Despite Full NASH Pipeline, No-Moat Intercept Could Be First to Market
Intercept reported fourth-quarter product sales of about $53 million, slightly above our expectations and representing 42% growth from last year. While quarterly sales growth was lumpy this year, full-year sales of $178 million were up 38% from last year, within our expectations and management guidance. The company reported a net loss of $88 million for the quarter and $309 million for the full year, an improvement from $111 million and $360 million last year. We don't anticipate any material ch...Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of therapeutics to treat progressive non-viral liver diseases. The company's marketed product, Ocaliva? (obeticholic acid or OCA), is an farnesoid X receptor agonist approved in the U.S., the European Union and several other jurisdictions for the treatment of primary biliary cholangitis in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. In addition to, the company is developing OCA for multiple indications, including nonalcoholic steatohepatitis.
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