Corcept Therapeutics (CORT) FY2021 results: revenue $366 million, up 3.4% on the year

Corcept Therapeutics Inc. (CORT) reported revenue of $366 million for fiscal 2021, the year ended 31 December 2021, up 3.4% on the year before. Net income was $113 million, up 6.1%, and diluted earnings per share $0.89. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$366 million

+3.4% on the year

FY2014FY2021

Operating margin

34.0%

36.2% a year earlier

FY2014FY2021

Net income

$113 million

+6.1% on the year

FY2014FY2021

Diluted EPS

$0.89

+4.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	366	354	306	+3.4%
Cost of revenue	5.3	5.6	5.5	-5.4%
Gross profit	361	348	301	+3.6%
Gross margin	98.6%	98.4%	98.2%
Research and development	114	115	89.0	-0.8%
Selling, general and administrative	122	105	100	+16.2%
Operating income	124	128	112	-2.9%
Operating margin	34.0%	36.2%	36.4%
Pre-tax income	125	132	117	-5.0%
Income tax	12.5	25.6	22.5	-51.2%
Effective tax rate	10.0%	19.4%	19.3%
Net income	113	106	94.2	+6.1%
Net margin	30.7%	30.0%	30.7%
Diluted EPS	$0.89	$0.85	$0.77	+4.7%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	168	152	136	+10.5%
Capital expenditure	0.5	1.2	1.1	-62.1%
Free cash flow	167	151	135	+11.1%
Free cash flow margin	45.7%	42.6%	44.1%
Cash from investing	136	-119	-118
Cash from financing	-303	12.2	-28.6
Depreciation and amortisation	1.1	0.5	0.7	+104.2%
Share-based compensation	42.9	33.5	29.3	+28.0%
Buybacks	n/a	9.9	31.0
Diluted shares, weighted	126m	124m	123m	+1.4%
Shares outstanding at period end	106m	117m	115m	-9.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	376	523	371	-28.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	0.0	0.5	1.9
Other liabilities	48.0	47.9	39.2	+0.1%
Total liabilities and equity	424	572	412	-25.9%
Fixed assets	1.0	1.7	1.1	-40.2%
Investments	258	401	284	-35.6%
Cash and equivalents	77.6	76.2	31.3	+1.9%
Receivables	27.6	26.2	19.9	+5.4%
Inventory	5.0	4.9	5.4	+1.6%
Other assets	54.3	62.1	70.6	-12.5%
Total assets	424	572	412	-25.9%

10-K for the year ended 31 December 2021, filed 15 February 2022: the filing.