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Dec 31, 2019
Corcept Therapeutics Q4 2019 Earnings Report
Corcept Therapeutics' Q4 2019 financial results were announced, featuring revenue growth and advancements in clinical trials.
Key Takeaways
Corcept Therapeutics reported a 32% increase in fourth-quarter revenue, reaching $87.9 million, and a GAAP net income of $29.4 million, or $0.24 per share. The company's cash and investments increased to $315.3 million. They reiterated their 2020 revenue guidance of $355 - $375 million and are advancing their portfolio of selective cortisol modulators through various clinical trials.
Q4 revenue increased by 32% year-over-year to $87.9 million.
Q4 GAAP net income was $29.4 million, or $0.24 per share, compared to $22.0 million, or $0.18 per share in Q4 2018.
Cash and investments reached $315.3 million, an increase of $48.4 million during the quarter.
The company reiterated its 2020 revenue guidance of $355 to $375 million.
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept Therapeutics anticipates continued growth in 2020, driven by increased adoption of Korlym for Cushing's syndrome, and is actively progressing its pipeline of selective cortisol modulators through clinical trials.
Positive Outlook
- Continued growth expected in 2020 with more Cushing’s syndrome patients receiving Korlym.
- Increase in first-time and repeat prescribers of Korlym.
- Advancement of a portfolio of selective cortisol modulators.
- Three proprietary compounds planned for Phase 2 or Phase 3 trials by year-end.
- GRACE Phase 3 trial actively enrolling patients with completion expected to submit NDA in Q4 2021.
Challenges Ahead
- Risks related to the development of product candidates.
- Ability to generate sufficient revenue to fund operations and programs.
- Availability of competing treatments, including generic versions of Korlym.
- Ability to obtain acceptable prices or adequate insurance coverage for Korlym.
- Uncertainties in clinical trial progress, enrollment, timing, design, and results.