Corcept Therapeutics Incorporated (NASDAQ:CORT) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET
Company Participants
Joseph Belanoff - Chief Executive Officer, President and Director
Atabak Mokari - Chief Financial Officer
Charlie Robb - Chief Business Officer
William Guyer - Chief Development Officer
Sean Maduck - President, Corcept Endocrinology
Conference Call Participants
Matthew Kaplan - Ladenburg Thalmann
Edward Nash - Canaccord Genuity
David Amsellem - Piper Sandler
Roanna Ruiz - Leerink
Joon Lee - Truist
Operator
Good day. And welcome to the Corcept Therapeutics Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Atabak Mokari. CFO. Please go ahead.
Atabak Mokari
Hello, everyone. Good afternoon and thank you for joining us. I'm Atabak Mokari, Corcept's Chief Financial Officer. Today, we issued a press release announcing our financial results for the second quarter and providing a corporate update. A copy is available at corcept.com. Our 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 at the Investors Past Events tab of our website. Statements during this call, other than statements of historical fact are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties which may cause actual results to differ materially from those such statements expressed or implied. These forward-looking statements are described in today's press release and the risks and uncertainties that may affect them are described in the press release and in our annual report on Form 10-K and our quarterly reports on Form 10-Q. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements.
Our revenue in the second quarter of 2023 was $117.7 million, an increase of 14% compared to the second quarter of last year. To reflect that growth, we are raising our 2023 revenue guidance again to a range of $455 million to $470 million, up from $435 million to $455 million. Net income was $27.5 million or $0.25 per share in the second quarter compared to $27.4 million or $0.24 per share in the same period last year. Our cash and investments of $363.3 million at June 30th reflects the purchase 6.6 million Corcept share for $145.4 million during the quarter.
I will now turn the call over to Charlie Robb, our Chief Business Officer, to provide a legal update. Charlie?