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Jun 30, 2024
Intra-Cellular Q2 2024 Earnings Report
Intra-Cellular Therapies reported strong Q2 2024 financial results driven by a 46% increase in CAPLYTA sales and raised full year 2024 CAPLYTA sales guidance.
Key Takeaways
Intra-Cellular Therapies announced its Q2 2024 financial results, highlighted by a 46% increase in CAPLYTA net product sales to $161.3 million compared to the same period in 2023. The company also reported a net loss of $16.2 million, an improvement from the $42.8 million net loss in Q2 2023. CAPLYTA's strong prescription uptake continues with a 36% increase versus the same period in 2023. The company raised its full year 2024 CAPLYTA net product sales guidance to $650 to $680 million.
CAPLYTA Q2 2024 net product sales were $161.3 million, a 46% increase compared to $110.1 million in Q2 2023.
CAPLYTA total prescriptions increased 36% in Q2 2024 compared to the same period in 2023.
Net loss for Q2 2024 was $16.2 million, compared to a net loss of $42.8 million for the same period in 2023.
Full year 2024 CAPLYTA net product sales guidance raised to $650 to $680 million.
Intra-Cellular
Intra-Cellular
Forward Guidance
Intra-Cellular Therapies raised its full year 2024 CAPLYTA net product sales guidance range and increased its full year SG&A expense guidance range, while lowering its full year R&D expense guidance range.
Positive Outlook
- CAPLYTA full year 2024 net product sales guidance range raised to $650 to $680 million.
- Supplemental NDA (sNDA) submission for lumateperone as an adjunctive therapy to antidepressants in patients with MDD anticipated in the second half of 2024.
- Plan to increase the size of our sales force during the third quarter of this year to expand our reach and frequency in primary care offices.
- Expect to complete a second sales force expansion in 2025 in connection with the potential approval of CAPLYTA for the adjunctive treatment of MDD.
- Initiated two multicenter, randomized, double-blind, placebo-controlled, Phase 3 studies evaluating lumateperone in the acute treatment of manic or mixed episodes associated with bipolar I disorder (bipolar mania).
Challenges Ahead
- Full year 2024 SG&A expense guidance range increased to $480 to $510 million. This increase is primarily the result of sales, marketing and other expenses associated with the sales force expansion in the primary care segment in the second half of 2024.
- May encounter issues, delays or other challenges in commercializing CAPLYTA.
- There is no guarantee that a generic equivalent of CAPLYTA will not be approved and enter the market before the expiration of our patents.
- Our other product candidates may not be successful or may take longer and be more costly than anticipated.
- Impacts on our business, including on the commercialization of CAPLYTA and our clinical trials, as a result of the COVID-19 pandemic, the conflicts in Ukraine, Russia and the Middle East, global economic uncertainty, inflation, higher interest rates or market disruptions.