Corcept Therapeutics Incorporated (NASDAQ:CORT) Q4 2022 Earnings Call Transcript

Sean Maduck: Hi, Dennis. Thank you for the question. I think your question was directly in regards to sort of the range. Our range is driven by the number of patients that we add to our active patient base. Our pricing is known and our average dose and patient retention rates have been stable for many years. So, where we fall within the range is really driven by the number of patients that we add to our base. And that’s the — the pushes and pulls are constant. It’s really about patient pulls.

Dennis Ding: Right. But as a follow-up maybe talk about what can you do or what are you guys doing in terms of initiatives that are ongoing that could drive more patient adds versus driving less patient adds, appreciating that there is competition out there?

Sean Maduck: Yes. No, great question. So, look, I’ll start by just saying the evidence is clear that there are more hypercortisolism patients out there than we once thought. Physicians as they become more educated about screening and about treatment options that are available to them, more patients are going to be diagnosed and treated. And our job as an organization is to maximize our position touch points, continue to raise disease awareness, educate on screening and then educate on the benefits of Korlym. And the evolving market and our execution will really drive that growth into 2023 and beyond. In terms of initiatives, obviously, we have many going on, but there’s a couple I want to touch on that I think are very important for the organization.

The first is the growth of our sales force. Last year, we had 45 clinical specialists. We currently have 55, going to 60 in the next couple of months. Physician awareness of the potential for Cushing’s syndrome in their patient population has increased substantially. And we think that, that disease awareness and our streamlined training efforts will make our clinical specialist more productive and for our newest clinical specialist more productive more rapidly. In terms of the second initiative, which is more long term, is what was just discussed and that’s the CATALYST study, the Phase 4 Korlym study that we announced on the call today. It’s not going to have an impact in 2023. But it’s the largest prospective study that’s ever been done in this patient population.

As Joe stated, the investigators are a very prominent group of diabetologists and they are representative of a group of physicians that we have not historically called on. So, we believe that patients with difficult-to-control diabetes and — is a very rich patient population for hypercortisolism. And I believe that this study will provide the definitive prevalence and treatment data needed to encourage increased screening and ultimately treatment for this patient group.

Dennis Ding: Got it. Thanks. And then, on the seasonality question for Q1 and growth reacceleration towards the back half of the year?

Sean Maduck: Yes. So, we always see a hit in the first quarter, because of the insurance reauthorizations and the doughnut hole this year has been no different than any other. But yes, I guess that’s all I would add there. I don’t know if there’s anything else, Joe, you’d like to add?

Joseph Belanoff: Dennis, I really do understand what you’re asking about. Yes, as Sean said, one of the issues, not just for Korlym, but for all medications, particularly orphan medications is that insurance companies make decisions get a reauthorization at the beginning of the year. And that’s obviously our job to see if we can turn those — help those get turned around as quickly as possible. One of the things I’ll just point out is that it’s been our philosophy from the beginning of the company, but anytime a patient gets a prescription for Cushing’s syndrome, they get the medication regardless of whether or not they have insurance. So, they continue to get that medication. We never leave a patient off of that medication.