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Sep 30, 2024
Corcept Therapeutics Q3 2024 Earnings Report
Reported a revenue increase of 48% compared to the same period in 2023 and increased 2024 revenue guidance.
Key Takeaways
Corcept Therapeutics reported strong third-quarter results, with revenue reaching $182.5 million, a 48% increase compared to the third quarter of 2023. The company's net income was $47.2 million, or $0.41 per share (diluted). They also increased their 2024 revenue guidance to $675 - $700 million and are on track to submit an NDA for relacorilant.
Revenue reached $182.5 million, a 48% increase year-over-year.
Net income per common share was $0.41 (diluted), compared to $0.28 in Q3 2023.
Cash and investments totaled $547.6 million as of September 30, 2024.
Increased 2024 revenue guidance to $675 – $700 million, from $640 – $670 million.
Revenue by Segment
Forward Guidance
Corcept Therapeutics increased its 2024 revenue guidance to $675 - $700 million and is on track to submit its NDA for relacorilant.
Positive Outlook
- On track to submit NDA for relacorilant as a treatment for patients with hypercortisolism.
- Expect to release data from CATALYST study in patients with Cushing’s syndrome.
- Expect to release data from ROSELLA study in women with platinum-resistant ovarian cancer.
- Expect to release data from DAZALS study in patients with amyotrophic lateral sclerosis (ALS).
- Relacorilant has the potential to become the standard of care for patients with platinum-resistant ovarian cancer.
Challenges Ahead
- Risks related to the sale and reimbursement of Korlym.
- Risks related to the study and development of Korlym, relacorilant, dazucorilant, miricorilant and our other product candidates.
- General litigation risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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