Wed, Feb 26, 9:24 PM (59 days ago)
**Corcept Therapeutics Incorporated (CORT) 2024 10-K Summary** Corcept Therapeutics reported a significant increase in net product revenue, reaching $675 million in 2024, up from $482 million in 2023, primarily driven by higher sales volume. The company's operating expenses rose to $538 million, with research and development costs increasing to $246.9 million as they advanced clinical trials for their cortisol modulators, including relacorilant, which is under FDA review. The company faces competition from generic versions of its product Korlym, launched by Teva in January 2024, which poses risks to revenue. Corcept's net income for 2024 was $141 million, with earnings per share of $1.35. The company ended the year with $603 million in cash and marketable securities, indicating strong liquidity. However, it faces challenges from regulatory changes, particularly the Inflation Reduction Act impacting Medicare pricing and rebates, which could affect future revenues. Legal proceedings include a favorable settlement related to the Melucci litigation and ongoing challenges regarding patent infringements. Overall, Corcept maintains a solid market position but must navigate increasing competition and regulatory pressures.