Intercept's OCA is the most advanced NASH candidate in development, but the pipeline is crowded.
After a first-quarter sequential drop in Intercept's Ocaliva, or OCA, sales from seasonality and safety concerns, we were pleased to see OCA ramp back up with a 23% sequential increase and year-over-year growth of over 40%. OCA sales are on track with our full-year expectation of $185 million, which corresponds to the upper boundary of management's reaffirmed guidance. Given the no-moat company's in-line results from the second quarter, we are maintaining our fair value estimate of $158 per shar...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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