Intercept Pharma (ICPT): Symphony Data Shows Ocaliva Continuing To Grow - Wedbush
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Wedbush analyst, Liana Moussatos, reiterated her Outperform rating on shares of Intercept Pharmaceuticals (NASDAQ: ICPT) after weekly Symphony Health sales and volume estimates for Ocaliva were slightly under $1.1MM and just over 190 pack units (both up ~11% w/w).
New prescriptions accounted for ~54% of total sales and ~46% were from refill prescriptions. Ocaliva was granted accelerated approval by FDA on May 27, 2016 and launched by Intercept early in June for the treatment of primary biliary cholangitis (PBC). The company disclosed that annual list price (ALP) is $69,350/patient/year or monthly wholesale acquisition cost (WAC) of $5,700 for a 30- day prescription.
No change to the 12-month price target of $224, calculated using a sum of parts for each treatment/disease with each calculated using a 30% annual discount from peak annual sales projection then applying a 1-10x multiple depending on stage of development.
Shares of Intercept Pharmaceuticals closed at $114.28 yesterday.
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