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CORCEPT THERAPEUTICS INC (CORT)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 revenue of $194.4M grew 18.7% year over year but modestly missed consensus ($199.4M, -2.5%); diluted EPS of $0.29 beat consensus ($0.19) on a lighter tax expense and operating leverage .*
  • 2025 revenue guidance was lowered to $850–$900M (from $900–$950M), driven by specialty pharmacy capacity constraints and slower patient starts; second pharmacy expected to contribute beginning in Q4 .
  • Commercial momentum remains strong: tablets shipped rose 49% YoY; authorized generic (AG) adoption reached ~two-thirds of business with ~30% average price discount vs Korlym’s list price, pressuring ASPs but expanding reach .
  • Strategic catalysts: relacorilant NDAs in hypercortisolism (PDUFA Dec 30, 2025) and platinum-resistant ovarian cancer submitted in July; management positioning relacorilant as the next standard of care across endocrinology and oncology .

What Went Well and What Went Wrong

What Went Well

  • Strong commercial demand: “record number of new prescribers and a record number of new patients receiving treatment,” with tablets shipped up 49% YoY, underscoring market expansion in hypercortisolism .
  • Pipeline milestones: NDA submitted for relacorilant in platinum-resistant ovarian cancer; hypercortisolism NDA review ongoing with Dec 30 PDUFA; GRACE/GRADIENT/CATALYST results published/presented in top venues, strengthening regulatory case .
  • Operating improvement versus Q1: income from operations rose to $26.7M vs $3.4M in Q1 on higher revenue and scaling; diluted EPS advanced to $0.29 from $0.17 .

What Went Wrong

  • Guidance cut: FY25 revenue lowered to $850–$900M due to pharmacy fulfillment delays; Q2 impact estimated at ~$15M, with effects flowing through titration and cohort build .
  • Revenue miss vs consensus: Q2 product revenue of $194.4M was ~$5.0M below Street; AG mix reached ~two-thirds with ~30% average discount, pressuring pricing and revenue trajectory .*
  • Elevated OpEx: SG&A rose to $103.9M from $66.9M YoY as the commercial organization scaled (145 clinical specialists vs ~60 in 2024, targeted 175 by year-end), compressing YoY EPS despite volume strength .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Revenue ($USD Millions)$181.9 $157.2 $194.4
Diluted EPS ($)$0.26 $0.17 $0.29
Total Operating Expenses ($USD Millions)$156.6 $153.8 $167.8
Income from Operations (EBIT) ($USD Millions)$25.3 $3.4 $26.7
EBIT Margin %13.9% 2.2% 13.7%
Net Income ($USD Millions)$30.7 $20.5 $35.1
Net Income Margin %16.9% 13.1% 18.1%
Cash & Investments ($USD Millions, period-end)$603.2 $570.8 $515.0
Revenue BreakdownQ4 2024Q1 2025Q2 2025
Product Revenue, net ($USD Millions)$181.9 $157.2 $194.4
KPIsQ4 2024Q1 2025Q2 2025
Tablets shipped YoY changeN/AN/A+49%
Authorized Generic share of businessN/A“just over 50%” ~two-thirds
AG average price discount vs Korlym list priceN/AN/A~30% average; launched at 12% discount
Estimated revenue impact from fulfillment delays ($USD Millions)N/AN/A~$15
QoQ Revenue change ($USD Millions)N/AN/A+$37 vs Q1

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)FY 2025$900 – $950 $850 – $900 Lowered

Rationale: specialty pharmacy capacity constraints delayed patient starts and titration, with incremental capacity ramping through H2 and a second pharmacy expected to contribute in Q4 .

Earnings Call Themes & Trends

TopicQ4 2024 (Prev-2)Q1 2025 (Prev-1)Q2 2025 (Current)Trend
Hypercortisolism market expansionEmphasized growing screening; Korlym record prescribers Record prescriptions; pharmacy issues improving; guidance reiterated Record prescribers/patients; tablets +49% YoY; pharmacy capacity lagging demand Strong demand; ops catching up
Specialty pharmacy capacityNot highlightedVendor began quarter under-capacity; improved by March/April ~$15M Q2 impact; second pharmacy onboarding for Q4 Improving capacity into Q4
Authorized generic (AG) mix/pricingNot highlightedNot disclosed in 8-K; call history indicates >50%~two-thirds of business; ~30% avg discount vs Korlym Higher AG mix; ASP headwind
Regulatory: hypercortisolism NDANDA submitted Dec 2024 FDA accepted; PDUFA Dec 30, 2025 Review continues; PDUFA Dec 30 Advancing to action date
Oncology: relacorilant in pROCResults “expected” this quarter ROSELLA PFS/OS positive; late-breaker planned NDA submitted July; physicians enthusiastic; potential >$1B revenue Moving to launch prep
Legal: Teva appeal (Korlym)N/AN/AOral arguments held July; decision expected in 2–3 months (management view); impact not central to growth plan Awaiting ruling
ALS: dazucorilant24-week OS benefit signal; 1-year OS expected Q2 1-year OS: HR=0.16; p=0.0009; regulators engagement planned Regulator meeting scheduled Aug; options include confirmatory design; unusual approval path discussed Defining path forward
MASH: miricorilant (MONARCH)Enrollment ongoing Enrollment ongoing; results late next year Enrollment nearly complete; results expected end of next year Progressing to results

Management Commentary

  • “Our financial results don’t fully reflect this surge in demand, which outpaced our specialty pharmacy vendor’s capacity. We expect improved performance by our current vendor, as well as contribution from a second pharmacy… and have modified our 2025 revenue guidance to $850 – $900 million.” — CEO Joseph K. Belanoff .
  • “We shipped more tablets to patients than ever before, 49% more than the second quarter last year… Increased pharmacy capacity is important because I am certain our growth is poised to accelerate.” — Endocrinology President Sean Madhu .
  • “We submitted relacorilant’s NDA in platinum-resistant ovarian cancer earlier this month… Physicians have responded with great enthusiasm… improving PFS and OS without an added safety burden.” — CEO prepared remarks on ROSELLA .
  • “Relacorilant has been well tolerated… no instances of drug induced hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency, or QT prolongation.” — CEO on safety profile .

Q&A Highlights

  • AG mix and pricing: AG now ~two-thirds of business; average ~30% discount vs Korlym list price; transition stabilizing near year-end (~two-thirds) .
  • Fulfillment and guidance: Q2 revenue impact ~$15M; delays extend cohort build and titration, warranting guidance reduction despite second pharmacy starting in Q4 .
  • BELLA timeline and oncology expansion: BELLA enrollment “by end of this year,” results ~1 year thereafter; exploring broader use in gynecologic cancers and combinations (including immunotherapy) with no expected overlapping toxicity .
  • ALS regulatory path: FDA/EMA meetings scheduled; options include approval based on existing survival data (unusual) or confirmatory trial; plan update post-meetings .
  • Patent appeal: Oral arguments completed; decision timing uncertain; management emphasizes relacorilant’s trajectory over Korlym litigation outcomes .

Estimates Context

MetricQ4 2024Q1 2025Q2 2025
Revenue Actual ($USD)$181,890,000 $157,214,000 $194,430,000
Revenue Consensus Mean ($USD)$200,115,000*$177,925,000*$199,394,750*
EPS Actual (Diluted, $)$0.26 $0.17 $0.29
Primary EPS Consensus Mean ($)$0.42333*$0.1425*$0.1875*
Beat/Miss vs ConsensusRev: Miss; EPS: MissRev: Miss; EPS: BeatRev: Miss; EPS: Beat
  • Q2 takeaways: revenue miss ($5.0M, -2.5%) and EPS beat ($0.10), reflecting operational leverage and tax benefit amid ASP pressure and fulfillment constraints .*
  • FY25 Street baselines: Revenue $819.3M*, EPS $1.00*, EBITDA $216.5M* (directionally below prior company guidance range before modification).*

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)FY 2025$900 – $950 $850 – $900 Lowered

Drivers: fulfillment delays prolong patient starts/titration; second pharmacy expected to ramp in Q4, with vendor improvements through H2 .

Earnings Call Themes & Trends

(See thematic table above)

Key Takeaways for Investors

  • Demand remains robust; fulfillment capacity is the gating factor. Watch Q4 for second pharmacy impact and sequential acceleration in revenue conversion .
  • Mix/price headwinds are real (AG ~two-thirds; ~30% discount), but volume growth and relacorilant transition potential underpin medium-term margin recovery .
  • Two near-term regulatory catalysts: hypercortisolism PDUFA (Dec 30, 2025) and ovarian cancer NDA review initiation; commercial infrastructure is scaling to support launches .
  • Oncology franchise could expand beyond pROC, including earlier lines and combinations; BELLA enrollment pace suggests physician enthusiasm—monitor timelines and label scope .
  • Litigation outcome with Teva is a near/intermediate variable; strategic emphasis is shifting to relacorilant where IP and clinical data are stronger .
  • Near-term trading: Q3 likely reflects ongoing capacity ramp; estimate revisions may drift lower on revenue while EPS resilience could persist given tax/opex phasing. A clean Q4 capacity inflection is the positive setup .
  • Medium-term thesis: relacorilant adoption in hypercortisolism and oncology (with strong safety and efficacy signals) can re-rate the story from Korlym/AG dynamics to multi-indication growth .

Notes: All document-derived figures and quotes are cited. Asterisks indicate consensus estimate values; Values retrieved from S&P Global.*