Intercept Pharma rises as Q2 revenue beat estimates

Intercept Pharmaceuticals

02/08/2023 13:35

** Shares of Drugmaker Intercept Pharmaceuticals Inc
 ICPT.O  up 9.1% at $11.45 premarket
    ** Co reported total Q2 rev of $83.7 mln helped by sales
growth of its liver disease drug, Ocaliva; beat analysts ests.
of $79.57 mln, as per Refinitiv data
    ** Q2 rev increased 16.6% vs $71.8 mln in net sales in the
prior year's quarter
    ** ICPT updates FY 2023 Ocaliva net sales guidance to $320
mln-$340 mln from $310 mln-$340 mln range
    ** Says restructuring plan is on track to reduce operating
expenses by approximately $140 mln, expects to achieve
meaningful profitability in 2024 
    ** In June, the FDA declined to grant accelerated approval
to ICPT's drug to treat NASH, a type of fatty liver disease
    ** Co decided to discontinue all NASH-related investment,
reduce about one-third of its workforce, focus operations on
rare and serious liver diseases 
    ** As of last close, stock down 15.12% this year

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))