Intercept Pharma (ICPT) Posts Q1 Loss of $5.17/Share

Intercept Pharma (NASDAQ: ICPT) reported Q1 EPS of ($5.17), $1.57 worse than the analyst estimate of ($3.60). Revenue for the quarter came in at $445 thousand versus the consensus estimate of $860 thousand.

Cash Position & 2016 Operating Guidance

As of March 31, 2016, Intercept had cash, cash equivalents and investment securities available for sale of approximately $556.9 million, compared to $628.1 million as of December 31, 2015. The cash payment for the $45 million net expense for the settlement of the purported class action lawsuit is anticipated to be made in the second quarter of 2016.

Intercept continues to project adjusted operating expenses in the range of $360 million to $400 million for the fiscal year ending December 31, 2016, which excludes the one-time net expense of $45.0 million for the settlement of the purported securities class action lawsuit, stock-based compensation and other non-cash items. These expenses are planned to support the continued clinical development programs for OCA in PBC, NASH and PSC, increased OCA manufacturing activities, the continued development of INT-767 and other preclinical programs, as well as pre-commercial and commercial activities in both the U.S. and internationally. We expect our expenses to be more heavily weighted towards the second half of the year.

Other than the net class action lawsuit settlement amount, which is a one-time expense, Intercept anticipates that stock-based compensation expense will represent the most significant non-cash item that is excluded in adjusted operating expenses as compared to operating expenses under GAAP. Adjusted operating expense is a financial measure not calculated in accordance with GAAP.

For earnings history and earnings-related data on Intercept Pharma (ICPT) click here.

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