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Corcept Therapeutics Announces Third Quarter 2020 Financial Results and Provides Corporate Update
MENLO PARK, Calif., Nov. 03, 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., Nov. 03, 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 September 30, 2020.\n Financial Highlights Revenue of $86.3 million, a 6 percent increase from third quarter 2019GAAP diluted net income of $0.17 per share, compared to $0.22 per share in third quarter 2019Non-GAAP diluted net income of $0.24 per share, compared to $0.31 per share in third quarter 2019Cash and investments of $444.2 million, compared to $409.6 million at June 30, 2020Announcement of $200 million stock repurchase program2020 revenue guidance narrowed to $355 – 365 million Revenue was $86.3 million in the third quarter, compared to $81.5 million in the third quarter of 2019. Third quarter GAAP net income was $21.6 million, compared to $26.3 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 third quarter was $30.0 million, compared to $37.8 million in the third quarter of 2019. A reconciliation of GAAP to non-GAAP net income is included below. Corcept narrowed its 2020 revenue guidance range to $355 – 365 million. The company’s initial guidance, announced in January 2020, was $355 – 375 million. Third quarter operating expenses were $61.6 million, compared to $48.5 million in the third quarter of 2019, primarily due to increased spending on clinical trials in Cushing’s syndrome, antipsychotic-induced weight gain and solid tumors, and on the formulation and manufacture the company’s proprietary selective cortisol modulators. Cash and investments were $444.2 million at September 30, 2020, an increase of $34.7 million from June 30, 2020. The company announced a program to repurchase up to $200 million of its common stock, funded using cash and investments. Details of the program are provided below. “While pandemic-related public health restrictions and related changes in physician and patient practices dampened our third quarter commercial results,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer, ...