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Sep 30, 2023
Corcept Therapeutics Q3 2023 Earnings Report
Reported strong financial results driven by increased recognition and treatment of hypercortisolism.
Key Takeaways
Corcept Therapeutics reported a 22% increase in revenue to $123.6 million for the third quarter of 2023, compared to $101.7 million in the same period last year. Net income was $31.4 million, with diluted earnings per share of $0.28. The company raised its 2023 revenue guidance to $470 - $480 million.
Revenue increased by 22% compared to the third quarter of 2022, reaching $123.6 million.
2023 revenue guidance was raised to $470 – $480 million.
Net income per common share (diluted) was $0.28, compared to $0.30 in the third quarter of 2022.
Cash and investments totaled $414.8 million as of September 30, 2023.
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept Therapeutics anticipates continued revenue growth and progress in its clinical development programs.
Positive Outlook
- The company expects to report data from trials in Cushing’s syndrome (GRACE, GRADIENT, and CATALYST studies).
- Data is expected from trials in ovarian cancer (ROSELLA) and ALS (DAZALS).
- An NDA submission for relacorilant in Cushing’s syndrome is planned.
- Enrollment of the Phase 2b MONARCH study in patients with NASH is expected to be completed.
- The CATALYST trial has the potential to serve as a landmark study to guide physician’s understanding of Cushing’s syndrome.
Challenges Ahead
- Risks related to the development of relacorilant, dazucorilant, miricorilant and our other product candidates, including their clinical attributes, regulatory approvals, mandates, oversight and other requirements
- The timing, cost and outcome of legal disputes and investigations
- The scope and protective power of our intellectual property
- Availability of competing treatments for hypercortisolism, including generic versions of Korlym
- Ability to obtain acceptable prices and adequate insurance coverage and reimbursement for Korlym