Intercept Pharmaceuticals : Corporate Presentation – August 2023

Intercept Pharmaceuticals

(Nasdaq: ICPT)

August 2023

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

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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; corporate strategy and priorities; corporate financial performance and profitability; timing of profitability; growth in product sales; our operational performance; timing and results of our R&D, clinical trials, and new product initiatives; drug efficacy, safety, and tolerability; trends in prescriber and patient behavior and adoption of our products; our plans regarding product development and launch; timing, substance, and results of interactions with regulators, including meetings and regulatory submissions and the review and prospects for approval thereof; and our intellectual property rights and patent portfolio.

Important factors could cause actual results to differ materially from the FLS, including: we may be less effective than expected in executing on our strategic priorities and implementing strategic changes; restructuring and clinical trial wind-down may be slower and have greater costs than expected; we may fail to achieve profitability due to lower revenues or higher expenses than expected; our future financial needs and results may be different from our current estimates; we may not be able to increase sales as expected; regulatory interactions could take longer than expected; our regulatory submissions could not receive FDA approval in a timely manner or at all; the FDA could require us to provide additional information that is not timely or economical to provide; there could be efficacy, safety, or tolerability concerns about our products or product candidates; our products and product candidates could have less commercial potential than anticipated or could be superseded by competing products; if approved, we could be less effective than anticipated in launching sales of new products; we may not be able to obtain or maintain regulatory approvals; we may not be able 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, including regarding safety and efficacy; adverse medical, clinical, efficacy, quality, safety, or pharmacovigilance events or results from clinical trials; the safety and efficacy of, or potential side effects associated with, our products and product candidates; the timing and outcomes of interactions with regulators 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 product sales growth (including estimated market size, market penetration, patient satisfaction, refill rates, and sales prices); the success of our competitors and our failure to outperform or outcompete them; competition from new or existing drugs; our ability to manage expenses; our ability to manage successfully our commercial and operational performance and legal, operational, and other risks; our ability to attract and retain key personnel; our estimates of future financial needs and results; our ability to obtain and maintain intellectual property protection for our products and product candidates, including our ability to cost-effectively file, prosecute, defend and enforce any patent claims or other intellectual property rights; 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 presentation is intended for investor purposes only and is not intended for promotional purposes.

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Experienced Team with Proven Global Commercial and Development Success

Average ~25 years of diverse industry leadership experience

MICHELLE BERREY, M.D., M.P.H.

President of Research & Development;

Chief Medical Officer

JERRY DURSO	LINDA RICHARDSON	MICHAEL BLASH
President, Chief Executive	Chief Commercial Officer	Senior Vice President
Officer and Director		of Corporate Affairs

ANDREW SAIK

Chief Financial Officer

DAVID FORD	JARED M.	KATHLEEN MUNSTER
Chief Human	FREEDBERG, J.D.	Chief Quality Officer & Senior Vice
Resources Officer	General Counsel	President of Technical Operations
	ROCCO VENEZIA, CPA

Chief Accounting Officer & Treasurer

This presentation is intended for investor purposes only and is not intended for promotional purposes.	3

Leading Specialty Biopharma in Rare and Serious Liver Diseases

Strong	Established	Potential	Profitability	Solid	Long
Leadership	& Growing	Best-in-Class	by 2024	Capital	IP Runways
Position	Brand	Combo		Structure
Pioneer in clinical	Ocaliva double-	Pipeline anchored	Focused operations	Strong balance	Market exclusivity
development and	digit, year-over-year	by novel OCA-	with growing topline	sheet; net cash	for Ocaliva through
commercialization	growth supported	Beza combination	revenues to	positive by	late 2031 and for
by experienced	with potential to	generate meaningful	~$80 million*	FDC through 2036
of the first and only
specialty sales force	establish new	profitability		(with potential PTE
second-line
and strong	treatment paradigm			based on clinical
treatment for PBC
prescriber base	in PBC			and regulatory

timelines)

* As of June 30, 2023, Intercept had cash, cash equivalents, restricted cash, and investment debt securities available for sale of $415.0 million.

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

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Strengthening Our Focus in Rare and Serious Liver Diseases

Maximize

performance of Ocaliva in PBC

FY 2023 net sales guidance of $320M to $340M

Real-world evidence demonstrates improvements in death or liver transplant

On track for 2023 regulatory submission to support post- marketing requirements

Realize best-in- class potential of OCA-bezafibrate combination

Potential to redefine efficacy in treatment of PBC

Completed enrollment of both ongoing Phase 2 studies

Necessary data expected in 2023 to request End-of-Phase 2 meeting with FDA

Progress next- generation FXR agonist INT-787

Ph1 study demonstrated favorable safety and tolerability

Ph2a study ongoing in severe alcohol-associated hepatitis

MOA holds potential in other areas of high unmet need

Build on strong

financial position

to achieve profitability

Strengthen focus and reduce OpEx by ~$140M**

Focus on cash generation to meet strategic objectives

Maintain expense discipline as we transition toward profitability

Abbreviations: FDC, fixed dose combination, FXR, farnesoid X receptor

** Relative to updated 2023 non-GAAP adjusted operating expense guidance of $350M to $370M

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

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