Corcept Therapeutics Announces Third Quarter Financial Results and Provides Corporate Update
CORCEPT THERAPEUTICS INC (CORT) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Corcept Therapeutics Announces Third Quarter Financial Results and Provides Corporate Update • Revenue of $340.5 million, a 64 percent increase over the same period in 2025 ◦ Korlym ® and authorized generic product revenue of $249.1 million ◦ Lifyorli ® product reven
How this was made
The 30-second read
Why it matters
The company posted a significant revenue jump and profit surge, while maintaining its 2026 revenue outlook.
Market read
Earnings beat and reaffirmed guidance are likely to attract short‑term buying interest in CORT.
What to watch
Upcoming regulatory reviews of relacorilant and potential competition could temper long‑term upside.
Revenue of $340.5 million, a 64 percent increase over the same period in 2025; net income of $126.8 million; reiterated 2026 revenue guidance of $1.1 – $1.2 billion.
Third-quarter product revenue was $340.5 million, net income was $126.8 million, and Lifyorli contributed $91.4 million of revenue following its April 1st launch. The company reiterated 2026 revenue guidance of $1.1 – $1.2 billion.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenue, net (three months ended September 30) (In thousands)GAAP | $340.5M | – | 64 percent |
| Cost of sales (three months ended September 30) (In thousands)GAAP | 4.61M | – | – |
| Research and development (three months ended September 30) (In thousands)GAAP | 56.71M | – | – |
| Selling, general and administrative (three months ended September 30) (In thousands)GAAP | 164.4M | – | – |
| Total operating expenses (three months ended September 30) (In thousands)GAAP | 225.7M | – | – |
| Income from operations (three months ended September 30) (In thousands)GAAP | 114.7M | – | – |
| Interest and other income (three months ended September 30) (In thousands)GAAP | 5.58M | – | – |
| Income before income taxes (three months ended September 30) (In thousands)GAAP | 120.3M | – | – |
| Income tax benefit (three months ended September 30) (In thousands)GAAP | 6.47M | – | – |
| Net income (three months ended September 30) (In thousands)GAAP | $126.8M | – | – |
| Net income attributable to common stockholders (three months ended September 30) (In thousands)GAAP | $124.5M | – | – |
| Basic net income per common share (three months ended September 30)GAAP | $ 1.17 | – | – |
| Diluted net income per common share (three months ended September 30)GAAP | $ 1.01 | – | – |
| Weighted-average shares outstanding used in computing net income per common share, basic (three months ended September 30) (In thousands)GAAP | 106.6M | – | – |
| Weighted-average shares outstanding used in computing net income per common share, diluted (three months ended September 30) (In thousands)GAAP | 123.2M | – | – |
| Product revenue, net (nine months ended September 30) (In thousands)GAAP | $761.5M | – | – |
| Cost of sales (nine months ended September 30) (In thousands)GAAP | 11.55M | – | – |
| Research and development (nine months ended September 30) (In thousands)GAAP | 176.9M | – | – |
| Selling, general and administrative (nine months ended September 30) (In thousands)GAAP | 466.7M | – | – |
| Total operating expenses (nine months ended September 30) (In thousands)GAAP | 655.1M | – | – |
| Income from operations (nine months ended September 30) (In thousands)GAAP | 106.4M | – | – |
| Interest and other income (nine months ended September 30) (In thousands)GAAP | 15.1M | – | – |
| Income before income taxes (nine months ended September 30) (In thousands)GAAP | 121.5M | – | – |
| Income tax benefit (nine months ended September 30) (In thousands)GAAP | 16.48M | – | – |
| Net income (nine months ended September 30) (In thousands)GAAP | $138.0M | – | – |
| Net income attributable to common stockholders (nine months ended September 30) (In thousands)GAAP | $135.5M | – | – |
| Basic net income per common share (nine months ended September 30)GAAP | $ 1.28 | – | – |
| Diluted net income per common share (nine months ended September 30)GAAP | $ 1.13 | – | – |
| Weighted-average shares outstanding used in computing net income per common share, basic (nine months ended September 30) (In thousands)GAAP | 105.5M | – | – |
| Weighted-average shares outstanding used in computing net income per common share, diluted (nine months ended September 30) (In thousands)GAAP | 119.4M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Korlym and authorized generic (three months ended September 30) (In thousands)Awareness of the importance of diagnosing and treating patients with Cushing’s syndrome is steadily increasing. | $249.1M | increased 19 percent | – |
| Lifyorli (three months ended September 30) (In thousands)Lifyorli’s uptake in ovarian cancer has been both very rapid and broad. | 91.41M | grew 92 percent | – |
| Korlym and authorized generic (nine months ended September 30) (In thousands)Endocrinology business growth was attributed to increasing awareness of diagnosing and treating Cushing’s syndrome. | $622.6M | – | – |
| Lifyorli (nine months ended September 30) (In thousands)Lifyorli was introduced in March 2026 as a treatment for patients with platinum-resistant ovarian cancer. | 139.0M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- Revenue$1.1 – $1.2 billion
- NoteRelacorilant for patients with Cushing’s syndrome resubmitted New Drug Application PDUFA date of December 17, 2026.
- NoteBELLA Part B results expected by the end of next year.
- NoteBELLA Part C results expected by the end of next year.
- NoteTRIDENT results expected by the end of next year.
- NoteEuropean Commission approval of the MAA for relacorilant plus nab-paclitaxel expected by the end of this year.
- NoteProstate cancer Phase 2 results expected by the end of next year.
- NoteSYNERGY results expected by the end of next year.
- NoteA Phase 2 trial of miricorilant at 100 mg daily is starting soon.
- NoteALS Phase 3 trial planned to begin next year.
Capital returns
- The September 30, 2026 cash and investments balance reflects the acquisition of $43.7 million of common stock in the third quarter pursuant to the company’s stock repurchase program.
- The September 30, 2026 cash and investments balance also reflects shares acquired upon the exercise of employee stock options and the vesting of restricted stock grants.
What drove it
- Korlym and authorized generic product revenue was $249.1 million.
- Lifyorli product revenue was $91.4 million.
- Since its April 1st launch, more than 2,300 patients have received Lifyorli and more than 1,700 physicians have prescribed it.
- BELLA Part A in 95 patients with platinum-resistant ovarian cancer reported median PFS of 7.2 months, ORR of 59 percent and OS of 88 percent at 6-months.
- Among BELLA Part A patients with no prior bevacizumab, median PFS was 8.1 months, ORR was 66 percent and 6-month OS was 91 percent.
- DAZALS exploratory analyses reported an 84 percent reduction in risk of death during the first year for patients receiving dazucorilant 300 mg versus placebo, with hazard ratio: 0.16, p-value: 0.0009.
Concerns
- Selling, general and administrative expense was 164,431 (In thousands) in the third quarter, compared to 123,977 (In thousands) in the same period in 2025.
- The release states median OS was not yet reached at the time of the BELLA Part A primary analysis.
- MONARCH Cohort A reported an improvement in fibrosis of 19 percent at 48 weeks among patients who received pre- and post-treatment liver biopsies.
- The FDA decision on the resubmitted NDA for relacorilant for patients with Cushing’s syndrome is expected by December 17, 2026.
What to watch
- FDA decision on the relacorilant NDA for patients with Cushing’s syndrome on December 17, 2026.
- European Commission decision on the MAA for relacorilant plus nab-paclitaxel for platinum-resistant ovarian cancer, expected by the end of this year.
- BELLA Part B, BELLA Part C, TRIDENT, prostate cancer Phase 2 and SYNERGY results expected by the end of next year.
- The planned Phase 3 ALS study next year and the planned higher-dose miricorilant Phase 2 trial.
Balance sheet and cash flow
- Cash and investments were $662.3 million at September 30, 2026, compared to $544.6 million at June 30, 2026.
- Cash and investments (In thousands): $ 662,307 at September 30, 2026; $ 532,422 at December 31, 2025.
- Trade receivables, net of allowances (In thousands): 111,061 at September 30, 2026; 59,786 at December 31, 2025.
- Inventory (In thousands): 37,569 at September 30, 2026; 23,962 at December 31, 2025.
- Operating lease right-of-use asset (In thousands): 6,517 at September 30, 2026; 4,583 at December 31, 2025.
- Deferred tax assets, net (In thousands): 169,069 at September 30, 2026; 168,197 at December 31, 2025.
- Other assets (In thousands): 47,504 at September 30, 2026; 47,701 at December 31, 2025.
- Total assets (In thousands): $ 1,034,027 at September 30, 2026; $ 836,651 at December 31, 2025.
- Accounts payable (In thousands): $ 21,924 at September 30, 2026; $ 40,444 at December 31, 2025.
- Operating lease liabilities (In thousands): 8,991 at September 30, 2026; 6,107 at December 31, 2025.
- Other liabilities (In thousands): 169,372 at September 30, 2026; 142,295 at December 31, 2025.
- Stockholders’ equity (In thousands): 833,740 at September 30, 2026; 647,805 at December 31, 2025.
- Total liabilities and stockholders’ equity (In thousands): $ 1,034,027 at September 30, 2026; $ 836,651 at December 31, 2025.
Analysis
Corcept reported third-quarter 2026 product revenue of $340.5 million, which the release described as a 64 percent increase over the same period in 2025. Product revenue was $340,472 thousand in the financial statements, compared with $207,638 thousand in the prior-year quarter and $256.1 million in the second quarter of 2026. Net income was $126.8 million, versus $19.7 million in the third quarter of 2025 and $43.0 million in the second quarter of 2026. Diluted net income per common share was $1.01, compared with $0.16 in the prior-year quarter.
The revenue mix now includes a material contribution from Lifyorli. Korlym and authorized generic revenue was $249.1 million and was stated to have increased 19 percent, while Lifyorli generated $91.4 million and was stated to have grown 92 percent. Management linked endocrinology growth to increased awareness of diagnosis and treatment of Cushing’s syndrome, while describing Lifyorli uptake as rapid and broad. Since the April 1st launch, the company said more than 2,300 patients had received Lifyorli and more than 1,700 physicians had prescribed it.
Operating expenses were $225.7 million in the quarter, compared with $214.8 million in the second quarter of 2026. Within the quarter, research and development expense was 56,709 thousand, below 68,846 thousand in the third quarter of 2025, while selling, general and administrative expense was 164,431 thousand, above 123,977 thousand. Income from operations was 114,724 thousand, compared with 10,219 thousand in the prior-year quarter. Cash and investments increased by $117.7 million during the quarter to $662.3 million, notwithstanding $43.7 million of common-stock acquisitions under the repurchase program.
Clinical updates included BELLA Part A results in platinum-resistant ovarian cancer, with reported median PFS of 7.2 months, ORR of 59 percent and OS of 88 percent at 6-months. The company also reported that median OS had not yet been reached at the primary analysis. Regulatory and development milestones include a December 17, 2026 PDUFA date for relacorilant in Cushing’s syndrome, an expected European Commission decision by year-end for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer, and multiple trial readouts expected by the end of next year.
Corcept reiterated 2026 revenue guidance of $1.1 – $1.2 billion. The filing did not provide forward guidance for gross margin, operating expenses, tax rate, earnings per share, cash flow or capital expenditures. The main reported operating indicators to monitor are continued Korlym and authorized generic growth, the trajectory of Lifyorli revenue after launch, spending levels, regulatory decisions, and the timing of clinical data from BELLA Parts B and C, TRIDENT, the prostate cancer trial and SYNERGY.
Management, verbatim
Awareness of the importance of diagnosing and treating patients with Cushing’s syndrome is steadily increasing and is driving the growth of our endocrinology business.
Joseph K. Belanoff, MD, Chief Executive Officer
Lifyorli’s uptake in ovarian cancer has been both very rapid and broad. Since its April 1st launch, more than 2,300 patients have received the medication. More than 1,700 physicians have prescribed it. We expect continued growth in both businesses and have reiterated our 2026 revenue guidance of $1.1 – $1.2 billion.
Joseph K. Belanoff, MD, Chief Executive Officer
Our BELLA Part A results provide the latest evidence of GR antagonism’s versatility, especially when administered earlier in the course of disease.
Bill Guyer, PharmD, Chief Development Officer
Not in the filing
stated, not guessed- Prior outlook section was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross margin was not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Dividend information was not reported.
- Forward guidance for gross margin was not reported.
- Forward guidance for operating expenses was not reported.
- Forward guidance for tax rate was not reported.
- Forward guidance for earnings per share was not reported.
- Forward guidance for cash flow or capital expenditures was not reported.
- Prior-quarter values were not reported for individual income-statement line items other than product revenue, total operating expenses and net income.
- Year-over-year percentage changes were not reported for individual product revenue categories or individual income-statement expense line items.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is a standard SEC Form 8‑K earnings release for Corcept Therapeutics, a NASDAQ‑listed biotech.
Ticker impact
Corcept Therapeutics reported Q3 2026 revenue of $340.5M (+64% YoY) and net income of $126.8M, reaffirming 2026 revenue guidance of $1.1‑$1.2B.
likely upward pressure as market prices in strong earnings and solid guidance reaffirmation
Revenue growth and profit expansion exceed prior quarter, and guidance remains at the higher end of expectations, supporting a bullish bias.
Market effects
Strong results may lift sentiment in the endocrine and oncology biotech sector.
Positive for US-listed small‑cap biotech stocks.
Limited to investors focused on specialty pharma and cortisol‑modulating therapies.
Counterpoint
If the market had already priced in the growth, reaffirmed guidance may not trigger further upside.
Key entities
- companyCorcept Therapeutics Inc.
NASDAQ‑listed biotech focused on cortisol‑modulating drugs.
