Corcept Therapeutics Incorporated (NASDAQ:CORT) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET

Company Participants

Atabak Mokari - Chief Financial Officer
Charlie Robb - Chief Business Officer
Joe Belanoff - Chief Executive Officer
William Guyer - Chief Development Officer
Sean Maduck - President, Corcept Endocrinology

Conference Call Participants

Matt Kaplan - Ladenburg
David Amsellem - Piper Sandler
Swayampakula Ramakanth - H.C. Wainwright

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 turn the conference over to your speaker for today, CFO, Atabak Mokari. Please go ahead.

Atabak Mokari

Hello, everyone and thank you for joining us. 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 be materially different 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 2024 was $146.8 million, an increase of 39% compared to the first quarter of the prior year. We expect our revenue growth to continue and have increased our 2024 revenue guidance to $620 million to $650 million. Net income was $27.8 million in the first compared to $15.9 million in the first quarter of the prior year. Our cash and investments at March 31 was $451 million.

I will now turn the call over to Charlie Robb, our Chief Business Officer. Charlie?

Charlie Robb

Thanks, Atabak. In March 2018, we sued Teva Pharmaceuticals to prevent it from marketing a generic version of Korlym in violation of our patents. The case was trialed in federal district court in September of last year. On December 29 of last year, the court found that Teva’s generic product would not infringe the two patents we had asserted against it. We believe the court’s verdict is wrong and have asked the Federal Circuit Court of Appeals which has appellate jurisdiction over all patent matters to reverse it.