Corcept Therapeutics Announces Third Quarter Financial Results, Positive Results From Phase 3 GRADIENT Trial in Patients With Cushing’s Syndrome and Provides Corporate Update

On October 30, 2024 Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol, reported its results for the quarter ended September 30, 2024 (Press release, Corcept Therapeutics, OCT 30, 2024, https://ir.corcept.com/news-releases/news-release-details/corcept-therapeutics-announces-third-quarter-financial-results-3 [SID1234649414]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Financial Results

"In the third quarter, we added more Korlym prescribers and more patients received Korlym treatment than ever before," said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. "Physicians are increasingly aware of hypercortisolism’s true prevalence and of the poor health outcomes of patients who go untreated. Screening is becoming more common and the number of patients receiving appropriate care continues to increase. For patients and physicians who choose Korlym, our extensive system of support services is critical to optimizing the benefit of our medication."

Corcept’s third quarter 2024 revenue was $182.5 million, compared to $123.6 million in the third quarter of 2023. Third quarter operating expenses were $135.9 million, compared to $92.4 million in the third quarter of 2023. Net income was $47.2 million in the third quarter of 2024, compared to $31.4 million in the same period last year.

The company increased its 2024 revenue guidance to $675 – $700 million.

Cash and investments were $547.6 million at September 30, 2024, compared to $492.5 million at June 30, 2024. The balance at September 30, 2024 reflects the acquisition of $23.4 million of common stock (870,000 shares) in the third quarter pursuant to the company’s stock repurchase program, net exercise of employee stock options and net vesting of restricted stock grants.