GlobeNewswire Inc | Feb 23, 2021 04:05PM EST

February 23, 2021

-- 2020 revenue of$353.9 million, compared to $306.5 million in 2019 -- Fourth quarter revenue of$85.7 million, compared to $87.9 million in 2019 -- 2020 GAAP net income of$106.0 million, compared to$94.2 millionin 2019 -- Fourth quarter GAAP net income of$26.0million, compared to$29.4 millionin fourth quarter 2019 -- Cash and investments of$476.9 million at year-end, compared to$315.3 millionat year-end 2019 -- Acquisition of 458,769 shares pursuant to the companys stock repurchase program -- Reiterated 2021 revenue guidance of$375 405 million

MENLO PARK, Calif., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol, today reported its results for the quarter- and year-ended December31, 2020.

Corcepts 2020 revenue was$353.9 million, compared to$306.5 millionin 2019. Fourth quarter revenue was$85.7 million, compared to$87.9 millionin the fourth quarter of 2019. The company reiterated its 2021 revenue guidance of$375 405 million.

GAAP net income was$106.0 millionfor the year and$26.0 millionin the fourth quarter of 2020, compared to$94.2 millionfor the year and$29.4 millionin the fourth quarter of 2019.

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$34.7 millionin the fourth quarter, compared to$40.3 millionin the fourth quarter of 2019. For the full-year, non-GAAP net income was$145.6 million, compared to$133.3 millionin 2019. A reconciliation of GAAP to non-GAAP net income is included below.

Cash and investments increased by$32.7 millionin the fourth quarter, to$476.9 million at December 31, 2020. At December 31, 2019, the balance of cash and investments was 315.3 million.

The company spent $9.7 million in the fourth quarter repurchasing 458,769 shares of common stock pursuant to its stock repurchase program. Under the currently authorized terms of that program, $190.3 million remains available for the repurchase of shares.

Corcepts financial and clinical accomplishments in 2020 lay the foundation for significant progress this year, said Joseph K. Belanoff, MD, Corcepts Chief Executive Officer. As the COVID-19 pandemic is brought under control, the easing of public health restrictions and greater willingness of patients to visit their doctors will allow more physicians to diagnose and optimally treat patients with Cushings syndrome. We expect revenue next year of $375 405 million.

Improving conditions should also permit more rapid progress in our clinical development programs, many of which have been significantly slowed by the pandemic, he added. We are currently evaluating our proprietary, selective cortisol modulators as potential treatments for patients with metastatic ovarian and pancreatic cancer, castration-resistant prostate cancer, adrenal cancer, Cushings syndrome, antipsychotic-induced weight gain and non-alcoholic steatohepatitis. We will have topline data from our ovarian and pancreatic cancer trials in the second quarter. In the fourth quarter, we plan to initiate a Phase 2 trial in patients with amyotrophic lateral sclerosis (ALS).

About Corcept Therapeutics

Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol. Korlym was the first drug approved by the U.S. Food and Drug Administration for patients with Cushings syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.

GAAP Measures of Net Income

To supplement our financial results presented on a GAAP basis, we use non-GAAP measures of net income, basic net income per share and diluted net income per share that exclude the following non-cash expenses (i) stock-based compensation, (ii) our use of deferred tax assets to offset current tax expense and (iii) related income tax effects. We believe these non-GAAP measures help investors evaluate our financial performance and potential future results. Our non-GAAP measures may be different from, and not directly comparable to, those used by other companies. They are not a substitute for comparable GAAP measures and should not be considered in isolation. Investors should read our non-GAAP presentation in conjunction with our financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Statements in this press release, other than statements of historical fact, are forward-looking statements based on our current plans and expectations that are subject to risks and uncertainties that might cause our actual results to differ materially from those statements express or imply. These risks and uncertainties include, but are not limited to, the completion of our financial closing procedures and any adjustments that may result from the completion of the annual independent audit of our consolidated financial statements; our ability to operate our business and achieve our goals and conduct our clinical trials during the COVID-19 pandemic and to generate sufficient revenue to fund our commercial operations and development programs; the availability of competing treatments, including generic versions of Korlym; our ability to obtain acceptable prices or adequate insurance coverage and reimbursement for Korlym; risks related to the development of our product candidates, including their clinical attributes, regulatory approvals, mandates and oversight, and other requirements; and the scope and protective power of our intellectual property. These and other risks are set forth in our SEC filings, which are available at our website and the SECs website. In this press release, forward-looking statements include those concerning our 2021 revenue guidance and our stock repurchase program; the progress, enrollment, timing, design and results of our clinical trials; the course of the COVID-19 pandemic and its impact on patients, physicians, medical practice and clinical research activities; and the clinical and commercial attributes of Korlym, relacorilant, exicorilant and miricorilant and other proprietary, selective cortisol modulators. We disclaim any intention or duty to update forward-looking statements made in this press release.

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except per share data)

December 31, 2020 December 31, ^(1) 2019 ^(1) Assets Cash and investments $ 476,892 $ 315,314 Trade receivables, net of allowances 26,198 19,928 Inventory 21,157 17,405 Operating lease right-of-use asset 2,509 3,446 Deferred tax assets, net 31,603 45,677 Other assets 13,372 10,542 Total assets $ 571,731 $ 412,312 Liabilities and Stockholders? Equity Accounts payable $ 10,554 $ 7,537 Operating lease liabilities 2,551 3,461 Other liabilities 35,288 30,132 Stockholders' equity 523,338 371,182 Total liabilities and stockholders? equity $ 571,731 $ 412,312 ^(1) Derived from audited financial statements at that date

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except per share data)

Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019Revenues Product revenue, net $ 85,735 $ 87,895 $ 353,874 $ 306,486 Operating expenses Cost of sales 1,254 1,436 5,582 5,504 Research and 28,275 24,312 114,764 89,017 developmentSelling, general and 25,696 27,131 105,326 100,359 administrativeTotal operating $ 55,225 $ 52,879 $ 225,672 $ 194,880 expensesIncome from 30,510 35,016 128,202 111,606 operationsInterest and other 297 1,444 3,400 5,070 incomeIncome before income 30,807 36,460 131,602 116,676 taxesIncome tax expense (4,813 ) (7,079 ) (25,591 ) (22,495 )Net income $ 25,994 $ 29,381 $ 106,011 $ 94,181 Other comprehensive income (loss):Net unrealized gainonavailable-for-saleinvestments, net of (309 ) (62 ) (50 ) 327 tax impact of $96,$20, $15 and $(104),respectivelyForeign currencytranslation loss, 147 9 204 4 net of taxTotal comprehensive $ 25,832 $ 29,328 $ 106,165 $ 94,512 income Basic net income per $ 0.22 $ 0.26 $ 0.92 $ 0.82 share Diluted net income $ 0.20 $ 0.24 $ 0.85 $ 0.77 per share Shares used incomputing basic net 116,320 114,347 115,412 114,349 income per commonshareShares used incomputing diluted 127,423 122,688 124,194 122,566 net income percommon share

CORCEPT THERAPEUTICS INCORPORATED

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME(In thousands, except per share data)

Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019GAAP net income $ 25,994 $ 29,381 $ 106,011 $ 94,181 Non-cashexpenses (benefits)Stock-based compensationCost of sales 15 39 66 144 Research and 2,865 2,707 11,222 9,541 developmentSelling, generaland 5,550 4,864 22,251 19,628 administrativeTotalstock-based 8,430 7,610 33,539 29,313 compensationDeferred income 2,311 5,146 14,089 16,877 taxesIncome taxeffect of (2,023 ) (1,826 ) (8,049 ) (7,035 )non-GAAPadjustments ^(1)Non-GAAP netincome, adjusted $ 34,712 $ 40,311 $ 145,590 $ 133,336 for non-cashexpenses GAAP basic net $ 0.22 $ 0.26 $ 0.92 $ 0.82 income per share GAAP diluted net $ 0.20 $ 0.24 $ 0.85 $ 0.77 income per share Non-GAAP basicnet income pershare, adjusted $ 0.30 $ 0.35 $ 1.26 $ 1.17 for non-cashexpenses pershare Non-GAAP dilutednet income pershare, adjusted $ 0.27 $ 0.33 $ 1.17 $ 1.09 for non-cashexpenses pershare Shares used incomputing basic 116,320 114,347 115,412 114,349 net income percommon shareShares used incomputingdiluted net 127,423 122,688 124,194 122,566 income percommon share ^(1) Calculated by applying the statutory tax rate to the pre-tax,non-discrete, non-GAAP adjustments.

CONTACT:Christopher S. James, MDDirector, Investor RelationsCorcept Therapeutics650-684-8725cjames@corcept.comwww.corcept.com