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Thursday, Corcept Therapeutics Incorporated (NASDAQ:CORT) released announced preliminary results from the prevalence phase of its ongoing CATALYST study of Cushing’s syndrome (hypercortisolism) in patients with difficult-to-control type 2 diabetes.
Corcept Therapeutics is a pharmaceutical company engaged in discovering, developing, and commercializing drugs for metabolic, psychiatric, and oncologic disorders. Corcept has focused on the adverse effects of excess cortisol, studying new compounds that may mitigate those effects.
Cortisol is a hormone that modulates many physiological and psychological processes. Because of its central role in the body’s response to stress, cortisol is most commonly known as the stress hormone. It plays a key role in regulating metabolism and maintaining normal blood pressure.
With a planned enrollment of 1,000 patients, the company says CATALYST is the largest study ever conducted to establish the prevalence of hypercortisolism in this patient population.
Of the first 700 patients enrolled in CATALYST, 24% were identified as having hypercortisolism – a prevalence rate that has been consistent throughout the study.
Final results from the prevalence phase will be presented at the American Diabetes Association’s 84th Scientific Sessions in June.
The company says final results from prevalence and treatment phases are expected by year-end.
Corcept Therapeutics reported a fourth-quarter 2023 EPS of $0.28, up from $0.14 a year ago, beating the consensus of $0.26.
Corcept’s fourth quarter 2023 revenue was $135.4 million, compared to $103.1 million in the fourth quarter of 2022, surpassing the consensus estimate of $129.30 million.
Fourth quarter net income reached $31.4 million, compared to $16.6 million in the fourth quarter of 2022.
Cash and investments of $425.4 million as of December 31, 2023.
Guidance: Corcept Therapeutics reiterated the fiscal year 2024 revenue forecast of $600 million-$630 million versus the consensus of $531.57 million.
Price Action: CORT shares are trading 6.73% lower at $22.82 on the last check Friday.
Posted In: CORT
