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Corcept Therapeutics Announces Third Quarter Financial Results and Provides Corporate Update
MENLO PARK, Calif., Nov. 01, 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., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrine, oncology, metabolism and neurology disorders by modulating the effects of the hormone cortisol, today reported results for the quarter ended September 30, 2023. Financial Results Revenue of $123.6 million, a 22 percent increase from third quarter 2022Increase in 2023 revenue guidance to $470 - $480 million, from $455 - $470 million Net income per common share of $0.28 (diluted), compared to $0.30 in third quarter 2022 Cash and investments of $414.8 million as of September 30, 2023 “Our strong results in the third quarter reflect returns on our substantial investment in helping physicians to better recognize and treat hypercortisolism. As screening for hypercortisolism (Cushing’s syndrome) becomes more common, the number of patients receiving medical therapy grows. We are confident this trend will continue. 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 raising our 2023 revenue guidance again, to $470 - $480 million,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. Corcept’s third quarter 2023 revenue was $123.6 million, compared to $101.7 million in the third quarter of 2022. Third quarter operating expenses were $92.4 million, compared to $69.8 million in the third quarter of 2022, due to increased clinical trial activity and expenses to support the expansion of our clinical development and commercial teams. Net income was $31.4 million in the third quarter of 2023 compared to $34.6 million in the same period last year. Cash and investments were $414.8 million at September 30, 2023 compared to $363.3 million at the end of the prior quarter. Clinical Development “We are also very excited by the potential of our clinical development programs, with important milestones approaching. In 2024, we expect to report data from our trials in Cushing’s syndrome (the GRACE, GRADIENT and CATALYST studies), ovarian cancer (ROSELLA) and ALS (DAZALS). We also plan to submit an NDA for relacorilant in Cushing’s syndrome and to complete enrollment of our Phase 2b MONARCH study in patients with NASH,” added Dr. Belanoff. Cushing...