Call Start: 17:00 January 1, 0000 5:41 PM ET
Corcept Therapeutics Incorporated (NASDAQ:CORT)
Q1 2023 Earnings Conference Call
May 3, 2023 17:00 ET
Company Participants
Atabak Mokari - Chief Financial Officer
Charlie Robb - Chief Business Officer
Joseph Belanoff - Chief Executive Officer
Bill Guyer - Chief Development Officer
Conference Call Participants
Matt Kaplan - Ladenburg Thalmann
David Amsellem - Piper Sandler
Edward Nash - Canaccord Genuity
Roanna Ruiz - SVB Securities
Greg Fraser - Truist
Operator
Good day and thank you for standing by. 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. Please go ahead.
Atabak Mokari
Hello, everyone 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 first 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 first quarter of 2023 was $105.7 million, an increase of approximately 13% compared to the first quarter of last year, with about half of that growth being due to an increase in the number of patients receiving Korlym.
To reflect that growth, we are raising our 2023 revenue guidance to a range of $435 million to $455 million, up from $430 million to $450 million.
Net income was $15.9 million or $0.14 per share in the first quarter compared to $22.8 million or $0.20 per share in the same period last year due primarily to higher operating expenses as our development programs advance and we increased investment in our Cushing's syndrome business.