Corcept Therapeutics Incorporated ( CORT Quick Quote CORT - Free Report) reported earnings of 21 cents per share for second-quarter 2021, beating the Zacks Consensus Estimate of 14 cents. In the year-ago quarter, the company reported earnings of 23 cents per share.
Taking into account, the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 30 cents per share in the reported quarter compared with 32 cents a year ago.
Revenues in the second quarter increased 3.4% year over year to $91.6 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug Korlym. Sales also beat the Zacks Consensus Estimate of $86 million but declined sequentially.
Research and development expenses escalated 6.4% to $28.2 million. Selling, general and administrative expenses also increased 17.5% to $30 million.
Shares of Corcept have plunged 22.5% so far this year compared with the
industry’s decrease of 9.4%. Image Source: Zacks Investment Research 2021 Guidance
Corcept reiterated the financial guidance it provided earlier this year. The company expects total revenues in the range of $355-$385 million. The Zacks Consensus Estimate stands at $371.74 million.
Corcept’s lead pipeline 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 multiple sites across the globe. A new drug application for relacorilant is expected to be submitted in the second quarter of 2023.
Relacorilant is also being examined in the phase III of the GRADIENT study in patients whose Cushing’s syndrome is caused by adrenal adenoma. Enrollment in this study is ongoing.
Corcept completed enrollment in a phase II study on relacorilant in combination with
Bristol Myers’ ( BMY Quick Quote BMY - Free Report) Abraxane for the treatment of metastatic ovarian cancer. In May 2021, the company announced data from this study, which showed that women who were treated with relacorilant plus Abraxane experienced improved progression-free survival compared to those who received Abraxane alone. The company plans to begin a phase III study in patients with platinum-resistant ovarian cancer in the first quarter of 2022.
In June 2021, the company also announced preliminary data from the phase III RELIANT study, currently evaluating relacorilant in combination with Abraxane for treating metastatic pancreatic cancer. Data demonstrated antitumor activity in heavily pretreated patients with metastatic pancreatic cancer including those previously treated with Abraxane.
We remind investors that enrollment is currently ongoing in the phase Ib study, which is evaluating relacorilant in combination with
Merck’s ( MRK Quick Quote MRK - Free Report) PD-1 checkpoint inhibitor Keytruda for treating patients suffering 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 Quick Quote PFE - Free Report) Xtandi for treating patients with metastatic castration-resistant prostate cancer.
Corcept plans to begin a phase Ib, dose-finding study in the fourth quarter of 2021 to evaluate miricorilant in patients with presumed non-alcoholic steatohepatitis (NASH).
Corcept currently carries a Zacks Rank #2 (Buy). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here