Categories Earnings, Health Care

Intercept Pharmaceuticals posts Q3 miss, stock slips

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.

READ: Amarin’s Q3 results top estimates

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.”

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top