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

·9 min read
  • 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 allowances

26,198

19,928

Inventory

21,157

17,405

Operating lease right-of-use asset

2,509

3,446

Deferred tax assets, net

31,603

45,677

Other assets

13,372

10,542

Total assets

$

571,731

$

412,312

Liabilities and Stockholders’ Equity

Accounts payable

$

10,554

$

7,537

Operating lease liabilities

2,551

3,461

Other liabilities

35,288

30,132

Stockholders' equity

523,338

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 sales

1,254

1,436

5,582

5,504

Research and development

28,275

24,312

114,764

89,017

Selling, general and administrative

25,696

27,131

105,326

100,359

Total operating expenses

$

55,225

$

52,879

$

225,672

$

194,880

Income from operations

30,510

35,016

128,202

111,606

Interest and other income

297

1,444

3,400

5,070

Income before income taxes

30,807

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 tax

147

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 share

116,320

114,347

115,412

114,349

Shares used in computing diluted net income per common share

127,423

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 sales

15

39

66

144

Research and development

2,865

2,707

11,222

9,541

Selling, general and administrative

5,550

4,864

22,251

19,628

Total stock-based compensation

8,430

7,610

33,539

29,313

Deferred income taxes

2,311

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 share

116,320

114,347

115,412

114,349

Shares used in computing diluted net income per common share

127,423

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, MD
Director, Investor Relations
Corcept Therapeutics
650-684-8725
cjames@corcept.com
www.corcept.com