Corcept Therapeutics (CORT) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $761.4 million, up from $675 million in 2024, driven by increased demand in Cushing's syndrome treatments.

• Net income for 2025 was $99.7 million, down from $141.2 million in 2024, with diluted EPS of $0.82.

• Full-year 2026 revenue guidance is $900 million to $1 billion, mainly from the Cushing's syndrome business.

• Record demand for Cushing's syndrome medications, with a 61% increase in new prescriptions and a 37% increase in tablets sold year-over-year.

• Pharmacy transition completed, resolving prior capacity constraints and supporting future growth.

Financial highlights

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

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

• 2025 net income declined to $99.7 million from $141.2 million in 2024.

• 2025 revenue increased 13% year-over-year to $761.4 million.

• 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 set at $900 million to $1 billion, with Cushing's syndrome business as primary driver.

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

• Oncology revenue contribution expected to be small in 2026 due to timing of launch.

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

• Anticipated acceleration in growth upon relacorilant approval for Cushing's syndrome and oncology indications.