Shares of Corcept Therapeutics Inc. (CORT) surged over 5% on Tuesday, following the company's impressive third-quarter earnings report and raised full-year guidance. The biopharmaceutical company's strong performance and promising outlook fueled investor optimism, driving the stock rally.
For the third quarter of 2024, Corcept reported earnings per share of $0.41, significantly exceeding the Zacks Consensus Estimate of $0.27. This marked a substantial improvement from the $0.28 earnings per share reported in the same quarter last year. Revenue for the quarter grew an impressive 48% year-over-year to $182.5 million, surpassing analysts' expectations of $172 million.
The company's robust financial results were primarily driven by strong sales of its Cushing's syndrome drug Korlym, which remains the sole contributor to Corcept's revenue. Encouraged by the positive momentum, Corcept raised its full-year 2024 revenue guidance to a range of $675 million to $700 million, compared to the previous projection of $640 million to $670 million.
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