Corcept Therapeutics Provides Financial Update and Announces Stock Repurchase Program
08 Gennaio 2024 - 2:00PM
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 preliminary, unaudited, financial results
for the quarter- and year-ended December 31, 2023, provided 2024
revenue guidance and announced a stock repurchase program.
Financial Update
- Fourth quarter
revenue of $135.4 million, a 31 percent increase over the same
period in 2022
- Full year 2023
revenue of $482.4 million, a 20 percent increase over 2022
- 2024 revenue
guidance of $600 – $630 million
- Cash and investments
of $425.4 million as of December 31, 2023
- Announcement of $200 million stock
repurchase program
“As the true prevalence of hypercortisolism and
its devastating impact become better understood, physicians are
identifying and treating more patients with Cushing’s syndrome than
ever before. Our 2023 commercial results reflect strong, nationwide
growth in the number of patients receiving Korlym and the number of
physicians prescribing the medication. We are confident that rates
of screening and treatment will continue to increase. We are
providing 2024 revenue guidance of $600 – $630 million,” said
Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer.
Corcept’s fourth quarter 2023 revenue was $135.4
million, compared to $103.1 million in the fourth quarter of 2022.
Revenue for the full year was $482.4 million, compared to $401.9
million in 2022. Cash and investments were $425.4 million at
December 31, 2023. These preliminary, unaudited, financial results
are prior to completion of the company’s annual independent audit
and are subject to adjustment.
The company announced a program to repurchase up
to $200 million of its common stock, funded using cash and
investments. Details of the program are provided below.
About Corcept’s Stock Repurchase
Program
Our Board of Directors has approved a program
authorizing the repurchase of up to $200 million of the company’s
common stock. Purchases under this program may be made in the open
market, in privately negotiated transactions or otherwise. The
timing and amount of any repurchases will be determined based on
market conditions, our stock price and other factors. The program
does not require the company to repurchase any specific number of
shares of its common stock and may be modified, suspended or
discontinued at any time without notice.
About Corcept Therapeutics
For over 25 years, Corcept’s focus on cortisol
modulation and its potential to treat patients across a wide
variety of serious disorders has led to the discovery of more than
1,000 proprietary selective cortisol modulators. Corcept’s advanced
clinical trials are being conducted in patients with
hypercortisolism, solid tumors, ALS and NASH. In February 2012, the
company introduced Korlym®, the first medication approved by the
U.S. Food and Drug Administration for the treatment of patients
with Cushing’s syndrome. Corcept is headquartered in Menlo Park,
California. For more information, visit Corcept.com.
Forward-Looking Statements
Statements in this press release, other than
statements of historical fact, are forward-looking statements based
on our current plans and expectations that are subject to risks and
uncertainties that might cause our actual results to differ
materially from those such statements express or imply. These risks
and uncertainties include, but are not limited to, our ability to
operate our business; generate sufficient revenue to fund our
activities; the availability of competing treatments for
hypercortisolism, including generic versions of Korlym; our ability
to obtain acceptable prices and adequate insurance coverage and
reimbursement for Korlym; risks related to the development of
relacorilant, dazucorilant, miricorilant and our other product
candidates, including their clinical attributes, regulatory
approvals, mandates, oversight and other requirements; the timing,
cost and outcome of legal disputes and investigations; and the
scope and protective power of our intellectual property. These and
other risks are set forth in our SEC filings, which are available
at our website and the SEC’s website.
In this press release, forward-looking
statements include: our preliminary, unaudited, fourth quarter and
full year 2023 financial results, which are subject to adjustment
and may differ materially from our audited financial results; 2024
revenue guidance; increasing screening for and medical treatment of
hypercortisolism; and the size, duration and intended funding
sources of our stock repurchase program. We disclaim any intention
or duty to update forward-looking statements made in this press
release.
CONTACT:Investor
inquiries:ir@corcept.comMedia inquiries:Communications@corcept.com
www.corcept.com
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