Corcept Therapeutics' Q4 2024: Key Contradictions on ROSELLA Study, CATALYST Impact, and Generic Competition

These are the key contradictions discussed in Corcept Therapeutics' latest 2024 Q4 earnings call, specifically including: ROSELLA Study Endpoints and Statistical Implications, Impact of CATALYST Data on Korlym Sales, and Generic Competition Impact on Korlym:



Financial Performance and Revenue Growth:
- Corcept Therapeutics reported 2024 revenue of $675 million, an increase of 40% compared to the prior year.
- Net income was $141 million for the full year 2024, an increase of 33% compared to the prior year.
- Cash and investments at December 31, 2024, were $603 million, up from $425 million at the end of the prior year.
- The growth was attributed to the increasing awareness of hypercortisolism and the effectiveness of Corcept's therapies like Korlym in treating Cushing's syndrome.

New Drug Application and Clinical Trial Progress:
- A new drug application (NDA) for relacorilant was submitted on December 30, based on compelling results from phase III studies, including the GRACE trial.
- The NDA is supported by positive outcomes in uncontrolled hypertension, hyperglycemia, and weight management among trial participants.
- The company anticipates a 2025 revenue guidance of $900 million to $950 million, driven by the potential commercialization of relacorilant and ongoing clinical trial progress.

Ongoing Legal Dispute:
- Corcept is involved in a legal dispute with Teva regarding a patent infringement claim related to Korlym.
- The company has appealed the trial court's decision against them to the Federal Circuit Court of Appeals, with the hearing scheduled for May or later.
- A positive outcome could lead to Teva losing FDA approval and withdrawing from the market until the expiration of patents in 2037.

Expanding Indications for Relacorilant:
- Relacorilant is being investigated for use in the treatment of cancers like platinum-resistant ovarian cancer, with promising results from studies like ROSELLA.
- The ROSELLA trial aims to show that relacorilant can resensitize tumors to chemotherapy, as evidenced by improved progression-free survival and overall survival in treatment groups receiving relacorilant plus nab-paclitaxel.
- Corcept is also exploring the potential use of relacorilant in prostate cancer and immunotherapy combinations, based on preliminary research findings.