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Corcept (CORT) Q4 Earnings In Line, Revenues Miss Estimates
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Corcept Therapeutics Incorporated (CORT - Free Report) reported fourth-quarter 2020 earnings of 20 cents per share, which was in line the Zacks Consensus Estimate but decreased from the year ago quarter’s earnings of 24 cents.
Further, taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 27 cents per share in the reported quarter compared with 33 cents a year ago.
Revenues in the fourth quarter declined 2.5% year over year to $85.7 million. Corcept’s top line comprises sales of Cushing’s syndrome drug Korlym. Sales missed the Zacks Consensus Estimate of $92 million and also declined sequentially.
Research and development expenses escalated 16.4% to $28.3 million. Selling, general and administrative expenses also increased 5.2% to $25.7 million.
Shares of Corcept have risen 1.8% so far this year compared with the industry’s increase of 4.9%.
Full-Year Results
For 2020, Corcept generated revenues of $353.8 million, reflecting an increase of 15.5% year over year.
Adjusted earnings per share of $1.17 for full-year 2020 were higher than the prior-year earnings of $1.09.
2021 Guidance
We remind investors that earlier this month Corcept issued guidance for 2021. Along with the earnings release, the company reaffirmed the guidance.
The company expects revenues of $375-$405 million in 2021.
Pipeline Updates
Corcept’s lead candidate, relacorilant, is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Dosing is currently underway in the above-mentioned study at sites across the United States, Canada, Europe and Israel. Enrollment is also underway in the phase III study of GRADIENT on relacorilant in patients whose Cushing’s syndrome is caused by adrenal adenoma at sites across the United States, Europe and Israel.
Earlier this month, Corcept announced that the new drug application for relacorilant is expected to be filled in the second quarter of 2023.
Corcept has completed enrollment in a phase II study on relacorilant in combination with Bristol Myers’ (BMY - Free Report) Abraxane for the treatment of metastatic ovarian cancer. The combo of relacorilant plus Abraxane is also being evaluated for addressing patients with metastatic pancreatic cancer. Preliminary results from both studies are expected in the first-half of 2021.
Corcept is also evaluating relacorilant plus Merck’s (MRK - Free Report) PD-1 checkpoint inhibitor Keytruda to address patients with metastatic or unresectable adrenal cancer.
This apart, the company is conducting an open-label, dose-finding study on its pipeline candidate exicorilant in combination with Pfizer’s (PFE - Free Report) Xtandi for treating patients with metastatic castration-resistant prostate cancer.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Corcept (CORT) Q4 Earnings In Line, Revenues Miss Estimates
Corcept Therapeutics Incorporated (CORT - Free Report) reported fourth-quarter 2020 earnings of 20 cents per share, which was in line the Zacks Consensus Estimate but decreased from the year ago quarter’s earnings of 24 cents.
Further, taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 27 cents per share in the reported quarter compared with 33 cents a year ago.
Revenues in the fourth quarter declined 2.5% year over year to $85.7 million. Corcept’s top line comprises sales of Cushing’s syndrome drug Korlym. Sales missed the Zacks Consensus Estimate of $92 million and also declined sequentially.
Research and development expenses escalated 16.4% to $28.3 million. Selling, general and administrative expenses also increased 5.2% to $25.7 million.
Shares of Corcept have risen 1.8% so far this year compared with the industry’s increase of 4.9%.
Full-Year Results
For 2020, Corcept generated revenues of $353.8 million, reflecting an increase of 15.5% year over year.
Adjusted earnings per share of $1.17 for full-year 2020 were higher than the prior-year earnings of $1.09.
2021 Guidance
We remind investors that earlier this month Corcept issued guidance for 2021. Along with the earnings release, the company reaffirmed the guidance.
The company expects revenues of $375-$405 million in 2021.
Pipeline Updates
Corcept’s lead candidate, relacorilant, is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Dosing is currently underway in the above-mentioned study at sites across the United States, Canada, Europe and Israel. Enrollment is also underway in the phase III study of GRADIENT on relacorilant in patients whose Cushing’s syndrome is caused by adrenal adenoma at sites across the United States, Europe and Israel.
Earlier this month, Corcept announced that the new drug application for relacorilant is expected to be filled in the second quarter of 2023.
Corcept has completed enrollment in a phase II study on relacorilant in combination with Bristol Myers’ (BMY - Free Report) Abraxane for the treatment of metastatic ovarian cancer. The combo of relacorilant plus Abraxane is also being evaluated for addressing patients with metastatic pancreatic cancer. Preliminary results from both studies are expected in the first-half of 2021.
Corcept is also evaluating relacorilant plus Merck’s (MRK - Free Report) PD-1 checkpoint inhibitor Keytruda to address patients with metastatic or unresectable adrenal cancer.
This apart, the company is conducting an open-label, dose-finding study on its pipeline candidate exicorilant in combination with Pfizer’s (PFE - Free Report) Xtandi for treating patients with metastatic castration-resistant prostate cancer.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept Therapeutics Incorporated price-consensus-eps-surprise-chart | Corcept Therapeutics Incorporated Quote
Zacks Rank
Corcept currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>