Corcept Therapeutics Inc (CORT) Q3 2018 10-Q Quarterly Earnings

Short answer

Corcept Therapeutics Inc (CORT) filed its Q3 2018 10-Q quarterly report on Nov 2, 2018 for the quarter ended Sep 30, 2018.

AI summary of MD&A and risk factor updates

Quarterly revenue $64.4M, up 50.5% YoY from $42.8M, driven by higher Korlym tablet sales
Cost-of-sales margin 98.0% vs 97.7% YoY, with cost of sales 2.0% vs 2.3% of revenue
Best-performing product: Korlym, with price increase contributing 16.8% of quarterly revenue growth
Cash, equivalents and marketable securities $196.7M vs $104.1M at December 31, 2017, including $94.1M operating cash flow
$8.9M share repurchases in the third quarter, with $91.1M authorization remaining
2018 R&D spending expected above 2017, while management expects operations funded without additional financing

Newly added legal risk: Neptune’s August 2018 PTAB petition could invalidate claims covering Korlym’s use
Most material commercial change: Teva’s February 2018 ANDA triggered patent litigation and a 30-month FDA approval stay
Regulatory risk: GDPR effective May 25, 2018, with penalties up to €20 million or 4% of worldwide annual revenue
Operational risk: Optime Care dispenses approximately 99% of revenue, creating specialty-pharmacy concentration
Financial risk: $100 million stock-repurchase authorization could reduce cash reserves and limit financing flexibility

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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