Intercept Pharma (ICPT) Misses Q1 EPS by 52c; Revenues Beat; Raises FY19 Revenue Guidance

Intercept Pharma (NASDAQ: ICPT) reported Q1 EPS of ($3.03), $0.52 worse than the analyst estimate of ($2.51). Revenue for the quarter came in at $52.2 million versus the consensus estimate of $51.98 million.

• Positive results from pivotal Phase 3 REGENERATE study of OCA in patients with liver fibrosis due to NASH
• New Drug Application (NDA) filing in the U.S. for OCA in NASH projected in the third quarter of 2019
• Worldwide Ocaliva net sales of $51.8 million in the first quarter of 2019 representing 47% growth versus the prior year quarter
• Increasing 2019 Ocaliva net sales guidance range to between $235 and $245 million
• Updating 2019 non-GAAP adjusted operating expenses guidance range to between $470 and $500 million in connection with acceleration of NASH NDA filing and launch preparation activities

“Our Phase 3 REGENERATE readout demonstrating OCA’s anti-fibrotic benefit in patients with NASH has been a watershed moment for the liver community and underscores our unique competitive opportunity to become the first approved NASH therapy,” said Mark Pruzanski, M.D., President and Chief Executive Officer of Intercept. “I’m very pleased with the acceleration of our NASH NDA filing and launch preparations, as well as our continued strong commercial performance in PBC resulting in our increased 2019 Ocaliva net sales guidance.”

GUIDANCE:

Intercept Pharma sees FY2019 revenue of $235-245 million, versus the consensus of $236.9 million.

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

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