Corcept Therapeutics Provides Financial Update And Announces $200M Stock Repurchase Program; Sees Q4 Revenue $135.4M Vs $127.85M Est.; FY23 Revenue $482.4M Vs $474.82M Est.; FY24 Revenue $600M–$630M Vs $513.85M Est.
Portfolio Pulse from Benzinga Newsdesk
Corcept Therapeutics Incorporated (NASDAQ:CORT) reported preliminary Q4 revenue of $135.4M, surpassing estimates of $127.85M, and full-year 2023 revenue of $482.4M, beating estimates of $474.82M. The company also provided a higher-than-expected 2024 revenue guidance of $600M–$630M, compared to the $513.85M estimate. Additionally, Corcept announced a $200M stock repurchase program. The company's financial growth is attributed to increased treatment rates for Cushing's syndrome with their medication, Korlym.
January 08, 2024 | 1:28 pm
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Corcept Therapeutics exceeded revenue estimates for Q4 and FY23 and provided strong FY24 guidance. The company also announced a significant $200M stock repurchase program, indicating confidence in its financial health and future prospects.
Corcept's positive financial results and the announcement of a stock repurchase program are likely to be viewed favorably by investors, potentially leading to a short-term increase in stock price. The repurchase program signals management's belief in the company's value, which can often lead to increased investor confidence and upward pressure on the stock price. The strong revenue guidance for FY24 further supports the positive outlook.
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