Corcept Therapeutics Incorporated (NASDAQ:CORT) Q2 2019 Earnings Conference Call Transcript

Aug 01, 2019 • 05:00 pm ET

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Corcept Therapeutics Incorporated (NASDAQ:CORT) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Corcept Therapeutics Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Chief Financial Officer, Charlie Robb. Please go ahead, sir.

Executive
Charlie Robb

Thank you. Good afternoon and thank you everyone for joining us. Earlier today, we issued a press release announcing our second quarter financial results and reviewing our research and development programs. Copy is available at corcept.com. Complete financial results will be available when we file our Form 10-Q with the SEC.

Today's call is being recorded. A replay will be available through August 15, at 888-203-1112 from the United States and 719-457-0820 internationally. Passcode will be 9712194.

Statements during this call other than statements of historical fact, are forward-looking statements based on our plans and expectations and are necessarily subject to risks and uncertainties that might cause actual results to differ materially from those the forward-looking expressed or implied. These risks and uncertainties include, but are not limited to our ability to generate sufficient revenue to fully fund our commercial operations and development programs.

The availability and competitive viability of repeating treatments for Cushing syndrome including generic versions of Korlym. Our ability to obtain acceptable prices are adequate insurance reimbursement for Korlym and risks related to the development of our product candidates including clinical outcomes, regulatory approvals, mandates oversight and other requirements.

These and other risks are set forth in our SEC filings which are available at our website in the SEC's website.

On this call, forward-looking statements include those concerning our revenue guidance and our expected growth and cash generation in future years. Physician awareness of hypercortisolism and the selection of Korlym is the optimum medical treatment.

The timing, cost and outcome of our lawsuit against Teva Pharmaceuticals and Sun Pharmaceuticals and the challenges to our intellectual property before the Patent Trial and Appeals Board. The scope and protective power of our intellectual property, the clinical attributes of Relacorilant, miricorilant and exicorilant, the progress, timing, design and results of our development programs, including the GRACE trial and the other current and planned clinical trials of our selective cortisol modulators.

Final acceptance of the European Medicines Agency's recommendation of orphan drug designation for relacorilant for the treatment of pancreatic cancer, the benefits of orphan drug designation in the European Union and the United States. We disclaim any intention or duty to update forward-looking statements.

Corcept's revenue in the second quarter was $72.3 million, a 16% increase from the second quarter of 2018. We reaffirm our 2019 revenue guidance of $285 million to $315 million. Second quarter GAAP net income was $20.2 million compared to $18.2 million in the same period last year. Excluding non-cash expenses related to stock-based compensation and the utilization of deferred tax assets together with related income tax effects, our non-GAAP net income in the second quarter was $31 million compared to $25.4 million in the second quarter of 2018.

Our cash and investments at quarter-end were $225.7 million compared to $215.7 million at March