INTERCEPT PHARMACEUTICALS, INC.: restructuring charge — Intercept cuts ~1/3 workforce, ends NASH investment, targets 2024 profitability

INTERCEPT PHARMACEUTICALS, INC.

Workforce reduction of approximately one third; restructuring costs of ~$16M (mostly cash severance).
Discontinues all NASH-related investment; closes REGENERATE study by end of 2023.
Lowers 2023 non-GAAP adjusted opex guidance to $350-370M; targets ~$140M annual opex savings.
Reiterates 2023 Ocaliva net sales guidance of $310-340M; aims for profitability in 2024.
Prioritizes R&D on fixed-dose OCA-bezafibrate combination for PBC; Phase 2 interim analyses expected in 2023.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INTERCEPT PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less tha affecting the Company (workforce reduction of approximately one third).

Type: restructuring
Charge: approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less tha
Affected area: the Company
Headcount: workforce reduction of approximately one third

Exact text from the filing

continue to develop innovative new medicines. The Restructuring Plan will result in a workforce reduction of approximately one third. The Company expects to incur approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less than $1 million in non-cash stock-based

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Source: SEC EDGAR

accession 0001104659-23-073996

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