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Corcept Therapeutics Incorporated (CORT - Free Report) reported second-quarter 2024 earnings of 32 cents per share, which beat the Zacks Consensus Estimate of 23 cents. The company had reported earnings of 25 cents per share in the year-ago quarter.
Revenues increased 39% year over year to $163.8 million. The figure also beat the Zacks Consensus Estimate of $154 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.
Quarter in Detail
Revenues from Korlym beat our model estimate of $152.4 million.
Research and development expenses surged 35.5% year over year to $58.7 million.
Selling, general and administrative expenses increased around 54.5% year over year to $66.9 million.
Consequently, operating expenses increased to $128.2 million, up 45.5% from the year-ago quarter’s level, owing to higher expenses related to ongoing clinical studies and support for the expansion of commercial and clinical development teams.
Corcept’s shares have gained 12.5% so far this year against the industry decline of 1.5%.
Image Source: Zacks Investment Research
Cash and investments, as of Jun 30, 2024, totaled $492.5 million compared with $451 million as of Mar 31, 2024.
2024 Guidance
Corcept increased its revenue guidance for 2024.
The company now expects total revenues in the range of $640-$670 million compared with the earlier projection of $620-$650 million. The Zacks Consensus Estimate for revenues is pegged at $632.5 million.
Pipeline Updates
CORT’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome.
The GRACE study comprises two parts — the open-label portion and the randomized withdrawal phase. In May 2024, CORT announced that the GRACE study met the primary endpoint in the randomized withdrawal phase. Data from the same showed that patients who were treated with relacorilant experienced loss of blood pressure control, the study’s primary endpoint, versus placebo.
In April, the company announced data from the open-label phase of the GRACE study, which showed that treatment with relacorilant led to clinically meaningful and statistically significant improvements in hypertension, hyperglycemia, as well as other symptoms.
Corcept plans to file a new drug application for relacorilant in Cushing’s syndrome in the fourth quarter of 2024.
The phase III GRADIENT study is evaluating relacorilant for treating patients whose Cushing’s syndrome is caused by adrenal adenoma. Data from the same is expected in the fourth quarter of 2024.
This apart, the phase III ROSELLA study is investigating relacorilant in combination with Abraxane (nab-paclitaxel) for treating patients with recurrent, platinum-resistant ovarian cancer. Progression-free survival data, which is the ROSELLA study's primary endpoint, is expected by 2024-end.
Meanwhile, a phase Ib study is evaluating relacorilant in combination with Merck’s PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients with adrenal cancer with cortisol excess completed enrolment.
This apart, Corcept completed enrollment in the phase II DAZALS study, evaluating its selective cortisol modulator, dazucorilant, for treating patients with amyotrophic lateral sclerosis, a degenerative neurologic disorder. Data from the same is expected by 2024-end.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
In the past 60 days, estimates for United Therapeutics’ 2024 earnings per share have improved from $24.62 to $24.94. Earnings per share estimates for 2025 have improved from $27.00 to $27.42. Year to date, shares of UTHR have jumped 52.5%.
UTHR’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.41%.
In the past 60 days, estimates for Halozyme’s 2024 earnings per share have improved from $3.69 to $3.90. Earnings per share estimates for 2025 have improved from $4.50 to $4.81. Year to date, shares of HALO have soared 50%.
HALO’s earnings beat estimates in three of the trailing four quarters and met the same on the remaining occasion, the average surprise being 9.40%.
In the past 60 days, estimates for Repare Therapeutics’ 2024 loss per share have narrowed from $2.42 to $2.35. Loss per share estimates for 2025 have narrowed from $3.29 to $3.21. Year to date, shares of RPTX have plunged 45.3%.
RPTX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 123.58%.
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Corcept (CORT) Q2 Earnings & Revenues Surpass Estimates
Corcept Therapeutics Incorporated (CORT - Free Report) reported second-quarter 2024 earnings of 32 cents per share, which beat the Zacks Consensus Estimate of 23 cents. The company had reported earnings of 25 cents per share in the year-ago quarter.
Revenues increased 39% year over year to $163.8 million. The figure also beat the Zacks Consensus Estimate of $154 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.
Quarter in Detail
Revenues from Korlym beat our model estimate of $152.4 million.
Research and development expenses surged 35.5% year over year to $58.7 million.
Selling, general and administrative expenses increased around 54.5% year over year to $66.9 million.
Consequently, operating expenses increased to $128.2 million, up 45.5% from the year-ago quarter’s level, owing to higher expenses related to ongoing clinical studies and support for the expansion of commercial and clinical development teams.
Corcept’s shares have gained 12.5% so far this year against the industry decline of 1.5%.
Image Source: Zacks Investment Research
Cash and investments, as of Jun 30, 2024, totaled $492.5 million compared with $451 million as of Mar 31, 2024.
2024 Guidance
Corcept increased its revenue guidance for 2024.
The company now expects total revenues in the range of $640-$670 million compared with the earlier projection of $620-$650 million. The Zacks Consensus Estimate for revenues is pegged at $632.5 million.
Pipeline Updates
CORT’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome.
The GRACE study comprises two parts — the open-label portion and the randomized withdrawal phase. In May 2024, CORT announced that the GRACE study met the primary endpoint in the randomized withdrawal phase. Data from the same showed that patients who were treated with relacorilant experienced loss of blood pressure control, the study’s primary endpoint, versus placebo.
In April, the company announced data from the open-label phase of the GRACE study, which showed that treatment with relacorilant led to clinically meaningful and statistically significant improvements in hypertension, hyperglycemia, as well as other symptoms.
Corcept plans to file a new drug application for relacorilant in Cushing’s syndrome in the fourth quarter of 2024.
The phase III GRADIENT study is evaluating relacorilant for treating patients whose Cushing’s syndrome is caused by adrenal adenoma. Data from the same is expected in the fourth quarter of 2024.
This apart, the phase III ROSELLA study is investigating relacorilant in combination with Abraxane (nab-paclitaxel) for treating patients with recurrent, platinum-resistant ovarian cancer. Progression-free survival data, which is the ROSELLA study's primary endpoint, is expected by 2024-end.
Meanwhile, a phase Ib study is evaluating relacorilant in combination with Merck’s PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients with adrenal cancer with cortisol excess completed enrolment.
This apart, Corcept completed enrollment in the phase II DAZALS study, evaluating its selective cortisol modulator, dazucorilant, for treating patients with amyotrophic lateral sclerosis, a degenerative neurologic disorder. Data from the same is expected by 2024-end.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept Therapeutics Incorporated price-consensus-eps-surprise-chart | Corcept Therapeutics Incorporated Quote
Zacks Rank & Other Stocks to Consider
Corcept currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the healthcare sector are United Therapeutics Corporation (UTHR - Free Report) , Halozyme Therapeutics, Inc. (HALO - Free Report) and Repare Therapeutics Inc. (RPTX - Free Report) , each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for United Therapeutics’ 2024 earnings per share have improved from $24.62 to $24.94. Earnings per share estimates for 2025 have improved from $27.00 to $27.42. Year to date, shares of UTHR have jumped 52.5%.
UTHR’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.41%.
In the past 60 days, estimates for Halozyme’s 2024 earnings per share have improved from $3.69 to $3.90. Earnings per share estimates for 2025 have improved from $4.50 to $4.81. Year to date, shares of HALO have soared 50%.
HALO’s earnings beat estimates in three of the trailing four quarters and met the same on the remaining occasion, the average surprise being 9.40%.
In the past 60 days, estimates for Repare Therapeutics’ 2024 loss per share have narrowed from $2.42 to $2.35. Loss per share estimates for 2025 have narrowed from $3.29 to $3.21. Year to date, shares of RPTX have plunged 45.3%.
RPTX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 123.58%.