Short answer
Corcept Therapeutics Inc (CORT) filed its fiscal 2017 10-K annual report with the SEC on Feb 28, 2018. It reported revenue of $159M (+95.8% year over year) and net income of $129M.
- Top risk flagged: Teva ANDA challenged Korlym patents in February 2018, threatening generic entry after orphan exclusivity expires February 2019
FY2017 key financial metrics · XBRL
- Revenue
- $159M
- +95.8% YoY
- Net income
- $129M
- +1486.3% YoY
- Operating margin
- 33.2%
- +20.7 pp YoY
- Gross margin
- 32.7%
- +4.1 pp YoY
- EPS (diluted)
- $1.04
- +1385.7% YoY
- ROE
- 67.6%
- +47.9 pp YoY
- Operating cash flow
- $61M
- +231.3% YoY
Source: XBRL data from the Corcept Therapeutics Inc (CORT) FY2017 10-K on SEC EDGAR. USD.
Corcept Therapeutics Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Commercial model: Korlym sales fund discovery, clinical development and commercialization of cortisol-modulating therapies
- 2017 pipeline emphasis: relacorilant in Phase 2 Cushing’s syndrome and Phase 1/2 oncology combinations
- Strategic positioning: selective cortisol modulators avoid mifepristone’s progesterone-receptor side effects
- R&D spending $40.4 million, up from $23.8 million in 2016
- 136 employees at December 31, 2017, including six MDs
- Notable filing-year development: Teva’s February 2018 ANDA challenged Korlym patents ahead of February 17, 2019 exclusivity expiration
Management Discussion & Analysis
- Net product revenue $159.2M, up $77.9M YoY from $81.3M, driven by volume and price increases
- Cost-of-sales margin 2.2% vs 2.5%; R&D expenses $40.4M, up 69.3% from $23.8M
- Best performer: Korlym sales, $159.2M revenue; worst: no segment revenue breakdown disclosed
- Operating cash flow $60.9M; marketable-securities purchases drove $73.5M investing outflow
- Outlook: 2018 R&D and SG&A spending higher; clinical risks include inconclusive results, enrollment delays and adverse side effects
Risk Factors
- Teva ANDA challenged Korlym patents in February 2018, threatening generic entry after orphan exclusivity expires February 2019
- Korlym revenue concentration: Optime Care dispenses approximately 99% of company revenue
- Single suppliers PCAS and Alcami manufacture Korlym API and tablets, creating replacement and production-continuity vulnerability
- Novartis Signifor and osilodrostat, plus Strongbridge levoketoconazole, intensify Cushing’s syndrome competition
- Officers, directors and principal stockholders controlled 15% of common stock as of February 23, 2018
Generated from the filing text; verify against the original. How to read a 10-K
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