Corcept Therapeutics (CORT) FY2024 results: revenue $675 million, up 39.9% on the year

Corcept Therapeutics Inc. (CORT) reported revenue of $675 million for fiscal 2024, the year ended 31 December 2024, up 39.9% on the year before. Net income was $141 million, up 33.0%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$675 million

+39.9% on the year

FY2017FY2024

Operating margin

20.3%

22.2% a year earlier

FY2017FY2024

Net income

$141 million

+33.0% on the year

FY2017FY2024

Diluted EPS

$1.23

+30.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	675	482	402	+39.9%
Cost of revenue	10.9	6.5	5.4	+67.9%
Gross profit	664	476	396	+39.6%
Gross margin	98.4%	98.7%	98.7%
Research and development	247	184	131	+33.9%
Selling, general and administrative	280	184	153	+52.1%
Operating income	137	107	113	+27.7%
Operating margin	20.3%	22.2%	28.0%
Pre-tax income	161	125	116	+29.7%
Income tax	20.3	18.4	14.8	+10.1%
Effective tax rate	12.6%	14.8%	12.7%
Net income	141	106	101	+33.0%
Net margin	20.9%	22.0%	25.2%
Diluted EPS	$1.23	$0.94	$0.87	+30.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	198	127	120	+56.4%
Capital expenditure	2.2	0.1	0.4	+1,462.6%
Free cash flow	196	127	120	+54.8%
Free cash flow margin	29.0%	26.2%	29.8%
Cash from investing	-178	90.9	-114
Cash from financing	-28.3	-149	-17.3
Depreciation and amortisation	0.8	1.0	1.3	-23.7%
Share-based compensation	61.4	48.9	42.4	+25.4%
Buybacks	15.7	0.0	0.0
Diluted shares, weighted	113m	112m	116m	+1.6%
Shares outstanding at period end	105m	103m	108m	+1.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	680	507	502	+34.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	6.1	0.0	n/a
Other liabilities	155	115	81.6	+34.9%
Total liabilities and equity	841	622	583	+35.2%
Fixed assets	2.7	0.2	0.6	+1,279.0%
Investments	476	290	370	+64.1%
Cash and equivalents	128	136	66.3	-5.8%
Receivables	54.0	41.1	31.1	+31.3%
Inventory	12.4	7.7	6.1	+60.6%
Other assets	168	147	109	+14.4%
Total assets	841	622	583	+35.2%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.