Intercept to reduce work force by one third as it aims for profitability

Intercept Pharmaceuticals Inc.
ICPT,
-1.62%
on Friday said it will reduce its work force by one third as part of its plan to reach profitability in 2024. The layoffs will affect about 110 employees, based on the 341 total employees as of Dec. 31 that the Morristown, N.J. company disclosed in its annual report. Intercept will refocus its business on rare and serious liver diseases. Intercept now expects adjusted operating expenses of $350 million to $370 million, including restructuring costs. It continues to project sales of $310 million to $340 million for its Ocaliva product. It plans to reduce expenses by about $140 million. Intercept stock is down 0.5% in premarket trades on Friday.