Intra-Cellular (ITCI) Q2 Earnings & Sales Top, '23 View Raised
Intra-Cellular Therapies ITCI incurred a loss of 45 cents per share in the second quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of 62 cents. The reported loss was also narrower than the year-ago quarter’s loss of 92 cents per share. This was due to higher product sales.
Total revenues, comprising product sales and grant revenues, came in at $110.8 million compared with $55.6 million in the year-ago period. The top line beat the Zacks Consensus Estimate of $107 million.
Shares of the company have gained 11.3% in the year-to-date period against the industry’s decline of 12.9%.
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Quarter in Detail
Caplyta, the only approved drug in Intra-Cellular’s portfolio, was approved by the FDA in December 2019, for treating schizophrenia in adults. The drug also received FDA approval for treating bipolar depression in December 2021. Post this approval, Caplyta sales have increased tremendously.
Net product revenues, comprising Caplyta sales, were up 100% year over year to $110.1 million from $55.1 million in the prior-year period on the back of strong prescription uptake.
Per management, Caplyta prescriptions increased 96% year over year in the second quarter of 2023 and 13% sequentially.
Research and development (R&D) expenses increased 29.4% to $49.8 million from the year-ago quarter’s figure. This uptick was due to higher lumateperone program costs.
Selling, general and administrative (SG&A) expenses were relatively flat year over year. The SG&A expenses of $101 million were incurred on account of marketing and advertising costs.
As of Jun 30, 2023, ITCI had cash, cash equivalents, restricted cash and investment securities of $514.6 million compared with $540.5 million as of Mar 31, 2023.
2023 Guidance Updated
The company increased its Caplyta net product sales in the range of $445-$465 million (previously $430-$455 million) for the full-year 2023.
Intra-Cellular, however, maintained its full-year 2023 SG&A expenses guidance of $420-$450 million and R&D expenses guidance of $195-$220 million.
Pipeline Updates
Intra-Cellular is currently evaluating 42 mg of lumateperone in several late-stage studies, as a treatment for major depressive disorder (MDD). The company expects top-line results from Study 501 in the first quarter of 2024 and Study 502 in the second quarter of 2024. Based on the results, the company intends to file a supplemental new drug application seeking approval for lumateperone as adjunctive therapy to antidepressants for the treatment of MDD with the FDA in 2024.
Intra-Cellular Therapies Inc. Price, Consensus and EPS Surprise
Intra-Cellular Therapies Inc. price-consensus-eps-surprise-chart | Intra-Cellular Therapies Inc. Quote
Zacks Rank and Stocks to Consider
Intra-Cellular currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the overall medical sector are J&J JNJ, ADC Therapeutics ADCT and ADMA Biologics, Inc. ADMA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for J&J’s 2023 earnings per share has increased from $10.66 to $10.74. During the same period, the estimate for JNJ’s 2024 earnings per share has increased from $11.01 to $11.29. Year to date, shares of JNJ have lost 3.2%.
JNJ beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 5.58%.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics’ 2023 loss per share has widened from $2.60 to $2.61. During the same period, the estimate for ADC Therapeutics’ 2024 loss per share narrowed from $2.75 to $2.55. Year to date, shares of ADCT have lost 60.9%.
ADCT beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 14 cents to 8 cents. The consensus estimate for 2024 earnings is currently pegged at 7 cents per share. Year to date, shares of ADMA have gained 6.7%.
ADMA beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 19.13%.
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