Corcept Therapeutics Announces Fourth Quarter and Full-Year 2020 Audited Financial Results

February 23, 2021 4:05 PM EST

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  • 2020 revenue of $353.9 million, compared to $306.5 million in 2019
  • Fourth quarter revenue of $85.7 million, compared to $87.9 million in 2019
  • 2020 GAAP net income of $106.0 million, compared to $94.2 million in 2019
  • Fourth quarter GAAP net income of $26.0 million, compared to $29.4 million in fourth quarter 2019
  • Cash and investments of $476.9 million at year-end, compared to $315.3 million at year-end 2019
  • Acquisition of 458,769 shares pursuant to the company’s stock repurchase program
  • Reiterated 2021 revenue guidance of $375 – 405 million

MENLO PARK, Calif., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol, today reported its results for the quarter- and year-ended December 31, 2020.

Corcept’s 2020 revenue was $353.9 million, compared to $306.5 million in 2019. Fourth quarter revenue was $85.7 million, compared to $87.9 million in the fourth quarter of 2019. The company reiterated its 2021 revenue guidance of $375 – 405 million.

GAAP net income was $106.0 million for the year and $26.0 million in the fourth quarter of 2020, compared to $94.2 million for the year and $29.4 million in the fourth quarter of 2019. 

Excluding non-cash expenses related to stock-based compensation and the utilization of deferred tax assets, together with related income tax effects, non-GAAP net income was $34.7 million in the fourth quarter, compared to $40.3 million in the fourth quarter of 2019. For the full-year, non-GAAP net income was $145.6 million, compared to $133.3 million in 2019. A reconciliation of GAAP to non-GAAP net income is included below.

Cash and investments increased by $32.7 million in the fourth quarter, to $476.9 million at December 31, 2020. At December 31, 2019, the balance of cash and investments was 315.3 million.

The company spent $9.7 million in the fourth quarter repurchasing 458,769 shares of common stock pursuant to its stock repurchase program. Under the currently authorized terms of that program, $190.3 million remains available for the repurchase of shares.

“Corcept’s financial and clinical accomplishments in 2020 lay the foundation for significant progress this year,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. “As the COVID-19 pandemic is brought under control, the easing of public health restrictions and greater willingness of patients to visit their doctors will allow more physicians to diagnose and optimally treat patients with Cushing’s syndrome. We expect revenue next year of $375 – 405 million.

“Improving conditions should also permit more rapid progress in our clinical development programs, many of which have been significantly slowed by the pandemic,” he added. We are currently evaluating our proprietary, selective cortisol modulators as potential treatments for patients with metastatic ovarian and pancreatic cancer, castration-resistant prostate cancer, adrenal cancer, Cushing’s syndrome, antipsychotic-induced weight gain and non-alcoholic steatohepatitis. We will have topline data from our ovarian and pancreatic cancer trials in the second quarter. In the fourth quarter, we plan to initiate a Phase 2 trial in patients with amyotrophic lateral sclerosis (ALS).”

About Corcept Therapeutics

Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol. Korlym® was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing’s syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.

GAAP Measures of Net Income

To supplement our financial results presented on a GAAP basis, we use non-GAAP measures of net income, basic net income per share and diluted net income per share that exclude the following non-cash expenses – (i) stock-based compensation, (ii) our use of deferred tax assets to offset current tax expense and (iii) related income tax effects. We believe these non-GAAP measures help investors evaluate our financial performance and potential future results. Our non-GAAP measures may be different from, and not directly comparable to, those used by other companies. They are not a substitute for comparable GAAP measures and should not be considered in isolation. Investors should read our non-GAAP presentation in conjunction with our financial statements prepared in accordance with GAAP.

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 statements express or imply. These risks and uncertainties include, but are not limited to, the completion of our financial closing procedures and any adjustments that may result from the completion of the annual independent audit of our consolidated financial statements; our ability to operate our business and achieve our goals and conduct our clinical trials during the COVID-19 pandemic and to generate sufficient revenue to fund our commercial operations and development programs; the availability of competing treatments, including generic versions of Korlym; our ability to obtain acceptable prices or adequate insurance coverage and reimbursement for Korlym; risks related to the development of our product candidates, including their clinical attributes, regulatory approvals, mandates and oversight, and other requirements; 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 those concerning our 2021 revenue guidance and our stock repurchase program; the progress, enrollment, timing, design and results of our clinical trials; the course of the COVID-19 pandemic and its impact on patients, physicians, medical practice and clinical research activities; and the clinical and commercial attributes of Korlym, relacorilant, exicorilant and miricorilant and other proprietary, selective cortisol modulators. We disclaim any intention or duty to update forward-looking statements made in this press release.

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except per share data)

 December 31, 2020 (1) December 31, 2019 (1)
    
Assets   
Cash and investments$476,892  $315,314 
Trade receivables, net of allowances26,198  19,928 
Inventory21,157  17,405 
Operating lease right-of-use asset2,509  3,446 
Deferred tax assets, net31,603  45,677 
Other assets13,372  10,542 
Total assets$571,731  $412,312 
Liabilities and Stockholders’ Equity   
Accounts payable$10,554  $7,537 
Operating lease liabilities2,551  3,461 
Other liabilities35,288  30,132 
Stockholders' equity523,338  371,182 
Total liabilities and stockholders’ equity$571,731  $412,312 
    
(1) Derived from audited financial statements at that date   
    

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except per share data)

 Three Months Ended Year Ended
 December 31, December 31,
 2020 2019 2020 2019
Revenues       
Product revenue, net$85,735  $87,895  $353,874  $306,486 
        
Operating expenses       
Cost of sales1,254  1,436  5,582  5,504 
Research and development28,275  24,312  114,764  89,017 
Selling, general and administrative25,696  27,131  105,326  100,359 
Total operating expenses$55,225  $52,879  $225,672  $194,880 
Income from operations30,510  35,016  128,202  111,606 
Interest and other income297  1,444  3,400  5,070 
Income before income taxes30,807  36,460  131,602  116,676 
Income tax expense(4,813) (7,079) (25,591) (22,495)
Net income$25,994  $29,381  $106,011  $94,181 
Other comprehensive income (loss):       
Net unrealized gain on available-for-sale investments, net of tax impact of $96, $20, $15 and $(104), respectively(309) (62) (50) 327 
Foreign currency translation loss, net of tax147  9  204  4 
Total comprehensive income$25,832  $29,328  $106,165  $94,512 
        
Basic net income per share$0.22  $0.26  $0.92  $0.82 
        
Diluted net income per share$0.20  $0.24  $0.85  $0.77 
        
Shares used in computing basic net income per common share116,320  114,347  115,412  114,349 
Shares used in computing diluted net income per common share127,423  122,688  124,194  122,566 
            

CORCEPT THERAPEUTICS INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME(In thousands, except per share data)

 Three Months Ended Year Ended
 December 31, December 31,
 2020 2019 2020 2019
GAAP net income$25,994  $29,381  $106,011  $94,181 
        
Non-cash expenses (benefits)       
Stock-based compensation       
Cost of sales15  39  66  144 
Research and development2,865  2,707  11,222  9,541 
Selling, general and administrative5,550  4,864  22,251  19,628 
Total stock-based compensation8,430  7,610  33,539  29,313 
Deferred income taxes2,311  5,146  14,089  16,877 
Income tax effect of non-GAAP adjustments (1)(2,023) (1,826) (8,049) (7,035)
Non-GAAP net income, adjusted for non-cash expenses$34,712  $40,311  $145,590  $133,336 
        
GAAP basic net income per share$0.22  $0.26  $0.92  $0.82 
        
GAAP diluted net income per share$0.20  $0.24  $0.85  $0.77 
        
Non-GAAP basic net income per share, adjusted for non-cash expenses per share$0.30  $0.35  $1.26  $1.17 
        
Non-GAAP diluted net income per share, adjusted for non-cash expenses per share$0.27  $0.33  $1.17  $1.09 
        
Shares used in computing basic net income per common share116,320  114,347  115,412  114,349 
Shares used in computing diluted net income per common share127,423  122,688  124,194  122,566 
        
(1) Calculated by applying the statutory tax rate to the pre-tax, non-discrete, non-GAAP adjustments.
 

CONTACT:Christopher S. James, MDDirector, Investor RelationsCorcept Therapeutics650-684-8725cjames@corcept.com www.corcept.com

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Source: Corcept Therapeutics Incorporated


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