Categories Earnings, Other Industries

Intercept Pharmaceuticals beats in Q2, keeps full-year outlook unchanged

Intercept Pharmaceuticals (NASDAQ: ICPT) on Wednesday reported second-quarter results that surpassed Wall Street expectations, riding on the strong growth of its liver treatment Ocaliva.

Second-quarter revenue rose 52% to $66.3 million, as Ocliva sales improved 53% year-over-year. This was better than the Wall Street projection of $58.7 million.

pharma stocks
Image for representation (Photo by Drew Hays on Unsplash)

Meanwhile, the company reported a net narrower loss of $71.4 million, or $2.28 per share, compared to $75.2 million, or $2.58 per share in the prior year quarter. Analysts had projected a wider loss of $2.60 per share.

The New York-based biotech did not change its 2019 Ocaliva net sales guidance range, which was projected between $235 million and $245 million. Guidance for adjusted operating expenses was also kept unchanged in the range of $470 million to $500 million.

READ: What is NASH and which biotech firms are vying for the first-mover status

Intercept shares ended their last trading session up 3.36% on Tuesday. ICPT stock is down 50% in the past four months, after the company reported some side effects including itching for Ocaliva when used in the treatment for NASH (nonalcoholic steatohepatitis), despite positive data from phase 3 trials.

Though Ocaliva is the most advanced drug being tested for this liver disease, investors remained cautious as rival Gilead Sciences’ (NASDAQ: GILD) phase 2 NASH candidate does not report these side-effects.

READ: Intercept stock surges on positive data from liver fibrosis drug study

Gilead’s own most advanced NASH candidate selonsertib had earlier this year failed in the Phase 3 efficacy tests.

Executive Vice President of Intercept’s Research & Development said, “As the only Phase 3 study currently being conducted in this more advanced segment of the NASH population, we’ve been pleased with the strong momentum we’ve seen in screening and randomization rates, and even after expanding REVERSE, remain on track to complete target enrollment this year.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

MU Earnings: Micron’s Q4 profit declines but beats estimates

Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted

What are Philip Morris’ (PM) anticipations for the near term?

Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,

Key highlights from CarMax (KMX) Q2 2023 earnings results

CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,

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