Intra-Cellular Therapies (ITCI) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue was $464.4 million, up from $250.3 million in 2022; CAPLYTA sales growth drove the increase.

• Priorities for 2024 include sustaining CAPLYTA growth and advancing the development pipeline.

Financial highlights

• FY 2023 net loss was $139.7 million, or $1.46 per share, versus $256.3 million, or $2.72 per share, in 2022.

• Q4 2023 net loss was $28.6 million versus $44.0 million in Q4 2022.

• FY 2023 SG&A was $409.9 million versus $358.8 million; the increase primarily reflected commercialization, marketing and advertising costs.

• FY 2023 R&D was $180.1 million versus $134.7 million, driven by higher lumateperone and other program costs, including ITI-1284, ITI-214 and ITI-333.

• Cash, cash equivalents, restricted cash and investment securities totaled $499.7 million at Dec. 31, 2023, versus $593.7 million a year earlier.

Outlook and guidance

• FY 2024 CAPLYTA net product sales guidance is $645–$675 million.

• FY 2024 SG&A guidance is $450–$480 million, including ~$42.5 million of non-cash share-based compensation; planned spending supports sales and marketing.

• FY 2024 R&D guidance is $215–$240 million, including ~$20 million of non-cash share-based compensation; a large portion is expected to support lumateperone development.