10-Q · April 30, 2026
Corcept Therapeutics reported weaker-than-expected financials for Q1 2026, with revenues of $164.9 million falling short of the $183.8 million consensus estimate, leading to a diluted EPS of -$0.30 compared to an…
Earnings analysis · 10-Q
CORT earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Corcept delivered a strong Q2 recovery, with revenue rising 31.7% year over year to $256.147 million and diluted EPS increasing to $0.36 from $0.29. The April Lifyorli launch contributed $47.564 million, while the…
Read full summary
Corcept delivered a strong Q2 recovery, with revenue rising 31.7% year over year to $256.147 million and diluted EPS increasing to $0.36 from $0.29. The April Lifyorli launch contributed $47.564 million, while the legacy Hypercortisolism Products business still grew 7.3%. Profitability rebounded sequentially, but cash conversion was softer as commercialization spending accelerated, and the principal remaining risks are relacorilant's December 17, 2026 FDA decision, generic Korlym competition, and potential reimbursement pressure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.36
What stood out
-
Revenue accelerated and EPS returned to profit
Q2 net product revenue was $256.147 million, up $61.717 million (31.7%) from $194.430 million a year earlier and $91.244 million (55.3%) from Q1 2026 revenue of $164.903 million. Diluted EPS improved to $0.36 from $0.29 in Q2 2025 and a $0.30 loss in Q1 2026.
-
Margins expanded despite launch investment
Gross margin was 98.4%, as cost of sales was $4.1 million, or 1.6% of revenue, versus 98.2% in Q2 2025 and 98.3% in Q1 2026. Estimated operating margin rose to 16.1%, from 13.7% a year ago and negative 30.1% in Q1, as revenue growth absorbed launch costs.
-
Lifyorli created a meaningful second revenue stream
Lifyorli generated $47.564 million in its first commercial quarter after the April 1, 2026 launch. Hypercortisolism Products rose 7.3% year over year to $208.583 million; 76.1% of that increase came from higher sales volume.
-
Liquidity increased and funding outlook remains sound
Cash, cash equivalents and marketable securities increased to $544.6 million at June 30, 2026 from $532.4 million at December 31, 2025. Management expects this liquidity to fund operations and planned R&D for at least the next 12 months without additional financing.
-
Commercial spend rose sharply, while R&D mix shifted
R&D fell 10.9% year over year to $53.890 million, while SG&A increased 51.0% to $156.9 million to support Lifyorli and Hypercortisolism Products commercialization. Management still expects both R&D and SG&A to be higher for full-year 2026 than 2025.
-
Two regulatory catalysts remain in 2026
The relacorilant hypercortisolism NDA was resubmitted on June 17, 2026, and the FDA assigned a December 17, 2026 PDUFA target date. The EMA decision on the ovarian-cancer application is expected in Q4 2026.
What to watch
-
Relacorilant approval remains uncertain after CRL
The FDA issued a Complete Response Letter for relacorilant in hypercortisolism on December 30, 2025 and required additional efficacy evidence. Although the NDA was resubmitted June 17, 2026, there is no assurance of approval by the December 17, 2026 PDUFA date.
-
Korlym generic litigation avenue narrowed
Generic Korlym pressure became more entrenched after the Federal Circuit affirmed the non-infringement ruling on February 19, 2026 and denied Corcept's rehearing petition on July 10, 2026. Teva's generic launched in January 2024, and greater generic adoption could lower volumes, pricing, or both.
-
Drug-pricing policy could pressure net revenue
The proposed CMS GUARD model could impose international-reference-price-linked rebates on Lifyorli Medicare Part D sales for 25% of beneficiaries, with rebates for 2027-2031 set using the lowest ex-U.S. defined price offered in 2027. Management also expects IRA provisions to reduce Medicare revenue and potentially profits in 2026 and beyond.
-
Cash conversion weakened amid commercialization spend
Operating cash generation weakened: six-month operating cash flow declined to $16.8 million from $49.1 million a year earlier, a $32.3 million reduction, as commercial spending increased. Six-month SG&A rose $107.8 million to $302.3 million.
-
Antitrust and securities litigation remain active
Legal exposure expanded: the Teva antitrust case is scheduled for trial in March 2027, while the Aetna matter was allowed to proceed in part on July 20, 2026. The company also faces a securities action with a putative class period from October 31, 2024 through December 30, 2025.
-
Vendor concentration and supply commitments persist
Corcept added a $10.2 million API purchase commitment during the first six months of 2026. Supply reliance remains concentrated in third-party vendors, including Curant, which collects payments representing more than 99% of hypercortisolism revenue.
Management's outlook
The 10-Q does not restate quantitative revenue or EPS guidance. Management expects both R&D and SG&A expense to be higher in 2026 than 2025, while stating it expects to fund operations and planned R&D over the next 12 months and beyond without raising additional funds.
Earlier filings 4
10-K · February 24, 2026
Corcept’s 2025 10-K shows a company at a clinical inflection point: strong oncology data (ROSELLA: 30% reduction in progression risk, HR 0.70, and 35% reduction in death, HR 0.65; median OS 16.0 vs 11.9 months) and an…
10-Q · November 4, 2025
Corcept reported Q3 product revenue of $207,638 (in thousands), up $25,092 vs. Q3 2024, but operating income compressed to $10,219 (in thousands) as SG&A and R&D rose. Diluted EPS was $0.16 for the quarter. Liquidity…
10-Q · July 29, 2024
Corcept reported strong Q2 results with product revenue of $163.8M (up from $117.7M a year ago) and diluted EPS of $0.32, reflecting healthy demand and a continued high gross margin. Operating income was $35.6M but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.