Corcept Therapeutics Incorporated (NASDAQ:CORT) Q2 2024 Earnings Conference Call July 29, 2024 5:00 PM ET

Company Participants

Atabak Mokari - Chief Financial Officer
Charles Robb - Chief Business Officer
Joseph Belanoff - Chief Executive Officer, President and Director
Sean Maduck - President of Endocrinology
William Guyer - Chief Development Officer

Conference Call Participants

Matt Kaplan - Ladenburg Thalmann & Co.
David Amsellem - Piper Sandler & Co.
Swayampakula Ramakanth - H.C. Wainwright
Joon Lee - Truist

Operator

Hello. Thank you for standing by. Welcome to Corcept Therapeutics’ Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to, Atabak Mokari. You may begin.

Atabak Mokari

Hello, everyone. Good afternoon, and thank you for joining us. 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 might cause actual results to be materially different from those such statements express or imply. 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 2024 was $163.8 million, an increase of 39% compared to the second quarter of the prior year. We expect our revenue growth to continue and have increased our 2024 revenue guidance to $640 million to $670 million. Net income was $35.5 million in the second quarter compared to $27.5 million in the second quarter of the prior year. Our cash and investments at June 30th was $492.5 million.

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

Charles Robb

Thanks, Atabak. I don’t have much to report this quarter. As many of you know, in March 2018, we sued Teva to stop it from marketing a generic version of Korlym in violation of our patents. In December last year, the trial court ruled against us. We’ve appealed that decision to the Federal Circuit Court of Appeals. Briefing in the matter is complete. The documents are available at the government’s PACER website, if anyone would like to review them, and the next step is for the Federal Circuit to schedule oral argument. The timing of oral argument and the issuance of an opinion are entirely up to the Federal Circuit and can’t be known with certainty.