Earnings Summary IntraCellular Therapies Inc Q2 2024 Financial Results

Earnings Summary: Intra-Cellular Therapies, Inc. Q2 2024 Financial Results

Intra-Cellular Therapies, Inc. (NASDAQ: ITCI) announced its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Interpretation: Intra-Cellular Therapies demonstrated robust financial performance in Q2 2024, with total revenue increasing by 46% year-over-year and exceeding consensus estimates. Despite a net loss, the earnings per share (EPS) improved sequentially and year-over-year, indicating effective cost management and strong revenue growth.

Revenue Performance by Segment

Interpretation: CAPLYTA continues to be the principal revenue driver for Intra-Cellular Therapies, with net product sales significantly surpassing both quarterly and annual comparisons. This strong performance aligns with the recent upward revision of the 2024 net product sales guidance to $650-$680 million.

Management Comments

Dr. Sharon Mates, Chairman and CEO, stated, "We are very pleased with the strong performance of CAPLYTA during the second quarter and look forward to continued growth for the remainder of 2024. Our team is also focused on preparing our supplemental NDA for MDD for submission later this year and continues to advance our robust pipeline."

Forward Guidance

• Full-Year 2024 Net Product Sales Guidance: Raised to $650 to $680 million.
• Full-Year 2024 SG&A Expense Guidance: Increased to $480 to $510 million.
• Full-Year 2024 R&D Expense Guidance: Lowered to $210 to $230 million.

Stock Price Movement

Following the earnings release, Intra-Cellular Therapies' stock price experienced a slight decline of approximately 0.05%.

In summary, Intra-Cellular Therapies, Inc. delivered strong Q2 2024 financial results, highlighted by significant revenue growth driven by CAPLYTA. The company's positive outlook and raised guidance for 2024 underscore continued confidence in its core product and pipeline advancements.