- Revenue Growth & Cash Reserves Full-year 2025 revenue reached $761 million (+13% YoY), with $532 million in cash and investments, and 2026 guidance set at $900 million to $1 billion.
- Legal & FDA Challenges Lost Federal Circuit Court appeal against Teva’s generic Korlym and faced FDA rejection for relacorilant’s Cushing’s syndrome application.
- Cushing’s Syndrome Demand Surge Korlym demand surged in 2025 due to increased physician awareness, with new pharmacy partner Curant addressing capacity constraints.
- Oncology Pipeline Advances Relacorilant showed promising Phase III ROSELLA trial results (HR 0.76 vs. KEYTRUDA) and aims for mid-2026 approval in platinum-resistant ovarian cancer.
- Financial Guidance & Pricing Net price for Korlym stabilized at ~78% of WAC, with pricing pressures factored into 2026 guidance as oncology revenue ramps post-approvals.
Guidance and Outlook
The company expects revenue growth to continue, with full year 2026 revenue guidance of $900 million to $1 billion, representing a growth rate of 18-31%. According to Joseph K. Belanoff, CEO, "Our Cushing's Syndrome business is poised for substantial growth with our existing medications and will grow even faster upon the approval of relacorilant." The company's guidance range is driven primarily by its Cushing's Syndrome business, with only a small portion coming from its oncology business.
Relacorilant's Potential
The company's pipeline asset, relacorilant, has shown promising results in clinical trials, particularly in the treatment of patients with Cushing's syndrome and certain types of cancer. The ROSELLA trial, which evaluated relacorilant in combination with nab-paclitaxel, met both primary endpoints and demonstrated a similar safety profile compared to a year ago. Belanoff highlighted the potential of relacorilant, stating that the company is "confident in relacorilant's potential in earlier stages of ovarian cancer as well as in other tumor types and in combination with other anticancer therapies."
Valuation
Corcept Therapeutics' current valuation metrics indicate a premium valuation. The stock trades at a P/E Ratio of 37.97, P/B Ratio of 5.81, and P/S Ratio of 5.0. The EV/EBITDA ratio is 54.07, suggesting a high valuation relative to its earnings before interest, taxes, depreciation, and amortization. Analysts estimate next year's revenue growth at 46.5%, which may justify some of the premium valuation. However, investors should carefully consider the risks and challenges associated with the company's pipeline assets and the competitive landscape.
Challenges and Risks
The company faces challenges, including the Federal Circuit Court of Appeals' ruling against them in their lawsuit to stop Teva Pharmaceuticals from marketing a generic version of Korlym. Charlie Robb, Chief Business Officer, stated that the company plans to appeal the decision. Additionally, the FDA's failure to approve relacorilant as a treatment for patients with Cushing's syndrome is a setback, although the company remains optimistic about its prospects.