Corcept Therapeutics Announces Fourth Quarter, Full-Year 2020 Preliminary Selected Financial Results and 2021 Revenue Guidance; Provides Corporate Update

Financial Highlights, 2021 Revenue Guidance and Legal Update

• Preliminary 2020 revenue $353.9 million, compared to $306.5 million in 2019
• Preliminary fourth quarter revenue $85.7 million, compared to $87.9 million in fourth quarter 2019
• 2021 revenue guidance $375 - 405 million
• Preliminary 2020 fully diluted GAAP net income $0.85 per share, compared to $0.77 per share in 2019
• Preliminary fourth quarter fully diluted GAAP net income $0.20 per share, compared to $0.24 per share in fourth quarter 2019
• Preliminary cash and investments at December 31, 2020 of $476.9 million, an increase
  of $161.6 million from December 31, 2019
• Patent Trial and Appeals Board affirms validity of all claims in Corcept’s U.S. Patent No.10,195,214 (patent term: 2037)

MENLO PARK, Calif. , Feb. 08, 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 neuropsychiatric disorders by modulating the effects of the stress hormone cortisol, today reported preliminary fourth quarter revenue of $85.7 million, compared to $87.9 million in the fourth quarter of 2019. Preliminary 2020 revenue was $353.9 million compared to $306.5 million in 2019. The company expects 2021 revenue of $375 – 405 million.

Cash and investments increased by $32.7 million in the fourth quarter to $476.9 million. At December 31, 2019 cash and investments totaled $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.

These results are prior to completion of the company’s annual independent audit and are subject to adjustment.

“Corcept’s performance during the COVID-19 pandemic demonstrates the durability of our business,” said Joseph K. Belanoff, MD, Corcept’s Chief Executive Officer. “Confronted with unprecedented obstacles, we generated significantly more revenue, more income and more cash than we did in 2019. Having won an important legal victory in our dispute with Teva Pharmaceuticals, we look with confidence to the future. As the pandemic is contained, we expect our commercial growth to resume and have provided 2021 revenue guidance of $375 – 405 million.