Download PDF

1. Company Snapshot

1.a. Company Description

Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and neuropsychiatric disorders in the United States.The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.It is developing relacorilant to treat patients with Cushing's syndrome; and nab-paclitaxel in combination with relacorilant, which has completed Phase II clinical trial to treat patients with advanced ovarian tumors, as well as for the treatment of cortisol excess.


The company is also developing selective cortisol modulator to treat patients with metastatic castration-resistant prostate cancer; selective cortisol modulator for the treatment of antipsychotic-induced weight gain and other disorders; and FKBP5 gene expression assays.Corcept Therapeutics Incorporated was incorporated in 1998 and is headquartered in Menlo Park, California.

Show Full description

1.b. Last Insights on CORT

Corcept Therapeutics' recent performance has been driven by several positive factors. The company's relacorilant, nearing FDA approval for Cushing's syndrome, has shown promise in cancer studies, fueling growth prospects. Sequoia Financial Advisors LLC raised its stake in the company by 8.6%, indicating confidence in its potential. Additionally, Corcept's expanding patient base, now over 1 million hard-to-treat diabetics, and increasing Korlym sales, projected to drive $850-$900M in 2025 revenues, are key growth drivers. A marketing application for relacorilant in platinum-resistant ovarian cancer has also been filed with the EMA.

1.c. Company Highlights

2. Corcept Therapeutics' Q3 2025 Earnings: Robust Growth Amidst Patent Litigation

Corcept Therapeutics reported a revenue of $207.6 million for Q3 2025, marking a 14% increase from the prior year period. However, net income declined to $19.7 million from $47.2 million in Q3 2024. The actual EPS came out at $0.16, slightly lower than the estimated $0.18. The company's cash and investments stood at $524 million as of September 30, 2025. The revenue growth was primarily driven by the hypercortisolism business, with a 42.5% increase in tablets shipped to patients.

Publication Date: Nov -11

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue reached $207.6M, a 14% increase YoY, with full-year guidance raised to $800–850M.
  • Hypercortisolism Expansion:: Tablets shipped grew 42.5% YoY, driven by Korlym and relacorilant, which is projected to generate $3–5B annually.
  • Patent Litigation Impact:: Pending Federal Circuit Court decision on Teva’s generic Korlym could extend exclusivity until 2037 if Corcept prevails.
  • Pharmacy Operational Shifts:: Transition to Curant pharmacy vendor, with 75% of business on a 30% discounted authorized generic by year-end.
  • Oncology Pipeline Progress:: Relacorilant awaiting FDA approval by December 2025 and potential first oncology approval in ovarian cancer by mid-2026.

Hypercortisolism Business and Relacorilant

The company's hypercortisolism business continues to experience robust growth, with the number of paying patients reaching around 3,250 at the end of Q3 2025. Relacorilant, a new treatment for hypercortisolism, is expected to be approved by the FDA on December 30, 2025, and is anticipated to drive significant growth, with potential annual revenue of $3-5 billion in hypercortisolism alone. Corcept is transitioning to a new pharmacy vendor, Curant, to address capacity constraints, and expects to have around 75% of its business on the authorized generic by the end of the year.

Oncology Program and Pipeline

Corcept's oncology program is expanding, with several new studies planned, including a Phase II trial in patients with platinum-sensitive ovarian cancer and a Phase II study in patients with pancreatic cancer. The company's proprietary selective cortisol modulator, dazucorilant, will be evaluated in a Phase III trial for ALS in 2026. Additionally, the company is investing in new studies, including one for nenocorilant, a new molecule with unique properties that make it a good partner for PD-1 inhibitors.

Valuation and Outlook

With a P/E Ratio of 74.31 and an EV/EBITDA of 107.94, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 38.1%. The company's guidance for Q4 2025 sales is around $265 million, requiring 28% growth from the Q3 number. Corcept is confident in its ability to achieve this growth, driven by its expanding oncology portfolio and the upcoming approval of relacorilant.

Patent Litigation and Regulatory Updates

The company is awaiting a decision from the Federal Circuit Court of Appeals regarding its patent litigation with Teva Pharmaceuticals. If Corcept prevails, Teva will lose FDA approval for its generic version of Korlym until 2037. The FDA did not grant priority review for relacorilant, but the company is confident in the strength of its application. The company's R&D expenditures are expected to remain steady, while SG&A expenses will continue to increase to capture market opportunities.

3. NewsRoom

Card image cap

Will Korlym Continue to Drive Corcept's Top Line in 2026?

Dec -01

Source: zacks.com

Card image cap

Corcept Therapeutics Incorporated (NASDAQ:CORT) Receives Consensus Recommendation of “Hold” from Analysts

Nov -22

Source: defenseworld.net

Card image cap

Envestnet Asset Management Inc. Acquires 7,077 Shares of Corcept Therapeutics Incorporated $CORT

Nov -17

Source: defenseworld.net

Card image cap

Aviva PLC Trims Holdings in Corcept Therapeutics Incorporated $CORT

Nov -14

Source: defenseworld.net

Card image cap

Corcept Q3 Earnings & Revenues Lag Estimates, '25 View Cut, Stock Down

Nov -05

Source: zacks.com

Card image cap

Corcept Therapeutics Incorporated (CORT) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

Card image cap

Corcept Therapeutics (CORT) Q3 Earnings and Revenues Miss Estimates

Nov -05

Source: zacks.com

Card image cap

Corcept Therapeutics to Announce Third Quarter Financial Results, Provide Corporate Update and Host Conference Call

Oct -28

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Pharmaceutical

Expected Growth: 14%

Corcept Therapeutics' 14% growth is driven by increasing adoption of Korlym, its Cushing's syndrome treatment, and growing sales of its oncology portfolio. Strong demand for Korlym, coupled with expanded label indications and increased physician awareness, contribute to the company's growth momentum.

7. Detailed Products

Korlym

A glucocorticoid receptor antagonist indicated to control hypercortisolism in adult patients with endogenous Cushing's syndrome who have type 2 diabetes or glucose intolerance.

Korlym (mifepristone) 300 mg tablets

A once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing's syndrome.

8. Corcept Therapeutics Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Corcept Therapeutics Incorporated has a moderate threat of substitutes due to the availability of alternative treatments for Cushing's syndrome and other endocrine disorders.

Bargaining Power Of Customers

Corcept Therapeutics Incorporated has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative treatment options.

Bargaining Power Of Suppliers

Corcept Therapeutics Incorporated has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and manufacturing services.

Threat Of New Entrants

Corcept Therapeutics Incorporated has a low threat of new entrants due to the high barriers to entry in the pharmaceutical industry, including regulatory hurdles and significant research and development investments.

Intensity Of Rivalry

Corcept Therapeutics Incorporated operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.03%
Debt Cost 3.95%
Equity Weight 99.97%
Equity Cost 6.44%
WACC 6.44%
Leverage 0.03%

11. Quality Control: Corcept Therapeutics Incorporated passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Royalty Pharma

A-Score: 6.2/10

Value: 4.9

Growth: 3.8

Quality: 7.4

Yield: 4.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Exelixis

A-Score: 5.8/10

Value: 3.4

Growth: 7.9

Quality: 9.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Corcept Therapeutics

A-Score: 4.8/10

Value: 0.3

Growth: 8.0

Quality: 8.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Novavax

A-Score: 3.9/10

Value: 7.1

Growth: 5.4

Quality: 7.2

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Arcellx

A-Score: 3.9/10

Value: 6.0

Growth: 5.7

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Alpine Immune Sciences

A-Score: 3.8/10

Value: 6.0

Growth: 6.6

Quality: 4.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

86.1$

Current Price

86.11$

Potential

-0.00%

Expected Cash-Flows