Corcept Therapeutics Inc. ( CORT ) provided preliminary results for 2013 and outlook for 2014. Corcept expects to generate revenues of $4.1 million in the fourth quarter of 2013, above the Zacks Consensus Estimate of $3.0 million.
Revenues for 2013 are estimated around $10.4 million, above the Zacks Consensus Estimate of $10.0 million.
We note that Corcept launched its drug, Korlym, in the U.S. in Apr 2012. 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. Corcept enjoys orphan drug designation for Korlym from the FDA for the approved indication.
Revenues from Korlym jumped 56% in the fourth quarter as compared to the third quarter.
Corcept expects revenues from Korlym in the range of $24 million-$28 million in 2014.
Corcept's key objective is the successful commercialization of Korlym for Cushing's syndrome and label expansion of Korlym for other indications. Corcept plans to begin enrolling patients for a phase I study on Korlym for the treatment of triple-negative breast cancer. The initial results from this study are expected in the first half of 2015.
Corcept is also evaluating the use of Korlym for the treatment of psychotic depression in a phase III study. Interim results from the study are expected in the second quarter of 2014. Assuming positive results from this study, Corcept aims to submit a New Drug Application (NDA) for Korlym by 2014-end.
We are encouraged by company's efforts to commercialize Korlym and develop it for additional indications.
Corcept currently carries a Zacks Rank #3 (Hold). Some better ranked stocks in the pharmaceutical industry include Salix Pharmaceuticals ( SLXP ), Forest Laboratories ( FRX ) and Questcor Pharmaceuticals ( QCOR ). While Questcor is a Zacks Rank #2 (Buy) stock, Salix Pharma and Forest Labs are Zacks Rank #1 (Strong Buy) stocks.CORCEPT THERAPT (CORT): Free Stock Analysis ReportFOREST LABS A (FRX): Free Stock Analysis ReportQUESTCOR PHARMA (QCOR): Free Stock Analysis ReportSALIX PHARM-LTD (SLXP): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research