Intercept Pharmaceuticals Inc. (ICPT, +1.62%) announced on Friday that it would reduce its workforce by a third in order to achieve profitability in 2024. According to the Morristown, N.J., company’s annual report, the layoffs are expected to affect approximately 110 employees. Intercept’s business will be refocused on serious and rare liver diseases. Intercept expects to have adjusted operating costs of $350-$370 million, which includes restructuring costs. It is still predicting sales between $310 and $340 million of its Ocaliva product. It intends to cut expenses by approximately $140 million. Intercept shares are down 0.5% on Friday in pre-market trading.