Corcept Therapeutics Incorporated (NASDAQ:CORT) closed the latest trading session on Friday at $10.03, a day after it released its financial results for the 2018 fourth quarter.
The company announced the Q4 2018 results on Thursday revealing that its quarterly revenue came in at $66.8 million. This is significantly higher than the $53.3 million revenue figure it reported in Q4 2017. Corcept’s preliminary revenue for 2018 $251.2 million, marking a 58% rise from the preliminary revenue reported in the previous year.
Corcept estimates that it’s 2019 revenue will range between $285 million and $315 million. However, the information has been released before the company completed its annual independent audit and this means that the projections might be adjusted.
The company’s cash and cash equivalents came in at $206.8 million after a $10.1 million increase during the fourth quarter. The increase was observed after Corcept spent $14.8 million to buy back 1.1 million shares through its stock repurchase program.
“Our Cushing’s syndrome franchise grew significantly in 2018, as more physicians prescribed Korlym for the first time and experienced prescribers identified additional patients who could benefit from the medication,” stated Corcept’s CEO Joseph K. Belanoff.
Corcept expects its Korlym prescriber base to continue growing
The CEO also pointed out that the company expects the first-time and repeat Korlym prescribers to continue increasing in 2019. Belanoff also noted that Korlym’s strong revenue has allowed the company to continue advancing its bespoke selective cortisol modulators so that they can potentially be used to treat a variety of serious disorders.
Corcept has been working on Relacorilant as a Korlym successor, and it even commenced the Phase 3 study of Relacorilant in 2018. The company plans to kick off Phase 2 trials for patients with pancreatic, metastatic ovarian, and castration-resistant prostate cancers in 2019. The firm will also run Relacorilant’s phase 2 trials for antipsychotic-induced weight gain and non-alcoholic steatohepatitis (NASH).
Roughly 20,000 people suffer from Cushing’s syndrome in the U.S, and about 3,000 people are diagnosed with the condition every year. It is also referred to as Hypercortisolism, and it is caused by too much cortisol activity. Cortisol is also known as the stress hormones.