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Corcept Therapeutics Announces Second Quarter 2020 Financial Results and Provides Corporate Update
MENLO PARK, Calif., Aug. 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., Aug. 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 June 30, 2020.\n Financial Highlights Revenue of $88.6 million, a 23 percent increase from second quarter 2019GAAP diluted net income of $0.23 per share, compared to $0.17 per share in second quarter 2019Non-GAAP diluted net income of $0.32 per share, compared to $0.25 per share in second quarter 2019Cash and investments of $409.6 million, compared to $349.0 million at March 31, 2020Reaffirmed 2020 revenue guidance of $355 – 375 million Revenue was $88.6 million in the second quarter, compared to $72.3 million in the second quarter of 2019. Second quarter revenue was $4.7 million lower than in the first quarter, primarily because in March 2020 some patients refilled their prescriptions a few days earlier than usual as a safeguard against pandemic-related delays. These safety stocks were consumed in the second quarter. This shift in refill timing increased shipments of Korlym tablets in the first quarter and decreased them by a similar amount in the second quarter. We reaffirm our 2020 revenue guidance of $355 – 375 million. Second quarter GAAP net income was $28.3 million, compared to $20.2 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 second quarter was $39.7 million, compared to $31.0 million in the second quarter of 2019. A reconciliation of GAAP to non-GAAP net income is included below. Second quarter operating expenses were $53.3 million, compared to $47.6 million in the second quarter of 2019, primarily due to increased spending to conduct clinical trials in Cushing’s syndrome, antipsychotic-induced weight gain and solid tumors and to formulate and manufacture the company’s proprietary, selective cortisol modulators and to increased employee recruiting and compensation expense. Cash and investments were $409.6 million at June 30, 2020, an increase of $60.6 million from March 31, 2020. “Patients with Cushing’s syn...