ICPT - Intercept Pharma beats Q2 top and bottom line estimates; updates FY23 outlook

2023-08-02 07:06:46 ET

• Intercept Pharma press release ( NASDAQ: ICPT ): Q2 GAAP EPS of -$0.14 beats by $0.38 .
• Revenue of $83.72M (+16.7% Y/Y) beats by $4.15M.
• As of June 30, 2023, Intercept had cash, cash equivalents, restricted cash, and investment debt securities available for sale of $415.0 million. As of December 31, 2022, Intercept had cash, cash equivalents, restricted cash, and investment debt securities available for sale of approximately $490.9 million.
• Company updates full-year 2023 Ocaliva net sales guidance to $320 million to $340 million vs. consensus of $320.38M; reiterates non-GAAP adjusted operating expense guidance of $350 million to $370 million.
• The Company remains on track to achieve an expected net reduction in annual non-GAAP adjusted operating expenses of approximately $140 million – relative to updated 2023 non-GAAP adjusted operating expense guidance.

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