Intercept's 2Q Results Start to See Trickles of Ocaliva Sales, but NASH Remains Key Driver
Since Intercept’s encouraging second-quarter results mainly tracked our expectations, we do not plan on changing our $245 per share fair value estimate. Ocaliva (obeticholic acid, or OCA) was approved by the U.S. Food and Drug Administration for primary biliary cholangitis, or PBC, this May, as anticipated. While the approval marks an important milestone and opens the company up to $400 million in peak sales by our estimates, we believe OCA’s potential in the nonalcoholic steatohepatitis, or NAS...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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