Mon, May 5, 8:14 PM (17 days ago)
**Corcept Therapeutics Inc. (CORT) Q1 2025 Financial Summary** **Financial Health:** - **Revenue:** $157.2 million, up 6.4% YoY, driven by a 23.5% increase in sales volume, partially offset by a 13.3% decrease in average price due to higher sales volume from the authorized generic version of Korlym. - **Net Income:** $20.5 million, down 26.4% YoY, due to higher operating expenses. - **Operating Expenses:** $153.8 million, up 31.1% YoY, primarily due to increased selling, general, and administrative expenses. - **Cash Flow:** Net cash provided by operating activities was $5.1 million, down from $23.8 million in Q1 2024, due to lower net income and higher operating expenses. **Profit Margins:** - **Gross Margin:** Approximately 98.5%, stable YoY. - **Operating Margin:** Approximately 2.2%, down from 20.5% in Q1 2024. - **Net Margin:** Approximately 13.1%, down from 18.9% in Q1 2024. **Cash Flow:** - **Operating Cash Flow:** $5.1 million, down from $23.8 million in Q1 2024. - **Investing Cash Flow:** -$3.2 million, improved from -$9.0 million in Q1 2024. - **Financing Cash Flow:** -$39.8 million, compared to -$0.5 million in Q1 2024, primarily due to stock repurchases. **Earnings Changes:** - **EPS:** $0.19, down from $0.27 in Q1 2024. **Quarterly Performance Discussion:** - **Product Revenue:** Increased due to higher sales volume, partially offset by price decreases. - **Operating Expenses:** Increased significantly due to higher selling, general, and administrative expenses. - **Cash Flow:** Operating cash flow decreased due to lower net income and higher operating expenses. **Trends:** - **Revenue Growth:** Positive, driven by increased sales volume. - **Expense Management:** Challenging, with significant increases in operating expenses. - **Cash Flow:** Mixed, with a decrease in operating cash flow but improvement in investing cash flow. **Uncertainties:** - **Generic Competition:** Potential impact from generic versions of Korlym. - **Regulatory Environment:** Uncertainties related to new laws and regulations affecting drug pricing and reimbursement. - **Legal Proceedings:** Ongoing litigation that could impact financial results. **Future Operations Impact:** - **Revenue Growth:** Expected to continue, supported by increased sales volume. - **Expense Management:** Focus on controlling operating expenses to improve profitability. - **Cash Flow:** Monitoring and optimizing cash flow to support future operations and strategic initiatives.