BMY - Intra-Cellular Therapies Is On Fire

2024-03-11 19:11:51 ET

Summary

• Intra-Cellular Therapies' flagship drug, CAPLYTA, saw a 63% increase in the number of psychiatrists prescribing it in 2023.
• The company is seeking FDA approval to expand CAPLYTA's use to treat Major Depressive Disorder.
• CAPLYTA's growing acceptance contributed to a 50% YoY increase in revenue for Intra-Cellular Therapies in Q4 2023.

Investment Thesis

Intra-Cellular Therapies ( ITCI ) flagship drug is getting a lot of love from US doctors. In 2023, the number of psychiatrists prescribing CAPLYTA, a drug used for treating schizophrenia and bipolar depression 'BD,' jumped 63%, reaching a total of 36,000 physicians. That's a lot, especially when you think about how there are only 59,000 psychiatrists in the US. Here's the kicker. The growth of prescriptions outpaced that of prescribers in 2023 (85% vs 63%). This means that not only more doctors are prescribing CAPLYTA, but those already prescribing it are doing so more frequently. This is like getting a two-for-one deal on growth for 2024. But that's not all....

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