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Corcept Therapeutics Announces Fourth Quarter And Full-Year 2019 Audited Financial Results And Provides Corporate Update
MENLO PARK, Calif., Feb. 20, 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., Feb. 20, 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 December 31, 2019.\n Financial Highlights 2019 revenue of $306.5 million, an increase of 22 percent from 2018Fourth quarter revenue of $87.9 million, an increase of 32 percent from fourth quarter 2018Fully diluted 2019 GAAP net income of $0.77 per share, compared to $0.60 in 2018Fully diluted fourth quarter GAAP net income of $0.24 per share, compared to $0.18 in 2018Year-end cash and investments of $315.3 million, compared to $206.8 million at year-end 2018Reiterated 2020 revenue guidance of $355 - 375 million Financial Results Corcept’s 2019 revenue was $306.5 million, compared to $251.2 million in 2018. Fourth quarter revenue was $87.9 million, compared to $66.8 million in the fourth quarter of 2018. The company reiterated its 2020 revenue guidance of $355 – 375 million. GAAP net income was $94.2 million for the year and $29.4 million in the fourth quarter of 2019, compared to $75.4 million for the year and $22.0 million in the fourth quarter of 2018. 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 was $40.3 million in the fourth quarter, compared to $30.4 million in the fourth quarter of 2018. For the full-year, non-GAAP net income was $133.3 million, compared to $108.2 million in 2018. A reconciliation of GAAP to non-GAAP net income is included below. Cash and investments increased by $48.4 million in the fourth quarter, to $315.3 million. “Our Cushing’s syndrome business had an excellent 2019,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer, “and we expect growth to continue in 2020, as more patients with Cushing’s syndrome receive Korlym and the number of first-time and repeat prescribers of the medication continues to increase. “Our commercial success has given us the financial resources to advance our portfolio of selective cortisol modulators. By year-end, we plan to be testing three of our proprietary compounds in Phase 2 or Phase 3 trial...