Intercept NASH Commercial Day December 2019

Intercept NASH Commercial Day

New York, NY December 16, 2019 Cautionary Note Regarding Forward-Looking Statements

This presentation contains forward-looking statements, including, but not limited to, statements regarding the progress, timing and results of Intercept’s clinical trials, including its clinical trials for the treatment of nonalcoholic steatohepatitis (“NASH”), the safety and efficacy of Intercept’s approved product, Ocaliva (obeticholic acid or “OCA”) for primary biliary cholangitis (“PBC”), and Intercept’s product development candidates, including OCA for NASH, the timing and acceptance of Intercept’s potential regulatory filings and potential approval of OCA for NASH or any other indications in addition to PBC, the timing and potential commercial success of OCA and any other product candidates Intercept may develop and Intercept’s strategy, future operations, future financial position, future revenue, projected costs, financial guidance, prospects, plans, objectives of management and expected market growth.

These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “possible,” “continue” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and Intercept undertakes no obligation to update any forward-looking statement except as required by law. These forward-looking statements are based on estimates and assumptions by Intercept’s management that, although believed to be reasonable, are inherently uncertain and subject to a number of risks. The following represent some, but not necessarily all, of the factors that could cause actual results to differ materially from historical results or those anticipated or predicted by Intercept’s forward-looking statements: Intercept’s ability to successfully commercialize Ocaliva for PBC; Intercept’s ability to maintain its regulatory approval of Ocaliva for PBC in the United States, Europe, Canada, Israel, Australia and other jurisdictions in which it has or may receive marketing authorization; the initiation, timing, cost, conduct, progress and results of Intercept’s research and development activities, preclinical studies and clinical trials, including any issues, delays or failures in identifying patients, enrolling patients, treating patients, retaining patients, meeting specific endpoints in the jurisdictions in which it intends to seek approval or completing and timely reporting the results of its NASH or PBC clinical trials; Intercept’s ability to timely and cost-effectively file for and obtain regulatory approval of its product candidates, including the regulatory approval of its New Drug Application for NASH; any advisory committee recommendation that Intercept’s product candidates, including OCA for NASH, should not be approved or approved only under certain conditions; any determination that the regulatory applications and subsequent information Intercept submits for its product candidates, including OCA for NASH, do not contain adequate clinical or other data or meet applicable regulatory requirements for approval; conditions that may be imposed by regulatory authorities on Intercept’s marketing approvals for its products and product candidates, such as the need for clinical outcomes data (and not just results based on achievement of a surrogate endpoint), and any related restrictions, limitations and/or warnings contained in the label of any of its products or product candidates; any potential side effects associated with Ocaliva for PBC, OCA for NASH or Intercept’s other product candidates that could delay or prevent approval, require that an approved product be taken off the market, require the inclusion of safety warnings or precautions or otherwise limit the sale of such product or product candidate; Intercept’s ability to establish and maintain relationships with, and the performance of, third-party manufacturers, contract research organizations and other vendors upon whom it is substantially dependent for, among other things, the manufacture and supply of its products, including Ocaliva for PBC and, if approved, OCA for NASH, and its clinical trial activities; Intercept’s ability to identify, develop and successfully commercialize its products and product candidates, including its ability to timely and successfully launch OCA for NASH, if approved; Intercept’s ability to obtain and maintain intellectual property protection for its products and product candidates, including its ability to cost-effectively file, prosecute, defend and enforce any patent claims or other intellectual property rights; the size and growth of the markets for Intercept’s products and product candidates and its ability to serve those markets; the degree of market acceptance of Ocaliva for PBC and, if approved, OCA for NASH or Intercept’s other product candidates among physicians, patients and healthcare payors; the availability of adequate coverage and reimbursement from governmental and private healthcare payors for Intercept’s products, including Ocaliva for PBC and, if approved, OCA for NASH, and its ability to obtain adequate pricing for such products; Intercept’s ability to establish and maintain effective sales, marketing and distribution capabilities, either directly or through collaborations with third parties; competition from existing drugs or new drugs that become available; Intercept’s ability to prevent system failures, data breaches or violations of data protection laws; costs and outcomes relating to any disputes, governmental inquiries or investigations, legal proceedings or litigation, including any securities, intellectual property, employment, product liability or other litigation; Intercept’s collaborators’ election to pursue research, development and commercialization activities; Intercept’s ability to establish and maintain relationships with collaborators with development, regulatory and commercialization expertise; Intercept’s need for and ability to generate or obtain additional financing; Intercept’s estimates regarding future expenses, revenues and capital requirements and the accuracy thereof; Intercept’s use of cash and short-term investments; Intercept’s ability to acquire, license and invest in businesses, technologies, product candidates and products; Intercept’s ability to attract and retain key personnel to manage its business effectively; Intercept’s ability to manage the growth of its operations, infrastructure, personnel, systems and controls; Intercept’s ability to obtain and maintain adequate insurance coverage; the impact of general U.S. and foreign economic, industry, market, regulatory or political conditions, including the potential impact of Brexit; and the other risks and uncertainties identified in Intercept’s periodic filings filed with the U.S. Securities and Exchange Commission, including Intercept’s Annual Report on Form 10-K for the year ended December 31, 2018.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 2 Intercept at a Glance

Mark Pruzanski, M.D. President and Chief Executive Officer

This presentation is intended for investor purposes only and is not intended for promotional purposes. 3 Our mission is to build a healthier tomorrow for people with progressive non- viral liver diseases

Debbie, Living with PBC

This presentation is intended for investor purposes only and is not intended for promotional purposes. 4 A Leadership Journey in Progressive Non-Viral Liver Diseases

O Me

Me OH

OH HO

Developed and validated FXR mechanism in progressive non-viral liver diseases

This presentation is intended for investor purposes only and is not intended for promotional purposes. 5 A Leadership Journey in Progressive Non-Viral Liver Diseases

O Me

Me Deﬁned the regulatory OH pathway for PBC OH and NASH HO

Developed and validated FXR mechanism in progressive non-viral liver diseases

This presentation is intended for investor purposes only and is not intended for promotional purposes. 6 A Leadership Journey in Progressive Non-Viral Liver Diseases

O Me

Me Deﬁned the regulatory OH pathway for PBC OH and NASH Phase 2 FLINT study HO results announced; FDA granted Breakthrough Therapy Designation to OCA in NASH

Developed and validated FXR mechanism in progressive non-viral liver diseases

This presentation is intended for investor purposes only and is not intended for promotional purposes. 7 A Leadership Journey in Progressive Non-Viral Liver Diseases

O Me

Me Deﬁned the regulatory OH pathway for PBC OH and NASH Phase 2 FLINT study HO results announced; FDA granted Breakthrough Therapy Designation to OCA in NASH

Developed and validated FXR mechanism in progressive non-viral liver diseases First-and-only successful Phase 3 study readout in second- line therapy in PBC

This presentation is intended for investor purposes only and is not intended for promotional purposes. 8 A Leadership Journey in Progressive Non-Viral Liver Diseases

Deﬁned the regulatory Launched Ocaliva for pathway for PBC PBC—ﬁrst therapy Phase 2 FLINT study and NASH approved in 20 years results announced; FDA —in the U.S. in 2016 granted Breakthrough and EU in 2017 Therapy Designation to OCA in NASH

First-and-only successful Phase 3 study readout in second- line therapy in PBC

This presentation is intended for investor purposes only and is not intended for promotional purposes. 9 A Leadership Journey in Progressive Non-Viral Liver Diseases

Launched Ocaliva for PBC—ﬁrst therapy approved in 20 years Phase 2 FLINT study —in the U.S. in 2016 and EU in 2017 results announced; FDA granted Breakthrough Therapy Designation to OCA in NASH

First-and-only successful Phase 3 study readout in second- $120M+ in 2017 line therapy in PBC worldwide Ocaliva sales

This presentation is intended for investor purposes only and is not intended for promotional purposes. 10 A Leadership Journey in Progressive Non-Viral Liver Diseases

REGENERATE NASH FIBROSIS STUDY

Launched Ocaliva for PBC—ﬁrst therapy REVERSE approved in 20 years NASH CIRRHOSIS STUDY —in the U.S. in 2016 and EU in 2017

$120M+ in 2017 Largest Phase 3 First-and-only worldwide Ocaliva Program in NASH successful Phase 3 sales study readout in second- covering advanced line therapy in PBC fibrosis and compensated cirrhosis

This presentation is intended for investor purposes only and is not intended for promotional purposes. 11 A Leadership Journey in Progressive Non-Viral Liver Diseases

REGENERATE Launched Ocaliva for NASH FIBROSIS STUDY PBC—ﬁrst therapy approved in 20 years REVERSE —in the U.S. in 2016 NASH CIRRHOSIS and EU in 2017 STUDY

PRESS RELEASE ______

Intercept Announces Positive Topline Results from Interim Analysis of Pivotal Phase 3 REGENERATE Study Largest Phase 3 $120M+ in 2017 Program in NASH worldwide Ocaliva covering advanced sales fibrosis and First-and-only successful compensated Phase 3 study readout cirrhosis in patients with fibrosis due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 12 A Leadership Journey in Progressive Non-Viral Liver Diseases

REGENERATE First company to ﬁle NDA NASH FIBROSIS STUDY for NASH fibrosis; accepted REVERSE for Priority Review NASH CIRRHOSIS STUDY

PRESS RELEASE ______

Largest Phase 3 Intercept Announces Positive Topline Results $120M+ in 2017 Program in NASH from Interim Analysis of covering advanced Pivotal Phase 3 worldwide Ocaliva REGENERATE Study sales fibrosis and compensated cirrhosis First-and-only successful Phase 3 study readout in patients with fibrosis due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 13 A Leadership Journey in Progressive Non-Viral Liver Diseases

REGENERATE NASH FIBROSIS STUDY

REVERSE NASH CIRRHOSIS STUDY First company to ﬁle NDA for NASH fibrosis; accepted for Priority Review

PRESS RELEASE ______

Largest Phase 3 Intercept Announces Positive Topline Results Program in NASH from Interim Analysis of covering advanced Pivotal Phase 3 REGENERATE Study fibrosis and compensated cirrhosis First-and-only successful Phase 3 study readout First MAA submitted for in patients with fibrosis due to NASH NASH fibrosis in Europe

This presentation is intended for investor purposes only and is not intended for promotional purposes. 14 A Leadership Journey in Progressive Non-Viral Liver Diseases

In Q3 2019, increased REGENERATE NASH FIBROSIS STUDY guidance for 2019 worldwide Ocaliva net sales to REVERSE NASH CIRRHOSIS between $245M and $250M STUDY First company to ﬁle NDA for NASH fibrosis; accepted for Priority Review

PRESS RELEASE ______

Largest Phase 3 Intercept Announces Positive Topline Results Program in NASH from Interim Analysis of covering advanced Pivotal Phase 3 REGENERATE Study fibrosis and First MAA submitted compensated for NASH fibrosis in First-and-only cirrhosis Europe successful Phase 3 study readout in patients with fibrosis due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 15 A Leadership Journey in Progressive Non-Viral Liver Diseases

Opportunity to serve Terri, living with even more patients advanced fibrosis on the horizon due to NASH

O Me Launched Ocaliva for Defined the regulatory PBC—first therapy REGENERATE Me NASH FIBROSIS OH pathway for PBC and approved in 20 years NASH Phase 2 FLINT study —in the US in 2016 and STUDY In Q3 2019, increased guidance stopped early; FDA EU in 2017 REVERSE for 2019 worldwide Ocaliva net O grants Breakthrough HO H NASH CIRRHOSIS First company to file NDA sales to between $245M and Therapy Designation STUDY for NASH fibrosis; accepted $250M to OCA in NASH for Priority Review

PRESS RELEASE Developed and validated FXR ______mechanism in progressive non-viral liver diseases Intercept Announces First-and-only Largest Phase 3 Positive Topline Results successful Phase 3 Program in NASH from Interim Analysis of $120M+ in 2017 Pivotal Phase 3 study readout in covering advanced worldwide Ocaliva REGENERATE Study second-line therapy fibrosis and First MAA submitted sales in PBC compensated for NASH fibrosis in cirrhosis First-and-only successful Europe Phase 3 study readout in patients with fibrosis due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 16 Delivering on Our Ambitious Vision of Elevating Patient Care and Creating Lasting Shareholder Value

Innovate Transform Maximize leveraging our strong scientific the NASH care landscape our opportunity for OCA to foundation in progressive through a successful launch reach more patients globally non-viral liver diseases

This presentation is intended for investor purposes only and is not intended for promotional purposes. 17 Experienced Team with Proven Global Commercial and Development Success

MARK PRUZANSKI, M.D. Average 20+ years President, Chief Executive Officer and Director of diverse industry JERRY DURSO Chief Operating Officer leadership experience SANDIP KAPADIA Chief Financial Officer and Treasurer

RYAN SULLIVAN General Counsel and Secretary JASON CAMPAGNA, RICHARD KIM M.D., PH.D. President, U.S. Commercial Chief Medical Officer & Strategic Marketing

CHRISTIAN WEYER, M.D., M.A.S. EVP, Research & Development

LISA BRIGHT DAVID FORD President, International GAIL CAWKWELL, M.D., PH.D. Chief Human SVP, Medical Affairs, Resources Officer Safety & Pharmacovigilance

This presentation is intended for investor purposes only and is not intended for promotional purposes. 18 Successful Global Launch of Ocaliva in PBC

Quarterly Worldwide Net Sales as of 3Q 2019

70 ~$66M Expanded Targeting 60 ~$62M Strategy in U.S. ~$52M Approximately 25% of 50 Updated ~$53M ~$43M ~41M PBC Ocaliva sales come from the ~$47M 40 Label International region* ~30M ~37M 30 ~$35M ~$21M 25% 20 ~$13M U.S. Launch EU Launch 10 ~$5M 75%

0 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 International U.S.

On Q3 earnings call, increased full year 2019 worldwide Ocaliva net sales guidance range to between $245 million and $250 million *Based on Q4 2018 – Q3 2019

This presentation is intended for investor purposes only and is not intended for promotional purposes. 19 Global Footprint in Place Supporting R&D and PBC Commercialization

~600 employees globally and growing SAN DIEGO, CA, U.S. Research & Development HQ

>30 countries NEW YORK, NY, U.S. LONDON, UK Corporate & U.S. HQ International HQ with PBC approval Intercept has ~600 employees Full-service distributor partners in the Middle East, across the U.S., EU and Canada Israel, CEE markets, Australia and New Zealand

This presentation is intended for investor purposes only and is not intended for promotional purposes. 20 Significant Milestones Achieved in 2019…

Announced acquisition of license to U.S. rights to Increased 2019 Ocaliva net sales guidance bezafibrate to $245M – $250M

Positive topline results from interim analysis of pivotal NDA for OCA in fibrosis due to NASH accepted Phase 3 REGENERATE study by FDA with Priority Review

Opening Plenary presentation of REGENERATE Presented NIT data from REGENERATE during topline data at EASL AASLD

Completed $470 million financing REGENERATE results published in The Lancet

MAA submitted

This presentation is intended for investor purposes only and is not intended for promotional purposes. 21 Significant Milestones Achieved in 2019… And Near Term Milestones Ahead

Announced acquisition of license to U.S. Increased 2019 Ocaliva net sales REVERSE to complete enrollment rights to bezafibrate guidance to $245M – $250M

Positive topline results from interim analysis NDA for OCA in fibrosis due to NASH Strong presence at upcoming medical of pivotal Phase 3 REGENERATE study accepted by FDA with Priority Review meetings, including EASL and DDW

Opening Plenary presentation of Presented NIT data from REGENERATE Advisory committee meeting REGENERATE topline data at EASL during AASLD tentatively scheduled for April 22

REGENERATE results published in The Completed $470 million financing Anticipated U.S. approval Lancet

Anticipated successful MAA submitted commercial launch

Near Term H2 Milestones

This presentation is intended for investor purposes only and is not intended for promotional purposes. 22 Understanding Advanced Fibrosis Due to NASH and the Urgent Need for Treatment

Gail Cawkwell, M.D., Ph.D. SVP, Medical Affairs, Safety & Pharmacovigilance

This presentation is intended for investor purposes only and is not intended for promotional purposes. 23 For Patients with Advanced Fibrosis due to NASH, Halting Progression to Cirrhosis is Critical

Cirrhosis has the Greater risk Urgent need of serious liver-related to halt fibrosis progression largest impact consequences on the healthcare budget

• Liver-related morbidity and • There are no FDA approved • While only 10% of all patients mortality increase substantially therapies for patients with with NASH have cirrhosis, with fibrosis stage1,2 advanced fibrosis due to cirrhosis accounts for >80% of 3,4 7,8 • Fibrosis stage is associated NASH annual direct medical costs with overall survival and liver- • There is an urgent need for related complications2 treatment options to prevent the progression to cirrhosis5,6

References: 1. Dulai PS, et al. Hepatology. 2017;65(5):1557–1565. 2. Angulo P,. Gastroenterology. 2015;149:389–397. 3. Chalasani N, et al. Hepatology. 2018;67(1):328–357. 4. EASL-EASD-EASO. Journal of Hepatology. 2016;64:1388-1402. 5. FDA. Noncirrhotic Nonalcoholic Steatohepatitis with Liver Fibrosis: Developing Drugs for Treatment Guidance for Industry. December 2018. 6. Oseini AM, et al. Liver International. 2017;37(Suppl 1):97–103. 7. Estes C, et al. Hepatology. 2018;67(1):123-133. 8. Younossi ZM, et al. Hepatology. 2016;64(5):1577-1586.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 24 With New Therapies on the Horizon, Diagnosing Advanced Fibrosis due to NASH Will Increasingly be Managed with NITs

Advanced Fibrosis Advanced Fibrosis Early Fibrosis without Cirrhosis with Cirrhosis

This presentation is intended for investor purposes only and is not intended for promotional purposes. 25 Strong Consensus on the Importance of NITs Across Stakeholder Groups

“Noninvasive biomarkers are needed to supplant liver biopsy and provide a comparable or superior ability to accurately diagnose and assess various grades of NASH and stages of liver fibrosis.”1

“This reflection paper also calls for the further development of noninvasive methods to replace liver histology in the future.”2

“There has been significant interest in developing clinical prediction rules and noninvasive biomarkers…”3

“Monitoring should include routine biochemistry, assessment of comorbidities and noninvasive monitoring of fibrosis.”4

“Healthcare providers should increase the number of diagnoses and decrease the number of liver biopsies using noninvasive technologies.”5

References: 1. FDA. Noncirrhotic Nonalcoholic Steatohepatitis with Liver Fibrosis: Developing Drugs for Treatment Guidance for Industry. December 2018. 2. EMA. Draft Reflection Paper on Regulatory Requirements for the Development of Medicinal Products for Chronic Non-infectious Liver Diseases. December 2018. 3. Chalasani N, et al. Hepatology, 2018;67(1):328–357. 4. EASL-EASD-EASO. Journal of Hepatology. 2016;64:1388- 1402. 5. Beyond the Biopsy. Global Liver Institute website. https://www.globalliver.org/beyond. Accessed December 13, 2019.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 26 Broad Array of NITs are Being Used Today to Assess Advanced Fibrosis

Simple Scores Proprietary Serum Tests Imaging Techniques

• NFS (NAFLD fibrosis • FibroSURE® • VCTE (e.g., FibroScan®)1 1 score) (FibroTest® outside of • MRE (Magnetic resonance • FIB-4 (Fibrosis-4)1 the U.S.)1 elastography)3 • APRI (AST / platelet ratio • ELF™ (Enhanced Liver index)2 Fibrosis)1

82% of specialists surveyed believe they can reliably assess advanced fibrosis using NITs without conducting a liver biopsy4

ELFTM is a trademark of Siemens Healthineers and is not commercially available in the U.S., but used widely outside of the U.S. FibroScan® is a registered trademark of EchoSensTM, Paris FibroTest® is a registered trademark of BioPredictive S.A.S, Paris; FibroSURE® is distributed by LabCorp in the U.S. List of NITs provided above is not exhaustive, and NIT research and learning continues to evolve References: 1. Alkhouri N, et al. Gastroenterology and Hepatology. 2012;8(10):661–668. 2. Atay, K. Biomedical Research. 2017;28(2):565–570. 3. Chalasani N, et al. Hepatology. 2018;67(1):328–357. 4. Internal Market Research on File (Double-Blinded), October 2019, n=115 U.S. Hepatologists/Gastroenterologists.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 27 Like Liver Biopsy, NITs Predict Long-Term Outcomes

Liver Biopsy FIB-4

1.00 1.00

FIB-4: <1.30 0.75 0.75

0.50 0.50 FIB-4: 1.30 to 2.67

Proportion Alive Proportion 0.25 0.25

Log-rank (%) Probability Survival FIB-4: >2.67 P = 0.03 <0.001 0.00 0.00

0 10 20 30 40 0 5 10 15 20 25

Years of follow-up Years of follow-up

Control F0 F1 F2 F3 F4

Adapted from Hagström H et al. J Hepatol 2017;67:1265 –1273 Adapted from Angulo P et al. Gastroenterology 2013;145:782–789

Charts are illustrative and not comparative due to differing patient populations described in the studies

This presentation is intended for investor purposes only and is not intended for promotional purposes. 28 NITs Offer Predictive Value That is Comparable to Biopsy, Without Risks Associated with Biopsy Test AUROC Simple scores FIB-41 0.78 NFS1 0.74 APRI2 0.76 Proprietary serum tests FibroSURE®3 0.83 Combining multiple NITs 1 ELF™4,5 0.86* improves accuracy Imaging techniques FibroScan®6 0.93 MRE7 0.93‡ Histological tests Liver biopsy8 0.87

AUROC, area under the receiver operating curve; *AUROC is for upper cut-off of >9.8 to detect patients with advanced fibrosis; ‡AUROC is for upper cut-off of >3.62 kPa to detect patients with ≥F3 fibrosis References: 1. Anstee QM, et al. Hepatology. 2019;70(5):1521-1530. 2. Siddiqui MS, et al. Clinical Gastroenterology and Hepatology. 2019;17(9):1877-1885. 3. Poynard T, et al. Comparative Hepatology. 2004;3:8; 4. Siemens Healthineers. ELF instructions for use. https://doclib.healthcare.siemens.com. Accessed December 13, 2019. 5. Day J, et al. Journal of Applied Laboratory Medicine. 2019;3(5):815-826. 6. Wong VWS, et al. Hepatology. 2010;51(2):454–462. 7. Hsu C, et al. Clinical Gastroenterology Hepatology. 2019;17(4):630–637.e8. 8. Ratzui V, et al. Gastroenterology. 2005;128:1898–1906.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 29 Algorithmic Approach for the Screening of Advanced Fibrosis Using Two NITs*1–5

Simple serum score Confirmatory test

FIB-4 FibroSURE® Early vs. OR OR Advanced NFS ELF™ Fibrosis OR OR APRI FibroScan®

*This graphic is for illustrative purposes and is not intended to be prescriptive. Clinical algorithms (references 1–3,5) have been published to guide screening of advanced fibrosis; this is an adaptation, summary and overview of the recommended algorithms References: 1. Patel PJ, et al. Hepatology Communications. 2018;2(8):893–905. 2. Festi D, et al. Alimentary Pharmacology and Therapeutics. 2013;37:392–400. 3. Castera L, et al. Gastroenterology. 2019;156(5):1264– 1281. 4. Anstee QM, et al. Hepatology, 2019;70(5):1521-1530. 5. Alkhouri N, et al. Hepatology Communications. 2019;3(5):605–613.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 30 OCA: A Potential Foundational Therapy for Advanced Fibrosis Due to NASH

Jason Campagna, M.D., Ph.D. Chief Medical Officer

This presentation is intended for investor purposes only and is not intended for promotional purposes. 31 FXR is a Key Regulator of Liver Health

In addition to their role in digestion and absorption, bile acids bind and activate dedicated receptors like FXR1-3

FXR Regulates Multiple 2, 8, 9-11 Biological Processes4-7 • Bile acid metabolism FXR • Inflammation • Fibrosis • Glucose metabolism • Lipid metabolism FXR

Bile acids OCA

References: 1. Tortora GJ, et al. In: Tortora GJ, et al, ed. 2014. Principles of Anatomy and Physiology. 14th ed. 2. Silverthorn D, et al. The Digestive System. In: Silverthorn D, ed. 2016. Human Physiology: An Integrated Approach. 7th ed. 3. de Aguiar VTQ, et al. Cell Metab. 2013;17(5):657-669. 4. Eloranta JJ, et al. Physiology. 2008;23:286-295. 5. Modica S, et al. Nuclear Receptor Signaling. 2010;e005. 6. Lefebvre P, et al. Physiological Reviews. 2009;89(1):147-191. 7. Claudel T, et al. Biochimica et Biophysica Acta. 2011;1812(8):867-878. 8. Reshetnyak VI. World Journal of Gastroenterology. 2013;19(42):7341‐7360. 9. Greenberger NJ, et al. 2015. Harrison's Principles of Internal Medicine. 19th ed. New York, NY. 10. Halilbasic E, et al. Journal of Hepatology. 2013;58(1):155-168. 11. Hylemon PB, et al. Journal of Lipid Research. 2009;50(8):1509-1520.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 32 FXR is a Key Regulator of Liver Health

OCA is an analog of the bile acid chenodeoxycholic acid (CDCA), the natural FXR ligand, but ~100x more potent1

FXR Regulates Multiple 6-10 Due to OCA’s bile Biological Processes2-5 acid-like properties, it circulates • Bile acid metabolism FXR enterohepatically • Inflammation and engages FXR in • Fibrosis OCA 6a-ethyl chenodeoxycholic acid both the liver and • Glucose metabolism intestine7, 11-12 • Lipid metabolism FXR • FXR engagement in the liver is believed Bile acids to be critical to OCA successfully treat pathologic injury due to progressive underlying disease13 6a-ethyl substitution

References: 1. Pellicciari R, et al. Joural of Medicinal Chemistry. 2002;45(17):3569-3572. 2. Eloranta JJ, et al. Physiology. 2008;23:286-295. 3. Modica S, et al. Nuclear Receptor Signaling. 2010;e005. 4. Lefebvre P, et al. Physiological Reviews. 2009;89(1):147-191. 5. Claudel T, et al. Biochimica et Biophysica Acta. 2011;1812(8):867-878. 6. Silverthorn D, et al. The Digestive System. In: Silverthorn D, ed. 2016. Human Physiology: An Integrated Approach. 7th ed. 7. Reshetnyak VI. World Journal of Gastroenterology. 2013;19(42):7341‐7360. 8. Greenberger NJ, et al. 2015. Harrison's Principles of Internal Medicine. 19th ed. New York, NY. 9. Halilbasic E, et al. Journal of Hepatology. 2013;58(1):155-168. 10. Hylemon PB, et al. Journal of Lipid Ressearch. 2009;50(8):1509-1520. 11. Seol W, et al. Molecular Endocrinology. 1995;9(1):72-85. 12. Forman BM, et al. Cell. 1995;81(5):687-693. 13. Xu JY, et al. World Journal of Gastroenterology. 2014;20(37):13493-13500.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 33 We Have a Comprehensive Development Program Focused on Advanced Fibrosis

F1* F2 F3 F4

Compensated Cirrhosis Decompensated Cirrhosis

REGENERATE REVERSE • NASH patients with F2, F3 and • NASH patients with high-risk F1 fibrosis* compensated cirrhosis • Interim analysis (931 F2/F3 patients) • Targeting enrollment of • 2,480 patients enrolled for outcomes up to 900 patients by early 2020

Two large Phase 3 studies in NASH were initiated to evaluate the benefit of OCA

*Exploratory group of NASH patients with stage 1 liver fibrosis with comorbid risk factors (defined as diabetes, obesity or active liver inflammation (ALT >1.5X ULN)) have been enrolled, but not included in the primary endpoint analyses.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 34 REGENERATE Results Recently Published in The Lancet

This presentation is intended for investor purposes only and is not intended for promotional purposes. 35 REGENERATE is the First and Largest Pivotal Phase 3 Study in Patients with Fibrosis Due to NASH to Show Positive Interim Analysis Results

Placebo (QD) Randomization 1:1:1 OCA 10 mg (QD) (N=2,480) OCA 25 mg (QD) Months 0 18 48 EOS Biopsies Event driven Month 18 Interim Analysis Composite Primary Endpoints

Fibrosis Improvement by ≥1 Stage OR NASH Resolution with No Worsening of NASH with No Worsening of Fibrosis

The interim analysis was conducted after 931 randomized patients with fibrosis stage 2 or 3 had or would have reached their actual/planned Month 18 visit (ITT population). The REGENERATE study will continue through clinical outcomes for verification and description of clinical benefit. EOS analysis of clinical outcomes to confirm clinical benefit. EOS, end of study; ITT, intent to treat; QD, once a day.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 36 Clinically Meaningful, Dose-dependent Improvements in Key Biochemical Markers of Liver Health

ALT (U/L) AST (U/L) GGT (U/L)

100 80 60

60 40 50

ULN

Mean (SE) Mean (SE) Mean Mean (SE) Mean ULN

ULN

25 40 20 0 3 6 9 12 15 18 0 3 6 9 12 15 18 0 3 6 9 12 15 18 Month Month Month

Placebo OCA 25 mg

Among patients with elevated ALT at baseline, 66% of patients receiving OCA 25 mg normalized their ALT vs. 37% on placebo at 18 months

Per protocol population (placebo n=224, OCA 25 mg n=218). ALT, alanine aminotransferase; AST, aspartate aminotransferase; GGT, gamma-glutamyl transferase; SE, standard error.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 37 OCA Showed Consistent Effects Across a Variety of NITs, Suggestive of Broad Fibrosis Benefit

VCTE FIB-4 FibroSURE®

2 0.1 0.10

1 0.0 0.05

from Baseline from Baseline from Baseline from

▲ ▲

▲ 0 -0.1 0.00

4 Score 4

FIB Fibro Test Score Test Fibro

-1 -0.2 -0.05

in Liver Stiffness (kPa) Stiffness Liver in

LS Mean (SE) Mean LS (SE) Mean LS (SE) Mean LS

-2 -0.10 0 3 6 9 12 15 18 0 3 6 9 12 15 18 0 3 6 9 12 15 18 Month Month Month

OCA 25 mg: n=228 Placebo: n=225 OCA 25 mg: n=308 Placebo: n=311 OCA 25 mg: n=308 Placebo: n=302

OCA treatment improves NITs of fibrosis over time, consistent with its demonstrated antifibrotic benefit on biopsy Early improvements observed in serum-based NITs at the first assessed timepoint and sustained through 18 months

Placebo OCA 25 mg

Reference: Anstee QM et al. Presented at: AASLD; November 8-12, 2019; Boston, United States; Abstract 1715; ITT population

This presentation is intended for investor purposes only and is not intended for promotional purposes. 38 OCA Achieved the Primary Endpoint of Improvement in Fibrosis by at Least 1 Stage with No Worsening of NASH

Composite Primary Endpoint (Improvement in Fibrosis by at Least 1 Stage with No Worsening of NASH) ITT Population, N=931

23.1% OCA 25mg (n=308) *p=0.0002 OCA has the potential to Placebo (n=311) be the first agent approved 11.9% in NASH based on reversal of established fibrosis

0 5 10 15 20 25

% of Patients

Twice as many patients treated with OCA saw a > 1 stage improvement in fibrosis with no worsening of NASH

Primary endpoint: fibrosis improvement by ≥1 stage (NASH CRN) with no worsening of NASH (defined as no worsening of hepatocellular ballooning, lobular inflammation or steatosis) or NASH resolution with no worsening of fibrosis. Study success was defined as achievement of one of the two primary endpoints evaluated in the Month 18 interim analysis. *Statistically significant in accordance with the statistical analysis plan as agreed with the FDA. Reference: 1. King, TE Jr. New England Journal of Medicine. 2014;370:2083-2092.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 39 In Just 18 Months, Nearly 4 out of 10 Patients Showed Improvement by at Least One Fibrosis Stage

Improved Fibrosis*

> 1 stage reversal > 2 stage reversal

OCA 25 mg OCA 25 mg (N=251) 37% (N=251) 12%

Placebo Placebo (N=263) 23% (N=263) 5.7%

0 10 20 30 40

% of Patients

*ITT population with available post-baseline biopsies Some patients worsened (OCA 25 mg, 14%; placebo, 21%)

This presentation is intended for investor purposes only and is not intended for promotional purposes. 40 NITs Suggest Fibrosis Improvement Even in Patients with No Change in Histologic Fibrosis Stage Improvement of No Change in Fibrosis Worsening of Fibrosis Fibrosis by ≥1 Stage Stage by ≥1 Stage

20 20 20

10 10 10 FIB-4 Mean Percentage (SE) 0 0 0

Change -10 -10 -10 from Baseline -20 -20 -20 0 3 6 9 12 15 18 0 3 6 9 12 15 18 0 3 6 9 12 15 18 Month Month Month

40 40 40

 Fibroscan 20 20 20 (VCTE) Mean Percentage (SE) 0 0 0 Change -20 -20 -20 from Baseline 0 3 6 9 12 15 18 0 3 6 9 12 15 18 0 3 6 9 12 15 18 Month Month Month

Placebo OCA 25 mg Reference: Anstee QM et al. Presented at: AASLD; November 8-12, 2019; Boston, United States; Abstract 1715; ITT population with available month 18 or end of treatment biopsy and NIT data

This presentation is intended for investor purposes only and is not intended for promotional purposes. 41 Continued Improvements in Liver Stiffness (VCTE) with OCA 25 mg Beyond Month 18 at Time of Readout of Interim Analysis

Fibroscan (VCTE)

14 Assessment of noninvasive markers of fibrosis beyond

) 12

kPa month 18 at time of interim (

(SE) analysis suggests that longer

Stiffness Mean

Liver 10 term OCA treatment leads to further improvement in

8 fibrosis 0 3 6 9 12 15 18 21 24 27 30

Month

Placebo OCA 25 mg

Reference: REGENERATE Study, unpublished; ITT population; Month 30 data reported for subset of patients who reached this time point (+/- 6 months) as of the interim analysis data cut-off date (placebo n=63, OCA 25 mg n=69)

This presentation is intended for investor purposes only and is not intended for promotional purposes. 42 Safety and Tolerability

Overall Safety Profile

• Pruritus was the most frequent AE (19% placebo, 28% OCA 10 mg, 51% OCA 25 mg) • Frequency of SAEs was similar across groups (11-14%) • Three deaths, unrelated to treatment (placebo, n=2; OCA 25 mg, n=1)

Hepatobiliary

• Gallstone-related AEs occurred at a rate of <1%, 1% and 3% in placebo, OCA 10 mg and OCA 25 mg patients, respectively • Pancreatitis, a more serious and potentially gallstone-related event, was rare and evenly distributed across treatment groups (incidence <1% in all treatment groups) • Hepatic SAEs were rare (<1% in all treatment groups). While more occurred in the OCA 25 mg group, there was no pattern attributable to OCA and all cases were associated with confounding severe intercurrent illness and/or concomitant medications

Safety Population defined as all randomized patients with fibrosis stage 1, 2, or 3 who received at least 1 dose of study treatment (N=1,968) AEs, adverse events; SAEs, serious adverse events

This presentation is intended for investor purposes only and is not intended for promotional purposes. 43 Safety and Tolerability

Lipids and Cardiovascular

• In patients receiving OCA, LDLc increased by month 1 and decreased thereafter, approaching baseline by month 18 • Statin therapy was initiated in 10% of placebo patients and 24% of each OCA treatment arm. Among OCA patients who initiated statins, LDLc increases reversed and fell to below baseline levels by month 6 • Incidence of cardiovascular AEs and SAEs was similar across the treatment groups (AEs: 5% placebo, 7% OCA 10 mg, and 6% OCA 25 mg; SAEs 2% placebo, 1% OCA 10 mg, 2% OCA 25 mg)

Glycemic Parameters

• In patients with type 2 diabetes, OCA treatment was associated with an early transient increase in glucose and HbA1c with return to levels similar to placebo by month 6 • No clinically meaningful changes were noted in non-diabetic patients

Safety Population, N=1,968. HbA1c, hemoglobin A1c; LDLc, low density lipoprotein-cholesterol

This presentation is intended for investor purposes only and is not intended for promotional purposes. 44 OCA is Poised to be the First Agent to Show Anticipated Improvement in Outcomes in Patients with Advanced Fibrosis Due to NASH

REGENERATE is ongoing to evaluate the effect of OCA compared to placebo on all-cause mortality and liver-related clinical outcomes

• Death (all cause) • Model of end stage liver disease (MELD) • Liver transplant • Hospitalization for onset of: – Variceal bleed – Hepatic encephalopathy – Spontaneous bacterial peritonitis • Ascites secondary to cirrhosis and requiring medical intervention • Histological progression to cirrhosis

This presentation is intended for investor purposes only and is not intended for promotional purposes. 45 Delivering Treatment to Patients: Commercial Strategy

Jerry Durso Chief Operating Officer

This presentation is intended for investor purposes only and is not intended for promotional purposes. 46 Intercept is on Track to Bring the First Potential Therapy to Patients with Advanced Fibrosis Due to NASH

Strong product profile based on REGENERATE Ongoing Deep customer understanding payer dialogue

Clear launch strategy Ongoing Strong team ramping for launch regulatory

Increasing education and disease awareness discussions in the market

This presentation is intended for investor purposes only and is not intended for promotional purposes. 47 As the Pioneer in the Space, We are Leveraging a Deep Knowledge Base

Primary Secondary Ongoing customer market research data analytics interactions

• ~60 custom primary • Medical claims database • Thought leader scientific research studies with ~300M lives* exchanges • >5,000 HCP interviews • Database of lab results • Advisory boards with ~38M lives** • >100 payer interviews • Medical information requests • ~1,000 patient interviews • Analysis of ICD10-coded NASH patients • Analog Rx data for U.S. Hepatologists and Gastroenterologists

Robust advanced analytics and primary data informing our launch strategy

*Medical claims of ~300M U.S. patients, sourced from more than 150 complete payer datasets including Medicare. **Integrated medical claims and lab results included ~38M U.S. patients.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 48 We Have a Focused NASH Launch Plan Based on Four Key Pillars

Build on Enable Deliver payer Establish OCA established identification access for the as the foundational Intercept of advanced advanced therapy for patients with capabilities in liver fibrosis patients segment advanced fibrosis disease noninvasively without cirrhosis

This presentation is intended for investor purposes only and is not intended for promotional purposes. 49 We will Focus the OCA Launch on Hepatologists and Gastroenterologists as They are Most Equipped to Manage the Advanced Patients Hepatologists/Gastroenterologists PCPs

Higher average NASH patient load, Patient Majority of patients have early fibrosis especially advanced patients; >90% or have not been staged; >80% view load view themselves as “Manager” themselves as “Referrer”

Diagnostic Utilize advanced imaging and Primarily rely on ultrasound and liver approach serological tests function tests

Better understanding of NASH risk May focus on comorbidities and may Knowledge of progression to cirrhosis and need consider NASH a lower priority or one to treat the liver part of metabolic syndrome

Feel frustrated and are ready to use Urgency Primarily manage comorbidities new treatments

Reference: Synthesis of Internal Market Research on File (Double-Blinded), 2018.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 50 Intercept Analyzed Primary and Secondary Sources to Quantify Size of Potential Market Opportunity in the U.S.

1. Quantified overall 2. Recalibrated prevalence 3. Defined patients Under baseline prevalence of using NIT data Hep/GI Care NASH in the U.S.

TOP DOWN Segment sizing based Recalibrated prevalence Established using Estes on claims database moving from fibrosis score to and analysis of lab data NAFLD epidemiology at specialist level degree of fibrosis based on (Hepatology – 2018) NIT data from a 38M patient and forecasted to 2020 database* and triangulated BOTTOM UP with published sources Quantitative research studies with Hep/GI self- reported patient load

*Integrated medical claims and lab results included ~38M U.S. patients.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 51 Our Work Allowed Us to Quantify the Total NASH Population by Degree of Fibrosis and Those Under Specialist Care

~19M NASH patients ~16M patients with fibrosis due to NASH

1.5M

3.0M

~1.5M under Hep/GI care 11.2M ~0.3M0.3M ~0.5M0.5M

~0.7M0.7M

Early fibrosis Advanced fibrosis without cirrhosis Compensated cirrhosis

Source: Estimates based upon Estes et al. Hepatology 2018;67(1)123-133; Adapted learnings from multiple studies and triangulated with medical claims & lab data

This presentation is intended for investor purposes only and is not intended for promotional purposes. 52 Initial OCA Launch Will Focus on Subset of REGENERATE Population: Patients with Advanced Fibrosis Due to NASH Under Care of Hepatologists/Gastroenterologists

Early Fibrosis Advanced Fibrosis Compensated without Cirrhosis Cirrhosis

Launch Priority Potential Future High unmet need & Opportunity from Under care of urgency to treat REVERSE Hepatologists/ GIs (1.5M) ~0.7M ~0.5M ~0.3M

Not seen by Hepatologists/ ~10.5M ~2.5M ~1.2M GIs

Early fibrosis Advanced fibrosis without cirrhosis Compensated cirrhosis

Reference: Estimates based upon Estes et al. Hepatology 2018;67(1)123-133; Adapted learnings from multiple studies and triangulated with medical claims & laboratory report data

This presentation is intended for investor purposes only and is not intended for promotional purposes. 53 Most Liver Specialists Already Use NITs and Believe They Can Reliably Assess Advanced Fibrosis

A majority of specialists already use both And specialists are confident in using them simple and confirmatory NITs to identify advanced fibrosis

Proportion of specialists who self-report of specialists surveyed believe they using at least one NIT by grouping can reliably assess advanced fibrosis using NITs without 93% 82% conducting a liver biopsy

56%

A large U.S. claims database showed that <10% of all ICD-10 coded NASH patients had a biopsy

Specialists • Specialists self-report higher biopsy rates in the more advanced population

FIB-4 or APRI or NFS (Simple NITs) Source: Medical Claims Data (Patients evaluated on the basis of ICD-10 code [K75.81] from FibroScan or FibroSure or ELF (Confirmatory NITs) 1/1/17 to 12/31/18)

Reference: Internal Market Research on File (Double-Blinded), October 2019, n=115 U.S. Hepatologists/Gastroenterologists.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 54 At Launch, We Will Continue to Encourage Specialists to Identify Patients with Advanced Fibrosis due to NASH

Intercept will not dictate which NITs to use, but will encourage hepatologists and gastroenterologists to utilize tests they already have access to and published cutoffs for defining advanced fibrosis

Simple serum score Confirmatory test

FIB-4 FibroSURE® Early vs. OR OR Advanced NFS ELF™ Fibrosis OR OR APRI FibroScan®

This presentation is intended for investor purposes only and is not intended for promotional purposes. 55 Physicians Can Identify Patients with Advanced Fibrosis Using NITs in the Real World

Simple Serum Score Confirmatory Test Assessment

FIB-4: 0.9 Advanced Unnecessary (Advanced Fibrosis Fibrosis Excluded: <1.3) Excluded George

FIB-4: 2.2 FibroSURE®: 0.65 Advanced (Possible Advanced (Advanced Fibrosis: Fibrosis Fibrosis: 1.3 to 2.67) >0.58) Rachel

For illustrative purposes only

This presentation is intended for investor purposes only and is not intended for promotional purposes. 56 The Advanced Fibrosis Population Represents a Key Inflection Point Where Specialists See More Urgency to Treat

Hepatologists and Gastroenterologists

Physician ratings of urgency to treat

Early Fibrosis 9%

Advanced Fibrosis without Cirrhosis 64%

Advanced Fibrosis with Cirrhosis 94%

% of physicians

Very Urgent (6-7)

Reference: Internal Market Research on File (Double-Blinded), September 2019, n=97 U.S. Hepatologists/Gastroenterologists.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 57 Payers Recognize That Advanced Disease Should be Treated to Prevent Cirrhosis and Avoid Associated Outcomes and Costs

Patients with cirrhosis are at 69% of surveyed payers believe 105x there is a significant unmet need higher risk of liver related morbidity for patients with advanced fibrosis compared to those without fibrosis1 due to NASH2

Patients with cirrhosis account for 84% of commercial payers >80% believe that advanced fibrosis of annual direct medical costs in patients* are the most suitable NASH3 population for OCA2

*In survey, question was asked in F-scores References: 1. Hagström H, et al. Journal of Hepatology. 2017;67:1265-1273. 2. Internal Market Research on File (Double-Blinded), June 2019, n=38 US Commercial Payers; 10 US Medicare Payers. 3. Younossi ZM, et al. Hepatology. 2016;64(5):1577-1586.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 58 Specialists Cite Fibrosis Related Endpoints as the Most Meaningful in the Advanced Patient Population

Most Important Treatment Endpoints for Patients With Advanced Fibrosis w/o Cirrhosis due to NASH

Final % of Physicians Ranking as Endpoint % of Physicians Ranking in Top 2 Rank Most Important

Preventing 1 progression 66% 35% to cirrhosis

Halting progression 2 of liver fibrosis 53% 31%

Fibrosis reversal of 3 1 or more stages 48% 28%

Improvement in 4 steatohepatitis 13% 1%

% of physicians

Reference: Internal Market Research on File (Double-Blinded), October 2019, n=115 US Hepatologists/Gastroenterologists

This presentation is intended for investor purposes only and is not intended for promotional purposes. 59 The Efficacy of a Potential Treatment with OCA’s Profile is Attractive to Specialists

Positive response to OCA's efficacy profile1

• Encouraged by interim data suggesting an ability to reverse fibrosis in just 18 months • Improvements in ALT suggest that OCA may also impact the underlying disease

“Relief. We can now take “Excited. I can now do action and feel hopeful “Hopeful. That we can something to change the to reverse disease alter progression of this unavoidable.” process.” disease.” — Gastroenterologist2 — Hepatologist2 — Gastroenterologist2

LDL and pruritus profile considered manageable by most1

Based on a blinded product profile References: 1. Internal Market Research on File (Double-Blinded), April 2019, n=46 U.S./E.U. Hepatologists/Gastroenterologists. 2. Internal Market Research on File (Double-Blinded), May 2019, n=110 U.S./E.U. Hepatologists/Gastroenterologists

This presentation is intended for investor purposes only and is not intended for promotional purposes. 60 There is Anticipation for OCA, with Most Specialists Intending to Prescribe a Drug with OCA’s Profile

Awareness of OCA – Aided and Unaided Likelihood to Prescribe

30%

64% 73% of those surveyed indicated that they would probably or definitely

Unaided Aided prescribe a drug with a profile like OCA

Based on a blinded product profile, Top 2 box, based upon 1-5 scale Reference: Internal Market Research on File (Double-Blinded), October 2019, n=115 U.S. Reference: Internal Market Research on File (Double-Blinded), May 2019, n=193 U.S. Hepatologists/Gastroenterologists Hepatologists/Gastroenterologists

This presentation is intended for investor purposes only and is not intended for promotional purposes. 61 Advanced Patients Are More Concerned About Their Disease and More Likely to Engage About Potential Treatment

Patient Likelihood to Level of Patient Patient Interest in a Medication Ask HCP about a Medication Concern about NASH with OCA’s Profile with OCA’s Profile

Extremely concerned1 Definitely would be interested in a Definitely would ask HCP about a (Top 2 Box on 1-7 Scale); n=139 Medication with OCA’s Profile2 Medication with OCA’s Profile2 (Top Box on 1-5 Scale); n=105 (Top Box on 1-5 Scale); n=105 85% 56% 56%

45% I would ask about 58% This not only it. I would want to gives me hope, 32% “ “hear about any but it would give new medicine at me an option. any point of the – U.S. Male Patient”3 journey. – U.S. Female Patient3 ”

Early Advanced Early Advanced Early Advanced

Advanced = F3/F4, Early = F2 References: 1. Internal Market Research on File (Double-Blinded), November 2019, n=139 U.S. Suspected/Confirmed NASH Patients. 2. Internal Market Research on File (Double-Blinded), May 2019, n=107 U.S. Suspected/ Confirmed NASH Patients. 3. Quotes from Internal Market Research on File (Double-Blinded), October 2019, n=18 U.S. Suspected/Confirmed NASH Patients.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 62 The Stage is Set for Intercept to Leverage Our Unique Capabilities and Deliver a Strong Launch for Patients with Advanced Fibrosis Due to NASH

Our target launch population, those with advanced fibrosis due to NASH under the care of a specialist, represents a significant unmet need today

Specialists can identify and manage patients with advanced fibrosis noninvasively

Payers recognize the urgent need to treat advanced fibrosis

OCA is well positioned to become the potential treatment of choice in patients with advanced fibrosis

References: Synthesis of Internal Market Research on File (Double-Blinded), 2018-2019

This presentation is intended for investor purposes only and is not intended for promotional purposes. 63 Preparing to Launch OCA in Advanced Fibrosis Due to NASH: Commercial Execution

Richard Kim President, U.S. Commercial & Strategic Marketing

This presentation is intended for investor purposes only and is not intended for promotional purposes. 64 We are in Full Execution Mode Against Our Four Key Pillars for Launch

This presentation is intended for investor purposes only and is not intended for promotional purposes. 65 We Have Successfully Built a Liver Franchise to Deliver Ocaliva in PBC and are Poised to Leverage this Foundation in Advanced Fibrosis Due to NASH Upon Approval

Built a fully-integrated commercial organization

Established deep relationships with Hepatologists and 94% Gastroenterologists Of Hepatologists and Gastroenterologists who have the Driven disease and brand knowledge most experience with OCALIVA report a positive clinical experience

Excelled in market access execution resulting in coverage in >90% of patient lives Ocaliva persistency above standard of care, UDCA

Engaged with patients and key advocacy organizations

Reference: Internal Market Research On File (Double-Blinded), January 2019, n=259 U.S. Hepatologists/Gastroenterologists

This presentation is intended for investor purposes only and is not intended for promotional purposes. 66 We are Already Targeting the ~5K Hepatologists and Gastroenterologists Who See a High Volume of Liver Disease Patients Through Our Work in PBC

PBC Target Physicians

Current sales activities in PBC focus on Heps ~1K ~5K high volume specialists Highest Volume GIs ~4K

This presentation is intended for investor purposes only and is not intended for promotional purposes. 67 We Have Already Increased Disease State Coverage for Launch in Advanced Fibrosis Due to NASH and Upon Approval Will Leverage Highest Volume Liver Customer Base Built in PBC

NASH Target Physicians

Additional ~10K GIs: • Regularly treat other chronic GI/liver conditions (including HepC) • Likely to have a large Additional ~10K NASH patient load NASH GI targets will Heps ~1K bring total Hep/GI coverage to ~15K Highest Volume GIs ~4K

Additional GIs ~10K

This presentation is intended for investor purposes only and is not intended for promotional purposes. 68 Plans to Triple the Size of Our Field Teams to Dramatically Increase Our Coverage at Launch

Medical Market Access Sales Field Team Field Team Team

PBC Field Footprint ~10 ~10 ~50

Total ~30 ~30 ~150 Footprint Medical Science Directors of Strategic Accounts & Territory Business including Liaisons (MSLs) Regional Access Managers Managers (TBMs) NASH + additional contract sales organization

This presentation is intended for investor purposes only and is not intended for promotional purposes. 69 We are Significantly Expanding Our Resources to Address Thought Leaders, Academic Institutions and Organized Customer Groups

New Specialty Medical New Academic New Key Account Science Liaison Territory Business Manager Team (KAM) (MSL) Roles Managers (ATBM)

• Additional roles added: - Access MSLs - Health system focused medical directors (hepatologists)

This presentation is intended for investor purposes only and is not intended for promotional purposes. 70 REGENERATE Data Have Had a Significant Showing at the Major Liver, Gastroenterology and Payer Congresses

Allowing for scientific ICPT had strong presence Providing opportunities exchange on key at key 2019 congresses for disease education REGENERATE data

Oral presentations including: 4 disease education • 1st presentations of topline symposiums at major REGENERATE data “watershed conferences moment” at EASL • Patient Reported Outcomes Interactive disease education and QoL with Pruritus at AASLD booths at all 5 congresses • Safety and efficacy of an REGENERATE publication expanded population at AASLD in The Lancet available Multiple abstracts including: • REGENERATE NIT analysis at AASLD • Improvements in liver function at EASL

This presentation is intended for investor purposes only and is not intended for promotional purposes. 71 Enhancing Education on NASH and Advanced Fibrosis is Ongoing

Our NASH THE TIPPING POINT Digital Campaign is Broadly Reaching Our Potential Customer Base

This presentation is intended for investor purposes only and is not intended for promotional purposes. 72 Additional Customer Disease Education is Underway Via Field Force, Speaker Programs and Conference Presence

• Field force deployed Personal education • Focused on disease education ahead of approval

• Disease state speaker bureau Speaker kicked off in June with programs programs ongoing • MSL disease state roundtables

• Focused educational presence Conference at key congresses Key messages: presence • Interactive educational booths have • Urgency to treat advanced fibrosis • Use of NITs for patient identification captured strong engagement

Separate PBC and NASH field teams in place

This presentation is intended for investor purposes only and is not intended for promotional purposes. 73 Intercept is Leveraging Market Advancements with NITs to Enhance Access and Uptake

Lab companies are now Diagnostic and technology Intercept will leverage starting to report companies are investing in technology enabling point of simple scores development of NIT solutions care identification

LabCorp now offers a test code to App based calculation solutions to provide FIB-4 and APRI scores support delivery of simple scores on a laboratory report Over 1,200 FibroScans® in operation in North America

has just made the Large healthcare systems looking to Enhanced Liver standardize pathways and flag Fibrosis (ELF™) laboratory results in EMR systems test available in the U.S.*

* Excluding NY state

This presentation is intended for investor purposes only and is not intended for promotional purposes. 74 Building on High Unaided Awareness for OCA in NASH: Upon Approval We Will Quickly Mobilize the Team Behind the Branded Plan to Drive Uptake with the Appropriate Patients

• Complete customer model will be deployed upon approval to meet Personal the needs of diverse customers in a variety of practice settings promotion • Field team to be deployed upon approval with promotional materials based on USPI

Speaker • Series of branded speaker programs (in-person and virtual) will programs kick off at launch based on USPI

• “Now approved” banner ads and website will be ready Day 1 Multichannel following approval marketing • Multichannel marketing plan in place upon approval to “surround” the prescribers with the right information at the right time

United field teams will cover both PBC and NASH upon approval

This presentation is intended for investor purposes only and is not intended for promotional purposes. 75 We are Proactively Addressing Questions by Focusing on Launch Patient Segment where Payers see Significant Unmet Need (Advanced Fibrosis without Cirrhosis)

Population size: Advanced fibrosis without cirrhosis narrower than REGENERATE and under management of Hepatologists / Patient Gastroenterologists Identification Patient identification: Already utilizing NITs in other liver diseases

Population Price: Research indicates an Solution: Price understanding of the costs Size Focus on associated with advanced fibrosis advanced fibrosis and the clinical/economic benefit OCA’s profile delivers at a specialty drug price range

This presentation is intended for investor purposes only and is not intended for promotional purposes. 76 Engagement with Payers is Well Underway to Educate on Advanced Fibrosis due to NASH and Sharpen our Launch Strategy

Proactive payer discussion are ongoing to educate on advanced fibrosis due to NASH highlighting the urgency 1 to treat and the associated costs

Strong presence from our medical and commercial teams at key payer conferences to educate and 2 answer key questions on advanced fibrosis due to NASH

Market research and advisory boards with payers 3 allow us to continue to sharpen our strategy

This presentation is intended for investor purposes only and is not intended for promotional purposes. 77 Our Ongoing Payer Engagement will Continue to Proactively Address Payer Needs by Defining the Target Launch Patient Population and Educating on OCA's Value Proposition

NASH Disease Education

Intercept Education on REGENERATE Payer Engagement Activities Detailed account discussions to define the target population

Engage in discussions with payers on coverage and prior authorization criteria

Approval

Commercial Formulary Coverage Anticipated Payer Coverage* Medicare Formulary Coverage

• Patients with advanced fibrosis due to NASH with commercial insurance anticipated to be 50-60% of population • Expect majority of commercial payers to review and make coverage decisions within first 9 months following an FDA approval

* Based on product analogs. These are our expected timelines for review, coverage and policy decisions. There are always outliers and exceptions when working with payers. Similarly, contracting and competition may accelerate or delay timelines

This presentation is intended for investor purposes only and is not intended for promotional purposes. 78 NASH Patient Advocacy Community Has Mobilized in Recent Years and Continues to Gain Energy and Grow in Scope; Initial Online Patient Resources Launched

This presentation is intended for investor purposes only and is not intended for promotional purposes. 79 We are Poised to Deliver in Advanced Fibrosis Due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 80 Our mission is to build a healthier tomorrow for people with progressive non-viral liver diseases

Manuel, Living with advanced fibrosis due to NASH

This presentation is intended for investor purposes only and is not intended for promotional purposes. 81 Summary and Close

Mark Pruzanski, M.D. President and Chief Executive Officer

This presentation is intended for investor purposes only and is not intended for promotional purposes. 82 Well Positioned to Meet High Demand for a Foundational New Therapy

This presentation is intended for investor purposes only and is not intended for promotional purposes. 83 Driving Our Future Growth

Maximize Demonstrate Pursue Improved Launch Deliver Results for Outcomes Benefit in Therapeutic Internationally REVERSE REGENERATE Approaches • Expand upon strong • Opportunity to be the • Poised to be the first • New combinations medical and first successful therapeutic to with OCA commercial Phase 3 in the demonstrate benefit • Next generation infrastructure to drive compensated on outcomes assets successful launch in cirrhosis population advanced fibrosis due to NASH

• Upon approval, expect to list at least 6 patents in the Orange Book protecting OCA for Supported by NASH (compound, methods of treatment, API and drug product) Robust IP ➢ With expected grant of PTE, OCA compound patent will expire in 2027 Portfolio ➢ Broader portfolio of listed patents will expire between 2030 and the mid-2030s

This presentation is intended for investor purposes only and is not intended for promotional purposes. 84

Thank You! Ocaliva® (obeticholic acid) U.S. Important Safety Information

WARNING: HEPATIC DECOMPENSATION AND FAILURE IN INCORRECTLY DOSED PBC PATIENTS WITH CHILD-PUGH CLASS B OR C OR DECOMPENSATED CIRRHOSIS • In postmarketing reports, hepatic decompensation and failure, in some cases fatal, have been reported in patients with Primary Biliary Cholangitis (PBC) with decompensated cirrhosis or Child-Pugh Class B or C hepatic impairment when OCALIVA was dosed more frequently than recommended. • The recommended starting dosage of OCALIVA is 5 mg once weekly for patients with Child-Pugh Class B or C hepatic impairment or a prior decompensation event.

Indication

OCALIVA is indicated for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA, or as monotherapy in adults unable to tolerate UDCA.

This indication is approved under accelerated approval based on a reduction in alkaline phosphatase (ALP). An improvement in survival or disease-related symptoms has not been established. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

Contraindications OCALIVA is contraindicated in patients with complete biliary obstruction.

Warnings and Precautions

Hepatic Decompensation and Failure in Incorrectly-Dosed PBC Patients with Child-Pugh Class B or C or Decompensated Cirrhosis In postmarketing reports, hepatic decompensation and failure, in some cases fatal, have been reported in patients with decompensated cirrhosis or Child-Pugh B or C hepatic impairment when OCALIVA was dosed more frequently than the recommended starting dosage of 5 mg once weekly. Reported cases typically occurred within 2 to 5 weeks after starting OCALIVA and were characterized by an acute increase in total bilirubin and/or ALP concentrations in association with clinical signs and symptoms of hepatic decompensation (e.g., ascites, jaundice, gastrointestinal bleeding, worsening of hepatic encephalopathy). Patients who died due to liver- related complications generally had decompensated cirrhosis prior to treatment and were started on OCALIVA 5mg once daily, which is 7-fold greater than the once-weekly starting regimen in this population. Routinely monitor patients for progression of PBC disease, including liver-related complications, with laboratory and clinical assessments. Dosage adjustment, interruption or discontinuation may be required. Close monitoring is recommended for patients at an increased risk of hepatic decompensation. Severe intercurrent illnesses that may worsen renal function or cause dehydration (e.g., gastroenteritis), may exacerbate the risk of hepatic decompensation. Interrupt treatment with OCALIVA in patients with laboratory or clinical evidence of worsening liver function indicating risk of decompensation, and monitor the patient’s liver function. Consider discontinuing OCALIVA in patients who have experienced clinically significant liver-related adverse reactions. Discontinue OCALIVA in patients who develop complete biliary obstruction.

Liver-Related Adverse Reactions Dose-related, liver-related adverse reactions including jaundice, worsening ascites and primary biliary cholangitis flare have been observed in clinical trials, as early as one month after starting treatment with OCALIVA 10 mg once daily up to 50 mg once daily (up to 5-times the highest recommended dosage). Monitor patients during treatment with OCALIVA for elevations in liver biochemical tests and for the development of liver-related adverse reactions.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 87 Ocaliva® (obeticholic acid) U.S. Important Safety Information (cont.)

Severe Pruritus Severe pruritus was reported in 23% of patients in the OCALIVA 10 mg arm, 19% of patients in the OCALIVA titration arm, and 7% of patients in the placebo arm in a 12-month double-blind randomized controlled trial of 216 patients. Severe pruritus was defined as intense or widespread itching, interfering with activities of daily living, or causing severe sleep disturbance, or intolerable discomfort, and typically requiring medical interventions. Consider clinical evaluation of patients with new onset or worsening severe pruritus. Management strategies include the addition of bile acid resins or antihistamines, OCALIVA dosage reduction, and/or temporary interruption of OCALIVA dosing.

Reduction in HDL-C Patients with PBC generally exhibit hyperlipidemia characterized by a significant elevation in total cholesterol primarily due to increased levels of high-density lipoprotein-cholesterol (HDL-C). Dose-dependent reductions from baseline in mean HDL-C levels were observed at 2 weeks in OCALIVA-treated patients, 20% and 9% in the 10 mg and titration arms, respectively, compared to 2% in the placebo arm. Monitor patients for changes in serum lipid levels during treatment. For patients who do not respond to OCALIVA after 1 year at the highest recommended dosage that can be tolerated (maximum of 10 mg once daily), and who experience a reduction in HDL-C, weigh the potential risks against the benefits of continuing treatment.

Adverse Reactions The most common adverse reactions occurring in ≥5% of subjects taking OCALIVA were pruritus, fatigue, abdominal pain and discomfort, rash, oropharyngeal pain, dizziness, constipation, arthralgia, thyroid function abnormality, and eczema.

Drug Interactions

Bile Acid Binding Resins Bile acid binding resins such as cholestyramine, colestipol, or colesevelam adsorb and reduce bile acid absorption and may reduce the absorption, systemic exposure, and efficacy of OCALIVA. If taking a bile acid binding resin, take OCALIVA at least 4 hours before or 4 hours after taking the bile acid binding resin, or at as great an interval as possible.

Warfarin The International Normalized Ratio (INR) decreased following coadministration of warfarin and OCALIVA. Monitor INR and adjust the dose of warfarin, as needed, to maintain the target INR range when coadministering OCALIVA and warfarin.

CYP1A2 Substrates with Narrow Therapeutic Index Obeticholic acid, the active ingredient in OCALIVA, may increase the exposure to concomitant drugs that are CYP1A2 substrates. Therapeutic monitoring of CYP1A2 substrates with a narrow therapeutic index (e.g. theophylline and tizanidine) is recommended when coadministered with OCALIVA.

Inhibitors of Bile Salt Efflux Pump Avoid concomitant use of inhibitors of the bile salt efflux pump (BSEP) such as cyclosporine. Concomitant medications that inhibit canalicular membrane bile acid transporters such as the BSEP may exacerbate accumulation of conjugated bile salts including taurine conjugate of obeticholic acid in the liver and result in clinical symptoms. If concomitant use is deemed necessary, monitor serum transaminases and bilirubin.

Please see Full Prescribing Information, including Boxed WARNING and Medication Guide for OCALIVA.

To report SUSPECTED ADVERSE REACTIONS, contact Intercept Pharmaceuticals, Inc. at 1-844-782-ICPT or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

This presentation is intended for investor purposes only and is not intended for promotional purposes. 88