Corcept Therapeutics Q3 Earnings Call Highlights

Key Points

• Corcept reported strong Q3 growth: Revenue rose 64% year over year to $340.5 million, while net income increased to $126.8 million. The company reiterated 2026 revenue guidance of $1.1 billion to $1.2 billion.
• Lifyorli’s launch is gaining traction: The ovarian cancer drug generated $91.4 million in its second quarter on the market, up 92% from the prior quarter, with more than 2,300 patients treated since its April launch.
• Key clinical and regulatory milestones are ahead: The FDA is expected to decide by Dec. 17 on relacorilant for Cushing’s syndrome; Corcept is also advancing trials in cancer, MASH and ALS, with several study results expected by the end of 2027.

Corcept Therapeutics NASDAQ: CORT reported third-quarter 2026 revenue of $340.5 million, up 33% from the prior quarter and 64% from a year earlier, as growth in its endocrinology business and the launch of ovarian cancer treatment Lifyorli lifted results.

Net income totaled $126.8 million, compared with $43 million in the second quarter and $19.7 million in the prior-year period. The company ended September with $662 million in cash and investments, an increase of $118 million during the quarter. Corcept said it acquired $44 million of common stock during the quarter through its repurchase program, stock-option exercises and restricted-stock vesting activity.

Revenue from Korlym and its authorized generic totaled $249.1 million, while Lifyorli generated $91.4 million in its second quarter on the market. Chief Financial Officer Atabak Mokari reiterated Corcept's 2026 revenue guidance of $1.1 billion to $1.2 billion, saying the company continues to expect growth in both its endocrinology and oncology businesses.

Lifyorli Launch Gains Momentum

Roberto Vieira, president of Corcept's oncology division, said Lifyorli revenue increased 92% from the preceding quarter, driven by demand in platinum-resistant ovarian cancer. More than 1,700 physicians have prescribed the oral drug for more than 2,300 patients since its April 1 launch, according to the company.

Vieira said prescribing has expanded among gynecologic, medical and hematologic oncologists across academic hospitals, non-teaching hospitals and community oncology clinics. He also cited increasing repeat prescriptions and a growing share of use earlier in the approved second- through fourth-line treatment range.

Corcept said results from Arm A of its BELLA Phase 2 trial support earlier use of relacorilant, the active therapy referenced in the company's oncology development program. In the arm, 95 patients received relacorilant with nab-paclitaxel and bevacizumab. The regimen produced median progression-free survival of 7.2 months, an objective response rate of 59%, and six-month overall survival of 88%. Median overall survival had not been reached at the time of the primary analysis.

Among patients who had not previously received bevacizumab, representing about half of enrolled participants, median progression-free survival was 8.1 months, the response rate was 66%, and six-month overall survival was 91%.

In response to an analyst question about competing therapies, Vieira said Corcept expects Lifyorli to remain relevant because of its differentiated mechanism and potential use in combinations with other cancer drugs. Current use of a bevacizumab-containing Lifyorli regimen remains primarily anecdotal, he said, with the nab-paclitaxel plus Lifyorli regimen used most often today.

Relacorilant Decision Due in December

Chief Executive Officer Joe Belanoff said the FDA is scheduled to decide on Corcept's resubmitted new drug application for relacorilant in Cushing's syndrome by its Dec. 17 PDUFA date. The application is based primarily on the company’s Phase 3 GRACE trial and confirmatory evidence from the Phase 3 GRADIENT trial.

Belanoff said the studies showed durable improvements in Cushing's syndrome signs and symptoms without several serious adverse events associated with currently approved treatments, including hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency and QT prolongation.

Chief Business Officer Charlie Robb said the FDA requested a global statistical test after issuing a complete response letter on Corcept's original application. The agency did not request new data, he said. Corcept conducted the analysis across glucose, weight and hypertension endpoints and resubmitted the application in June.

Justin Gunn, who became president of endocrinology at the start of October, said the company intends to focus a potential relacorilant launch primarily on treatment-naive patients rather than switching existing Korlym patients. He cited greater screening for hypercortisolism following guidance from the American Diabetes Association and the American Association of Clinical Endocrinology.

Corcept said the ADA's 2026 consensus report recommended screening certain patients with difficult-to-control type 2 diabetes for hypercortisolism. The company expects increasing awareness and diagnosis to support continued growth in its Cushing's syndrome business.

Broader Development Programs

Corcept also outlined ongoing studies intended to expand its glucocorticoid receptor, or GR, antagonist platform. BELLA Arm B is evaluating relacorilant in platinum-sensitive ovarian cancer, while Arm C is studying the treatment in endometrial cancer. The TRIDENT trial is evaluating relacorilant as a potential first-line treatment for pancreatic cancer, and the SYNERGY Phase 1b study is testing nenocorilant with nivolumab across solid tumors. The company expects results from those studies by the end of 2027.

In metabolic dysfunction-associated steatohepatitis, or MASH, Corcept reported results from its Phase 2b MONARCH study of miricorilant. The company said patients receiving 200 milligrams twice weekly experienced greater liver-fat reductions than those receiving 100 milligrams twice weekly. Patients receiving 100 milligrams twice weekly who had pre- and post-treatment biopsies showed an absolute fibrosis improvement of 19.2% over 48 weeks.

Chief Development Officer Bill Guyer said Corcept plans to begin another Phase 2 MASH study early next year using 100 milligrams daily for three weeks followed by one week off treatment, repeated over 24 weeks. The study is intended to assess liver-fat reductions and non-invasive fibrosis measures and guide later-stage development.

Finally, Belanoff said Corcept plans to initiate a Phase 3 study in ALS next year following results from the Phase 2 DAZALS trial, which the company said showed a reduction in early mortality with cortisol modulation.

About Corcept Therapeutics (NASDAQ:CORT)

Corcept Therapeutics Incorporated NASDAQ: CORT is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company's research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept's primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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