Corcept Therapeutics Inc.
) posted a loss per share of 11 cents in the third quarter of
2013, narrower than the Zacks Consensus Estimate of a loss of 12
cents, but wider than the year-ago loss of 8 cents.
Corcept generated revenues of $2.6 million in the third
quarter of 2013, in line with the Zacks Consensus Estimate.
Revenues jumped 149.7% y/y.
In Apr 2012, Corcept launched its drug, Korlym, in the U.S.
Korlym is approved in the U.S. and the EU 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 glucose intolerance.
We note that Corcept enjoys orphan drug designation for Korlym
from the FDA for the approved indication.
Selling, general and administrative expenses were $7.2 million
in the third quarter of 2013, up 26.1% from the year-ago quarter.
The increase was mainly due to higher staffing, consultancy and
other professional services costs related to the
commercialization of Korlym.
Research and development expenses surged 71.4% in the third
quarter to $5.1 million. The increase was mainly attributable to
the expansion of the phase III trial on Korlym for the treatment
of psychotic depression along with the development of the
company's next-generation selective GR-II antagonists.
Corcept expects revenues of $9.6 million in 2013, up from the
Zacks Consensus Estimate of $9.0 million.
Corcept continues to enroll patients at a faster-than-expected
rate for a phase III study on the use of Korlym for the treatment
of psychotic depression. Interim results from the study are now
expected in the second quarter of 2014, a quarter earlier than
the previous estimate.
Corcept's key objective is the successful commercialization of
Korlym. Corcept has submitted its marketing authorization
application to the European Medicines Agency (EMA) for approval
to market Korlym for endogenous Cushing's syndrome in Europe
under the brand name Corluxin. Corcept expects a response
from the EMA in the first quarter of 2014.
We are encouraged by the third quarter results and the
company's efforts to commercialize Korlym and develop it for
However, shares were down 2.44% in after marketing
trading. Corcept currently carries a Zacks Rank #3 (Hold).
) look attractive. While Shire is a Zacks Rank #1 (Strong Buy)
stock, Salix Pharma and Forest Labs are Zacks Rank #2 (Buy)
CORCEPT THERAPT (CORT): Free Stock Analysis
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