Intra-Cellular Therapies Inc (ITCI) Reports Q3 2023 Earnings, Raises Sales Guidance
Intra-Cellular Therapies Inc (NASDAQ:ITCI) reported Q3 2023 total revenues of $126.2 million, a significant increase from $71.9 million in Q3 2022.
Net product sales of CAPLYTA for Q3 2023 were $125.8 million, a 75% increase from the same period in 2022.
ITCI raised its 2023 CAPLYTA net product sales guidance to $460 - $470 million.
The company continues to advance its pipeline, including additional lumateperone development programs.
On November 2, 2023, Intra-Cellular Therapies Inc (NASDAQ:ITCI) announced its financial results for the third quarter ended September 30, 2023. The biopharmaceutical company, which focuses on the development and commercialization of therapeutics for central nervous system (CNS) disorders, reported a significant increase in total revenues and net product sales of CAPLYTA.
Financial Highlights
ITCI reported total revenues of $126.2 million for Q3 2023, compared to $71.9 million for the same period in 2022. Net product sales of CAPLYTA were $125.8 million for Q3 2023, compared to $71.9 million for the same period in 2022, representing a year-over-year increase of 75% and a 14% sequential increase over the second quarter of 2023.
Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies, commented on the results, stating,
Our third quarter results represent another period of significant CAPLYTA growth, and we are again increasing our revenue guidance for the full year 2023. We continue to solidify CAPLYTAs position as an important option in the treatment of bipolar depression and schizophrenia and we remain focused on advancing our pipeline, including additional lumateperone development programs."
Fiscal 2023 Financial Outlook
ITCI raised its 2023 CAPLYTA net product sales guidance to $460 - $470 million. The company's financial outlook reflects the strong prescription uptake of CAPLYTA, with Q3 2023 total prescriptions increasing by 71% compared to the same period in 2022.
Balance Sheet Overview
As of September 30, 2023, ITCI reported total assets of $717.7 million, including cash and cash equivalents of $99.4 million and investment securities of $393.6 million. The company's total liabilities stood at $116.9 million, while stockholders' equity amounted to $600.7 million.
Research and Development Highlights
ITCI continues to advance its pipeline, including additional lumateperone development programs. The company's ongoing Phase 2 clinical trial for its Parkinsons disease program, Lenrispodun (ITI-214), aims to evaluate improvements in motor symptoms in patients with PD. Additionally, ITCI's Phase 1 single ascending dose study for its cancer immunotherapy program, ITI-1020, is ongoing and aims to evaluate the pharmacokinetics, safety, and tolerability of different doses of ITI-1020.
Explore the complete 8-K earnings release (here) from Intra-Cellular Therapies Inc for further details.
This article first appeared on GuruFocus.
