Corcept Therapeutics (CORT) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $194.4 million, up 18.7%–19% year-over-year, with net income at $35.1 million, nearly flat compared to last year.

• Growth driven by strong prescription demand, increased awareness and screening for hypercortisolism, and record new prescribers and patients.

• Relacorilant, a next-generation therapy, is expected to replace Korlym and drive significant future growth, with NDA under FDA review for hypercortisolism and platinum-resistant ovarian cancer.

• Multiple clinical milestones achieved, including pivotal study publications (CATALYST, ROSELLA) and NDA submissions.

• Ongoing expansion of sales force and pharmacy capacity to meet accelerating demand.

Financial highlights

• Q2 2025 product revenue: $194.4 million, up 18.7%–19% year-over-year.

• Net income was $35.1 million, nearly flat year-over-year; diluted EPS was $0.29, down from $0.32.

• Cash and investments totaled $515 million as of June 30, 2025, down from $570.8 million sequentially.

• Operating expenses rose to $167.8 million from $128.2 million year-over-year, driven by higher R&D and SG&A.

• $115–$130.5 million of common stock repurchased in Q2/H1 2025.

Outlook and guidance

• 2025 revenue guidance revised to $850–$900 million, reflecting ongoing pharmacy fulfillment delays.

• Relacorilant expected to generate $3–$5 billion in annual revenue in hypercortisolism within 3–5 years.

• Anticipated relacorilant approval in hypercortisolism by end of 2024/2025 and in oncology in 2025.

• Management expects higher R&D and SG&A expenses as clinical programs advance and commercialization expands.

• Confident in ability to fund operations and R&D for at least the next 12 months without additional financing.