Intercept Pharma Ocaliva sales up 29%; revised FY20 sales guidance

• Intercept Pharma (ICPT +7.6%) Q3 results:
• Ocaliva net sales: $79.5M (+29.0%).
• Net loss: ($65.5M) (+21.6%); loss/share: ($1.92) (+22.4%) vs consensus of ($1.94).
• Cash, cash equivalents, restricted cash and investment debt securities, available for sale of $496.8M.
• Productive Type A Meeting held with FDA on NASH Fibrosis Program.
• In June, the FDA rejected the company's marketing application seeking approval to use obeticholic acid to treat liver fibrosis due to NASH. The REGENERATE outcomes phase is ongoing and expects the Phase 3 REVERSE study in NASH patients with compensated cirrhosis to read out by the end of next year.
• 2020 guidance: Ocaliva net sales: $310M - 320M from $300M - 320M, the midpoint for analyst expectation is $311.9M; non-GAAP adjusted operating expenses of $460M-480M.
• https://seekingalpha.com/news/3633754-intercept-pharma-ocaliva-sales-up-29-revised-fy20-sales-guidance