Intercept Pharmaceuticals : JP Morgan Corporate Presentation – January 2023

Intercept Pharmaceuticals

J.P. Morgan Healthcare Conference

Jerry Durso, President and CEO

January 12, 2023

Cautionary Note Regarding Forward-Looking Statements ("FLS")

This document contains FLS, including regarding: our finances, financial guidance, and financial results, including expectations regarding sales, expenses, cash position, and balance sheet position; our strategic priorities; growth in Ocaliva sales; trends in prescriber and patient behavior and adoption of Ocaliva; our operational performance; and timing and results of our R&D, clinical trials, regulatory submissions, and new product initiatives.

Important factors could cause actual results to differ materially from the FLS, including: our ability to increase sales as expected; our ability to estimate future financial needs and results; our ability to execute on our strategic priorities and to operate effectively; our ability to obtain and maintain regulatory approvals; our ability to satisfy post-marketing requirements, including using real-world evidence; the initiation, timing, cost, conduct, progress, and results of our R&D activities, preclinical studies, and clinical trials; the safety and efficacy of our products and product candidates; the progress, timing, and results of our clinical trials, including regarding safety and efficacy; adverse medical, clinical, efficacy, quality, safety, or pharmacovigilance events or results from clinical trials; potential side effects associated with our product or product candidates; the timing and outcomes of interactions with regulators including the FDA regarding clinical trials, safety and efficacy, products and product candidates, and regulatory approvals; marketing conditions, limitations, or warnings required by regulators; the degree of market acceptance of our products among physicians, patients, and healthcare payors; our ability to execute on the drivers of Ocaliva sales growth (including estimated market size, market penetration, patient satisfaction, refill rates, and sales prices); competition from new or existing drugs; the success of our competitors and our failure to outperform or outcompete them; the impact of the sale of our international business; our ability to manage successfully our commercial and operational performance; our ability to attract and retain key personnel; our ability to manage expenses; our ability to manage legal, operational, and other risks; and other factors discussed in the FLS and Risk Factors sections of our Form 10-Q and Form 10-K filings, and in our Form 8-K reporting our quarterly earnings.

This document contains FLS regarding our financial results, including net sales and cash position, for Q4 and full year 2022, which remain under internal review and audit as we close our books and prepare our 10-K. Our financial results are subject to the risks and uncertainties described above, and our audited financial results as finalized and reported may differ from the statements in this document due to factors including continued review and reconciliation of our accounting records and consideration of accounting rules.

This presentation is intended for investor purposes only and is not intended for promotional purposes.

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Our mission

is to build a healthier tomorrow for people with progressive non-viral liver diseases

Intercept Today: Established Expertise in Liver Disease

Sustainable and growing PBC

business with Ocaliva

Strong revenue of ~$343M

non-GAAP adjusted net sales

(~$285M U.S. net sales), representing ~10% growth in FY 2022*

OCA+bezafibrate fixed- dose combination Phase

2 development program ongoing

Progressing OCA for

pre-cirrhotic liver fibrosis

due to NASH

NDA re-submitted in December 2022

NDA supported by robust NASH development program, including two positive interim analyses from the Phase 3 REGENERATE study

Advancing internal pipeline in liver diseases with high unmet need

Initiated Phase 2a FRESH study with INT-787 in severe alcohol- associated hepatitis (sAH)

Evaluating and prioritizing short- and long-term internal and external opportunities aligned with our core strengths

Fully integrated organization with ~350 employees focused exclusively in liver disease

Strengthened financial position and an overall improved capital structure

*These totals are unaudited

This presentation is intended for investor purposes only and is not intended for promotional purposes.

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Strong Financial Foundation for Future Growth and Success

2022 Actions and

Select Financial Results

• $450M sale of rights to Ocaliva in PBC outside the U.S.
• $389M 2026 convertible
  notes retired, decreasing debt by 54% and reducing future cash interest expense by 58%
• U.S. Ocaliva net sales (unaudited) of ~$77M in 4Q22 and ~$285M for FY22*
• Net cash positive with total cash position of approximately $490M*

*These totals are unaudited

Impact in 2023

• Strong balance sheet with sustainable cash- level above debt
• Financial flexibility to both invest in our core business priorities and sustainably grow
• Efficient launch in NASH leveraging existing infrastructure

This presentation is intended for investor purposes only and is not intended for promotional purposes.

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