Corcept Therapeutics Incorporated

What they do

Corcept develops and sells medications that modulate the hormone cortisol. Its primary commercial products are Korlym (mifepristone) and an authorized generic, used to treat hypercortisolism (Cushing's syndrome). In March 2026, the FDA approved Lifyorli (relacorilant) in combination with nab-paclitaxel for platinum-resistant ovarian cancer, and the company began selling it in the U.S. in April 2026. Korlym is distributed through a specialty pharmacy (Curant) and a specialty distributor.

Revenue drivers

• Korlym and authorized generic — The company's core Cushing's syndrome products generated $208.6 million in Q2 2026, nearly flat year-over-year (vs. $194.4 million prior-year period).
• Lifyorli (relacorilant) in ovarian cancer — Launched in April 2026; generated $47.6 million in Q2 2026, its first full quarter of availability. Over 1,300 patients have started treatment.
• Hypercortisolism diagnostic expansion — The CATALYST and MOMENTUM studies are expected to increase diagnosis and treatment of Cushing's syndrome, driving prescription growth for Korlym and its generic.

Recent performance

Second quarter 2026 revenue was $256.1 million, up 32% from $194.4 million in the same quarter of 2025, driven by the Lifyorli launch. Net income was $43.0 million, versus $35.1 million in Q2 2025. Operating expenses rose to $214.8 million from $167.8 million due to launch investments, and net income per diluted share was $0.36 (vs. $0.29 prior-year period). The company had cash and investments of $544.6 million at June 30, 2026.

Strategy

Management plans to expand relacorilant's use in oncology, with trials in platinum-sensitive ovarian, endometrial, cervical and pancreatic cancers, and a study of nenocorilant with nivolumab in solid tumors. They resubmitted the NDA for relacorilant in Cushing's syndrome, with a PDUFA date of December 17, 2026, seeking a second indication. They are also evaluating dazucorilant in ALS and relacorilant in MASH. The company continues to invest in physician education and diagnostic screening to grow the hypercortisolism market, and recently transitioned specialty pharmacy services from Optime to Curant.

Risks

• Generic competition — A marketed authorized generic of Korlym reduces revenue per prescription and could face additional generic entrants.
• Regulatory setback for relacorilant — The Cushing's syndrome NDA was resubmitted and the outcome is uncertain; failure to gain approval would limit growth in that indication.
• Oncology launch execution — Lifyorli is new to the market; commercial uptake depends on reimbursement, physician adoption, and competing therapies.
• Clinical trial failures — Pending trials in ovarian, endometrial, pancreatic, ALS, and MASH may not meet endpoints, which could impair pipeline value.

Outlook

Management raised 2026 revenue guidance to $1.1–$1.2 billion. They expect EU approval of relacorilant in ovarian cancer later this year, and final-phase results in ovarian, endometrial, cervical, pancreatic, and solid-tumor trials by the end of next year. Results from the MONARCH MASH trial are expected by year-end, and a Phase 3 ALS trial is planned.