second quarter 2026
Filed Jul 29, 2026Revenue of $256.1 million, a 32 percent increase over the same period in 2025; 2026 revenue guidance increased to $1.1 – $1.2 billion.
Second-quarter revenue increased 32 percent over the same period in 2025, Lifyorli contributed $47.6 million in its first quarter of availability, net income increased to $43.0 million, and the company increased 2026 revenue guidance to $1.1 – $1.2 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $256.1 million | – | 32 percent increase |
| Operating expensesother | $214.8 million | – | – |
| Net incomeother | $43.0 million | – | – |
| Net income per common share (diluted)other | $0.36 | – | – |
| Cash and investmentsother | $544.6 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Korlym and authorized generic productThe company said its Cushing’s syndrome business had a record number of new prescriptions written for its medications as physicians increasingly recognize hypercortisolism’s true prevalence and the necessity of appropriate treatment. | $208.6 million | – | – |
| Lifyorli productLifyorli generated revenue in its first quarter of availability. The company said over 1,300 patients had started treatment following FDA approval in March 2026 and that demand accelerated each month. | $47.6 million | – | – |
2026 outlook
- Revenue$1.1 – $1.2 billion
What drove it
- Revenue was $256.1 million, a 32 percent increase over the same period in 2025.
- Korlym and authorized generic product revenue was $208.6 million.
- Lifyorli product revenue was $47.6 million in its first quarter of availability.
- Over 1,300 patients have started treatment with Lifyorli following FDA approval in March 2026.
- The company increased 2026 revenue guidance to $1.1 – $1.2 billion.
- The FDA approved Lifyorli plus nab-paclitaxel for platinum-resistant ovarian cancer in March 2026, and the regimen was added to NCCN Guidelines as a preferred regimen in April 2026.
Concerns
- Second quarter 2026 operating expenses were $214.8 million, compared to $167.8 million in the same period in 2025, due to increased spending to launch Lifyorli and investments in the Cushing’s syndrome business.
- The relacorilant NDA for Cushing’s syndrome has a PDUFA date of December 17, 2026.
- BELLA Part A results, MONARCH results and a European Medicines Agency decision are expected by the end of this year.
- Multiple oncology studies and the SYNERGY study are expected to produce results by the end of next year.
What to watch
- Decision on the resubmitted relacorilant NDA for Cushing’s syndrome by December 17, 2026.
- Expected European Medicines Agency approval decision for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer later this year.
- BELLA Part A results in platinum-resistant ovarian cancer by the end of this year.
- MONARCH Phase 2b MASH results by the end of this year.
- Planned start of a Phase 3 dazucorilant trial in patients with ALS early next year.
- Results from BELLA Part B, BELLA Part C, STELLA, TRIDENT and SYNERGY by the end of next year.
Balance sheet and cash flow
- Cash and investments were $544.6 million at June 30, 2026, compared to $515.4 million at March 31, 2026.
Analysis
Corcept reported second-quarter 2026 revenue of $256.1 million, compared to $194.4 million in the second quarter of 2025, representing a reported 32 percent increase. The result reflects contributions from both commercial businesses: Korlym and authorized generic product revenue was $208.6 million, while Lifyorli product revenue was $47.6 million in its first quarter of availability. Management said more than 1,300 patients had started Lifyorli after its March 2026 FDA approval and that demand accelerated each month.
The Cushing’s syndrome franchise remained the larger revenue contributor. Management said the business recorded a record number of new prescriptions, citing increasing physician recognition of hypercortisolism’s prevalence and the need for treatment. The company expects this trend to continue as CATALYST and MOMENTUM findings are incorporated into clinical practice. Lifyorli’s launch is the principal new mix factor, with the company highlighting physician response to its efficacy and safety profile, oral administration and lack of biomarker requirement.
Profitability remained positive despite investment. Operating expenses were $214.8 million, compared to $167.8 million in the same period in 2025, due to spending for the Lifyorli launch and investments in the Cushing’s syndrome business. Net income was $43.0 million, compared to $35.1 million in second quarter 2025, and diluted net income per common share was $0.36, compared to $0.29. The filing does not provide gross margin, operating income, operating cash flow or free cash flow figures in the supplied text, limiting visibility into margin and cash conversion.
Liquidity increased during the period, with cash and investments of $544.6 million at June 30, 2026, compared to $515.4 million at March 31, 2026. The supplied text does not disclose debt, share repurchases, dividends or other capital-return activity. The company raised 2026 revenue guidance to $1.1 – $1.2 billion, signaling management’s expectation for continued strength across its oncology and Cushing’s syndrome businesses.
Clinical and regulatory execution remains central to the outlook. The resubmitted relacorilant NDA for Cushing’s syndrome has a PDUFA date of December 17, 2026. The company also expects a European Medicines Agency decision, BELLA Part A results and MONARCH results by the end of this year. Additional oncology study results are expected by the end of next year, while a Phase 3 dazucorilant trial in ALS is planned to begin early next year.
Management, verbatim
Our oncology and Cushing’s syndrome businesses delivered strong results in the second quarter.
Joseph K. Belanoff, M.D., Chief Executive Officer
We anticipate continued strength across our businesses and have increased our 2026 revenue guidance to $1.1 – $1.2 billion.
Joseph K. Belanoff, M.D., Chief Executive Officer
Relacorilant has the potential to become the new standard of care.
Bill Guyer, PharmD, Chief Development Officer
Not in the filing
stated, not guessed- GAAP or non-GAAP designation for reported financial metrics
- Gross profit
- Gross margin
- Operating income
- Operating margin
- Non-GAAP revenue, earnings, EPS or margin measures
- Operating cash flow
- Free cash flow
- Debt
- Share repurchases
- Dividends
- Diluted weighted-average shares outstanding
- Prior-quarter revenue
- Prior-quarter operating expenses
- Prior-quarter net income
- Prior-quarter diluted net income per common share
- Percentage changes for operating expenses, net income and diluted net income per common share
- 2026 guidance for gross margin
- 2026 guidance for operating expenses
- 2026 guidance for tax rate
- Prior 2026 revenue-guidance range
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.