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Intra-Cellular (ITCI) Up 20.5% Since Last Earnings Report: Can It Continue?
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It has been about a month since the last earnings report for Intra-Cellular Therapies (ITCI - Free Report) . Shares have added about 20.5% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Intra-Cellular due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Intra-Cellular Therapeutics incurred a loss of 45 cents per share in fourth-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of 62 cents. The reported loss per share is also narrower than the year-ago loss per share of $1.05.
Intra-Cellular’s total revenues, comprising product sales, came in at $88 million in the fourth quarter compared with $26 million reported in the year-ago period. Revenues beat the Zacks Consensus Estimate of $83 million.
Quarter in Detail
Caplyta is the only approved drug in Intra-Cellular’s portfolio. The FDA approved Caplyta for treating schizophrenia in adults in December 2019. Caplyta received FDA approval for bipolar depression in December 2021. Post the approval of the bipolar indication, Caplyta sales have increased tremendously.
In the reported quarter, net product revenues comprising Caplyta sales were up 243% year over year at $87.4 million compared with $25.5 million in the year-ago quarter. Net product revenues in the reported quarter were up 22% sequentially.
Per management, Caplyta’s total and new prescriptions increased by 193% and 220% year over year, respectively, in the reported quarter from the year-ago quarter’s levels.
In the third quarter, research and development (R&D) expenses were $33.9 million, up 15% from the year-ago quarter’s figure, owing to the higher clinical and non-clinical costs of the lumateperone study and an increase in non-lumateperone program costs.
Selling, general and administrative (SG&A) expenses also surged 18.7% year over year to $94.6 million, owing to a rise in marketing and advertising expenses and commercialization costs.
As of Dec 31, 2022, ITCI had cash, cash equivalents, restricted cash and investment securities of $593.7 million compared with $630.5 million as of Sep 30, 2022.
2022 Results
Total revenues were up 199% over the previous year’s figure to $250.3 million, which just beat the Zacks Consensus Estimate of $245.68 million for the same period. Net product sales of Caplyta as of December end were $249.1 million, up 205% year over year.
For the full year 2022, the company’s loss per share was recorded at $2.72 per share, narrower than the Zacks Consensus Estimate of a loss of $2.86. The loss per share of the company recorded for 2021 was $3.50.
2023 Financial Outlook
Intra-Cellular expects Caplyta net product sales to be in the range of $430 to $455 million, rolling into 2023.
R&D expenses, for the full year 2023, are expected to be $195 to $220 million.
For the full year 2023, SG&A expenses are expected to be $420 to $450 million. These expenses are set to increase in the following year owing to commercialization expenses, such as sales and marketing activities related to Caplyta.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
VGM Scores
At this time, Intra-Cellular has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Intra-Cellular has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Intra-Cellular belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Exact Sciences (EXAS - Free Report) , has gained 5.3% over the past month. More than a month has passed since the company reported results for the quarter ended December 2022.
Exact Sciences reported revenues of $553 million in the last reported quarter, representing a year-over-year change of +16.7%. EPS of -$0.72 for the same period compares with -$1.28 a year ago.
Exact Sciences is expected to post a loss of $0.79 per share for the current quarter, representing a year-over-year change of +24%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.7%.
Exact Sciences has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Intra-Cellular (ITCI) Up 20.5% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Intra-Cellular Therapies (ITCI - Free Report) . Shares have added about 20.5% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Intra-Cellular due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Intra-Cellular Q4 Earnings & Sales Top, Caplyta Shines
Intra-Cellular Therapeutics incurred a loss of 45 cents per share in fourth-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of 62 cents. The reported loss per share is also narrower than the year-ago loss per share of $1.05.
Intra-Cellular’s total revenues, comprising product sales, came in at $88 million in the fourth quarter compared with $26 million reported in the year-ago period. Revenues beat the Zacks Consensus Estimate of $83 million.
Quarter in Detail
Caplyta is the only approved drug in Intra-Cellular’s portfolio. The FDA approved Caplyta for treating schizophrenia in adults in December 2019. Caplyta received FDA approval for bipolar depression in December 2021. Post the approval of the bipolar indication, Caplyta sales have increased tremendously.
In the reported quarter, net product revenues comprising Caplyta sales were up 243% year over year at $87.4 million compared with $25.5 million in the year-ago quarter. Net product revenues in the reported quarter were up 22% sequentially.
Per management, Caplyta’s total and new prescriptions increased by 193% and 220% year over year, respectively, in the reported quarter from the year-ago quarter’s levels.
In the third quarter, research and development (R&D) expenses were $33.9 million, up 15% from the year-ago quarter’s figure, owing to the higher clinical and non-clinical costs of the lumateperone study and an increase in non-lumateperone program costs.
Selling, general and administrative (SG&A) expenses also surged 18.7% year over year to $94.6 million, owing to a rise in marketing and advertising expenses and commercialization costs.
As of Dec 31, 2022, ITCI had cash, cash equivalents, restricted cash and investment securities of $593.7 million compared with $630.5 million as of Sep 30, 2022.
2022 Results
Total revenues were up 199% over the previous year’s figure to $250.3 million, which just beat the Zacks Consensus Estimate of $245.68 million for the same period. Net product sales of Caplyta as of December end were $249.1 million, up 205% year over year.
For the full year 2022, the company’s loss per share was recorded at $2.72 per share, narrower than the Zacks Consensus Estimate of a loss of $2.86. The loss per share of the company recorded for 2021 was $3.50.
2023 Financial Outlook
Intra-Cellular expects Caplyta net product sales to be in the range of $430 to $455 million, rolling into 2023.
R&D expenses, for the full year 2023, are expected to be $195 to $220 million.
For the full year 2023, SG&A expenses are expected to be $420 to $450 million. These expenses are set to increase in the following year owing to commercialization expenses, such as sales and marketing activities related to Caplyta.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
VGM Scores
At this time, Intra-Cellular has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Intra-Cellular has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Intra-Cellular belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Exact Sciences (EXAS - Free Report) , has gained 5.3% over the past month. More than a month has passed since the company reported results for the quarter ended December 2022.
Exact Sciences reported revenues of $553 million in the last reported quarter, representing a year-over-year change of +16.7%. EPS of -$0.72 for the same period compares with -$1.28 a year ago.
Exact Sciences is expected to post a loss of $0.79 per share for the current quarter, representing a year-over-year change of +24%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.7%.
Exact Sciences has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.