Business
Corcept Therapeutics Announces Fourth Quarter and Full-Year 2020 Audited Financial Results
2020 revenue of $353.9 million, compared to $306.5 million in 2019Fourth quarter revenue of $85.7 million, compared to $87.9 million in 20192020 GAAP net
About this update from Corcept Therapeutics Incorporated
[{"type":"text","content":"2020 revenue of $353.9 million, compared to $306.5 million in 2019Fourth quarter revenue of $85.7 million, compared to $87.9 million in 20192020 GAAP net income of $106.0 million, compared to $94.2 million in 2019Fourth quarter GAAP net income of $26.0 million, compared to $29.4 million in fourth quarter 2019Cash and investments of $476.9 million at year-end, compared to $315.3 million at year-end 2019Acquisition of 458,769 shares pursuant to the company’s stock repurchase programReiterated 2021 revenue guidance of $375 – 405 million MENLO PARK, Calif., Feb. 23, 2021 (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 hormone cortisol, today reported its results for the quarter- and year-ended December 31, 2020. Corcept’s 2020 revenue was $353.9 million, compared to $306.5 million in 2019. Fourth quarter revenue was $85.7 million, compared to $87.9 million in the fourth quarter of 2019. The company reiterated its 2021 revenue guidance of $375 – 405 million. GAAP net income was $106.0 million for the year and $26.0 million in the fourth quarter of 2020, compared to $94.2 million for the year and $29.4 million in the fourth quarter of 2019. 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 $34.7 million in the fourth quarter, compared to $40.3 million in the fourth quarter of 2019. For the full-year, non-GAAP net income was $145.6 million, compared to $133.3 million in 2019. A reconciliation of GAAP to non-GAAP net income is included below. Cash and investments increased by $32.7 million in the fourth quarter, to $476.9 million at December 31, 2020. At December 31, 2019, the balance of cash and investments was 315.3 million. The company spent $9.7 million in the fourth quarter repurchasing 458,769 shares of common stock pursuant to its stock repurchase program. Under the currently authorized terms of that program, $190.3 million remains available for the repurchase of shares. “Corcept’s financial and clinical accomplishments in 2020 lay the foundation for significant progress this year,” said Joseph K. Belanoff, MD, Corce...