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Research and development expenses shot up 96.6% to $6.7 million (including stock-based compensation). Likewise, selling, general and administrative expenses were up 18.6% to $9.4 million. The increase in operating expenses was primarily due to additional employee compensation expense, additional patient support costs, and distribution expenses resulting from higher sales volumes, and increased spending for the clinical development of CORT125134, the second-most advanced candidate in Corcept’s pipeline.
Corcept’s only marketed drug is Korlym which is approved for the once-daily oral treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing’s syndrome. Management said that the number of patients receiving Korlym as well as the number of physicians prescribing the medicine grew in the quarter.
Pipeline Update
Corcept is currently working on developing Korlym for additional indications The company is conducting a phase I/II study on Korlym, in combination with chemotherapy drug Halaven (eribulin), for the treatment of patients with metastatic triple-negative breast cancer (TNBC). Results from the stud are expected to be presented at the San Antonio Breast Cancer Symposium in Dec 2016. Label expansion should boost the drug’s commercial potential significantly.
Meanwhile, the company has started enrolling patients in a phase I/II study on CORT125134, in combination with Abraxane, for the treatment of solid tumor cancers.
The company is also conducting two studies – one for evaluating the efficacy of Korlym, in combination with Abraxane, for the treatment of TNBC; and another on a combination of Korlym and Pfizer, Inc.’s (PFE - Free Report) Xtandi for the treatment of castration-resistant prostate cancer.
Meanwhile, the University of Chicago is conducting a phase II study on Korlym, in combination with Xtandi, for the treatment of metastatic, castration-resistant prostate cancer. The institution also plans to conduct a phase II study on Korlym, in combination with Abraxane, for the treatment of patients with TNBC. The study will be conducted by Corcept in collaboration with Celgene Corporation .
2016 Outlook
In anticipation of continuing top-line growth, Corcept’s management has raised its revenue expectations to the range of $79–$82 million from the prior guidance of $76 million to $81 million.
Anika’s earnings estimates have increased from $1.96 to $2.06 for 2016 and from $2.03 to $2.09 for 2017 over the last 60 days. The company has posted a positive earnings surprise in all of the four trailing quarters with an average beat of 33.1%. Its share price has increased 14.9% year to date.
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Corcept (CORT) Beats on Q3 Earnings, Lifts Sales Guidance
Corcept Therapeutics Incorporated’s (CORT - Free Report) adjusted third-quarter 2016 earnings (including stock-based compensation expense) of 2 cents per share, beating the Zacks Consensus Estimate of a penny. Excluding stock based compensation expenses, adjusted earnings amounted to 4 cents per share.
Revenues increased 63.1% from the year-ago quarter figure to $21.7 million and were almost in line with the Zacks Consensus Estimate of $22 million.
Research and development expenses shot up 96.6% to $6.7 million (including stock-based compensation). Likewise, selling, general and administrative expenses were up 18.6% to $9.4 million. The increase in operating expenses was primarily due to additional employee compensation expense, additional patient support costs, and distribution expenses resulting from higher sales volumes, and increased spending for the clinical development of CORT125134, the second-most advanced candidate in Corcept’s pipeline.
Corcept’s only marketed drug is Korlym which is approved for the once-daily oral treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing’s syndrome. Management said that the number of patients receiving Korlym as well as the number of physicians prescribing the medicine grew in the quarter.
Pipeline Update
Corcept is currently working on developing Korlym for additional indications The company is conducting a phase I/II study on Korlym, in combination with chemotherapy drug Halaven (eribulin), for the treatment of patients with metastatic triple-negative breast cancer (TNBC). Results from the stud are expected to be presented at the San Antonio Breast Cancer Symposium in Dec 2016. Label expansion should boost the drug’s commercial potential significantly.
Meanwhile, the company has started enrolling patients in a phase I/II study on CORT125134, in combination with Abraxane, for the treatment of solid tumor cancers.
The company is also conducting two studies – one for evaluating the efficacy of Korlym, in combination with Abraxane, for the treatment of TNBC; and another on a combination of Korlym and Pfizer, Inc.’s (PFE - Free Report) Xtandi for the treatment of castration-resistant prostate cancer.
Meanwhile, the University of Chicago is conducting a phase II study on Korlym, in combination with Xtandi, for the treatment of metastatic, castration-resistant prostate cancer. The institution also plans to conduct a phase II study on Korlym, in combination with Abraxane, for the treatment of patients with TNBC. The study will be conducted by Corcept in collaboration with Celgene Corporation .
2016 Outlook
In anticipation of continuing top-line growth, Corcept’s management has raised its revenue expectations to the range of $79–$82 million from the prior guidance of $76 million to $81 million.
CORCEPT THERAPT Price, Consensus and EPS Surprise
CORCEPT THERAPT Price, Consensus and EPS Surprise | CORCEPT THERAPT Quote
Zacks Rank & Key Picks
Corcept currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the health care sector is Anika Therapeutics Inc. (ANIK - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Anika’s earnings estimates have increased from $1.96 to $2.06 for 2016 and from $2.03 to $2.09 for 2017 over the last 60 days. The company has posted a positive earnings surprise in all of the four trailing quarters with an average beat of 33.1%. Its share price has increased 14.9% year to date.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>