Business
Corcept Therapeutics Announces Fourth Quarter and Full-Year 2019 Preliminary Selected Financial Results; Provides 2020 Revenue Guidance
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
About this update from Corcept Therapeutics Incorporated
[{"type":"text","content":"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 2018Cash and investments at December 31, 2019, of $315.3 million2020 revenue guidance of $355 - 375 millionAdvancing development of cortisol modulators to treat patients with Cushing’s syndrome, antipsychotic-induced weight gain, non-alcoholic steatohepatitis and solid tumors MENLO PARK, Calif., Jan. 30, 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 neuropsychiatric disorders by modulating the effects of the stress hormone cortisol, today reported preliminary fourth quarter revenue of $87.9 million, compared to $66.8 million in the fourth quarter of 2018. Preliminary 2019 revenue was $306.5 million, an increase of 22 percent from 2018. \n Cash and investments increased by $48.4 million in the fourth quarter, to $315.3 million. These results are prior to completion of the company’s annual independent audit and are subject to adjustment. Corcept projects 2020 revenue of $355 – 375 million. “Our Cushing’s syndrome business had an excellent year,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. “As awareness of the poor health outcomes associated with hypercortisolism increased and physicians screened more patients for Cushing’s syndrome, the number of patients receiving Korlym® grew. We expect that growth to continue.” “Korlym’s commercial success has given us the resources to develop our proprietary selective cortisol modulators in a wide range of serious disorders,” added Dr. Belanoff. “These compounds represent Corcept’s future. We look forward to an important year.” “Our program in Cushing’s syndrome is the most advanced,” said Andreas Grauer, MD, Corcept’s Chief Medical Officer. “The pivotal trial of Korlym’s planned successor, relacorilant, is actively enrolling patients at sites in the United States, Europe and Israel. We are also launching a Phase 3 trial in patients whose Cushing’s syndrome is caused by adrenal adenomas. “Our programs in metabolic and oncologic disorders are poised to advance significantly. In the second quarter, we will have results from the second part of our Phase 1b trial of miricorilant for...