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Breaking News
Corcept Therapeutics Inc. (NASDAQ:CORT) reported fourth-quarter 2019 earnings of 24 cents per share, in line with the Zacks Consensus Estimate. The bottom line improved from the year-ago figure of 18 cents per share.
Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 33 cents per share compared with 24 cents in the year-ago quarter.
Revenues in the reported quarter rose 32% from the prior-year period to $87.9 million, primarily backed by higher sales and the strong uptake of Corcept’s Cushing’s syndrome drug Korlym. Sales were almost in line with the Zacks Consensus Estimate of $88 million.
Research and development expenses increased 29.4% from the prior-year quarter to $24.3 million. Selling, general and administrative expenses also increased 25.8% from the year-ago quarter to $27.1 million.
The stock has rallied 23.1% in the past year against the industry’s decline of 2.0%.
2019 Results
The company’s adjusted earnings came in at $1.09 per share compared with 85 cents in 2018.
Its revenues were $306.5 million, reflecting an increase of 22% year over year.
2020 Guidance
Corcept reiterated its 2020 revenue guidance of $355-375 million as announced in January 2020 when it released its fourth quarter 2019 preliminary results.
Pipeline Update
Corcept’s phase II study on its lead candidate relacorilant — which is being evaluated along with nab-paclitaxel to treat metastatic ovarian cancer — is actively enrolling patients at sites in the United States and Europe, and is on track to produce results in first-half 2021.
The company expects to start the phase III study trial of relacorilant plus nab-paclitaxel to treat patients with metastatic pancreatic cancer in second-quarter 2020.
It also expects to start phase Ib study of relacorilant plus the immunotherapeutic agent Merck’s (NYSE:MRK) Keytruda (pembrolizumab) to treat patients with metastatic or unresectable adrenocortical cancer in second-quarter 2020.
The company’s phase III study (GRADIENT) of relacorilant to treat patients with Cushing’s syndrome caused by adrenal adenomas is expected to start in first-quarter 2020.
Zacks Rank and Key Picks
Corcept currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the healthcare space includeKalVista Pharmaceuticals Inc. (NASDAQ:KALV) and United Therapeutics Corp. (NASDAQ:UTHR) , eachsporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
KalVista’s loss per share estimates have narrowed from $1.98 to $1.63 for 2020 and from $2.85 to $2.74 for 2021 in the past 90 days. The company delivered four-quarter positive earnings surprise of 30.02%, on average.
United Therapeutics’ loss per share estimates for 2020 have narrowed from 96 cents to 92 cents in the past 60 days. The company delivered an average positive earnings surprise of 36.8% in the trailing four quarters.
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