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Jun 30, 2020
Intra-Cellular Q2 2020 Earnings Report
Intra-Cellular Therapies reported financial results for Q2 2020 and provided a corporate update.
Key Takeaways
Intra-Cellular Therapies reported net product sales of CAPLYTA for the second quarter of 2020 of approximately $1.9 million. The Company reported a net loss of $63.7 million, or $0.96 per share.
CAPLYTA promotional activities commenced the week of March 30, 2020.
CAPLYTA has achieved formulary coverage for greater than 95% of covered lives in both Medicare Part D and State Medicaid.
Launched new consumer campaign called “Real Progress” to educate patients and caregivers about CAPLYTA.
Phase 3 study evaluating lumateperone as adjunctive therapy in bipolar depression has completed clinical conduct, with topline results expected by mid-September 2020.
Forward Guidance
The news release contains forward-looking statements regarding expectations about the commercialization of CAPLYTA, coverage by payors, plans and timing for data from Phase 3 trials in bipolar depression, initiation of lumateperone clinical program in major depressive disorder, human testing of lumateperone long-acting injectable program, early stage clinical studies for ITI-333, development plans for PDE program including ITI-214, and beliefs about the potential utility of product candidates.
Positive Outlook
- Expectations regarding the commercialization of CAPLYTA
- Expectations about coverage of CAPLYTA by payors
- Plans and the expected timing for the availability and reporting of data from our ongoing Phase 3 trials in bipolar depression
- Plans and expected timing to initiate our lumateperone clinical program in major depressive disorder
- Plans and expected timing to initiate human testing of our lumateperone long-acting injectable program
Challenges Ahead
- There are no guarantees that CAPLYTA will be commercially successful
- The COVID-19 pandemic may negatively impact our commercial plans and sales for CAPLYTA
Historical Earnings Impact
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Avg. Return Before/After Earnings
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