Corcept Therapeutics Announces First Quarter 2018 Financial results and Provides Corporate Update

Corcept Therapeutics (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 its financial results for the quarter ended March 31, 2018.

As quoted in the press release:

Corcept reported quarterly revenue of $57.7 million, compared to $27.6 million in the first quarter of 2017.  First quarter GAAP net income was $17.5 million, compared to $4.4 million in the same period last year.  Excluding non-cash expenses related to stock-based compensation, utilization of deferred tax assets, accreted interest on the company’s now-retired royalty financing obligation and related income tax effects, non-GAAP net income in the first quarter was $24.5 million, compared to $7.4 million in the first quarter of 2017. A reconciliation of GAAP to non-GAAP net income is set forth below.

First quarter operating expenses were $36.7 million, compared to $22.9 million in the first quarter of 2017, primarily due to increased spending on development of relacorilant, CORT118335 and CORT125281 and costs arising from increased sales volume.

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