Intercept Shares Jump After Reissuing Annual Guidance

Intercept Pharmaceuticals Inc ICPT completed the sale of its international business for $405 million in upfront consideration.
The company held a pre-submission meeting with FDA in July and plans to resubmit the marketing application NDA for OCA in fibrosis due to NASH by the end of 2022.
Q2 Ocaliva adjusted net sales in PBC reached $100.4 million. The U.S. net sales of $71.8 million, +5% Y/Y.
The company reported a net loss of $(7.5) million, a decrease compared to a net loss of $(11.1) million in Q2 FY21.
ICPT held cash, cash equivalents, restricted cash, and investment debt securities for sale of approximately $412.3 million.
Guidance: After suspending guidance due to the impact and lack of clarity on the timing for closing the sale of international business, ICPT reissued FY22 Ocaliva adjusted sales guidance of $325 million - $345 million from $375 million - $405 million.
It reissued adjusted operating expense guidance of $335 million - $365 million from $360 million - $390 million.
Price Action: ICPT shares are up 13.7% at $13.93 during the market session on the last check Wednesday.