Corcept's (CORT) Q3 Earnings Beat Estimates, Revenues Miss
Corcept's (CORT) earnings beat estimates in the third quarter of 2021 while revenues miss the same. The company tightens its revenue guidance for 2021.
Corcept Therapeutics Incorporated CORT reported earnings of 24 cents per share for third-quarter 2021, beating the Zacks Consensus Estimate of 19 cents. In the year-ago quarter, the company reported earnings of 17 cents per share.
Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 30 cents per share in the reported quarter compared with 24 cents a year ago.
Revenues in the third quarter increased 11% year over year to $96.1 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. Sales missed the Zacks Consensus Estimate of $98 million.
Research and development expenses decreased 17.1% to $28.1 million. Selling, general and administrative expenses increased 15.2% to $30.5 million.
Shares of Corcept have plunged 30.3% so far this year compared with the industry’s decrease of 14.2%.
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Corcept narrowed the financial guidance it provided earlier this year. The company now expects total revenues in the range of $365-$375 million compared with the earlier projection of $355-$385 million. The Zacks Consensus Estimate for the same stands at $374.21 million.
Corcept’s lead pipeline candidate, relacorilant, is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Enrollment is currently underway in the above-mentioned study at multiple sites across the world. A new drug application for relacorilant is expected to be submitted in the second quarter of 2023.
Relacorilant is also being investigated in the phase III of the GRADIENT study in patients whose Cushing’s syndrome is caused by adrenal adenoma. Enrollment in this study is too ongoing.
Corcept is also evaluating relacorilant in combination studies for treating solid tumors. The company has completed enrollment in a phase II study on relacorilant in combination with Bristol Myers’ BMY Abraxane for the treatment of metastatic ovarian cancer. The company plans to begin a phase III study in patients with platinum-resistant ovarian cancer in the first quarter of 2022.
Please note that enrollment is currently ongoing in the phase Ib study evaluating relacorilant in combination with Merck’s MRK PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients suffering from adrenal cancer with cortisol excess.
Corcept’s other pipeline candidates include exicorilant and miricorilant, which are also progressing well.
The company is conducting a dose-finding study on exicorilant in combination with Pfizer’s PFE Xtandi (enzalutamide) for treating patients with metastatic castration-resistant prostate cancer.
During the fourth quarter of 2021, Corcept initiated a phase Ib, dose-finding study evaluating miricorilant in patients with presumed non-alcoholic steatohepatitis (NASH).
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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