ICPT - Intercept Pharma up 13% following Q2 revenue increase NASH NDA resubmission

• Intercept Pharma ( NASDAQ: ICPT ) is up 13% after reporting growth in Q2 2022 revenue compared to the prior-year period and indicating it would resubmit an NDA for Ocaliva for non-alcoholic steatohepatitis ( NASH ).
• Intercept ( ICPT ) said following a meeting with the U.S. FDA in July, it plans on resubmitting the Ocaliva (obeticholic acid) NDA in NASH by the end of the year.
• Revenue of ~$71.8M was a 5% year-over-year-increase.
• Intercept also saw its net loss in the quarter narrow ~32% compared to Q1 2022 to $7.5M.
• The company decreased Ocaliva non-GAAP adjusted net sales guidance to $325M-$345M from $375M-$405M, and also adjusted its operating expense guidance . The guidance changes were due to Intercept's $405M deal to divest its international business with Advanz Pharma , which was finalized on July 1.
• Intercept ( ICPT ) ended the quarter with $412.3M in cash and cash equivalents compared to $427.8M on Dec. 31, 2021.
• Seeking Alpha's Quant Rating views Intercept ( ICPT ) as a buy with high grades for profitability, valuation, and revisions .

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