Shares of Corcept Therapeutics (NASDAQ: CORT) tumbled 7.17% in after-hours trading on Tuesday following the release of the company's third-quarter financial results. The biopharmaceutical firm, known for its cortisol-modulating therapeutics, reported a mixed bag of earnings that left investors concerned.
Corcept's Q3 earnings per share (EPS) came in at $0.16, surpassing the analyst consensus estimate of $0.14 by 18.52%. However, this represents a significant 60.98% decrease from the $0.41 per share reported in the same period last year. The company's revenue for the quarter stood at $207.638 million, falling short of analyst expectations of $218.526 million by 4.98%. Despite the miss, this figure still represents a 13.75% increase from the $182.546 million reported in the same quarter of the previous year.
Adding to investor concerns, Corcept provided a full-year revenue outlook of $800-850 million. This guidance, coupled with the revenue miss and the substantial year-over-year decline in EPS, likely contributed to the sharp after-hours sell-off. As the market digests these mixed results, investors will be closely watching how Corcept plans to address the revenue shortfall and improve profitability in the coming quarters.
Comments