Corcept Therapeutics Incorporated CORT reported earnings of 1 cent per share in the fourth quarter of 2015 while the Zacks Consensus Estimate was at a loss of 2 cents per share. The company had reported a loss of 3 cents per share in the year-ago quarter.
Revenues came in at $15 million, up 66% year over year and in line with the Zacks Consensus Estimate.
Research and development expenses increased 7.9% to $4.1 million. Selling, general and administrative expenses were $8.9 million, up 10.2% from the year-ago quarter. The increase in operating expenses was primarily due to increased spending on the company’s expanded sales force and operational costs associated with increased sales volumes.
2015 Results
Corcept recorded total revenue of $50.3 million in 2015, beating the Zacks Consensus Estimate of $50 million. Loss of 3 cents per share for the full year was much narrower than the Zacks Consensus Estimate of a loss of 9 cents.
Pipeline Update
Corcept expects efficacy and safety results from a phase I/II study on Korlym in combination with Eisai Co., Ltd.’s ESALY Halaven for the treatment of triple-negative breast cancer in mid-2016. Currently, the company is enrolling patients under the trial. Corcept expects to initiate a phase III study, provided phase I/II results are positive.
Meanwhile, Corcept plans to initiate two phase II studies on CORT125134, its next-generation, selective cortisol modulator, by the end of the first quarter of 2016 for the treatment of one or more types of solid tumor cancer and Cushing’s syndrome. The company has submitted investigational new drug (IND) applications to the FDA for evaluating CORT125134 in two studies potential indications – one for Cushing's syndrome and the other for a range of solid tumor cancers.
2016 Outlook
Corcept reiterated its revenue guidance for 2016. The company expects revenues for 2016 to be within the range of $76 million to $81 million, while the Zacks Consensus Estimate for revenues is currently $79 million.
Corcept’s holds a Zacks Rank #1 (Strong Buy). A couple of favorably ranked stocks in the health care sector include Trillium Therapeutics Inc. TRIL and Aratana Therapeutics, Inc. PETX, both carrying a Zacks Rank #1 (Strong Buy).
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