Q2 2024 Intra-Cellular Therapies Inc Earnings Call Transcript
Key Points
- CAPLYTA net product sales increased to $161.3 million in Q2 2024, representing a 46% growth versus the same period in 2023.
- The company announced robust positive results from two Phase 3 clinical trials in major depressive disorder (MDD), supporting an expanded label for CAPLYTA.
- Intra-Cellular Therapies Inc (ITCI) is on track to submit a supplemental NDA for CAPLYTA for the adjunctive treatment of MDD later this year.
- The company is in a strong financial position, ending Q2 with approximately $1.025 billion in cash, cash equivalents, and investment securities, with no debt.
- The company is expanding its salesforce by approximately 150 representatives to capitalize on the growing opportunity in primary care for bipolar depression.
- Selling, general, and administrative expenses increased to $121.6 million in Q2 2024, up from $101 million in the same period in 2023.
- Research and development expenses rose to $56.2 million in Q2 2024, compared to $49.8 million in the same period in 2023.
- The company is increasing its full-year SG&A expense guidance range to $480 million to $510 million due to salesforce expansion.
- There is potential summer seasonality that could impact script growth in Q3, which is factored into the revised guidance.
- The pediatric program for lumateperone will take longer to yield results compared to adult studies, with no results expected until after 2025.
Good morning ladies and gentlemen and welcome to Intra-Cellular Therapies' second quarter 2024 Earnings conference call. (Operator Instructions) A slide deck that you may find helpful while you listen to this call is available on the Investor Relations section of the companyâs website. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Dr. Juan Sanchez, Vice President, Corporate Communications and Investor Relations. Sir, you may begin.
Good morning, and thank you all for joining us on our second quarter 2024 earnings call. Joining me on the call today are Dr. Sharon Mates, Chairman and Chief Executive Officer; Mark Neumann, Chief Commercial Officer; Dr. Suresh Durgam, Chief Medical Officer; and Larry Hineline, Chief Financial Officer.
During today's call, we will be making certain forward-looking statements. These forward-looking statements are based on current
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