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Corcept Therapeutics Announces Fourth Quarter and Full-Year 2022 Audited Financial Results and Provides Corporate Update
MENLO PARK, Calif., Feb. 28, 2023 (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. 28, 2023 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrine, oncologic, metabolic and neurological disorders by modulating the effects of the hormone cortisol, today reported its results for the quarter and year ended December 31, 2022. Financial Results Fourth quarter revenue of $103.1 million, compared to $98.8 million in fourth quarter 2021 2022 revenue of $401.9 million, compared to $366.0 million in 20212023 revenue guidance of $430 – $450 millionFourth quarter diluted net income per common share of $0.14, compared to $0.26 in fourth quarter 20212022 diluted net income per common share of $0.87, compared to $0.89 in 2021 Cash and investments of $436.6 million, compared to $335.8 million at December 31, 2021 Corcept’s fourth quarter 2022 revenue was $103.1 million, compared to $98.8 million in the fourth quarter of 2021. Revenue for the full year was $401.9 million, compared to $366.0 million in 2021. The company expects 2023 revenue of $430 – $450 million. Net income was $16.6 million in the fourth quarter of 2022, compared to $32.1 million in the fourth quarter of 2021. For the full year, it was $101.4 million compared to $112.5 million in 2021. Cash and investments of $436.6 million at December 31, 2022 compared to $335.8 million at December 31, 2021. “We remain extremely optimistic about the growth potential of our Cushing’s syndrome business. Korlym is an excellent treatment for patients with Cushing’s syndrome and there are many eligible patients who have yet to receive it. We are making substantial investments to improve the screening and treatment of these patients. We are providing 2023 revenue guidance of $430 - $450 million,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. Clinical Development “We significantly advanced our clinical development programs, with three of our proprietary selective cortisol modulators – relacorilant, dazucorilant and miricorilant – now in the clinic,” added Dr. Belanoff. “We expect to make further progress in the next twelve months with submission of the NDA for relacorilant in Cushing’s syndrome, enrollment of our confirmatory Phase 3 trial of relacorilant in platinum-resistant ovarian cancer and Phase 2 trial of dazuc...