Incyte Corporation (INCY) vs Insmed, Inc. (INSM)

Incyte Corporation and Insmed, Inc. are both Biotechnology companies. Incyte Corporation and Insmed, Inc. are of similar size ($26.8B and $25.5B). Insmed, Inc. has negative trailing earnings, so its P/E is not meaningful; Incyte Corporation trades at 15.2×. Insmed, Inc. grew revenue faster over the last twelve months: 185.8% against 26.9%. Incyte Corporation has the higher net margin (27.7% vs −76.9%) and the higher return on invested capital (60.5% vs −329.2%). Across the 18 metrics below, Incyte Corporation leads on 16 and Insmed, Inc. on 2.

Valuation

Metric INCY INSM Biotechnology median
P/E 15.24 n/m 7.88
P/S 4.27 22.51 11.47
P/B 3.91 33.81 2.52
Price to free cash flow 13.13 n/m 21.16
EV/EBITDA 10.83 n/m 0.74
EV/Sales 3.49 22.18 10.73
Earnings yield 6.56% (3.49%) (28.84%)
Free cash flow yield 7.62% (3.15%) (23.03%)

Profitability

Metric INCY INSM Biotechnology median
Gross margin 92.62% 83.46% 65.16%
Operating margin 30.56% (73.89%) 0.00%
Net margin 27.71% (76.94%) 0.00%
Free cash flow margin 32.48% (71.00%) 0.00%
Return on equity 30.67% (87.22%) (57.72%)
Return on assets 23.55% (38.20%) (49.22%)
Return on invested capital 60.50% (329.22%) 0.00%

Growth

Metric INCY INSM Biotechnology median
Revenue growth (TTM) 26.93% 185.76% 5.64%
EPS growth (last fiscal year) 4,173.33% (15.26%) —
Revenue growth, 5-year CAGR 14.03% 29.83% 8.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric INCY INSM Biotechnology median
Debt to equity 0.00 0.74 0.00
Current ratio 4.59 3.72 4.73
Net debt to EBITDA (2.21) 0.71 0.96

Dividend

Metric INCY INSM Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric INCY INSM Biotechnology median
Market cap 25.48b 26.84b 162.10m

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