Corcept Therapeutics Incorporated (NASDAQ:CORT) Q3 2019 Earnings Conference Call Transcript
Nov 07, 2019 • 05:00 pm ET
Good day, and welcome to the Corcept Therapeutics Conference Call. Today's conference is being recorded. [Operator Instructions]
At this time, I would like to turn the conference over to Charlie Robb. Please go ahead, sir.
Good afternoon. My name is Charlie Robb, I am Corcept's Chief Financial Officer. Thank you all for joining us. Earlier today, we issued a press release announcing our third quarter financial results and reviewing our research and development programs. A 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 Novermber 21, at (888) 203-1112 from the United States and (719) 457-0820 internationally. The passcode will be 8532239.
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 statements express or imply. 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 competing treatments for Cushing's syndrome, including generic versions of Korlym. The initiation or outcome of litigation, our ability to obtain acceptable prices or 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 and 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 as the optimum medical treatment, the timing, cost and outcome of litigation including our lawsuits 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 benefits of orphan drug designation in the European Union and the United States.
The clinical attributes of relacorilant, miricorilant and exicorilant, and the progress, timing, design and results of our drug product formulation efforts and our current and planned preclinical and clinical development studies and trials. We disclaim any intention or duty to update forward-looking statements.
Corcept's revenue in the third quarter was $81.5 million, a 26% increase from the third quarter of 2018. We narrowed our 2019 revenue guidance to between $300 million and $315 million, the upper half of our original range. Third quarter GAAP net income was $26.3 million, compared to $17.7 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, non-GAAP net income in the third quarter was $37.8 million, compared to $27.9 million in the third quarter of 2018. Our cash and investments at quarter-end were