Corcept Q1 revenue $105.7M (+13% YoY); raises FY2023 guidance to $435-455M

CORCEPT THERAPEUTICS INC

2023-Q1 EPS reported $0.14 revenue$105,654,000

Revenue $105.7M vs $93.7M Q1 2022; net income $15.9M ($0.14 diluted EPS) vs $22.8M ($0.20) YoY.
Raised 2023 revenue guidance to $435-455M from prior $430-450M.
Cash and investments $465.1M at March 31, 2023; repurchased 6.6M shares for $145.4M in April 2023.
Operating expenses rose to $90.8M from $66.9M on increased clinical trial and commercial spending.
NDA submission for relacorilant in Cushing's syndrome planned first half 2024; Phase 3 GRACE enrollment near completion.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CORCEPT THERAPEUTICS INC reported the quarter ended March 31, 2023 results: revenue $105.7 million, net income $15.9 million, EPS $0.14 (diluted). Guidance raised.

Period: the quarter ended March 31, 2023
Revenue: $105.7 million
Net income: $15.9 million
EPS: $0.14 (diluted)
Guidance: raised
Result: reported results

Exact text from the filing

Financial Results • Revenue of $105.7 million, compared to $93.7 million in first quarter 2022 • Raised 2023 revenue guidance to $435 – $455 million, from $430 – $450 million • Net income per common share of $0.14 (diluted), compared to $0.20 in first quarter 2022 • Cash and investments of $465.1 million as of March 31, 2023 • Purchase of 6.6 million shares of Corcept common stock for $145.4 million in April 2023 Corcept’s first quarter 2023 revenue was $105.7 million, compared to $93.7 million in the first quarter of 2022. First quarter operating expenses were $90.8 million, compared to $66.9 million in the first quarter of 2022, due to increased spending on clinical trials and sales and marketing activities and to support the expansion of our clinical development and commercial teams. Net income was $15.9 million in the first quarter of 2023 compared to $22.8 million in the same period last year.

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accession 0001628280-23-015219

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