Intercept Pharmaceuticals, Inc.

NasdaqGS:ICPT Stok Raporu

Piyasa değeri: US$794.7m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Intercept Pharmaceuticals Yönetim

Yönetim kriter kontrolleri 3/4

Intercept Pharmaceuticals CEO'su Jerry Durso, Jan2021 tarihinde atandı, in görev süresi 2.83 yıldır. in toplam yıllık tazminatı $ 4.46M olup, şirket hissesi ve opsiyonları dahil olmak üzere 16% maaş ve 84% ikramiyelerden oluşmaktadır. şirketin hisselerinin 0.12% ine doğrudan sahiptir ve bu hisseler $ 984.47K değerindedir. Yönetim ekibinin ve yönetim kurulunun ortalama görev süresi sırasıyla 2.7 yıl ve 8.7 yıldır.

Anahtar bilgiler

Jerry Durso

İcra Kurulu Başkanı

US$4.5m

Toplam tazminat

CEO maaş yüzdesi16.04%
CEO görev süresi2.8yrs
CEO sahipliği0.1%
Yönetim ortalama görev süresi2.7yrs
Yönetim Kurulu ortalama görev süresi8.7yrs

Son yönetim güncellemeleri

Recent updates

Analiz Makalesi • Jun 08

Revenues Working Against Intercept Pharmaceuticals, Inc.'s (NASDAQ:ICPT) Share Price Following 25% Dive

To the annoyance of some shareholders, Intercept Pharmaceuticals, Inc. ( NASDAQ:ICPT ) shares are down a considerable...
Analiz Makalesi • Apr 11

Intercept Pharmaceuticals (NASDAQ:ICPT) Has Debt But No Earnings; Should You Worry?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analiz Makalesi • Dec 20

Health Check: How Prudently Does Intercept Pharmaceuticals (NASDAQ:ICPT) Use Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Seeking Alpha • Sep 20

Intercept touts Ocaliva benefit in transplant-free survival in liver disease type

Intercept Pharmaceuticals (NASDAQ:ICPT) Ocaliva (obeticholic acid) demonstrated a transplant-free survival benefit in patients with primary biliary cholangitis based on clinical trial and real-world data compared to those who didn't receive the treatment. Patients on Ocaliva had ~70% lower relative risk of death or liver transplant than control patients at any point during the six-year follow-up. The primary outcome -- time to first occurrence of liver failure or death -- favored Ocaliva in the phrase 3 POISE study compared to patients from real-world databases. Results were published in the journal Gastroenterology. Seeking Alpha's Quant Rating views Intercept (ICPT) as a buy with strong marks for momentum and profitability.
Seeking Alpha • Sep 02

Intercept cuts debt further with deal to exchange convertible notes

Intercept Pharmaceuticals (NASDAQ:ICPT), a biotech focused on liver diseases, announced exchange agreements on Friday to repurchase nearly $44.5M worth of convertible debt for cash and common stock following a similar deleveraging strategy disclosed in August. The privately-negotiated Exchange Agreements signed Thursday allow the company to exchange its 3.50% Convertible Senior Secured Notes due 2026. Per the terms, notes worth $44.5M of the principal amount will be exchanged for $22.7M in cash and ~1.7M of newly issued common stock. The deal is expected to close on Sep. 06, subject to customary closing conditions. The latest deal follows similar agreements ICPT announced in August to repurchase $327.9M of its secured convertible debt for cash and stock. Both transactions have cut the principal balance of the ICPT's 2026 Notes to $127.6M from $500M. Read: "On the bright side, Intercept'sIntercept's balance sheet is rock-solid," Seeking Alpha contributor Edward Zhang wrote last month despite a Sell rating on the stock.
Seeking Alpha • Aug 19

Intercept reduces debt with repurchases of $327.9M convertible notes

Intercept Pharmaceuticals (NASDAQ:ICPT) has entered into privately negotiated agreements to repurchase $327.9M of its secured convertible debt using a combination of cash and equity, the biopharmaceutical company announced on Friday. The repurchase is among a series of strategic financial moves undertaken by the company over the past 12 months to improve its capital structure. It will reduce Intercept's total outstanding debt by 45% and will be accretive to existing shareholders by reducing its potential share dilution by 6.3M shares. Net of this repurchase, the principal balance of the 2026 Notes has been reduced from $500M to $172.1M, and annual interest expense will be reduced by $11.5M to $6M. The transaction is expected to close promptly, subject to and following customary closing conditions. Following completion of these transactions, Intercept’s cash position will be in excess of $500M with 39.4M shares outstanding. Intercept (ICPT) shares gained 2% pre-market
Seeking Alpha • Aug 13

Intercept Pharmaceuticals: Too Risky To Buy At This Stage

Intercept Pharmaceuticals has an important binary event coming up: the FDA’s decision regarding their NDA for Ocaliva in treating NASH. Information included in its most recent earnings report does little to inspire hope that this next decision will be any different from the last one. I am skeptical that the new efficacy and safety data will meet the FDA’s high standards for NASH. PBC sales are largely flat, highlighting how important breaking into the NASH market is for Intercept. Those who are confident in the therapeutic benefits of Ocaliva in treating NASH should consider initiating a long position after FDA approval, because the stock then would be meaningfully derisked. Introduction Intercept Pharmaceuticals (ICPT) announced its second quarter earnings results two weeks ago, revealing that it intends to resubmit Ocaliva's NDA for NASH by the end of the year. This is welcome news to many long-time Intercept holders, as they have been waiting for the resubmission ever since the FDA first denied the application in 2020. Also due soon, by the end of this quarter, are results from its REVERSE trial, which is evaluating Ocaliva as a NASH compensated cirrhosis treatment. Shares have since traded upwards by ~30% as of the time of writing. Enthusiasm has begun to bubble up again as these two binary events loom, but is optimism misplaced? Whether or not REVERSE will yield a successful outcome is uncertain, as NASH cirrhosis is more difficult to treat; the livers are more damaged; and the market is much smaller than the market for NASH Fibrosis. About 5-12% of those with NASH go on to develop NASH cirrhosis, and REVERSE looks at a subgroup of cirrhosis patients - those with compensated cirrhosis (meaning asymptomatic cirrhosis). The outcome of this trial will be important and will provide more clarity, but not critical in the same vein as the FDA decision. All eyes will really be on the FDA's upcoming decision, as it represents the largest market and will give perspective as to how stringent the FDA will be when it comes to approval. I am skeptical that this update about the company's resubmission plans does much to alleviate the fundamental issues that have plagued Intercept for the past eight years. Namely, it does not add enough color on Ocaliva's NDA resubmission prospects - nor does it add much information regarding the new data Intercept is submitting in its NDA. With the company's PBC sales flattening, much of Intercept's future value is dependent on the decision making of the FDA. If it were to approve Ocaliva as a NASH treatment, Intercept would easily become a multi-bagger. But if not, then Intercept would have to go back to the drawing board yet again. Thesis I believe that it would be unwise to bet on approval; simply not enough has changed between this NDA and the last NDA to warrant a changed opinion from the FDA. New data and analysis produced by Intercept does not add much to the picture, and Intercept has not released the full CRL letter. So it is impossible to exactly discern what the FDA wants to see. Given the safety profile of Ocaliva - and the black box label which comes with it as a PBC treatment - there is great reason to believe that the FDA will think cautiously when considering Intercept's NDA. If I had to bet on it, I would say that the FDA will either reject the NDA outright or grant conditional approval contingent upon a safety trial; either outcome would be disastrous for Intercept. But there is no need to bet on this outcome; not even Intercept knows what will happen. Even if you are bullish and convinced that Ocaliva's benefits outweighs its risks - that the company will be successful in commercializing Ocaliva - it would still be more prudent to build a long position after the FDA's decision and not prior to it. You lose out on some investment gains, but you successfully de-risk your investment thesis by a significant margin. Until the FDA decides its course of action, I would tentatively give Intercept a sell-rating. Financials Looking over its last earnings report reveals both bright and dim spots. On the bright side, Intercept's balance sheet is rock-solid. It has about ~$65 million in cash and cash equivalents on hand with another ~$346 million in liquid debt securities. And the company only saw a net loss of $7.5 million, a decrease YoY from $11.1 million in Q2'21. Net revenues rose slightly too, with PBC sales increasing YoY by a small margin. Total non-GAAP adjusted sales came out to be $100.4 million while U.S sales clocked in at $71.8 million. During the same quarter last year, sales were $96.6 million and $68.2 million for those respective categories. A dimmer interpretation of this slow growth is that Ocaliva is close to reaching peak revenues in the PBC market - which would be unfortunate considering how Intercept has not reached profitability yet. Intercept has never been profitable, despite Ocaliva being approved for PBC since 2017. The company selling its international rights to Ocaliva for only ~$450 million shows that management is not confident in its ability to squeeze more growth from international markets, in my view. One somewhat concerning aspect of the balance sheet is the high amount of debt. At the moment, Intercept has about $713 million in debt, most of which is comprised of 2023 and 2026 convertible notes. Value Maturity Date *Unless Converted/Repurchased/Redeemed Conversion Rate Conversion Price 2026 Convertible Secured Notes 543,370,000 February 15, 2026 47.7612 $20.94 2026 Convertible Unsecured Notes 69,492,000 May 15, 2026 9.2123 $108.55 2023 Convertible Unsecured Notes 107,727,000 July 1, 2023 5.0358 $198.56 Source: Table Constructed By Author, Information Drawn From Q2'22 10-Q Filing Conversion rates for these notes vary wildly, but the good thing is that the conversion dates for most of the notes are in 2026, giving the company time to make that price-point. Not so good is that the conversion prices are somewhat high compared to the current share price. The largest tranche of notes, the 2026 secured convertible notes, has a conversion price of ~$20.94 - which is only about ~17% higher than the current share price as of the time of writing. Even if the stock does appreciate 17%, it is unlikely that a majority of investors would choose to convert their loans into equity unless Intercept clears the NASH regulatory hurdle: there is no incentive for debt-holders to convert their stakes into equity positions unless the future is meaningfully de-risked; having their investment in the form of debt gives them a layer of protection in exchange for less upside. Many investors see high conversion prices as a good thing, since they want to see minimal shareholder dilution. In this case, it may not be so good. If Intercept is unable to meaningfully lift its stock price or grow its revenue, this debt could prove to be an existential burden for the company. Sales from PBC alone won't cut it as a revenue solution - Intercept needs regulators to unlock the NASH market if it wants to overcome its debt. No unlock may mean that shareholders don't get diluted by conversion, but it would also create solvency issues for Intercept; the bill will eventually come forward in one way or another. Right now, Intercept has enough cash to buy valuable time for itself. But eventually, that debt will either be converted or has to be paid off. And currently, Intercept does not have enough cash on hand to pay off its debt in full. The only way the company can meet its obligations, short of conversion, is by selling more shares or refinancing its debt. Neither the capital markets or creditors would give Intercept favorable financing options if it tries to negotiate without Ocaliva's approval for NASH in hand. Short of approval, this debt represents a major threat to the future of Intercept. Ocaliva Faces Long Odds A core component of my skepticism towards Intercept is that I believe Ocaliva faces long odds for FDA approval. In 2020, the FDA rejected Intercept's Ocaliva NDA for NASH, informing them that the "predicted benefit… remains uncertain." Much of this uncertainty stems from Ocaliva's modest efficacy and unbalanced safety profile. On the efficacy side, Ocaliva only hit one of the two primary endpoints in REGENERATE, which was the phase three trial evaluating Ocaliva as a NASH treatment. Both the 10 milligram and 25 milligram dosage of Ocaliva managed to demonstrate a statistically significant improvement over placebo with the fibrosis reduction endpoint, but neither dosage achieved statistical significance over placebo with NASH resolution - the other endpoint. For the fibrosis endpoint, it should also be noted that the 10 milligram arm showed a p-value of only 0.0446, just barely passing the hurdle for what the FDA considers statistically significant. The higher dosage, 25 milligrams, had a stronger p-value of 0.0002. Another important aspect to consider is that there were serious safety concerns that appeared dose-dependent. 28% and 51% of those in the 10 milligram and 25 milligram arm respectively reported pruritus - also known as chronic itching - compared to just 19% in the placebo arm. ~9% of those in the 25 milligram arm had to discontinue treatment because of pruritus. Higher incidences of biliary/hepatic adverse events were observed in the 25 milligram arm compared to placebo too, but this increase was not statistically significant. Dose-dependent reductions in HDL cholesterol, known as the good cholesterol, was observed in this trial as well as other trials too. For those with high levels of cholesterol or cardiac issues, this is a big deal. One unfortunate aspect of NAFLD/NASH is that both conditions are tied to cardiovascular disease; there exists medical literature closely linking the two. There is little doubt in my mind that the FDA considers this aspect of the safety profile when weighing the risks and benefits of Ocaliva.
Seeking Alpha • Aug 02

Intercept Pharma Q2 2022 Earnings Preview

Intercept Pharma (NASDAQ:ICPT) is scheduled to announce Q2 earnings results on Wednesday, August 3rd, before market open. The consensus EPS Estimate is $1.33 (+503.0% Y/Y) and the consensus Revenue Estimate is $123.49M (+27.9% Y/Y). Over the last 1 year, ICPT has beaten EPS estimates 75% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 3 downward. Revenue estimates have seen 7 upward revisions and 6 downward.
Seeking Alpha • Jul 07

Intercept to resubmit for FDA approval of NASH candidate after new analysis

The commercial stage biotech Intercept Pharmaceuticals (NASDAQ:ICPT) announced on Thursday that the company would resubmit a new drug application to the FDA for its NASH candidate obeticholic acid (OCA) after a new interim analysis in a pivotal trial indicated positive results. Nonalcoholic steatohepatitis (NASH) is a liver disease with no currently approved medications for the treatment. The excessive fat accumulation in liver can cause chronic inflammation leading to fibrosis (scarring) and eventually resulting in cirrhosis, eventual liver failure, cancer and death. The new analysis from the ongoing Phase 3 REGENERATE trial showed that OCA 25 mg met the primary endpoint Intercept (ICPT) said, adding that with these results, the company will resubmit its marketing application for OCA targeting patients with liver fibrosis due to NASH. “…..we now have two positive, statistically significant results for this primary endpoint from our pivotal REGENERATE trial,” Chief Executive Jerry Durso remarked. “We look forward to our meeting with FDA later this month to discuss the resubmission of our NDA for OCA in fibrosis due to NASH,” he added. This is a developing story. Check back for more updates.
Seeking Alpha • May 23

Intercept: Increase Of Ocaliva Sales And A Few Catalysts

Final data from the phase 3 REGENERATE study, using Ocaliva for the treatment of patients with NASH fibrosis, is expected any day now. If all goes well with clinical data, Intercept expects a pre-submission meeting with the FDA in June of 2022. Results from the phase 3 REVERSE study using Ocaliva for the treatment of patients with compensated cirrhosis due to NASH are expected in Q3 of 2022. Two studies are being done testing the fixed dose combination of Ocaliva and bezafibrate for the treatment of patients with primary biliary cholangitis. Licensing deal made with Advanz Pharma for Ocaliva brought in $405 million as an upfront payment and the potential to earn $45 million upon a condition being met; from there, it will be eligible for royalties on net sales.
Analiz Makalesi • May 10

Need To Know: Analysts Are Much More Bullish On Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT)

Intercept Pharmaceuticals, Inc. ( NASDAQ:ICPT ) shareholders will have a reason to smile today, with the analysts...
Seeking Alpha • Mar 05

Intercept: Opportunity To Buy On Potential NDA Resubmission Of Ocaliva For NASH

Intercept expects pre-submission meeting with FDA in the 1st half of 2022 as long as new REGENERATE NASH data warrants potential accelerated FDA approval. It is estimated that the global NASH market could reach $20 billion by 2027. Topline results from the phase 3 REVERSE study using Ocaliva for the treatment of patients with NASH compensated cirrhosis are expected Q3 of 2022. Full-year 2022 sales of Ocaliva have been guided higher to be between $375 to $405 million.

CEO Tazminat Analizi

Jerry Durso'un ücretlendirmesi Intercept Pharmaceuticals'un kazancına kıyasla nasıl değişti?
TarihToplam TazminatMaaşŞirket Kazançları
Sep 30 2023n/an/a

-US$57m

Jun 30 2023n/an/a

-US$159m

Mar 31 2023n/an/a

-US$173m

Dec 31 2022US$4mUS$715k

-US$175m

Sep 30 2022n/an/a

-US$202m

Jun 30 2022n/an/a

-US$115m

Mar 31 2022n/an/a

-US$120m

Dec 31 2021US$8mUS$691k

-US$136m

Sep 30 2021n/an/a

-US$144m

Jun 30 2021n/an/a

-US$193m

Mar 31 2021n/an/a

-US$231m

Dec 31 2020US$4mUS$600k

-US$273m

Sep 30 2020n/an/a

-US$321m

Jun 30 2020n/an/a

-US$339m

Mar 31 2020n/an/a

-US$347m

Dec 31 2019US$4mUS$573k

-US$345m

Sep 30 2019n/an/a

-US$335m

Jun 30 2019n/an/a

-US$314m

Mar 31 2019n/an/a

-US$318m

Dec 31 2018US$3mUS$541k

-US$309m

Sep 30 2018n/an/a

-US$333m

Jun 30 2018n/an/a

-US$341m

Mar 31 2018n/an/a

-US$352m

Dec 31 2017US$4mUS$441k

-US$360m

Tazminat ve Piyasa: Jerry 'nin toplam tazminatı ($USD 4.46M ), US pazarındaki benzer büyüklükteki şirketler için ortalamanın üzerindedir ($USD 3.69M ).

Tazminat ve Kazançlar: Jerry 'in tazminatı, şirketin son bir yıldaki performansıyla tutarlıydı.

CEO

Jerry Durso (55 yo)

2.8yrs
Görev süresi
US$4,455,463
Tazminat

Mr. Jerome B. Durso, also known as Jerry, has been President and Chief Executive Officer of Intercept Pharmaceuticals, Inc. since January 1, 2021 and serves as its Director since May 27, 2021. Mr. Durso se...

Liderlik Ekibi

İsimPozisyonGörev süresiTazminatSahiplik
Jerome Durso
President2.8yrsUS$4.46m0.12%
$ 984.5k
Andrew Saik
Chief Financial Officer2.4yrsUS$1.39m0.055%
$ 437.4k
Jared Freedberg
General Counsel2.8yrsUS$1.31m0.13%
$ 1.1m
Linda Richardson
Executive VP & Chief Commercial Officer2.8yrsUS$1.34m0.040%
$ 317.4k
M. Berrey
President of Research & Development and Chief Medical Officer2.4yrsUS$1.61m0.068%
$ 538.6k
Rocco Venezia
Chief Accounting Officer & Treasurer2.7yrsUS$856.23k0.061%
$ 483.6k
Nareg Sagherian
Executive Director of Global Investor Relations1.9yrsVeri yokVeri yok
David Ford
Chief Human Resources Officer6.5yrsUS$1.91m0.036%
$ 285.7k
Mark Pruzanski
Founder2.8yrsUS$6.43m1.48%
$ 11.8m
Paul Nitschmann
Senior Vice President of Regulatory Affairsno dataVeri yokVeri yok
Kathleen Munster
Chief Quality Officer & SVP of Technical Operations1yrVeri yokVeri yok
Michael Blash
Senior Vice President of Corporate Affairsless than a yearVeri yokVeri yok
2.7yrs
Ortalama Görev Süresi
55yo
Ortalama Yaş

Deneyimli Yönetim: ICPT 'un yönetim ekibi deneyimli olarak değerlendirilmektedir (ortalama görev süresi 2.7 yıldır).

Yönetim Kurulu Üyeleri

İsimPozisyonGörev süresiTazminatSahiplik
Jerome Durso
President2.5yrsUS$4.46m0.12%
$ 984.5k
Mark Pruzanski
Founder21.8yrsUS$6.43m1.48%
$ 11.8m
Daniel Bradbury
Independent Chairman7.3yrsUS$327.39k0.056%
$ 447.4k
Glenn Sblendorio
Independent Director9.8yrsUS$332.39k0.056%
$ 445.5k
Luca Benatti
Independent Director9.3yrsUS$327.39k0.061%
$ 484.3k
Srinivas Akkaraju
Independent Director11.1yrsUS$317.39k0.091%
$ 719.8k
Gino Santini
Lead Independent Director8yrsUS$337.39k0.057%
$ 449.2k
Alan Hofmann
Member of the Scientific Advisory Boardno dataVeri yokVeri yok
Scott L. Friedman
Member of the Scientific Advisory Boardno dataVeri yokVeri yok
Massimo Pinzani
Member of the Scientific Advisory Boardno dataVeri yokVeri yok
Aldo Roda
Member of the Scientific Advisory Boardno dataVeri yokVeri yok
Keith Gottesdiener
Independent Director7.3yrsUS$322.39k0.059%
$ 469.7k
8.7yrs
Ortalama Görev Süresi
62yo
Ortalama Yaş

Deneyimli Yönetim Kurulu: ICPT 'nin yönetim kurulu üyeleri deneyimli olarak kabul edilir (ortalama görev süresi 8.7 yıldır).

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/11/09 01:57
Gün Sonu Hisse Fiyatı2023/11/07 00:00
Kazançlar2023/09/30
Yıllık Kazançlar2022/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Intercept Pharmaceuticals, Inc. 24 Bu analistlerden 15, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
James BirchenoughBMO Capital Markets Equity Research
Geoffrey MeachamBofA Global Research
Chiara RussoBrean Capital Historical (Janney Montgomery)