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Corcept's (CORT) Q4 Earnings Beat Estimates, Revenues Miss

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Corcept Therapeutics Incorporated (CORT - Free Report) reported earnings of 26 cents per share for fourth-quarter 2021, beating the Zacks Consensus Estimate of 22 cents. In the year-ago quarter, the company reported earnings of 20 cents per share.

Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 35 cents per share in the reported quarter compared with 27 cents a year ago.

Revenues in the fourth quarter increased 15.3% year over year to $98.8 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. Sales, however, missed the Zacks Consensus Estimate of $101 million.

In the fourth quarter of 2021, research and development expenses increased 0.9% to $28.5 million. Selling, general and administrative expenses increased 25.6% to $32.2 million.

Shares of Corcept have plunged 26.7% in the past year compared with the industry’s decrease of 33.6%.

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Full-Year Results

For 2021, Corcept generated total revenues of $366 million compared with $353.9 million recorded in 2020.

For full-year 2021, the company reported earnings of 89 cents per share compared with earnings of 85 cents per share in 2020. Adjusted earnings came in at $1.19 per share in 2021 compared with $1.17 reported in 2020.

2022 Guidance

Corcept expects total revenues in the range of $400-$430 million in 2022. The Zacks Consensus Estimate for the same stands at $415.9 million.

Pipeline Updates

Corcept’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome. Enrollment is currently underway in said study. A new drug application for relacorilant is expected to be submitted in the second quarter of 2023.

Relacorilant is also being investigated in phase III of the GRADIENT study in patients whose Cushing’s syndrome is caused by adrenal adenoma. Enrollment in this study is ongoing.

Enrollment is also currently ongoing in the phase Ib study evaluating relacorilant in combination with Merck’s (MRK - Free Report) PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients suffering from adrenal cancer along with cortisol excess.

Merck’s biggest revenue generator, Keytruda, is approved for treating several types of cancer indications. Merck is also studying Keytruda for addressing various cancer indications.

Corcept is also evaluating relacorilant in combination studies for treating solid tumors. A phase II study is evaluating relacorilant for the treatment of recurrent platinum-resistant ovarian cancer. The company plans to begin a phase III study in patients with recurrent platinum-resistant ovarian cancer in the second quarter of 2022.

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

The company is conducting a dose-finding study on exicorilant in combination with Pfizer’s Xtandi (enzalutamide) for treating patients with metastatic castration-resistant prostate cancer.

Corcept is currently enrolling patients in the phase II GRATITUDE study on miricorilant for treating the reversal of antipsychotic-induced weight gain (“AIWG”). The company has also completed enrollment in the phase II GRATITUDE 2 study of miricorilant to reverse the long-standing AIWG. Data from both studies are expected in the fourth quarter 2022.

The company is also conducting a phase Ib dose-finding study investigating miricorilant in patients with presumed non-alcoholic steatohepatitis.

Zacks Rank & Stock to Consider

Corcept currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector include United Therapeutics Corporation (UTHR - Free Report) and Vaxart, Inc. (VXRT - Free Report) , both sporting a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

United Therapeutics’ earnings estimates have been revised 0.3% upward for 2022 over the past 60 days. The stock has rallied 18.3% in the past year.

Earnings of United Therapeutics have surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions.

Vaxart’s loss per share estimates have narrowed 3.1% for 2022 over the past 60 days.

Earnings of Vaxart have surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions.