Corcept Therapeutics
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Corcept Therapeutics (CORT) investor relations material

Corcept Therapeutics Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

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.

New pharmacy's impact on 2026 revenue growth?
Relacorilant Cushing's syndrome NDA approval path?
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Relacorilant Cushing's: FDA meeting outcomes
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Dazucorilant ALS: Pivotal trial design?
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Frequently asked questions

Corcept Therapeutics Incorporated is a pharmaceutical company focused on developing and commercializing therapies that modulate the effects of cortisol. The company targets endocrine disorders, cancer, and psychiatric conditions with proprietary small-molecule compounds. The company is headquartered in Menlo Park, California, and its shares are listed on the NASDAQ.

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