Intercept Pharmaceuticals (NASDAQ:ICPT) isn't exactly having a summer to remember, but the second-quarter results it delivered early Monday were quite encouraging.
For the period, the company's total revenue came in at $77.2 million, up 16% year over year. Its net loss narrowed over that stretch of time to $63.3 million ($1.92 per share) from its Q2 2019 deficit of $71.4 million.
On average, analysts had estimated Intercept would book just under $72.2 million in revenue, and suffer a $2.92 per share bottom-line loss.
The one drug Intercept has on the market, Ocaliva, treats primary biliary cholangitis (PBC), a rare autoimmune disease affecting the liver. Originally approved by the Food and Drug Administration in 2016, Ocaliva was responsible for all of the company's Q2 revenue.
"Our PBC business achieved its highest quarterly net sales to date in the second quarter," noted CEO Mark Pruzanski. "We plan to continue to invest in our growing PBC business."
In its earnings release, Intercept guided for $300 million to $320 million in net sales for Ocaliva.
In late June, Intercept suffered a setback when its latest regulatory application failed. This was for Ocaliva to be cleared for use as a treatment for liver fibrosis deriving from non-alcoholic steatohepatitis (NASH) -- the most severe form of non-alcoholic fatty liver disease (NAFLD). The FDA essentially rejected this via a complete response letter. The company said it aims to file an updated application.
Investors were satisfied with Intercept's latest quarterly results; they bid the stock up by more than 8% on Monday, a rate that easily topped the gains of the wider equity market.