Revenue during the quarter surged 1,063.37 percent to $5.18 million from $0.44 million in the previous year period.

Operating loss for the quarter was $83.04 million, compared with an operating loss of $51.78 million in the previous year period.

"The third quarter marked another key milestone for our company, representing our first full quarter as a commercial organization," said Mark Pruzanski, M.D., president and chief executive officer of Intercept. "Initial prescribing interest for Ocaliva has been strong and we believe there is substantial long-term potential for Ocaliva in PBC."

Intercept projects non-GAAP adjusted operating expenses of $320 million to $340 million for the fiscal year ending December 31, 2016. This decrease from the previous projection of adjusted operating expenses in the lower end of the range of $360 million to $400 million is primarily due to lower than expected clinical development costs and delayed timing in raw material purchases for R&D manufacturing of OCA. This guidance excludes the one-time net expense of $45.0 million for the settlement of the purported securities class action lawsuit, as well as non-cash items such as stock-based compensation. These expenses are planned to support the continued clinical development programs for OCA in PBC, NASH and PSC, increased OCA manufacturing activities, the continued development of INT-767 and other preclinical programs, as well as commercial activities in the United States and pre-commercial activities internationally.