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Dec 31, 2020
Corcept Therapeutics Q4 2020 Earnings Report
Corcept Therapeutics reported a decrease in revenue and net income for Q4 2020, while cash and investments increased.
Key Takeaways
Corcept Therapeutics announced its Q4 and full-year 2020 financial results, with Q4 revenue at $85.7 million and GAAP net income at $26.0 million. The company's cash and investments increased to $476.9 million, and it reiterated its 2021 revenue guidance of $375 - 405 million.
Fourth quarter revenue was $85.7 million, compared to $87.9 million in 2019.
Fourth quarter GAAP net income was $26.0 million, compared to $29.4 million in 2019.
Non-GAAP net income for the fourth quarter was $34.7 million, compared to $40.3 million in 2019.
Cash and investments increased by $32.7 million in the fourth quarter, reaching $476.9 million.
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept Therapeutics anticipates revenue between $375 and $405 million in the next year and will initiate Phase 2 trial in patients with amyotrophic lateral sclerosis (ALS) in the fourth quarter.
Positive Outlook
- Easing of public health restrictions and greater willingness of patients to visit their doctors will allow more physicians to diagnose and optimally treat patients with Cushing’s syndrome.
- Expect revenue next year of $375-405 million.
- Improving conditions should also permit more rapid progress in our clinical development programs
- Will have topline data from our ovarian and pancreatic cancer trials in the second quarter
- Plan to initiate a Phase 2 trial in patients with amyotrophic lateral sclerosis (ALS) in the fourth quarter.
Challenges Ahead
- The COVID-19 pandemic is impacting patients, physicians, medical practice and clinical research activities.
- The availability of competing treatments, including generic versions of Korlym.
- Ability to obtain acceptable prices or adequate insurance coverage and reimbursement for Korlym.
- Risks related to the development of our product candidates, including their clinical attributes, regulatory approvals, mandates and oversight, and other requirements.
- The scope and protective power of our intellectual property.