%	6%	17%	-11%	25%	8%	12%	-	-19%

Bad Net Margins (-5.51%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	05/2024	TTM
Debt over FCF	-	11.83	4.06	-0.17	72.67	0.03	-	-	-	-	-	-
Debt over Equity	-18.74	4.38	1.79	0.02	9.91	0.01	-	-	-	-	-	-
Growth Stability	-	-	-	-2K%	-	-	-365%	100%	93%	100%	-	-2K%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-2K%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	05/2024	CAGR 5Y
Revenue YoY growth	-	47%	47%	39%	23%	15%	24%	12%	14%	9%	-	-23%
Earnings YoY growth	-	-113%	1K%	-400%	-135%	308%	-166%	-421%	-64%	75%	-	-1%
Equity YoY growth	-	-310%	145%	289%	18%	35%	0%	44%	16%	19%	-	16%
FCF YoY growth	-	-4K%	191%	-211%	-229%	141%	-149%	-282%	57%	-48%	-	2%