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Dec 31, 2023
Corcept Therapeutics Q4 2023 Earnings Report
Corcept Therapeutics reported a strong Q4 2023 with increased revenue and net income.
Key Takeaways
Corcept Therapeutics announced its Q4 2023 financial results, featuring a 31% increase in revenue compared to Q4 2022, and a notable rise in net income. The company reiterated its 2024 revenue guidance, reflecting confidence in continued growth and market trends.
Fourth quarter revenue increased by 31% to $135.4 million compared to the same period in 2022.
Full year 2023 revenue was $482.4 million, a 20% increase over 2022.
Net income for the fourth quarter was $31.4 million, up from $16.6 million in Q4 2022.
The company reiterated its 2024 revenue guidance of $600 – $630 million.
Corcept Therapeutics
Corcept Therapeutics
Forward Guidance
Corcept Therapeutics anticipates continued revenue growth and is focused on advancing its clinical development programs, with several important milestones expected this year.
Positive Outlook
- On-track to submit NDA for relacorilant in Cushing’s syndrome in Q2.
- Expecting results from trials in Cushing’s syndrome (GRACE, GRADIENT and CATALYST) this year.
- Expecting results from ovarian cancer (ROSELLA) trial by year-end.
- Expecting results from ALS (DAZALS) trial by year-end.
- CATALYST trial findings are expected to stimulate physicians' efforts to screen for hypercortisolism in patients with difficult-to-control diabetes.
Challenges Ahead
- Risks related to the development of relacorilant, dazucorilant, miricorilant and other product candidates.
- Potential impact of competing treatments for hypercortisolism, including generic versions of Korlym.
- Risks related to obtaining acceptable prices and adequate insurance coverage and reimbursement for Korlym.
- The timing, cost and outcome of legal disputes and investigations.
- The scope and protective power of intellectual property.