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Corcept's (CORT) Q1 Earnings Miss Estimates, Revenues Fall Y/Y

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Corcept Therapeutics Incorporated (CORT - Free Report) reported earnings of 18 cents per share in first-quarter 2021, missing the Zacks Consensus Estimate of 21 cents. In the year-ago quarter, the company had reported earnings of 25 cents per share.

Further, taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 20 cents per share in the reported quarter compared with 34 cents a year ago.

Revenues in the first quarter declined 14.8% year over year to $79.4 million. Corcept’s top line comprises sales of Cushing’s syndrome drug, Korlym. Sales also missed the Zacks Consensus Estimate of $98 million and declined sequentially.

Research and development expenses escalated 11.1% to $29 million. Selling, general and administrative expenses also increased 7.2% to $29.5 million.

Shares of Corcept have plunged 17% so far this year compared with the industry’s decrease of 12.7%.

price chart for CORT

2021 Guidance

Corcept lowered the financial guidance it provided earlier this year. The company now expects total revenues in the range of $355-$385 million compared with the earlier projection of $375-$405 million. The Zacks Consensus Estimate stands at $411.60 million.

Pipeline Updates

Corcept’s lead candidate, relacorilant, is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Enrollment is currently underway in the above-mentioned study at sites across the United States, Canada, Europe and Israel. A new drug application for relacorilant is expected to be submitted in the second quarter of 2023.

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.

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. Along with its earnings release, the company announced results from this phase II study. Data from the same showed women who were treated with relacorilant plus Abraxane had improved progression-free survival as compared to women who received Abraxane alone.

Notably, the phase III RELIANT study is evaluating the combo of relacorilant plus Abraxane for addressing patients with metastatic pancreatic cancer. Preliminary results from this study are expected shortly.

Meanwhile, in March 2021, Corcept enrolled the first patient in the phase Ib study evaluating relacorilant in combination with Merck’s (MRK - Free Report) PD-1 checkpoint inhibitor, Keytruda, for the treatment of patients suffering from adrenal cancer with cortisol excess.

Corcept’s other pipeline candidates include exicorilant and miricorilant, which are also progressing well.

The company is conducting an open-label dose-finding study on exicorilant in combination with Pfizer’s (PFE - Free Report) Xtandi for treating patients with metastatic castration-resistant prostate cancer.

Zacks Rank

Corcept currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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