Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Q4 2023 Earnings Call Transcript
Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Q4 2023 Earnings Call Transcript February 22, 2024
Intra-Cellular Therapies, Inc. beats earnings expectations. Reported EPS is $-0.3, expectations were $-0.44. Intra-Cellular Therapies, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, ladies and gentlemen, and welcome to Intra-Cellular Therapies' Fourth Quarter and Year-End Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please note that today's conference is being recorded. I would now like to turn the conference over to Dr. Juan Sanchez, Vice President, Corporate Communication and Investor Relations. Please go ahead.
Juan Sanchez: Good morning, and thank you all for joining us on our fourth quarter and full-year 2023 earnings call. Joining me on the call today are Dr. Sharon Mates, Chairman and Chief Executive Officer; Mark Neumann, Chief Commercial Officer; Dr. Suresh Durgam, Chief Medical Officer; and Larry Hineline, Chief Financial Officer. As a reminder, during today's call, we will be making certain forward-looking statements. These forward-looking statements are based on current information, assumptions, and expectations. These are subject to change and involve a number of risks and uncertainties that might cause actual results to differ materially from those contained in the forward-looking statements. These and other risks are described in our periodic filings made with the Securities and Exchange Commission, including our quarterly and annual reports.
You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligations to update such statements. Sharon?
Sharon Mates: Thanks, Juan. Good morning, everyone, and welcome to today's call. We're excited to share our results for the fourth quarter and the full-year 2023. This past year was defined by strong and consistent growth throughout our company. We achieved major milestones as we established CAPLYTA as a key treatment option for broad patient populations with bipolar depression and schizophrenia. We also advanced our pipeline programs, and look forward to announcing top line results in our major depressive disorder study, Study 501 and Study 502. Our full-year 2023 total revenues were $464 million. CAPLYTA net sales in 2023 were $462 million, compared to $249 million in 2022, representing an 86% increase. Similarly, total scripts grew by 85% in 2023, compared to 2022.
Demand for CAPLYTA remains strong. Our well-executed commercial efforts continue to drive prescription growth from both new and existing prescribers. We anticipate continuing strong demand for CAPLYTA. Based on this positive momentum, I am pleased to report that we expect full-year 2024 CAPLYTA net product sales to be in the range of $645 million to $675 million. Mark will elaborate on our commercial performance and plans for this year in a moment, and then Larry will share additional details regarding our financials. We continue to strategically invest in our pipeline, and we anticipate further advancements in several of our late, mid, and early-stage clinical programs in 2024. I'd like to share more specifics regarding our plan for expanding CAPLYTA beyond its current indication.
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