Corcept Therapeutics Incorporated reported significant financial growth in its third quarter and the first nine months of 2024, driven primarily by increased product revenue from its medication, Korlym. For Q3 2024, the company achieved product revenue of $182.5 million, a substantial increase from $123.6 million in Q3 2023. For the nine months ending September 30, 2024, total product revenue reached $493.2 million, compared to $347.0 million for the same period in 2023. The increase in revenue was attributed to higher sales volumes, which accounted for 89% of the quarterly increase and 78.6% for the nine-month period, alongside a price increase effective January 1, 2024.
Operating expenses also rose, with total operating expenses for Q3 2024 amounting to $135.9 million, up from $92.4 million in Q3 2023. This increase was largely due to higher research and development costs, which rose to $59.3 million for Q3 2024 from $45.5 million in the prior year, reflecting increased spending on development programs and employee compensation. Selling, general, and administrative expenses also increased to $73.7 million in Q3 2024, compared to $45.3 million in Q3 2023.
Despite the rise in expenses, Corcept reported a net income of $47.2 million for Q3 2024, up from $31.4 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $110.5 million, compared to $74.8 million for the same period in 2023. Basic net income per share for Q3 2024 was $0.45, compared to $0.31 in Q3 2023.
As of September 30, 2024, Corcept's total assets increased to $784.3 million from $621.5 million at the end of 2023, with total stockholders' equity rising to $638.8 million from $506.7 million. The company also reported cash and cash equivalents of $137.3 million, up from $135.6 million at the end of 2023.
Strategically, Corcept launched an authorized generic version of Korlym in June 2024, which may impact future revenue streams. The company is also engaged in ongoing clinical trials for its selective cortisol modulator, relacorilant, which is being developed for various conditions, including Cushing’s syndrome and ovarian cancer.
In terms of corporate governance, Corcept's Board of Directors authorized a stock repurchase program of up to $200 million in January 2024, with $184.3 million remaining available for repurchases as of September 30, 2024. The company has also been involved in legal proceedings related to patent disputes and shareholder complaints, which may affect its operations and financial position.
About CORCEPT THERAPEUTICS INC
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