Corcept (CORT) Q1 Earnings Top Estimates, Revenues Rise Y/Y
Zacks Investment Research | May 05, 2020 02:50AM ET
Corcept Therapeutics (NASDAQ:CORT) Incorporated CORT reported first-quarter 2020 earnings of 25 cents per share, surpassing the Zacks Consensus Estimate of 21 cents and also improving from the year ago quarter’s 15 cents.
Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 34 cents per share compared with 20 cents in the year-ago quarter.
Revenues in the reported quarter surged 44% from the prior-year period to $93.2 million, primarily backed by higher sales and the strong uptake of Corcept’s Cushing’s syndrome drug, Korlym. Sales also beat the Zacks Consensus Estimate of $87 million.
Research and development expenses increased 29.2% to $26.1 million. Selling, general and administrative expenses also escalated 13.1% to $27.5 million.
Shares of Corcept have inched up 4.9% so far this year against the industry’s decrease of 13%.
2020 Guidance
Corcept reiterated its 2020 revenue guidance. The company expects total revenues in the range of $355-375 million.
Pipeline Update
Corcept’s lead candidate relacorilant is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Dosing is currently underway in the above-mentioned study at sites across the United States, Israel and Europe. The company plans to submit a new drug application for relacorilant in the second quarter of 2022.
Corcept plans to start a phase III study, GRADIENT, on relacorilant in the second quarter of 2020 in patients whose Cushing’s syndrome is caused by adrenal adenoma.
Meanwhile, Corcept’s phase II study on relacorilant plus Celgene (NASDAQ:CELG)'s [now part of Bristol Myers BMY ] Abraxane (nab-paclitaxel) to treat metastatic ovarian cancer is actively enrolling patients at sites in the United States and Europe, and is on track to produce results in first-half 2021.
Corcept plans to start the phase III study of relacorilant plus Abraxane to treat patients with metastatic pancreatic cancer in second-quarter 2020.
The company also expects to begin a phase Ib study on relacorilant plus Merck’s MRK PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), to treat patients with metastatic or unresectable adrenal cancer in the third quarter of 2020.
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Zacks Rank and Another Key Pick
Corcept currently sports a Zacks Rank #1 (Strong Buy). Another top-ranked stock in the same sector is Avenue Therapeutics (NASDAQ:ATXI), Inc. .
Avenue Therapeutics’ loss per share estimates have been narrowed 28.6% for 2020 and 26% for 2021 over the past 60 days.
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