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Corcept's (CORT) Q3 Earnings Beat Estimates, Revenues Miss
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Corcept Therapeutics Incorporated (CORT - Free Report) reported earnings of 30 cents per share for third-quarter 2022, beating the Zacks Consensus Estimate of 23 cents. In the year-ago quarter, the company reported earnings of 24 cents per share.
Revenues in the third quarter increased 5.8% year over year to $101.7 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. However, revenues missed the Zacks Consensus Estimate of $108 million.
In the third quarter of 2022, research and development expenses increased 18.5% to $33.3 million. Selling, general and administrative expenses increased 15.4% to $35.2 million.
Shares of Corcept were down 4.1% in after-hours trading on Thursday following the announcement of the earnings result. The stock has rallied 44.1% this year against the industry’s decline of 30.6%.
Image Source: Zacks Investment Research
2022 Guidance
Corcept tightened its revenue guidance for 2022. The company now expects total revenues in the range of $400-$410 million compared with the earlier projection of $400-$430 million in 2022. The Zacks Consensus Estimate for the same stands at $415.6 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 ongoing in said study. A new drug application for relacorilant is expected to be submitted in the second half 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) blockbuster 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. MRK continues to study Keytruda for addressing more cancer indications.
Corcept is also evaluating relacorilant in combination studies for treating solid tumors. The pivotal phase III ROSELLA study is evaluating relacorilant in combination with nab-paclitaxel for the treatment of patients with platinum-resistant ovarian cancer.
Corcept, in collaboration with the University of Chicago, is planning to initiate a phase II study evaluating relacorilant plus enzalutamide for treating patients with prostate cancer next year. Enzalutamide is marketed by Pfizer under the brand name, Xtandi.
Corcept’s other pipeline candidates are also progressing well.
Corcept has completed enrollment of patients in the phase II GRATITUDE study evaluating 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 long-standing AIWG. Data from both studies are expected later in the ongoing quarter.
The company is also conducting a phase Ib dose-finding study to investigate miricorilant in patients with presumed non-alcoholic steatohepatitis. Data from this study is also expected in the first half of 2023.
Last month, CORT initiated the phase II study – DAZALS – evaluating its pipeline candidate, dazucorilant, for the treatment of patients with amyotrophic lateral sclerosis, a destructive neuromuscular illness.
Successful development of its pipeline candidates will boost the company.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Earnings estimates for Jazz Pharmaceuticals have been revised upward by 0.1% for 2022 and 0.3% for 2023 in the past 60 days.
Earnings of Jazz Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed on the other occasion. JAZZ delivered an earnings surprise of 10.94% on average.
Loss per share estimates for Can-Fite BioPharma narrowed 2.6% for 2022 and 5.5% for 2023 in the past 60 days.
Earnings of Can-Fite BioPharma surpassed estimates in two of the trailing four quarters and missed on the other two occasions. CANF delivered a negative earnings surprise of 14.86% on average.
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Corcept's (CORT) Q3 Earnings Beat Estimates, Revenues Miss
Corcept Therapeutics Incorporated (CORT - Free Report) reported earnings of 30 cents per share for third-quarter 2022, beating the Zacks Consensus Estimate of 23 cents. In the year-ago quarter, the company reported earnings of 24 cents per share.
Revenues in the third quarter increased 5.8% year over year to $101.7 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. However, revenues missed the Zacks Consensus Estimate of $108 million.
In the third quarter of 2022, research and development expenses increased 18.5% to $33.3 million. Selling, general and administrative expenses increased 15.4% to $35.2 million.
Shares of Corcept were down 4.1% in after-hours trading on Thursday following the announcement of the earnings result. The stock has rallied 44.1% this year against the industry’s decline of 30.6%.
Image Source: Zacks Investment Research
2022 Guidance
Corcept tightened its revenue guidance for 2022. The company now expects total revenues in the range of $400-$410 million compared with the earlier projection of $400-$430 million in 2022. The Zacks Consensus Estimate for the same stands at $415.6 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 ongoing in said study. A new drug application for relacorilant is expected to be submitted in the second half 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) blockbuster 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. MRK continues to study Keytruda for addressing more cancer indications.
Corcept is also evaluating relacorilant in combination studies for treating solid tumors. The pivotal phase III ROSELLA study is evaluating relacorilant in combination with nab-paclitaxel for the treatment of patients with platinum-resistant ovarian cancer.
Corcept, in collaboration with the University of Chicago, is planning to initiate a phase II study evaluating relacorilant plus enzalutamide for treating patients with prostate cancer next year. Enzalutamide is marketed by Pfizer under the brand name, Xtandi.
Corcept’s other pipeline candidates are also progressing well.
Corcept has completed enrollment of patients in the phase II GRATITUDE study evaluating 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 long-standing AIWG. Data from both studies are expected later in the ongoing quarter.
The company is also conducting a phase Ib dose-finding study to investigate miricorilant in patients with presumed non-alcoholic steatohepatitis. Data from this study is also expected in the first half of 2023.
Last month, CORT initiated the phase II study – DAZALS – evaluating its pipeline candidate, dazucorilant, for the treatment of patients with amyotrophic lateral sclerosis, a destructive neuromuscular illness.
Successful development of its pipeline candidates will boost the company.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept Therapeutics Incorporated price-consensus-eps-surprise-chart | Corcept Therapeutics Incorporated Quote
Zacks Rank & Stocks to Consider
Corcept currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same sector are Jazz Pharmaceuticals plc (JAZZ - Free Report) and Can-Fite BioPharma Ltd. (CANF - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings estimates for Jazz Pharmaceuticals have been revised upward by 0.1% for 2022 and 0.3% for 2023 in the past 60 days.
Earnings of Jazz Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed on the other occasion. JAZZ delivered an earnings surprise of 10.94% on average.
Loss per share estimates for Can-Fite BioPharma narrowed 2.6% for 2022 and 5.5% for 2023 in the past 60 days.
Earnings of Can-Fite BioPharma surpassed estimates in two of the trailing four quarters and missed on the other two occasions. CANF delivered a negative earnings surprise of 14.86% on average.