Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrine, oncology, metabolism and neurology disorders by modulating the effects of the hormone cortisol, today reported results for the quarter ended June 30, 2023.
Financial Results
Revenue of $117.7 million, a 14 percent increase from second quarter 2022
Increase in 2023 revenue guidance to $455 - $470 million, from $435 - $455 million
Net income per common share of $0.25 (diluted), compared to $0.24 in second quarter 2022
Cash and investments of $363.3 million as of June 30, 2023
Purchase of 6.6 million shares of Corcept common stock for $145.4 million
“The strong results of our commercial business in the second quarter reflect the early returns on our substantial investment to help improve the ability of physicians to recognize and treat hypercortisolism. Korlym is an excellent treatment for patients with Cushing’s syndrome and there are many eligible patients who have yet to receive it. We are confident in the growth potential of our Cushing’s syndrome business and are raising our 2023 revenue guidance again, to $455 - $470 million,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer.
Corcept’s second quarter 2023 revenue was $117.7 million, compared to $103.4 million in the second quarter of 2022. Second quarter operating expenses were $88.1 million, compared to $72.0 million in the second quarter of 2022, due to increased spending on our development programs and to support the expansion of our clinical development and commercial teams. Net income was $27.5 million in the second quarter of 2023 compared to $27.4 million in the same period last year.
Cash and investments were $363.3 million at June 30, 2023 compared to $465.1 million at March 31, 2023. In April 2023, Corcept purchased 6.6 million shares of its common stock for $145.4 million.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.