Corcept Therapeutics (NASDAQ: CORT) reported Q1 EPS of $0.34, $0.12 better than the analyst estimate of $0.22. Revenue for the quarter came in at $93.2 million versus the consensus estimate of $87.01 million.

Financial Highlights

• Revenue of $93.2 million, a 44 percent increase from first quarter 2019
• GAAP diluted net income of $0.25 per share, compared to $0.15 per share in first quarter 2019
• Non-GAAP diluted net income of $0.34 per share, compared to $0.20 per share in first quarter 2019
• Cash and investments of $349.0 million, compared to $315.3 million in fourth quarter 2019

“Our commercial and medical affairs teams did an excellent job supporting physicians during this difficult time,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. “COVID-19 poses especially grave risks to patients with Cushing’s syndrome. Hypercortisolism suppresses the immune system and greatly increases the risk of respiratory infection. Now, more than ever, it is important that patients with Cushing’s syndrome receive optimal treatment.

“The COVID-19 pandemic’s future impact on Corcept is difficult to estimate,” said Dr. Belanoff. “While the heightened vulnerability of patients with Cushing’s syndrome and their greater than usual need to adhere to their prescribed regimen tends to increase demand for Korlym, restrictions imposed by public health authorities, hospitals and medical practices make it harder for us to reach physicians and harder for physicians to diagnose and treat new patients. It is difficult to predict how the balance of these countervailing forces will shift as the year progresses. That is why, despite an outstanding first quarter, we have not changed our annual revenue guidance.

“Our clinical development programs continue to advance, although the pandemic has made progress more difficult,” Dr. Belanoff continued. “Some clinical trial sites, particularly those at academic centers, have suspended new patient enrollments. Some have stopped initiating new trials. At other sites, patient enrollment and study initiations have continued, but at a slower pace. The effect of these changes varies from trial-to-trial. Slowed enrollment will cause our GRACE trial to take longer to complete. The start of our Phase 3 GRADIENT trial and our planned trials in adrenocortical cancer and non-alcoholic steatohepatitis (NASH) have been delayed one quarter.

“By contrast, we still expect results from our Phase 2 trial in ovarian cancer in the first half of next year and to complete dose-finding in our trial of exicorilant plus enzalutamide (Xtandi®) to treat castration-resistant prostate cancer this year. The planned starts of our Phase 3 trial in pancreatic cancer and our additional Phase 2 trial in antipsychotic-induced weight gain have not changed.”

GUIDANCE:

Corcept Therapeutics sees FY2020 revenue of $355-375 million, versus the consensus of $363.79 million.

For earnings history and earnings-related data on Corcept Therapeutics (CORT) click here.