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Corcept Therapeutics Announces First Quarter 2020 Financial Results And Provides Corporate Update
MENLO PARK, Calif. , May 04, 2020 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery
About this update from Corcept Therapeutics Incorporated
[{"type":"text","content":"MENLO PARK, Calif. , May 04, 2020 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the stress hormone cortisol, today reported its results for the quarter ended March 31, 2020.\n Financial Highlights Revenue of $93.2 million, a 44 percent increase from first quarter 2019GAAP diluted net income of $0.25 per share, compared to $0.15 per share in first quarter 2019Non-GAAP diluted net income of $0.34 per share, compared to $0.20 per share in first quarter 2019Cash and investments of $349.0 million, compared to $315.3 million in fourth quarter 2019Reaffirmed 2020 revenue guidance of $355 – 375 million Corcept reported quarterly revenue of $93.2 million in the first quarter, compared to $64.8 million in the first quarter of 2019. First quarter GAAP net income was $30.1 million, compared to $18.3 million in the same period last year. Excluding non-cash expenses related to stock-based compensation and the utilization of deferred tax assets, together with related income tax effects, non-GAAP net income in the first quarter was $41.2 million, compared to $24.3 million in the first quarter of 2019. A reconciliation of GAAP to non-GAAP net income is included below. First quarter operating expenses were $55.5 million, compared to $45.9 million in the first quarter of 2019, primarily due to increased employee recruiting and compensation expense, increased spending to conduct clinical trials in Cushing’s syndrome and solid tumors and increased spending to formulate and manufacture relacorilant, miricorilant and exicorilant. Cash and investments were $349.0 million at March 31, 2020, an increase of $33.7 million from December 31, 2019. The company reaffirmed its 2020 revenue guidance of $355 – 375 million. “Our commercial and medical affairs teams did an excellent job supporting physicians during this difficult time,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. “COVID-19 poses especially grave risks to patients with Cushing’s syndrome. Hypercortisolism suppresses the immune system and greatly increases the risk of respiratory infection. Now, more than ever, it is important that patients with Cushing’s syndrome receive optimal treatment. ...