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Biopharma company Corcept Therapeutics (NASDAQ:CORT) will be reporting earnings tomorrow after the bell. Here’s what to expect.
Corcept missed analysts’ revenue expectations by 8.5% last quarter, reporting revenues of $181.9 million, up 34.3% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Corcept a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Corcept’s revenue to grow 21.2% year on year to $177.9 million, slowing from the 39% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.14 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Corcept has missed Wall Street’s revenue estimates three times over the last two years.
Looking at Corcept’s peers in the branded pharmaceuticals segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Bristol-Myers Squibb’s revenues decreased 5.6% year on year, beating analysts’ expectations by 3.9%, and Organon reported a revenue decline of 6.7%, topping estimates by 0.6%. Bristol-Myers Squibb traded down 1.3% following the results while Organon was also down 25.8%.
Read our full analysis of Bristol-Myers Squibb’s results here and Organon’s results here.
There has been positive sentiment among investors in the branded pharmaceuticals segment, with share prices up 4.9% on average over the last month. Corcept’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $143.25 (compared to the current share price of $74).
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