Corcept Therapeutics Announces Fourth Quarter and Full-Year 2017 Preliminary Selected Financial Results; Provides 2018 Revenu...
February 01 2018 - 08:30AM
Corcept Therapeutics Incorporated (NASDAQ:CORT), a company engaged
in the discovery, development and commercialization of drugs to
treat severe metabolic, oncologic and psychiatric disorders by
modulating the effects of the stress hormone cortisol, today
reported preliminary, unaudited financial results for the quarter
and year ended December 31, 2017 and provided 2018 revenue
guidance.
The company’s preliminary fourth quarter revenue
was $53.3 million, compared to $23.8 million in the fourth quarter
of 2016. Preliminary 2017 revenue was $159.2 million.
Revenue in 2016 was $81.3 million.
Preliminary cash and investments increased $27.4
million in the fourth quarter, to $104.0 million. This
balance does not include $12.9 million in cash from Corcept
receivables remitted to Corcept in January 2018 pursuant to
settlement of litigation with the company’s former specialty
pharmacy.
Corcept expects 2018 revenue of $275 – 300
million.
“Our Cushing’s syndrome franchise had an
outstanding year,” said Joseph K. Belanoff, MD, Corcept’s Chief
Executive Officer. “More and more physicians realize that
hypercortisolism frequently goes undiagnosed and as a consequence
are screening more patients for the disease. There is also a
growing realization that for many patients cortisol modulation with
Korlym® is the best medical treatment. Our 2017 growth
reflected the simple fact that more physicians are prescribing
Korlym for more patients – a shift in medical practice we expect to
continue in 2018 and beyond.”
About
Hypercortisolism
Hypercortisolism, often referred to as Cushing’s
syndrome, is caused by excessive activity of the stress hormone
cortisol. Endogenous Cushing’s syndrome is an orphan disease
that most often affects adults aged 20 – 50. In the United
States, an estimated 20,000 patients have Cushing’s syndrome, with
about 3,000 new patients being diagnosed each year. Symptoms
include high blood sugar, diabetes, high blood pressure, upper-body
obesity, rounded face, increased fat around the neck, thinning arms
and legs, severe fatigue and weak muscles. Irritability,
anxiety, cognitive disturbances and depression are also
common. Cushing’s syndrome can affect every organ system in
the body and can be lethal if not treated effectively.
About Korlym®
Korlym inhibits the effects of excess cortisol
in patients with hypercortisolism by modulating activity at the
glucocorticoid receptor, one of the two receptors to which cortisol
binds. Korlym was the first FDA-approved treatment for
patients with Cushing’s syndrome. The FDA has designated it an
Orphan Drug for that disorder.
About Corcept
Therapeutics Incorporated
Corcept is a pharmaceutical company engaged in
the discovery, development and commercialization of drugs that
treat severe metabolic, oncologic and psychiatric disorders by
modulating the effects of cortisol. Korlym is the company’s
first FDA-approved medication. Corcept has a large portfolio of
proprietary compounds that modulate the effects of cortisol but not
progesterone. Corcept owns extensive United States and foreign
intellectual property covering the use of cortisol modulators in
the treatment of a wide variety of serious disorders, including
Cushing’s syndrome. It also holds composition of matter patents
covering its selective cortisol modulators.
Forward-Looking
Statements
Statements in this press release, other than
statements of historical fact, are forward-looking
statements. Such statements are subject to risks and
uncertainties that might cause actual results to differ materially
from those they express or imply and should be considered in light
of various important factors, including, but not limited to, our
ability to generate sufficient revenue to fund our commercial
operations and development programs, the protections afforded by
Korlym’s Orphan Drug designation and our intellectual property, the
availability of competing treatments, our ability to obtain
acceptable prices or adequate insurance coverage and reimbursement
for Korlym, risks related to the development of our product
candidates, regulatory approvals and other requirements. These and
other risks and uncertainties are set forth in our SEC filings,
which are available at our website and the SEC’s website.
Forward-looking statements in this press release include those
concerning our unaudited revenue and cash balance estimates, our
2018 revenue guidance and the pace of Korlym’s acceptance by
physicians and patients. We disclaim any intention or duty to
update these forward-looking statements. Further, our
preliminary financial results are prior to the completion of our
annual independent audit and are therefore subject to
adjustment.
CONTACT:Charles RobbChief Financial
OfficerCorcept
Therapeutics650-688-8783crobb@corcept.comwww.corcept.com
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