Corcept Therapeutics reports Q3 EPS 28c, consensus 22c

Reports Q3 revenue $123.6M, consensus $119.68M.”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 – $480M,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. Corcept’s third quarter 2023 revenue was $123.6 M, compared to $101.7 M in the third quarter of 2022. Third quarter operating expenses were $92.4 M, compared to $69.8M 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 $31.4M in the third quarter of 2023 compared to $34.6M in the same period last year. Cash and investments were $414.8M at September 30, 2023 compared to $363.M at the end of the prior quarter.