Yahoo Finance Corcept (CORT) Misses on Q1 Earnings, Revises 2023 Sales Guidance
Corcept Therapeutics Incorporated CORT reported first-quarter 2023 earnings of 14 cents per share, which missed the Zacks Consensus Estimate and our model estimates of 20 cents. The bottom line also declined 30% on a year-over-year basis.
Revenues increased 13% year over year to $105.7 million. The figure beat the Zacks Consensus Estimate and our model estimates of $104 million and $100.4, respectively. The top line mostly comprises of product sales of the Cushing’s syndrome drug, Korlym.
Quarter in Detail
Research and development expenses totaled $40.8 million, up 45% from the year-ago quarter’s level.
Selling, general and administrative expenses increased 29% to $48.5 million year over year.
Operating expenses amounted to $90.8 million, up 36% from that recorded in the prior-year quarter. The rise can be attributed to increased spending on clinical trials, sales and marketing activities to support the expansion of clinical developments.
The company’s shares were down almost 5% on Wednesday, after trading hours, following the results. The stock gained 9.4% in the year-to-date period against the industry’s 0.1% decline.
Image Source: Zacks Investment Research
Cash and investments as of Mar 31, 2023, were $465.1 million compared with $436.6 million as of Dec 31, 2022.
Updated 2023 Guidance
The company raised its revenue guidance for 2023, reflecting growth for Korlym.
Corcept now expects total revenues in the range of $435-$455 million compared with the earlier guidance of $430-$450. The Zacks Consensus Estimate for the same stands at $433.21 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 for the study is expected to be completed in a few weeks.
A new drug application is also likely to be submitted in the first half of 2024. This will help seek approval for relacorilant as a treatment for patients with all etiologies of Cushing’s syndrome.
Enrollment is ongoing in a phase IV CATALYST study evaluating the prevalence of hypercortisolism in patients with difficult-to-control type II diabetes. Patient enrollment is expected to be completed by the end of this year.
Relacorilant is also being investigated in the phase III GRADIENT study in patients whose Cushing’s syndrome is caused by the adrenal adenoma. Enrollment in this study is ongoing.
The same is also ongoing in the phase Ib study, evaluating relacorilant in combination with Merck’s MRK blockbuster PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients with adrenal cancer along with cortisol excess.
Merck’s biggest revenue generator, Keytruda, is approved for treating several cancer indications. MRK continues to study Keytruda to address more cancer indications.
Corcept is evaluating relacorilant in combination studies for treating solid tumors. The pivotal phase III ROSELLA study evaluates relacorilant, in combination with nab-paclitaxel, for treating patients with platinum-resistant ovarian cancer. Enrollment in this study is ongoing.
The company is also evaluating miricorilant in a phase 1b dose-finding study for patients with presumed NASH. Patient enrollment in the said study is completed and data is expected by mid-2023. Corcept anticipates starting the phase IIb study by the fourth quarter of 2023.
Corcept Therapeutics Incorporated Price and EPS Surprise
Corcept Therapeutics Incorporated price-eps-surprise | Corcept Therapeutics Incorporated Quote
Zacks Rank & Stocks to Consider
Currently, Corcept has a Zacks Rank #3 (Hold).
A couple ofbetter-ranked stocks in the same sector are Ocuphire Pharma OCUP and Allogene Therapeutics ALLO. While Ocuphire Pharma sports a Zacks Rank #1 (Strong Buy), Allogene Therapeutics carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Loss per share estimates for Ocuphire Pharma have narrowed from 29 cents to 24 cents for 2023 and from 86 cents to 81 cents for 2024, in the past 60 days. The company’s shares have surged 66% in the year-to-date period. Ocuphire’s earnings beat estimates in three of the last four quarters and missed the mark in one occasion, the average surprise being 23.85%.
Loss per share estimates for Allogene have narrowed from $2.56 to $2.44 for 2023, in the past 60 days. Shares of ALLO have plunged 4.9% in the year-to-date period. Allogene’s earnings beat estimates in each of the last four quarters, the average surprise being 8.33%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Merck & Co., Inc. (MRK) : Free Stock Analysis Report
Corcept Therapeutics Incorporated (CORT) : Free Stock Analysis Report
Allogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report
Ocuphire Pharma, Inc. (OCUP) : Free Stock Analysis Report
