Corcept TherapeuticsCORT posted a loss of 5 cents per share in the first quarter of 2015, wider than the Zacks Consensus Estimate of a loss of 4 cents but narrower than the loss of 14 cents in the year-ago quarter.
Corcept Therapeutics Inc. - Earnings Surprise | FindTheCompany
Corcept generated revenues of $10.1 million in the first quarter of 2015, up 129.3% year over year but missed the Zacks Consensus Estimate of $11 million.
In Apr 2012, Corcept launched Korlym in the U.S. The drug 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 in the U.S. for the approved indication.
Selling, general and administrative expenses were $9.4 million in the first quarter of 2015, down 3.6% from the year-ago quarter. Research and development expenses declined 40% to $4.4 million primarily due to the discontinuation of the phase III study on Korlym in psychotic depression.
Pipeline Update
Corcept began dosing patients in the efficacy portion of the phase I/II trial on Korlym in combination with chemotherapy drug Halaven for the treatment of glucocorticoid receptor-positive (GR-positive) triple-negative breast cancer.
The results of the trial are expected by the end of this year. Corcept expects to initiate a phase III study in early 2016 if the results of the trial are positive.
Meanwhile, Corcept is working on advancing its next-generation selective GR antagonists. The lead compound in this program, CORT125134, is expected to be advanced to phase II in the first-quarter of 2016 as a potential treatment for Cushing's syndrome and an oncology indication, following encouraging results from the phase I study.
Guidance Reiterated
Corcept reiterated its revenue guidance for 2015 in the range of $47 million - $53 million.
Our Take
Corcept currently carries a Zacks Rank #3 (Hold). We are positive on the growth prospects of Korlym and Corcept's efforts on label expansion of the drug. However, the company's sole dependence on Korlym for growth is a matter of concern.
Some better-ranked stocks in the health care sector include Valeant Pharmaceuticals VRX , Actelion Ltd ALIOF and Gilead Sciences GILD . All three carry a Zacks Rank #1 (Strong Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
