investorscraft@gmail.com

Intrinsic Value of Corcept Therapeutics Incorporated (CORT)

Previous Close$72.77
Intrinsic Value
Upside potential
Previous Close
$72.77

VALUATION INPUT DATA

This valuation is based on fiscal year data as of 2024 and quarterly data as of .

Data is not available at this time.

Stock Valuation Context

Business Model And Market Position

Corcept Therapeutics Incorporated operates in the biopharmaceutical sector, specializing in the development and commercialization of drugs targeting cortisol dysregulation. The company’s flagship product, Korlym (mifepristone), is FDA-approved for treating hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing’s syndrome. Corcept’s revenue model hinges on direct sales in the U.S., supported by a focused commercialization strategy targeting endocrinologists and specialized treatment centers. The company maintains a strong market position in the niche but growing field of cortisol modulation therapies, with limited competition due to the complexity of the condition and regulatory barriers. Corcept’s pipeline includes next-generation cortisol modulators, positioning it for potential expansion into broader endocrine and metabolic disorders. Its research-driven approach and targeted commercialization underscore its differentiation in a specialized therapeutic area.

Revenue Profitability And Efficiency

Corcept reported $675.0 million in revenue for FY 2024, reflecting steady demand for Korlym. Net income stood at $139.7 million, with diluted EPS of $1.23, indicating robust profitability. Operating cash flow of $198.1 million highlights efficient cash generation, while modest capital expenditures of $2.2 million suggest a capital-light model focused on commercialization rather than heavy infrastructure investment.

Earnings Power And Capital Efficiency

The company demonstrates strong earnings power, with net income margins exceeding 20%. Capital efficiency is evident in its high return on assets, driven by focused R&D spending and scalable commercialization. Corcept’s ability to generate significant cash flow relative to its asset base underscores its disciplined approach to resource allocation.

Balance Sheet And Financial Health

Corcept maintains a solid balance sheet, with $127.7 million in cash and equivalents and minimal total debt of $6.9 million. The negligible leverage and strong liquidity position provide flexibility for strategic investments or pipeline expansion. Shareholders’ equity remains healthy, supported by retained earnings from consistent profitability.

Growth Trends And Dividend Policy

Revenue growth has been steady, driven by Korlym’s adoption and pricing power. The company does not pay dividends, opting instead to reinvest cash flows into R&D and potential acquisitions. Future growth may hinge on pipeline advancements, including next-generation cortisol modulators and label expansions.

Valuation And Market Expectations

The market values Corcept at a premium, reflecting its niche leadership and high margins. Investors likely anticipate pipeline success and sustained revenue growth, though risks include reliance on a single product and regulatory uncertainties. The current EPS multiple suggests optimism about future earnings potential.

Strategic Advantages And Outlook

Corcept’s deep expertise in cortisol modulation and first-mover advantage with Korlym provide durable competitive edges. The outlook remains positive, with potential upside from pipeline progress. However, diversification beyond Korlym and navigating regulatory pathways will be critical for long-term success.

Sources

Company filings (10-K), investor presentations

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

INCOME STATEMENT

Revenue growth rate, %NaN
Revenue, $NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $mNaN
Operating income, $mNaN
EBITDA, $mNaN
Interest expense (income), $mNaN
Earnings before tax, $mNaN
Tax expense, $mNaN
Net income, $mNaN

BALANCE SHEET

Cash and short-term investments, $mNaN
Total assets, $mNaN
Adjusted assets (=assets-cash), $mNaN
Average production assets, $mNaN
Working capital, $mNaN
Total debt, $mNaN
Total liabilities, $mNaN
Total equity, $mNaN
Debt-to-equity ratioNaN
Adjusted equity ratioNaN

CASH FLOW

Net income, $mNaN
Depreciation, amort., depletion, $mNaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $mNaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $mNaN
Free cash flow, $mNaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $mNaN
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
HomeMenuAccount