Corcept Therapeutics Inc.
) posted a loss per share of 11 cents in the fourth quarter of
2012 which was narrower than the loss of 12 cents posted in the
Adjusted loss per share was 10 cents (including stock-based
compensation but excluding accretion of interest expense related
to long-term obligation) compared to an adjusted loss of 12 cents
per share in the year-ago quarter. The Zacks Consensus Estimate
was a loss of 9 cents per share.
Corcept generated revenues of $1.4 million in the fourth quarter
of 2012, in line with the preliminary results provided on Feb 12,
2013 but missed the Zacks Consensus Estimate of $2.0 million.
In Apr 2012, Corcept began offering its first product, Korlym
(mifepristone) 300 mg tablets after getting approval from the US
Food and Drug Administration (FDA) in Feb 2012. Korlym, a potent
glucocorticoid receptor II (GR-II) antagonist, is approved
in the US as a once-daily oral medication for the treatment of
hyperglycemia secondary to hypercortisolism in adults suffering
from endogenous Cushing's syndrome who have type II diabetes or
We note that Corcept enjoys orphan drug designations for Korlym
from the FDA for the approved indication. Korlym was also
approved by the European Commission for the treatment of
endogenous Cushing's syndrome in Oct 2011.
Selling, general and administrative expenses were $6.5 million in
the final quarter of 2012, up 97.4% from the year-ago quarter.
The phenomenal increase was due to higher staffing, consultancy
and other professional services costs related to the
commercialization of Korlym.
Research and development expenses in the fourth quarter were $4.9
million, down from 25.7% from the year-ago quarter. The decrease
was mainly due to a reduction in manufacturing expenses as a
result of capitalization of inventory following the FDA approval.
For 2012, Corcept reported revenues of $3.3 million beating the
Zacks Consensus Estimate of $3 million. Loss per share was 41
cents per share, wider than the loss of 29 cents reported in
Adjusted loss per share was 39 cents, flat with 2011. The Zacks
Consensus Estimate for 2012 is a loss of 38 cents per share.
Corcept currently has an ongoing phase III study of mifepristone,
the active ingredient in Korlym, for the treatment of psychotic
depression. Corcept also discovered three series of novel
selective GR-II antagonists in 2012 and plans to develop it
further in 2013 for human use.
Corcept currently carries a Zacks Rank #3 (Hold). Pharma stocks,
which are currently well placed, include
Avanir Pharmaceuticals Inc
) with a Zacks Rank #2 (Buy).
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