The revenue for Miricorilant is expected to reach an annual total of $92 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Miricorilant Overview
Miricorilant (CORT-118335) is under development for the treatment of antipsychotic-induced weight gain, NASH and alcohol use disorder. The drug candidate is administered by oral route in the form of a capsule and tablet. It is a small molecule. It is a next-generation cortisol modulator which acts by targeting glucocorticoid receptor.
It was also under development for the treatment of non-alcoholic fatty liver disease.
Corcept Therapeutics Overview
Corcept Therapeutics (Corcept) discovers, develops, and commercializes innovative medicines for the treatmentof psychiatric, oncologic, and metabolic diseases. The company’s marketed product, Korlym (mifepristone), a cortisol receptor blocker, is indicated for the control of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome. Corcept’s major pipeline products include relacorilant for endogenous Cushing syndrome;miricorilant for NASH and antipsychotic-induced weight gain. It also has pipeline products in different phases of clinical trials indicated for the treatment of pancreatic cancer, ovarian cancer, adrenocortical cancer, amyotrophic lateral sclerosis, alcohol use disorder, and post-traumatic stress disorder among others. Corcept is headquartered in Menlo Park, California, the US.
The company reported revenues of (US Dollars) US$482.4 million for the fiscal year ended December 2023 (FY2023), an increase of 20% over FY2022. In FY2023, the company’s operating margin was 22.2%, compared to an operating margin of 28% in FY2022. In FY2023, the company recorded a net margin of 22%, compared to a net margin of 25.2% in FY2022.
For a complete picture of Miricorilant’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.