Corcept Therapeutics (CORT) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $761.4 million, up from $675 million in 2024, with net income at $99.7 million, down from $141.2 million year-over-year, driven by increased demand in Cushing's syndrome treatments.

• Full-year 2026 revenue guidance is $900–$1,000 million, driven mainly by the Cushing's syndrome business.

• Significant demand surge for Cushing's syndrome medications, with a record number of new prescriptions and prescribers.

• Transition to a new specialty pharmacy improved capacity and efficiency, resolving prior supply chain constraints and operational disruptions.

• ROSELLA phase III trial in platinum-resistant ovarian cancer met both primary endpoints, showing a 35% reduction in risk of death and a 4.1-month median overall survival benefit.

Financial highlights

• Cash and investments at year-end 2025 totaled $532.4 million, reflecting $245.9 million in stock repurchases and equity compensation.

• Q4 2025 revenue was $202.1 million, up from $181.9 million in Q4 2024.

• 2025 saw a 61% increase in new prescriptions but only a 37% increase in tablets sold due to pharmacy vendor limitations.

• AG (authorized generic) prescriptions accounted for 75% of Korlym volume at year-end 2025, expected to stabilize around 78% in 2026, with a 30% discount to WAC.

• Gross margin remained high, with cost of sales at $12.98 million on $761.4 million revenue for 2025.

Outlook and guidance

• 2026 revenue guidance is $900–$1,000 million, with most growth expected from Cushing's syndrome products.

• Oncology revenues are expected to contribute only a small portion in 2026 due to launch timing.

• Cushing's syndrome business projected to reach at least $2 billion in annual revenue by decade's end.

• Anticipated acceleration in growth upon relacorilant approval.

• Multiple clinical trial results expected in 2026, including key oncology and metabolic studies.