Short answer
Corcept Therapeutics Inc (CORT) filed its fiscal 2018 10-K annual report with the SEC on Feb 26, 2019. It reported revenue of $251M (+57.8% year over year) and net income of $75M.
- Top risk flagged: Teva ANDA challenge: Federal District Court litigation threatens Korlym patents after the 30-month FDA approval stay
FY2018 key financial metrics · XBRL
- Revenue
- $251M
- +57.8% YoY
- Net income
- $75M
- −41.6% YoY
- Operating margin
- 35.6%
- +2.4 pp YoY
- Gross margin
- 26.0%
- −6.8 pp YoY
- EPS (diluted)
- $0.60
- −42.3% YoY
- ROE
- 27.3%
- −40.3 pp YoY
- Operating cash flow
- $116M
- +89.8% YoY
Source: XBRL data from the Corcept Therapeutics Inc (CORT) FY2018 10-K on SEC EDGAR. USD.
Corcept Therapeutics Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Cortisol-modulation biopharma model, commercializing Korlym while developing selective GR antagonists
- Relacorilant advanced into Phase 3 Cushing’s trial, plus Phase 2 metastatic ovarian cancer testing
- Pipeline broadened into oncology, NASH and antipsychotic-induced weight gain through CORT125281 and CORT118335
- R&D spending $75.2 million, up from $40.4 million in 2017, representing 47% of operating expenses
- Teva’s generic Korlym challenge triggered patent litigation and a 30-month FDA approval stay
- 166 employees as of December 31, 2018, including five with MDs
Management Discussion & Analysis
- Net product revenue $251.2M, up $92.0M from $159.2M in 2017, driven primarily by higher Korlym volume
- Cost of sales margin 2.1% vs 2.2% in 2017, with cost of sales $5.2M vs $3.6M
- R&D expenses $75.2M, up from $40.4M, driven by relacorilant and other development programs
- Operating cash flow $115.7M, marketable securities purchases drove $90.8M investing outflow
- $23.7M share repurchases, $76.3M remaining authorization, 2019 R&D and SG&A expected higher, clinical-development risks cited
Risk Factors
- Teva ANDA challenge: Federal District Court litigation threatens Korlym patents after the 30-month FDA approval stay
- Korlym revenue concentration: Sales entirely dependent on one drug for rare Cushing’s syndrome
- Supply-chain vulnerability: PCAS sole Korlym API supplier and Optime collects approximately 99% of revenue
- Competitive disruption: Novartis Signifor and investigational osilodrostat challenge Korlym
- Generic-entry risk: Korlym orphan-drug exclusivity expired February 17, 2019, enabling approved generic competition
Generated from the filing text; verify against the original. How to read a 10-K
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