Corcept Therapeutics Incorporated CORT reported third-quarter 2024 earnings of 41 cents per share, which significantly beat the Zacks Consensus Estimate of 27 cents. The company had reported earnings of 28 cents per share in the year-ago quarter.
Revenues in the third quarter increased 48% year over year to $182.5 million. The figure also beat the Zacks Consensus Estimate of $172 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.
Corcept's shares were down 10.5% in after-hours trading on Oct. 30, following the announcement of the earnings.
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More on CORT's Q3 Earnings
Revenues from Korlym beat our model estimate of $170.3 million.
Research and development expenses surged 30.3% year over year to $59.3 million.
Selling, general and administrative expenses increased around 62.7% year over year to $73.7 million.
Consequently, operating expenses increased 47.1% year over year to $135.9 million in the third quarter.
Corcept’s shares have rallied 44.4% so far this year against the industry’s decline of 4.3%.
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Cash and investments, as of Sept. 30, 2024, totaled $547.6 million compared with $492.5 million as of June 30, 2024.
2024 Guidance
Corcept increased its revenue guidance for 2024.
The company now expects total revenues in the range of $675-$700 million compared with the earlier projection of $640-$670 million. The Zacks Consensus Estimate for revenues is pegged at $662.4 million.
CORT's Recent Pipeline Updates
Corcept’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome.
The GRACE study comprises two parts — the open-label portion and the randomized withdrawal phase. In May 2024, CORT announced that the GRACE study met the primary endpoint in the randomized withdrawal phase. Data from the same showed that patients who were treated with relacorilant experienced loss of blood pressure control, the study’s primary endpoint, versus placebo.
In April, the company announced data from the open-label phase of the GRACE study, which showed that treatment with relacorilant led to clinically meaningful and statistically significant improvements in hypertension, hyperglycemia, as well as other symptoms.
CORT is also evaluating relacorilant in the phase III GRADIENT study for treating patients whose Cushing’s syndrome is caused by adrenal adenoma. The study’s primary endpoint was to see the improvement in systolic blood pressure (SBP) versus placebo. Secondary endpoints of the study include hyperglycemia, weight and body composition.
Along with the earnings release, the company announced data from the GRADIENT study. The data showed that treatment with relacorilant led to clinically meaningful and statistically significant improvements in hypertension, hyperglycemia, weight and body composition compared to baseline, while patients who received placebo did not show the same.
However, the comparison between those who were treated with relacorilant and placebo was not statistically significant. Also, five patients who were treated with placebo required rescue medication and one patient who received relacorilant required rescue therapy during the study.
This might have hurt investors sentiment and resulted in the stock to decline in after-hours trading on Oct. 30.
Corcept plans to file a new drug application for relacorilant in Cushing’s syndrome later in the fourth quarter of 2024. While data from the GRACE study will form the basis of the NDA for relacorilant, data from the GRADIENT study will likely support the NDA.
This apart, the phase III ROSELLA study is investigating relacorilant in combination with Abraxane (nab-paclitaxel) for treating patients with recurrent, platinum-resistant ovarian cancer. Progression-free survival data, which is the ROSELLA study's primary endpoint, is expected by 2024-end.
Corcept completed enrollment in the phase II DAZALS study, evaluating its selective cortisol modulator, dazucorilant, for treating patients with amyotrophic lateral sclerosis, a degenerative neurologic disorder. Data from the same is expected by 2024-end.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept Therapeutics Incorporated price-consensus-eps-surprise-chart | Corcept Therapeutics Incorporated Quote
CORT's Zacks Rank
Corcept currently sports a Zacks Rank #1 (Strong Buy).
Other Key Picks Among Drug/Biotech Stocks
Some other top-ranked stocks from the sector are Actinium Pharmaceuticals, Inc. ATNM, Ardelyx, Inc. ARDX and Amicus Therapeutics, Inc. FOLD, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Actinium Pharmaceuticals’ 2024 loss per share have narrowed from $1.47 to $1.37. Loss per share estimates for 2025 have narrowed from 97 cents to 77 cents during the same time. Year to date, shares of ATNM have plunged 65%.
ATNM’s earnings beat estimates in each of the trailing three quarters, with the average surprise being 28.64%.
In the past 60 days, estimates for Ardelyx’s 2024 loss per share have narrowed from 26 cents to 25 cents. Loss per share estimates for 2025 have narrowed from 14 cents to 8 cents during the same period. Year to date, shares of ARDX have decreased 5%.
ARDX’s earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 34.83%.
In the past 60 days, estimates for Amicus’ 2024 earnings per share have moved up from 21 cents to 22 cents. Earnings per share estimates for 2025 have improved from 50 cents to 53 cents during the same time. Year to date, shares of FOLD have declined 18.4%.
FOLD’s earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 23.96%.
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