On January 8, 2024 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, reported preliminary, unaudited, financial results for the quarter- and year-ended December 31, 2023, provided 2024 revenue guidance and announced a stock repurchase program (Press release, Corcept Therapeutics, JAN 8, 2024, https://ir.corcept.com/news-releases/news-release-details/corcept-therapeutics-provides-financial-update-and-announces [SID1234639066]).
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Financial Update
Fourth quarter revenue of $135.4 million, a 31 percent increase over the same period in 2022
Full year 2023 revenue of $482.4 million, a 20 percent increase over 2022
2024 revenue guidance of $600 – $630 million
Cash and investments of $425.4 million as of December 31, 2023
Announcement of $200 million stock repurchase program
"As the true prevalence of hypercortisolism and its devastating impact become better understood, physicians are identifying and treating more patients with Cushing’s syndrome than ever before. Our 2023 commercial results reflect strong, nationwide growth in the number of patients receiving Korlym and the number of physicians prescribing the medication. We are confident that rates of screening and treatment will continue to increase. We are providing 2024 revenue guidance of $600 – $630 million," said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer.
Corcept’s fourth quarter 2023 revenue was $135.4 million, compared to $103.1 million in the fourth quarter of 2022. Revenue for the full year was $482.4 million, compared to $401.9 million in 2022. Cash and investments were $425.4 million at December 31, 2023. These preliminary, unaudited, financial results are prior to completion of the company’s annual independent audit and are subject to adjustment.
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.
About Corcept’s Stock Repurchase Program
Our Board of Directors has approved a program authorizing the repurchase of up to $200 million of the company’s common stock. Purchases under this program may be made in the open market, in privately negotiated transactions or otherwise. The timing and amount of any repurchases will be determined based on market conditions, our stock price and other factors. The program does not require the company to repurchase any specific number of shares of its common stock and may be modified, suspended or discontinued at any time without notice.