Corcept Therapeutics reported its financial results for the first quarter ended March 31, 2025, with net product revenue increasing to $157.2 million, up from $146.8 million in the first quarter of 2024. However, net income for the quarter was $20.3 million, a decrease from $35.5 million in the prior year period, resulting in diluted net income per common share of $0.17 compared to $0.32.
The company attributed the impact on profitability to increased operating expenses, with research and development rising to $60.7 million and selling, general and administrative expenses jumping to $90.7 million, reflecting strategic investments in its pipeline and commercial infrastructure. Cash, cash equivalents, and marketable securities stood at $570.8 million as of March 31, 2025.
Corcept acknowledged that rapid growth in the Korlym business in late 2024 and early 2025 temporarily strained its specialty pharmacy vendor's capacity, causing dispensing delays in January and February. Despite these operational hurdles, the company reiterated its 2025 revenue guidance of $900 million to $950 million, anticipating volume growth to offset price impacts and projecting accelerated revenue growth in the second half of the year.
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