Incyte (NAS:INCY) Intrinsic Value: Projected FCF

: $34.48 (As of Today)

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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.

As of today (2023-03-24), Incyte's Intrinsic Value: Projected FCF is $34.48. The stock price of Incyte is $70.06. Therefore, Incyte's Price-to-Intrinsic-Value-Projected-FCF of today is 2.0.

The historical rank and industry rank for Incyte's Intrinsic Value: Projected FCF or its related term are showing as below:

INCY' s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 1.98 Med: 6.18 Max: 135.56
Current: 2.03

During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Incyte was 135.56. The lowest was 1.98. And the median was 6.18.

INCY's Price-to-Projected-FCF is ranked better than
63.64% of 198 companies
in the Biotechnology industry
Industry Median: 3.02 vs INCY: 2.03

Incyte Intrinsic Value: Projected FCF Historical Data

The historical data trend for Incyte's Intrinsic Value: Projected FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Incyte Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Intrinsic Value: Projected FCF

10.29

19.57

16.75

26.43

34.48

Incyte Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Intrinsic Value: Projected FCF																26.43	27.96	29.41	32.62	34.48

Competitive Comparison

For the Biotechnology subindustry, Incyte's Intrinsic Value: Projected FCF, along with its competitors' market caps and Intrinsic Value: Projected FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

Incyte Intrinsic Value: Projected FCF Distribution

For the Biotechnology industry and Healthcare sector, Incyte's Intrinsic Value: Projected FCF distribution charts can be found below:

* The bar in red indicates where Incyte's Intrinsic Value: Projected FCF falls in comparison to its industry or sector. The grey bar indicates the Intrinsic Value: Projected FCF's extreme value range as defined by GuruFocus.

Incyte Intrinsic Value: Projected FCF Calculation

Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.

The details of how we calculate the intrinsic value of stocks are described in detail here.

This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + 0.8 * Total Stockholders Equity (most recent) ) / Shares Outstanding (Diluted Average)

In the case of negative Total Stockholders Equity, the following formula is used (see Explanation section below for the reason):

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + Total Stockholders Equity (most recent) / 0.8 ) / Shares Outstanding (Diluted Average)

Add all the Free Cash Flow together and divide 6 will get Incyte's Free Cash Flow(6 year avg) = $306.95.

Incyte's Intrinsic Value: Projected FCF for today is calculated as

Intrinsic Value: Projected FCF	=	(Growth Multiple	*	Free Cash Flow (6 year avg)	+	Total Stockholders Equity (Dec22)	*	0.8)	/	Shares Outstanding (Diluted Average)
	=	(13.878285919786	*	306.9512	+	4370.119	*	0.8)	/	224.954
	=	34.48

Incyte (NAS:INCY) Intrinsic Value: Projected FCF Explanation

The growth multiple is capped between 8.35 and 17.74.

Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.

Incyte's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as

Price-to-Intrinsic-Value-Projected-FCF	=	Share Price	/	Intrinsic Value: Projected FCF
	=	70.06	/	34.478389879804
	=	2.03

Incyte Intrinsic Value: Projected FCF Related Terms

Thank you for viewing the detailed overview of Incyte's Intrinsic Value: Projected FCF provided by GuruFocus.com. Please click on the following links to see related term pages.

Incyte (NAS:INCY) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Incyte Corp (NAS:INCY) » Definitions » Intrinsic Value: Projected FCF

Comparable Companies

Traded in Other Exchanges

ICY:Germany I1NC34:Brazil

Address

1801 Augustine Cut-Off, Wilmington, DE, USA, 19803

Website

https://www.incyte.com

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.

Executives

Susanne Schaffert	director	C/O RUBIUS THERAPEUTICS, INC., 399 BINNEY STREET, SUITE 300, CAMBRIDGE MA 02139
Thomas Tray	officer: Principal Accounting Officer	C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Otis W Brawley	director	5203 BRISTOL INDUSTRIAL WAY, BUFORD GA 30518
Katherine A High	director	3737 MARKET STREET, SUITE 1300, PHILADELPHIA PA 19104
Edmund Harrigan	director
Michael James Morrissey	officer: EVP, Head of Tech. Operations	IN CARE OF INCYTE CORPORATION, 1801 AUGUSTINE CUT OFF, WILMINGTON DE 19803
Jonathan Elliott Dickinson	officer: EVP, General Manager, Europe	CARE OF INCYTE CORPORATION, 1801 AUGUSTINE CUT OFF, WILMINGTON DE 19803
Christiana Stamoulis	officer: EVP & Chief Financial Officer	C/O VERTEX PHARMACEUTICALS INCORPORATED, 130 WAVERLY ST, CAMBRIDGE MA 02139
Dashyant Dhanak	officer: EVP & Chief Scientific Officer	C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Maria E Pasquale	officer: EVP & General Counsel	C/O INCYTE CORPORATION, 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Jacqualyn A Fouse	director	C/O DICK'S SPORTING GOODS, 345 COURT STREET, CORAOPOLIS PA 15108
Vijay K Iyengar	officer: EVP GPS, BD, & Licensing	1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Steven H Stein	officer: EVP & Chief Medical Officer	1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Paul Trower	officer: VP, Finance & Prin Acc Officer	1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Paul J Clancy	director	C/O BIOGEN IDEC INC., 14 CAMBRIDGE CENTER, CAMBRIDGE MA 02142