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Investing.com -- Corcept Therapeutics (NASDAQ:CORT) reported first quarter earnings that beat analyst expectations, but revenue fell short of estimates, sending shares down 8.7% in after-hours trading.
The pharmaceutical company posted adjusted earnings per share of $0.17, surpassing the analyst consensus of $0.15. However, revenue came in at $157.2 million, missing the $177.94 million analysts had projected and representing only a 7.1% increase YoY.
Corcept attributed the revenue shortfall to supply chain issues at its specialty pharmacy vendor early in the quarter, which impacted its ability to fulfill a surge in demand. The company noted that pharmacy operations improved substantially in March and April, with each month setting a record for tablets dispensed.
Despite the revenue miss, Corcept reiterated its full-year 2025 revenue guidance of $900-950 million, in line with the analyst consensus of $905.4 million.
"In the first quarter, we had another record number of prescriptions from new and existing prescribers, broadly distributed throughout the country," said Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer. "Growing physician awareness of hypercortisolism has resulted in increased screening and treatment of patients with this devastating disease."
The company ended the quarter with $570.8 million in cash and investments, down from $603.2 million at the end of 2024. The decrease reflects $43.3 million spent on share repurchases during the quarter.
Corcept continues to advance its clinical pipeline, with its New Drug Application for relacorilant in hypercortisolism progressing towards potential approval by year-end. The company also plans to submit an NDA for relacorilant in platinum-resistant ovarian cancer next quarter.
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