Corcept Trumps Q3 Earnings & Sales Estimates, Ups '24 Revenue View

Core Insights - Corcept Therapeutics Incorporated (CORT) reported third-quarter 2024 earnings of 41 cents per share, significantly exceeding the Zacks Consensus Estimate of 27 cents, and up from 28 cents per share in the same quarter last year [1] - Revenues for the third quarter increased by 48% year over year to $182.5 million, surpassing the Zacks Consensus Estimate of $172 million, with the revenue solely derived from product sales of the Cushing's syndrome drug, Korlym [1][3] Financial Performance - Revenue from Korlym exceeded the model estimate of $170.3 million [3] - Research and development expenses rose by 30.3% year over year to $59.3 million [3] - Selling, general and administrative expenses increased by approximately 62.7% year over year to $73.7 million [3] - Total operating expenses increased by 47.1% year over year to $135.9 million in the third quarter [3] - Cash and investments as of September 30, 2024, totaled $547.6 million, up from $492.5 million as of June 30, 2024 [4] Guidance and Future Outlook - Corcept raised its revenue guidance for 2024, now expecting total revenues in the range of $675-$700 million, compared to the previous projection of $640-$670 million [5] Pipeline Developments - Corcept's lead pipeline candidate, relacorilant, is currently in phase III of the GRACE study for treating Cushing's syndrome [6] - The GRACE study met its primary endpoint, showing that patients treated with relacorilant experienced loss of blood pressure control compared to placebo [7] - The GRADIENT study is also evaluating relacorilant for patients with Cushing's syndrome caused by adrenal adenoma, with significant improvements noted in hypertension and other symptoms [9][10] - Corcept plans to file a new drug application for relacorilant later in the fourth quarter of 2024, with data from the GRACE study forming the basis for the application [12] Stock Performance - Corcept's shares have increased by 44.4% year to date, contrasting with a 4.3% decline in the industry [3] - Following the earnings announcement, shares fell by 10.5% in after-hours trading on October 30 [2][11]