Corcept Therapeutics Inc (CORT) Q3 2019 10-Q Quarterly Earnings

Short answer

Corcept Therapeutics Inc (CORT) filed its Q3 2019 10-Q quarterly report on Nov 7, 2019 for the quarter ended Sep 30, 2019.

AI summary of MD&A and risk factor updates

Quarterly revenue $81.5M, up $17.1M from $64.4M YoY, driven by higher Korlym volume and pricing
Cost-of-sales margin 98.2% vs 98.0% YoY, with cost of sales at 1.8% vs 2.0% of revenue
Best development segment endocrinology spending $10.2M vs $4.4M YoY; weakest preclinical modulators $3.1M vs $7.4M
Cash, equivalents and marketable securities $266.9M vs $206.7M at December 31, 2018; operating cash flow $87.7M vs $94.1M
Share repurchases $31.0M for 2.8M shares; 2019 R&D and SG&A expected higher, with R&D increasing in 2020

New generic-entry risk triggered by Korlym’s orphan exclusivity expiration in February 2019, with Teva and Sun litigation ongoing
Competitive risk: Ricordati acquired worldwide rights to Signifor and osilodrostat from Novartis in July 2019
Regulatory risk: California CCPA takes effect January 1, 2020, increasing privacy compliance costs and breach liability
Operational risk: Optime Care collects payments representing approximately 99% of revenue
Market risk: levoketoconazole competitor Strongbridge completed one Phase 3 trial and is conducting a second

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

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