Intercept Pharmaceuticals (NASDAQ: ICPT) on Tuesday reported third-quarter results that missed Wall Street expectations, but raised its guidance for the full year.
Second-quarter revenue rose 32% to $61.9 million, as Ocliva sales improved 32% year-over-year. This was lower than the Wall Street projection of $63.18 million.
Meanwhile, the company reported a wider loss of $84.8 million, or $2.59 per share, compared to $64.5 million, or $2.18 per share in the prior year quarter. Analysts had projected a narrower loss of $2.43 per share.
Meanwhile, the New York-based biotech firm raised its 2019 Ocaliva net sales guidance range to between $245 million – $250 million, from the prior estimate of $235 million – $245 million. Intercept Pharmaceuticals also narrowed its 2019 adjusted operating expenses guidance range to between $480 million and $500 million, from prior forecast of $470 million – $500 million.
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ICPT shares were down over 2% immediately following the announcement. The stock has slipped 22% since the beginning of this year.
The company added that it has submitted its NDA seeking accelerated approval of OCA for NASH in the U.S.
CEO Mark Pruzanski said, “With the submission behind us, we are actively preparing to launch the first therapy for advanced fibrosis due to NASH and our pre-launch disease state educational activities are accelerating with the continued expansion of our sales, medical and market access teams.”