Corcept Therapeutics (NASDAQ: CORT) stock plunged over 15% in after-hours trading on Tuesday, despite the biopharmaceutical company reporting better-than-expected third-quarter results and raising its full-year revenue guidance.
For the third quarter, Corcept posted revenue of $182.5 million, up 48% year-over-year and beating Wall Street's estimates of $172 million. The company's earnings per share of $0.41 also surpassed analysts' expectations of $0.28.
Additionally, Corcept raised its 2024 revenue guidance to a range of $675 million to $700 million, higher than the previous estimate of $661 million. The company cited strong demand for its lead drug Korlym, which treats Cushing's syndrome, for the upbeat guidance.
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