Why Intercept Pharmaceuticals Stock Is Soaring Today
Shares of Intercept Pharmaceuticals (NASDAQ: ICPT) were soaring 15.7% higher as of 12:02 p.m. ET on Tuesday. The big gain came after the drugmaker announced its third-quarter results before the market opened.
Intercept reported Q3 revenue of $77.6 million, up 16.5% year over year. The consensus Wall Street estimate was for revenue of $74.1 million. The company posted Q3 earnings of $267.5 million, or $7.80 per share. This reflected a significant improvement from the net loss of $3.6 million, or $0.11 per share, in the prior-year period. It also easily topped the average analysts' earnings estimate of $4.61 per share.
In addition, Intercept increased its full-year 2022 guidance for adjusted net sales of Ocaliva. The company now expects the primary biliary cholangitis (PBC) drug will make between $340 million and $350 million, up from its previous outlook of $325 million to $345 million.
Source Fool.com
