Corcept Therapeutics (CORT) FY2023 results: revenue $482 million, up 20.0% on the year

Corcept Therapeutics Inc. (CORT) reported revenue of $482 million for fiscal 2023, the year ended 31 December 2023, up 20.0% on the year before. Net income was $106 million, up 4.7%, and diluted earnings per share $0.94. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$482 million

+20.0% on the year

FY2016FY2023

Operating margin

22.2%

28.0% a year earlier

FY2016FY2023

Net income

$106 million

+4.7% on the year

FY2016FY2023

Diluted EPS

$0.94

+8.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	482	402	366	+20.0%
Cost of revenue	6.5	5.4	5.3	+20.4%
Gross profit	476	396	361	+20.0%
Gross margin	98.7%	98.7%	98.6%
Research and development	184	131	114	+40.7%
Selling, general and administrative	184	153	122	+20.6%
Operating income	107	113	124	-4.8%
Operating margin	22.2%	28.0%	34.0%
Pre-tax income	125	116	125	+7.2%
Income tax	18.4	14.8	12.5	+24.7%
Effective tax rate	14.8%	12.7%	10.0%
Net income	106	101	113	+4.7%
Net margin	22.0%	25.2%	30.7%
Diluted EPS	$0.94	$0.87	$0.89	+8.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	127	120	168	+5.3%
Capital expenditure	0.1	0.4	0.5	-66.3%
Free cash flow	127	120	167	+5.5%
Free cash flow margin	26.2%	29.8%	45.7%
Cash from investing	90.9	-114	136
Cash from financing	-149	-17.3	-303
Depreciation and amortisation	1.0	1.3	1.1	-17.2%
Share-based compensation	48.9	42.4	42.9	+15.3%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	112m	116m	126m	-3.6%
Shares outstanding at period end	103m	108m	106m	-4.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	507	502	376	+1.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	0.0	n/a	0.0
Other liabilities	115	81.6	48.0	+40.7%
Total liabilities and equity	622	583	424	+6.5%
Fixed assets	0.2	0.6	1.0	-69.2%
Investments	290	370	258	-21.7%
Cash and equivalents	136	66.3	77.6	+104.4%
Receivables	41.1	31.1	27.6	+32.4%
Inventory	7.7	6.1	5.0	+26.7%
Other assets	147	109	54.3	+34.9%
Total assets	622	583	424	+6.5%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.