Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET

Company Participants

Juan Sanchez - Vice President of Corporate Communications and Investor Relations

Sharon Mates - Founder, Chairman and Chief Executive Officer

Mark Neumann - Executive Vice President, Chief Commercial Officer

Larry Hineline - Senior Vice President of Finance and Chief Financial Officer

Suresh Durgam - Executive Vice President, Chief Medical Officer

Conference Call Participants

Andrew Tsai - Jefferies

Marc Goodman - SVB Leerink

Charles Duncan - Cantor Fitzgerald

Jason Gerberry - Bank of America

Michael Riad - Morgan Stanley

Sumant Kulkarni - Canaccord Genuity

Corinne Jenkins - Goldman Sachs

Ash Verma - UBS

David Amsellem - Piper Sandler

Umer Raffat - Evercore ISI

Ami Fadia - Needham & Company, LLC

Graig Suvannavejh - Mizuho Securities

Operator

Good morning. And welcome to Intra-Cellular Therapies Second Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s conference call is being recorded.

I would now like to turn the conference over to Dr. Juan Sanchez, Vice President, Corporate Communications and Investor Relations. Please go ahead.

Juan Sanchez

Good morning and thank you all for being here today. 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. As a reminder, during today’s call, we will be making certain forward-looking statements.

These forward-looking statements are based on current information, assumptions, and expectations that are subject to change and involve a number of risks and uncertainties that might cause actual results to differ materially from those contained in the forward-looking statements. These and other risks are described in our periodic filings made with the Securities and Exchange Commission, including our quarterly and annual reports. You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligations to update such statements.

I will now turn the call over to Sharon.

Sharon Mates

Thanks Juan. Good morning, everyone. And welcome to today's conference call. Today I'm pleased to share our second quarter results, which consistent with past quarters continue to demonstrate high demand for CAPLYTA. In Q2, CAPLYTA total prescriptions increased by 96% compared to the second quarter of 2022, an increase 13% sequentially compared to Q1 2023. Second quarter total revenues increased to $110.8 million, CAPLYTA net sales increased to $110.1 million, a 100% growth versus the same period in 2022. CAPLYTA continues to be extremely well received by healthcare providers and patients. In recognition of our robust performance to date and our confidence in continued growth. We are raising our CAPLYTA full year 2023 net product sales guidance range to $445 million to $465 million from our previous guidance of $430 million to $455 million. Since CAPLYTA’s launched, we've built a solid foundation, with growth coming from increasing the breadth of our prescriber base, as well as increasing the depth of prescribing.