Corcept Provides 4Q & 2012 Outlook - Analyst Blog
February 15 2013 - 12:05PM
Zacks
Corcept Therapeutics Inc. (CORT) recently
released preliminary results for the fourth quarter and full year
2012.
Corcept expects fourth quarter revenues to come around $1.4
million, up 27.3% from the third quarter.
Revenues for 2012 are projected at $3.3 million. Corcept expects
to end 2012 with a cash balance of $93.0 million, down 8.5% from
the third quarter level.
The cash balance is expected to double from Dec 2011.
In Apr 2012, Corcept began offering its first product, Korlym
(mifepristone) 300 mg tablets after getting approval from the U.S
Food and Drug Administration (FDA) in Feb 2012.
We note that mifepristone is a potent glucocorticoid receptor II
(GR-II) antagonist.
Korlym is approved in the US as a once-daily oral medication for
treatment of hyperglycemia secondary to hypercortisolism in adults
suffering from endogenous Cushing’s syndrome who have type II
diabetes or glucose intolerance.
Corcept currently has an ongoing phase III study of
mifepristone, the active ingredient in Korlym, for the treatment of
psychotic depression.
Corcept also discovered three series of novel selective GR-II
antagonists in 2012 and plans to develop it further in 2013 for
human use.
We note that Corcept enjoys orphan drug designations for Korlym
from the FDA for the approved indication.
Korlym was also approved by the European Commission for the
treatment of endogenous Cushing’s syndrome in Oct 2011.
The key objective in 2013 will be the successful
commercialization of Korlym.
Corcept currently carries a Zacks Rank #3 (Hold). Pharma stocks,
which are currently well placed include Bayer
(BAYRY), Eli Lilly and Company (LLY) and
Avanir Pharmaceuticals Inc (AVNR) with a Zacks
Rank #2 (Buy).
AVANIR PHARM (AVNR): Free Stock Analysis Report
BAYER A G -ADR (BAYRY): Free Stock Analysis Report
CORCEPT THERAPT (CORT): Free Stock Analysis Report
LILLY ELI & CO (LLY): Free Stock Analysis Report
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