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Sep 30, 2022
Corcept Therapeutics Q3 2022 Earnings Report
Reported third quarter financial results and provided a corporate update.
Key Takeaways
Corcept Therapeutics reported revenue of $101.7 million for the third quarter of 2022, compared to $96.1 million in the third quarter of 2021. Net income was $34.6 million, compared to $30.5 million in the third quarter of 2021.
Revenue of $101.7 million, compared to $96.1 million in third quarter 2021
Tightened 2022 revenue guidance of $400 – $410 million
Diluted net income per common share of $0.30, compared to $0.24 in third quarter 2021
Cash and investments of $401.2 million, compared to $382.0 million at June 30, 2022
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept tightened its 2022 revenue guidance to $400 to $410 million, reflecting fewer than expected in-person interactions with physicians due to the pandemic.
Positive Outlook
- Remain extremely optimistic about the present and the future of our Cushing’s syndrome business.
- Korlym is an excellent treatment for patients with Cushing’s syndrome and there are many eligible patients who have yet to receive it.
- Making substantial investments to improve the screening and treatment of these patients.
- Confident that initiatives will contribute to results in the coming quarters.
- Clinical trials continue to advance and generate data supporting cortisol modulation’s broad therapeutic potential.
Challenges Ahead
- Revenue in the third quarter was affected by fewer than expected in-person interactions as many physician practices have not returned to pre-pandemic patterns of activity.
- Near-term challenge due to physician practices not returning to pre-pandemic patterns of activity.
- Diagnosing and treating patients with a complex disease such as Cushing’s syndrome requires frequent in-person contact with physicians.
- Weight gain and other adverse metabolic effects caused by antipsychotic medications dissuade many patients from adhering to their treatment regimen, pose serious health risks and reduce the life expectancy of millions of patients.
- ALS, also known as Lou Gehrig’s disease, is a devastating neuromuscular illness with an urgent need for better treatment.