Corcept Therapeutics Incorporated (NASDAQ:CORT) Q4 2019 Earnings Conference Call - Final Transcript
Feb 20, 2020 • 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'd like to turn the conference over to Charlie Robb. Please go ahead, sir.
Good afternoon. Thank you for joining us. I'm Corcept's Chief Financial Officer. Earlier today, we issued a press release announcing our financial results for the fourth quarter and full year and reviewing our research and development programs. A copy is available at corcept.com. Complete results will be available when we file our Form 10-K with the SEC. Today's call is being recorded. A replay will be available through March 5th at 888-203-1112 from the United States and 719-457-0820 internationally. The passcode will be 7085899.
Statements during this call other than statements of historical fact are forward-looking statements based on our plans and expectations that are necessarily subject to risks and uncertainties, which might cause actual results to differ materially from those such statements 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 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 financial performance 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; the clinical attributes of relacorilant, miricorilant, and exicorilant; the progress, timing, design, and results of our development programs including the GRACE, GRADIENT, and GRATITUDE trials and our other current and planned clinical trials. We disclaim any intention or duty to update forward-looking statements.
Our revenue in the fourth quarter was $87.9 million, a 32% increase from the fourth quarter of 2018. For the full year, our revenue was $306.5 million, an increase of 22% from 2018. We have reiterated our 2020 revenue guidance of between $355 million and $375 million. Our GAAP net income was $94.2 million for the year and $29.4 million in the fourth quarter of 2019 compared to $75.4 million for the year and $22 million in the fourth quarter of 2018. 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 was $133.3 million for the year and $40.3 million in the fourth quarter