Corcept Therapeutics (CORT) investor relations material

Executive summary

• Q2 2025 revenue reached $194.4M, up 18.7%–19% year-over-year, with net income at $35.1M, nearly flat from the prior year.

• Record growth in endocrinology/hypercortisolism, with new prescribers and patients, but pharmacy capacity constraints limited revenue growth.

• Operating income was $31.7M, down from $41.6M, reflecting higher R&D and SG&A expenses.

• Multiple clinical milestones achieved, including pivotal trial publications and NDA submissions for relacorilant in hypercortisolism and ovarian cancer.

• Cash and investments totaled $515M as of June 30, after significant stock repurchases.

Financial highlights

• Q2 2025 product revenue: $194.4M, up 18.7%–19% year-over-year; net income $35.1M, diluted EPS $0.29 (down from $0.32).

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

• Cash and investments at quarter-end: $515M, down from $570.8M sequentially.

• Gross margin remained high, with cost of sales at 1.8% of revenue.

• Stock repurchases totaled $115M–$130.5M in Q2/H1 2025.

Outlook and guidance

• 2025 revenue guidance revised to $850M–$900M.

• Pharmacy capacity expected to improve in H2 2025, with a second pharmacy operational in Q4.

• Relacorilant approval in hypercortisolism anticipated by year-end, oncology approval expected next year.

• BELLA and MONARCH trial results expected within the next year.

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