Intercept Pharma (ICPT) Tops Q4 EPS by 4c

Intercept Pharma (NASDAQ: ICPT) reported Q4 EPS of ($1.63), $0.04 better than the analyst estimate of ($1.67). Revenue for the quarter came in at $405 thousand versus the consensus estimate of $430 thousand.

During 2014, expenditures in the OCA development program increased by $34.8 million as Intercept focused its resources on completing the work and studies necessary for its planned New Drug Application and Marketing Authorization Application filings for OCA for the treatment of PBC, which are currently planned to be completed during the first half of 2015. In addition, Intercept also expanded its pre-commercialization activities resulting in an increase of approximately $6.8 million in expenses. Intercept also increased its operating costs such as legal, office and technology related expenses by approximately $5.1 million. In 2014, Intercept had an increase in cash compensation expenses of $12.4 million, primarily due to an overall increase in the personnel base by 96 employees.

As previously described, for the full year 2015, Intercept continues to project adjusted operating expenses in the range of $180 to $200 million, which exclude stock-based compensation and other non-cash items. These expenses will support the clinical development program for OCA in PBC, NASH and PSC, expansion of Intercept's clinical, regulatory, medical affairs and commercial infrastructure in the United States and Europe, expansion of OCA manufacturing activities, as well as advancement of INT-767 and other preclinical pipeline programs. Adjusted operating expense, as presented above, is a non-GAAP financial measure. 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.

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

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