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Mar 31, 2024
Intra-Cellular Q1 2024 Earnings Report
Intra-Cellular Therapies reported strong Q1 2024 financial results, driven by a 53% increase in CAPLYTA net product sales, and announced positive Phase 3 results for lumateperone as an adjunctive therapy for MDD.
Key Takeaways
Intra-Cellular Therapies announced its Q1 2024 financial results, featuring a 53% increase in CAPLYTA net product sales, reaching $144.8 million compared to $94.7 million in Q1 2023. The company also reported positive Phase 3 results for lumateperone in treating major depressive disorder (MDD).
Total revenues reached $144.9 million, compared to $95.3 million for the same period in 2023.
CAPLYTA net product sales were $144.8 million, up from $94.7 million in the prior year.
Net loss decreased to $15.2 million, compared to a net loss of $44.1 million in 2023.
CAPLYTA total prescriptions increased 39% versus the same period in 2023.
Intra-Cellular
Intra-Cellular
Forward Guidance
Intra-Cellular Therapies reiterated its full year 2024 CAPLYTA net product sales guidance of $645 to $675 million, along with SG&A expense guidance of $450 to $480 million and R&D expense guidance of $215 to $240 million.
Positive Outlook
- Full year 2024 CAPLYTA net product sales guidance of $645 to $675 million reiterated.
- Ongoing clinical trials for lumateperone in MDD.
- Advancing ITI-1284 program in anxiety and Alzheimer's disease.
- Continuing development of PDE1 inhibitors and ITI-333 for opioid use disorder and pain.
- Progressing ITI-1500 program for non-hallucinogenic psychedelics.
Challenges Ahead
- No guarantees that CAPLYTA will be commercially successful.
- Potential issues, delays, or challenges in commercializing CAPLYTA.
- Uncertainty regarding adequate reimbursement from third-party payors.
- Challenges associated with execution of sales activities.
- Risks associated with current and planned clinical trials.