Intra-Cellular Therapies, Inc.: Initiation Of Coverage

This is our first report on biopharma major, Intra-Cellular Therapies. The company reported solid progress in its Q4 and FY2023 results, marking a year characterized by steady growth across the company. Central to the year’s success was the establishment of CAPLYTA as a vital treatment option for bipolar depression and schizophrenia. The company reported total revenues of $464 million for 2023, signaling an 86% increase in CAPLYTA net sales from the previous year. Prescription growth was driven by well-executed commercial efforts from both new and existing prescribers.