Intercept Reports Narrower Q3 Loss; Raises Ocaliva Annual Sales Guidance

Intercept Pharmaceuticals Inc ICPT reported Q3 sales of $92.8 million, up 17% Y/Y, surpassing the consensus of $83.02 million.
Ocaliva net sales comprised U.S. net sales of $66.6 million and ex-U.S. net sales of $26.2 million, compared to $58.6 million and $20.9 million a year ago.
The Company expects topline results from the Phase 3 REVERSE study in compensated cirrhosis due to NASH by the end of 2021.
Intercept is also compiling a new data package from the Phase 3 REGENERATE study in fibrosis due to NASH to support a potential resubmission meeting with the FDA in 1H of 2022.
R&D expenses decreased to $45.0 million from $48.9 million in the prior-year quarter, primarily driven by lower personnel and development costs.
SG&A expenses decreased to $53.3 million from $70.6 million, primarily driven by actions taken to reduce costs relating to launching preparation activities associated with the potential approval and commercialization of OCA for liver fibrosis due to NASH.
The Company posted a narrower net loss of $3.6 million, compared to $66.5 million a year ago.
ICPT ended Q3 with cash, cash equivalents, restricted cash, and investment debt securities available for sale of approximately $428.8 million.
Guidance: Intercept raised FY21 Ocaliva net sales guidance to $355 million - $370 million from $325 million - $340 million.
The Company also narrowed adjusted operating expense guidance to $380 million - $395 million from $380 million - $410 million.
Price Action: ICPT shares are up 10.5% at $19.28 during the market session on the last check Wednesday.

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Intercept Reports Narrower Q3 Loss; Raises Ocaliva Annual Sales Guidance