Corcept Therapeutics Q4 2022 Earnings Report
Key Takeaways
Corcept Therapeutics reported Q4 2022 revenue of $103.1 million, compared to $98.8 million in Q4 2021. Net income for Q4 2022 was $16.6 million, compared to $32.1 million in Q4 2021. The company provided 2023 revenue guidance of $430 - $450 million.
Fourth quarter revenue was $103.1 million, compared to $98.8 million in the fourth quarter of 2021.
Net income was $16.6 million in the fourth quarter of 2022, compared to $32.1 million in the fourth quarter of 2021.
Cash and investments were $436.6 million at December 31, 2022, compared to $335.8 million at December 31, 2021.
The company expects to submit an NDA for relacorilant in Cushing’s syndrome in the first quarter of 2024.
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept expects 2023 revenue of $430 – $450 million and is making substantial investments to improve the screening and treatment of patients. The company plans to submit an NDA for relacorilant in Cushing's syndrome in Q1 2024 and advance clinical development programs for relacorilant, dazucorilant, and miricorilant.
Positive Outlook
- Continued revenue growth and 2023 revenue guidance of $430 – $450 million.
- Progress in clinical development programs for relacorilant, dazucorilant, and miricorilant.
- Expected submission of the NDA for relacorilant in Cushing’s syndrome in the first quarter of 2024.
- Advancement of relacorilant in platinum-resistant ovarian cancer.
- Collaboration with TRICALS to investigate dazucorilant's potential to improve the lives of patients with ALS.
Challenges Ahead
- Risks related to the COVID-19 pandemic.
- Availability of competing treatments for hypercortisolism, including generic versions of Korlym.
- Risks related to the development of product candidates, including clinical attributes and regulatory approvals.
- Potential legal disputes and investigations.
- The scope and protective power of intellectual property.