Corcept Therapeutics Inc.
) posted a loss per share of 11 cents in the first quarter of
2013, wider than the Zacks Consensus Estimate of a loss of 10
cents. In the year-ago quarter, Corcept reported a loss of 13
Corcept generated revenues of $1.7 million in the first
quarter of 2013, missing the Zacks Consensus Estimate of $3.0
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, 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 glucose intolerance.
We note that Corcept enjoys orphan drug designation for Korlym
from the FDA for the approved indication. This implies that the
drug enjoys marketing exclusivity for the indication in the US
until Feb 2019. Korlym was also approved by the European
Commission for the treatment of endogenous Cushing's syndrome in
Selling, general and administrative expenses were $8.4 million
in the first quarter of 2013, up 12.0% 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 in the first quarter were
$4.2 million, up from 20.2% from the year-ago quarter. The
increase was mainly due the expansion of the phase III trial
mifepristone, the active ingredient in Korlym, for the treatment
of psychotic depression along with the development of the
company's next-generation selective GR-II antagonists.
We believe that the key objective for Corcept in 2013 will be
the successful commercialization of Korlym.
Corcept currently carries a Zacks Rank #3 (Hold). Pharma
stocks, which currently look attractive, include
Onyx Pharmaceuticals, Inc.
WuXi PharmaTech (Cayman) Inc
). All three carry a Zacks Rank #1 (Strong Buy).
CORCEPT THERAPT (CORT): Free Stock Analysis
ONYX PHARMA INC (ONXX): Free Stock Analysis
SANTARUS INC (SNTS): Free Stock Analysis
WUXI PHARMATECH (WX): Free Stock Analysis
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