Q12023EarningsCall

Presentation

April27,2023

CautionaryNoteRegardingForward-LookingStatements("FLS")

ThisdocumentcontainsFLS,includingregarding:ourfinances,financialguidance,andfinancialresults,includingexpectationsregardingsales,expenses,cashposition,andbalancesheetposition;ourstrategicpriorities;growthinproductsales;ouroperationalperformance;timingandresultsofourR&D,clinicaltrials,regulatorysubmissions,andnewproductinitiatives;drugefficacy,safety,andtolerability;trendsinprescriberandpatientbehaviorandadoptionofourproducts;ourplansregardingproductdevelopmentandlaunch;timingofFDAreviewofourregulatorysubmissions;prospectsforFDAapprovalofourregulatorysubmissions;andourintellectualpropertyrightsandpatentportfolio.

ImportantfactorscouldcauseactualresultstodiffermateriallyfromtheFLS,including:ourabilitytoincreasesalesasexpected;ourabilitytoestimatefuturefinancialneedsandresults;ourabilitytoexecuteonourstrategicprioritiesandtooperateeffectively;theFDAcouldtakelongerthanexpectedtoreviewourregulatorysubmissions;ourproductcandidatescouldnotreceiveFDAapprovalinatimelymanneroratall;theFDAcouldrequireustoprovideadditionalinformationthatisnottimelyoreconomicaltoprovide;wecouldbeunabletoaddresstothesatisfactionoftheFDAtheissuesraisedinitscompleteresponseletterofJune2020respondingtoourearliersubmission;therecouldbeefficacy,safety,ortolerabilityconcernsaboutourproductsorproductcandidates;ourproductsandproductcandidatescouldhavelesscommercialpotentialthananticipatedorcouldbesupersededbycompetingproducts;ifapproved,wecouldbelesseffectivethananticipatedinlaunchingOCAinNASHcommercially;wemaynotbeabletoobtainormaintainregulatoryapprovals;wemaynotbeabletosatisfypost-marketingrequirements,includingusingreal-worldevidence;theinitiation,timing,cost,conduct,progressandresultsofourR&Dactivities,preclinicalstudies,andclinicaltrials,includingregardingsafetyandefficacy;adversemedical,clinical,efficacy,quality,safety,orpharmacovigilanceeventsorresultsfromclinicaltrials;thesafetyandefficacyof,orpotentialsideeffectsassociatedwith,ourproductsandproductcandidates;thetimingandoutcomesofinteractionswithregulatorsincludingtheFDAregardingclinicaltrials,safetyandefficacy,productsandproductcandidates,andregulatoryapprovals;marketingconditions,limitations,orwarningsrequiredbyregulators;thedegreeofmarketacceptanceofourproductsamongphysicians,patients,andhealthcarepayors;ourabilitytoexecuteonthedriversofproductsalesgrowth(includingestimatedmarketsize,marketpenetration,patientsatisfaction,refillrates,andsalesprices);thesuccessofourcompetitorsandourfailuretooutperformoroutcompetethem;competitionfromneworexistingdrugs;theimpactofthesaleofourinternationalbusiness;ourabilitytomanageexpenses;ourabilitytomanagesuccessfullyourcommercialandoperationalperformanceandlegal,operational,andotherrisks;ourabilitytoattractandretainkeypersonnel;ourestimatesoffuturefinancialneedsandresults;ourabilitytoobtainandmaintainintellectualpropertyprotectionforourproductsandproductcandidates,includingourabilitytocost-effectivelyfile,prosecute,defendandenforceanypatentclaimsorotherintellectualpropertyrights;andotherfactorsdiscussedintheFLSandRiskFactorssectionsofourForm10-QandForm10-Kfilings,andinourForm8-Kreportingourquarterlyearnings.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.2

WelcomeandAgenda

NaregSagherian,ExecutiveDirector,InvestorRelations

KeyBusinessUpdatesandFirstQuarter2023Ocaliva?CommercialPerformance

JerryDurso,ChiefExecutiveOfficerandPresident

RegulatoryandClinicalUpdates

MichelleBerrey,ChiefMedicalOfficerandPresident,R&D

FirstQuarter2023FinancialUpdates

AndrewSaik,ChiefFinancialOfficer

NASHCommercialLaunchStrategyOverview

LindaRichardson,ChiefCommercialOfficer

Today'sAgenda

1

2

3

4

5

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.3

KeyBusinessUpdatesandFirstQuarter2023

Ocaliva?CommercialPerformance

JerryDurso

PresidentandChiefExecutiveOfficer

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.4

WeMadeSubstantialProgressAcrossOurBusinessin1Q23

GrowingfoundationalPBCbusiness

ProgressingOCAfor

pre-cirrhoticfibrosis

duetoNASH

Advancinginternalpipeline

inseverealcohol-associated

hepatitis

Ocaliva?netsalesof$68million;

15%growthovertheprioryear

quarter

Fixed-dosecombinationprogramfor

OCAandbezafibrateisprogressing;

newPhase2databeingpresentedat

EASLCongress2023

PreparingforGastrointestinalDrugs

AdvisoryCommitteeMeetingon

May19,2023;PDUFATargetAction

DateforNDAsetforJune22,2023

Progressinglaunchreadiness

activitiesforOCAforthetreatmentof

patientswithpre-cirrhoticfibrosisdue

toNASH

Phase1programinsAHcomplete

ProgressingthePhase2aFRESH

studyevaluating

INT-787inpatientswithsAH

StrongfinancialpositiontosupportgrowthofPBCbusiness,successfullaunchinNASHandcontinuationofpipelineprograms

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.5

ContinuedStrongPerformanceandReal-WorldDataReinforce

Long-TermStrengthofFoundationalPBCBusiness

Continuedexpansionofnewprescribers

Strongbasebusinessdrivenbypersistency

SatisfactionwithOcalivaremainshigh

4out

of10

prescribersofnewpatientsin

1Q23werefirst-timeOcaliva

writers1

~95%

ofbusinessdriven

byexisting

patients1

~90%

Refillratein1Q231

85%

ofcurrentOcaliva

patients–and95%

ofthoseenrolledin

Interconnect–

reportthehighest

satisfactionratings2

83%

ofOcalivapatients

reportastrong

intenttoremainon

therapy2

Improvedclinicaloutcomesisastrongdriverofintent-to-prescribe3

1.Dataonfile,April2023.2.Dataonfile,ZSAssociates,2021PatientATUStudy.3.Dataonfile,InCrowd,Q42022.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.6

RegulatoryandClinicalUpdates

MichelleBerrey

PresidentofResearchandDevelopment&ChiefMedicalOfficer

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.7

OpportunitytoDelivertheFirstTherapeuticforPatientswith

Pre-CirrhoticFibrosisduetoNASH

FDAAdvisoryCommitteeMeetingonMay19,2023PDUFATargetActionDateofJune22,2023

Riskofliver-specificandall-causemortalityincreasesexponentiallywithincreasingfibrosisstage1andpatientswithadvancedfibrosisareatthegreatestrisk

NoNASHmedicationsarecurrentlyapproved

OCAhasdemonstratedastrongand

confirmedantifibroticeffect,

particularlyinindividualswith

advancedfibrosiswithoutcirrhosis,

intwoindependenthistologic

evaluationmethodologies

1.DulaiPSetal.Hepatology.2017;65(5):1557–1565.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.8

OCA-BezafibrateFixed-DoseCombinationOffersPotentialto

EstablishBest-In-ClassClinicalBenefits

Phase1clinicalstudyassessingmultiple

dosecombinationsnowcomplete

Plannedinterimanalysesfromtwoongoing

Phase2studiesexpectedtocompletethisyear

Phase2interimanalyses,Phase1dataand

preclinicaldatawillserveasbasisof

anend-of-phase2meetingwithFDA

OCAandbezafibrate(aPPAR

agonist)havesynergistic

mechanismsofaction1offeringthe

potentialtonormalizeanarrayof

biochemicalsurrogatesassociated

withclinicaloutcomesina

substantialproportionofpeople

livingwithPBC

PlannedinterimanalysisfromfirstPhase2study(747-213)tobepresentedatEASLCongress2023

1.Soret,etal.AilmentPharmacology&Therapeutics.2021;00:1-9.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.9

FirstQuarter2023FinancialUpdates

AndrewSaik

ChiefFinancialOfficer

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.10

Q12023FinancialHighlights

Totalrevenue

2023

$68.0M

ThreeMonthsEnded

March31,

2022

$59.2M

$99.6M

$93.6M

$0.2M

$57.7M

$41.7M

GAAPoperatingexpenses

Non-GAAPadjustedoperatingexpenses(1)

Costofsales

SG&Aexpenses

R&Dexpenses

(1)Refertotheappendixforareconciliationofnon-GAAPadjustedoperatingexpensestototaloperatingexpenses

3/31/2023

$435.2M

$333.0M

Cash,cashequivalents,restrictedcash&investmentdebtsecuritiesavailableforsale

Totalcurrentandlong-termdebt(2)

(2)Totaloutstandingprincipaldebtis$336.3M;$110MofnotesdueJuly1,2023;Remainderofnotesdue2026

$85.6M

$79.9M

$0.2M

$37.8M

$47.6M

12/31/2022

$490.9M

$332.7M

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.11

Q12023FinancialKeyTakeaways

$99.6millionintotaloperatingexpensesand$93.6millioninnon-GAAPadjustedoperatingexpenses

2

Overallsalesandspendinlinewithpreviouslyissuedfull-year2023guidance?Ocalivanetsalesguidance:$310-$340million

?Non-GAAPadjustedOpExguidance:$360-$390million

?MaychoosetoreviseguidancependingregulatoryapprovalinNASH

4

StrongOcaliva?netsalesof$68.0million,representing15%growthoverprior

yearquarter

1

Strongbalancesheetwithsustainablecashlevelabovedebt;$435.2millionincash,cashequivalents,restrictedcashandinvestmentdebtsecurities

3

Disciplinedfinancialexecutionandcontinuedflexibilitytoinvestinourcorebusinessprioritiesandultimatelysustaingrowth

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.12

NASHCommercialLaunchStrategyOverview

LindaRichardson

ChiefCommercialOfficer

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.13

AmongthetargetpatientpopulationforOCAinNASH…

Riskformortalityexponentiallyincreasesasfibrosisprogressestocirrhosis1

1in5progresstocirrhosisasearlyas~2.5years2,3,4,5

Patientshave14xriskofsevereliverdiseasecomparedtocontrols6,7

Severeliverdiseaseriskjumpsto105xinthosewhoprogresstocirrhosis6,7

AdvancedFibrosiswithoutCirrhosisDuetoNASHPresents

aPatientPopulationwithHighUnmetNeedandUrgencytoTreat

ProjectedPopulationEstimates

U.S.NAFLDPrevalence8

ProportionofNAFLD

thatisNASH8

UnderPhysicianCarewith

likelyNASH9

UnderHep/GICare10~2.7M

TargetPatientPopulationforOCA

IdentifiedUsingNITs11:Advanced

fibrosiswithoutcirrhosis

~700K

~5.2M

~94M

~26M

1.EstesC,etal.Hepatology.2018;67(1):123-133.2.SanyalAJetal.Hepatology.2019;70:1913-1927.3.HarrisonSA,etal.JHepatol.2020;73(10):26-39.4.InastudyofpatientswithhistologicallyconfirmedNASH,48of217(22%)patientswithstage3fibrosis(F3)progressedtocirrhosisatmedianfollow-upof29months.Analysisuseddatafromtwolarge,randomized,placebo-controlled,phase2bstudiesofpatientswithF3fibrosisandcompensatedcirrhosisduetoNASHinwhichpatientsunderwentbiopsyatscreening,Week48,andWeek96.

5.Inarandomized,placebo-controlled,phase3studyofpatientswithhistologicallyconfirmedNASH,117of802(15%)patientswithstage3fibrosis(F3)whohadbiopsyresultsavailableatWeek48progressedtocirrhosisatamedianfollow-upof16.5months

6.Hagstr?mH,etal.JHepatol.2017;67:1265-12737.Fromaretrospectivecohortstudyof646biopsy-provenNAFLDpatients,eachmatchedto10controls.Severeliverdiseasewasdefinedascirrhosis,liverdecompensation/failure,orhepatocellularcarcinoma.8.RazaviH,Estes

C.Presentedat:NASH2022;September8-9,2022;Paris,France.9.Morganetal.EurJHealthEcon.2021.2022;Vlecketal.IntJMedInform.2019;10.Rinella.BMCGastroenterology.2022.11.Dataonfile.US-NAS-MED-01344;InterceptPharmaceuticals,Inc.

[REGENERATEsubanalysis.]

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.14

HCPsRecognizetheImportanceofFibrosisastheStrongest

PredictorofDiseaseProgressionandNegativeOutcomesinNASH

CumulativeSurvival,%

1

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

Fibrosisstagematters

Retrospectivestudyfindssurvivalfreeoflivertransplantsignificantlydecreaseswithfibrosis1,2

P=0.018

13579111315171921

Follow-Up(Years)

NASH,withoutfibrosis(n=335)NASH,withfibrosis(n=284)

Survivalisreducedasfibrosisprogresses

~6outof10

hepatologistsand

gastroenterologists

believefibrosisreversalof1+stagesismoreimportantthanimprovementofsteatohepatitisforpatientswithadvancedfibrosis3

believepreventingprogressiontocirrhosisandfibrosisreversalof≥1stagesaremostimportanttreatmentgoalsforpatientswithadvancedfibrosiswithoutcirrhosisduetoNASH3

70%

ofhepatologists,gastroenterologistsadvancedpracticeproviders(APPs)

and

1.Fromaretrospectiveanalysisof619patientsdiagnosedwithNAFLDfrom1975through2005atmedicalcentersintheUnitedStates,Europe,andThailand,whounderwentlaboratoryandliverbiopsyanalysis.NASHincludesborderlineNASHplusdefinitiveNASH(n=284).2.AnguloP,etal.Gastroenterology.2015;149:389-397.3.Dataonfile;ZSAssociatesQ12023.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.15

Hepatologists,GastroenterologistsandPatientsUnderTheirCare

BelieveAdvancedFibrosisDueToNASHShouldBeUrgentlyTreated

%OFHCPSINAGREEMENTWITHLAUNCH-SUPPORTIVEBELIEFS1

61%57%

81%

62%

71%62%

Gastroenterologists

…advfibrosispatientsrequireadifferentmanagementapproach

thanearlyfibrosispatients

…fibrosisreversalof1+stagesis

moreimportantthanimprovementofsteatohepatitis

…patientswithadvancedfibrosiswithoutcirrhosisshouldbeurgentlytreated

Hepatologists

1.Dataonfile,ZSAssociatesQ12023.

%OFNASHPATIENTSINAGREEMENTWITHLAUNCH-SUPPORTIVEBELIEFS1

…awareoftherisksassociatedwithadvancedfibrosisduetoNASH

…advfibrosisduetoNASH

mustbeurgentlymanaged

…intendtospeaktomyphysicianaboutNASHtreatmentoptions

69%

57%

72%

61%

68%

39%

NASHpatientsmanagedbyhepatologistsandgastroenterologists

NASHpatientsmanagedbyprimarycareprovidersandendocrinologists

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.16

ValueofNon-InvasiveTests(NITs)toAssessFibrosisProgressionin

NASHisWell-EstablishedAmongMultipleU.S.MedicalAssociations

TheAASLDpracticeguidanceincludesanalgorithmforclinicalpracticeandrecommends1:

?FIB-4toassesstheriskforadvancedfibrosis

?Measureliverstiffness(VCTE)orELFminat-riskpersons(i.e.,thosewithanindeterminateorhighFIB-4score)

TheAACE,withco-sponsorshipfromAASLD,practiceguidelinesincludeanalgorithmthatrecommends2:

?FIB-4toassesstheriskofliverfibrosis

?Measureliverstiffness(VCTE)orELFminat-riskpersons

TheAGAClinicalCarePathwayforPatientswithNAFLDincludesstepsforscreeningandassessingfibrosis3:

?UseFIB-4toscreenforadvancedfibrosis

?MeasureliverstiffnessinthosepatientswithindeterminateriskbasedonFIB-4score

TheACGandCLDF’sclinicalalgorithmincludesNITsforNAFLD/NASHriskstratification4:

?SerumNIT,suchasFIB-4,orimagingtechnique,suchastransientelastography,toassessriskforadvancedfibrosis

?AsecondNITwhoseinitialtestscoreisindeterminate

1.RinellaME,etal.Hepatology.2023.https://pubmed.ncbi./36727674/.2.CusiK,etal.EndocrinePractice.2022;28:528-562.3.KanwalF,etal.Gastroenterol.2021:1-13.4.YounossiZM,etal.AmJGastroenterol.2021;116:254–262.

/10.14309/ajg.0000000000001054

.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.17

TargetPrescribersConfidentlyUseNITsToAssessFibrosis

ProgressioninNASH

Approximately4outof5

hepatologists,

gastroenterologistsand

theirAPPsarealready

usingatleasttwoNITs

todiagnoseNASHandconfirmfibrosisstage1

Nearly3in4

NASHtreaterscall

FibroScanthemostideal

approachto

non-invasiveimaging1

14%

Only14%

ofconfirmed

orsuspected

NASHpatients

areeverbiopsied2

1.Dataonfile,ZSAssociates,Q12023.2.Dataonfile,KomodoHealth,January2023.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.18

Fibrogenesis

?InhibitsactivationandcontractionofHSCs1,3,4

?BlocksECMproteindeposition1,5

?Suppressesprofibroticgeneexpression1

?Stimulatesliverrepair1,5

Bile-AcidCytotoxicity

?ReducesBAsynthesis9-12

?ReducesBAabsorption/reuptake9-12

?Increasescholeresis9-12

OCARestoresImpairedFXRMediatedSignalinginNASH

FIBROSISRESOLUTION

throughdirectrestorationof

FXR-mediatedsignaling1,2

Inflammation

?RepressesproinflammatorygeneexpressiondownstreamofNF‐κB1,6,7

?Reducesbacterialtranslocationfromtheintestinetotheliver8

ProposedrolesbasedoninvivoandinvitrostudiesinmultipleanimalandcellmodelsusingdifferentFXRagonists.Invivo/invitrostudiesdonotnecessarilycorrelatewithclinicalresponse,andnotallFXRagonistsmayproducethesameeffects.BA,bileacid;ECM,extracellularmatrix;FXR,farnesoidXreceptor;HSC,hepaticstellatecell;NASH,nonalcoholicsteatohepatitis;OA,obeticholicacid;RXR,retinoidXreceptor.

1.VerbekeL,etal.SciRep.2016;6:33453.2.RadunR,TraunerM.SeminLiverDis.2021;41(4):461-475.3.FickertP,etal.AmJPathol.2009;175(6):2392-2405.4.LiJ,etal.PLoSOne.2010;5(11):e13955.5.PellicoroA,etal.NatRevImmunol.2014;14(3):181-194.6.WangYD,etal.Hepatology.2008;48(5):1632-1643.7.BertoliniA,etal.SeminImmunopathol.2022;44(4):547-564.8.MouriesJ,etal.JHepatol.2019;71(6):1216-1228.9.MatsubaraT,etal.MolCellEndocrinol.2013;368(1-2):17-29.10.KuipersF,etal.RevEndocrMetabDisord.2004;5(4):319-326.11.StofanM,etal.FrontMed(Lausanne).2020;7:544.12.PuriP,etal.Hepatology.2018;67(2):534-548.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.19

OCA25mgdemonstrateddoublethe

responserateofplaceboinreduction

ofliverfibrosiswithoutworseningof

NASH(regulatoryendpoint)1

40

p=0.0001

30

25

20

15

10

5

0

OCA25

n=308

Placebo

n=311

22.4%

mg

6%

35

9.

Improvementofliverfibrosiswas

observedin37%ofsubjectswith

availablebaselineandmonth18

liverbiopsies1

40

37.3%

30

25

20

15

10

5

0

OCA25mg

n=244

Placebo

n=248

19.8%

35

OCA’sCompellingAntifibroticEfficacyAddressesCriticalTreatment

DriverforHCPsTreatingTargetPatientPopulation

Antifibroticeffectwasmore

pronouncedinindividualswith

advancedfibrosiswithoutcirrhosis

(F3)atbaseline1

40

35

30

25

20

15

10

5

0

Placebo

n=169

OCA25

n=169

p=0.0001

25.4%

9.5%

mg

1.A.Sanyal,etal.,“ToplineResultsFromaNewAnalysisoftheREGENERATETrialofObeticholicAcidfortheTreatmentofNonalcoholicSteatohepatitis.”NASH-TAG,Jan5-7,2023.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.20

ExistingInfrastructure,ExperienceandLeadershiptoSupportEarly

LaunchSuccess

EstablishedU.S.fieldpresencewithbroadgeographicandbusinesspotentialcoverage

Recognizedindustryleadership

1.Dataonfile,ZSAssociates,Q12023.

ofhighestpotentialHeps/GIsarewithinourexistingPBCcustomerbase

Deepunderstandingofmulti-site

GIpractices,theirecosystems

Keenknowledgeofindividualsresponsibleforhandlingpriorauthorizations

andkeyindividualplayers

73%

RecognizedleadershipinNASH;ranked#1industryleaderamongcompetitors;toptwomosttrustworthycompanyinthisspace1

Significantpresenceatmajorliverandgastroenterologycongresses

advocacyorganizations

Ongoingengagement

patientskey

withand

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.21

CustomerDiseaseEducationisUnderwayviaSpeakerPrograms

andConferencePresence

Keymessages:

?UrgencytotreatadvancedfibrosiswithoutcirrhosisduetoNASH

?UseofNITsforpatientidentification

Marketingcampaigns

Speakerprograms

Conferencepresence

?HCPandpatientdiseasestatecampaigns,NASHTippingPoint?andNASHActually,arenowlive

?Diseasestatespeakerprogramsongoingatcongressesandinlocalvenues

?Focusededucationalpresenceatkeycongresses

?Interactiveeducationalboothshavecapturedstrongengagement

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.22

KeyAttribute

UnmetNeed

DiseaseSeverity

(ImportanceofTreating

AdvancedFibrosis)

UniqueMOA

PayerCommentary

“TreatmentforNASHislacking.Thereisanunmetneedforagents,notmanyexisttoday”

–PBM(6Mlives)

“IfadrugcanreverseafibrosisscoreandisindicatedforF3orF4patients,thatwouldbeagoodthing”

–PBM(45Mlives)

“ItisagoodthingthattheproductshavedifferentMOAs…wewilllooktoincludethembothonformulary”

-NationalHealthPlan(47Mlives)

PayersIndicateWillingnesstoProvideAccessforPatientswith

AdvancedFibrosiswithoutCirrhosis1

PayerObservations

UnanimousrecognitionofunmetneedforNASH

treatmentgivendiseaseprevalenceandlackofapproved

therapy

90%believetreatingadvancedfibrosis(F3+)isasor

moreimportantthantreatinglessseverefibrosisgivenelevated

riskofsevereoutcomesandtheircosts

2/3believethatuniqueMOAscanhelptosupportformularyplacementinthisclass

PayershaveexpressedreceptivitytoutilizingNITsthataresupportedbyKOLsandclinicalguidelines

1.Dataonfile,HaydenCG,Q12023.

Thispresentationisintendedforinvestorpurposesonlyandisnotintendedforpromotionalpurposes.23

InitialpayerinputsupportspricingOCAinNASHasachronicspecialtydrug

UponApproval,OCAforNASHWillBeLaunchedasaChronicSpecialty

TherapyforAdvancedFibrosisWithoutCirrhosisDuetoNASH

RetailDrugsChronicSpecialtyDrugsUltra-Rare

$20K-$110K

~$5K-$20K

>$110K

Finalpricingdecisionwillreflectr