Corcept Therapeutics (CORT) FY2020 results: revenue $354 million, up 15.5% on the year
Corcept Therapeutics Inc. (CORT) reported revenue of $354 million for fiscal 2020, the year ended 31 December 2020, up 15.5% on the year before. Net income was $106 million, up 12.6%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$354 million
+15.5% on the year
FY2013FY2020
Operating margin
36.2%
36.4% a year earlier
FY2013FY2020
Net income
$106 million
+12.6% on the year
FY2013FY2020
Diluted EPS
$0.85
+10.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
354
306
251
+15.5%
Cost of revenue
5.6
5.5
5.2
+1.4%
Gross profit
348
301
246
+15.7%
Gross margin
98.4%
98.2%
97.9%
Research and development
115
89.0
75.2
+28.9%
Selling, general and administrative
105
100
81.3
+4.9%
Operating income
128
112
89.5
+14.9%
Operating margin
36.2%
36.4%
35.6%
Pre-tax income
132
117
92.2
+12.8%
Income tax
25.6
22.5
16.7
+13.8%
Effective tax rate
19.4%
19.3%
18.2%
Net income
106
94.2
75.4
+12.6%
Net margin
30.0%
30.7%
30.0%
Diluted EPS
$0.85
$0.77
$0.60
+10.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
152
136
116
+11.6%
Capital expenditure
1.2
1.1
0.3
+13.8%
Free cash flow
151
135
115
+11.6%
Free cash flow margin
42.6%
44.1%
45.9%
Cash from investing
-119
-118
-90.8
Cash from financing
12.2
-28.6
-14.3
Depreciation and amortisation
0.5
0.7
0.2
-25.3%
Share-based compensation
33.5
29.3
23.7
+14.4%
Buybacks
9.9
31.0
23.7
-67.9%
Diluted shares, weighted
124m
123m
127m
+1.3%
Shares outstanding at period end
117m
115m
115m
+1.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
523
371
276
+41.0%
Debt
0.0
0.0
0.0
Operating lease liabilities
0.5
1.9
n/a
-73.7%
Other liabilities
47.9
39.2
35.8
+22.1%
Total liabilities and equity
572
412
312
+38.7%
Fixed assets
1.7
1.1
0.7
+59.5%
Investments
401
284
165
+41.1%
Cash and equivalents
76.2
31.3
41.6
+143.7%
Receivables
26.2
19.9
17.6
+31.5%
Inventory
4.9
5.4
4.7
-9.5%
Other assets
62.1
70.6
82.0
-12.1%
Total assets
572
412
312
+38.7%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.