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CORCEPT THERAPEUTICS INC (CORT)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 revenue was $207.6M and diluted EPS $0.16; revenue grew year over year but missed Wall Street consensus, while EPS beat consensus. Management cut FY2025 revenue guidance to $800–$850M due to specialty pharmacy capacity constraints despite underlying demand strength . Revenue consensus: $218.526M*, EPS consensus: $0.135*.
  • Underlying hypercortisolism demand is robust: record prescriptions, tablets shipped +42.5% YoY, ~3,250 paying patients at quarter-end, and expanded prescriber base. Transition to Curant Rare started Oct 1 to relieve capacity issues, with plans to add second and third specialty pharmacies to meet demand .
  • Oncology pipeline progressed: EMA MAA filed for relacorilant in PROC; late-breaker ESMO data showed strong PFS benefit in PARPi-exposed subgroups. U.S. PROC PDUFA is Jul 11, 2026; hypercortisolism PDUFA is Dec 30, 2025 .
  • Operating expenses rose to $197.4M (R&D $68.8M; SG&A $124.0M) in preparation for upcoming launches; net income fell to $19.7M from $47.2M YoY .
  • Near-term catalysts: Dec 30 PDUFA (relacorilant—hypercortisolism), pharmacy transition execution, Q4 revenue trajectory post-guidance cut, and further oncology updates from BELLA and ROSELLA OS .

What Went Well and What Went Wrong

What Went Well

  • "Record number of new prescriptions" and continued prescriber growth; tablets shipped +42.5% YoY, highlighting strong underlying demand in hypercortisolism .
  • Oncology momentum: ESMO late-breaker demonstrated PFS benefit in PARPi subgroups (HR 0.56–0.60; median PFS ~7.36 months) without added safety burden; BELLA trial expanded to earlier-stage ovarian and endometrial cancers .
  • Strategic steps to fix capacity: Curant Rare onboarded Oct 1 and additional pharmacies planned; management confident network expansion will meet rising demand .

What Went Wrong

  • Guidance cut (third consecutive quarter): FY2025 revenue lowered to $800–$850M (from $850–$900M in Q2; $900–$950M in Q1) due to pharmacy delays impacting patient starts and titration pacing .
  • Revenue missed consensus ($207.6M vs $218.5M*) and net income declined YoY ($19.7M vs $47.2M), reflecting increased SG&A for launches and capacity bottlenecks .
  • FDA did not grant priority review for PROC; while not a surprise per management, it extends timeline and removes a potential near-term upside .

Financial Results

Quarterly Actuals vs Prior Year and Prior Quarter

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD Millions)$182.5 $194.4 $207.6
Diluted EPS ($USD)$0.41 $0.29 $0.16
Operating Expenses ($USD Millions)$135.9 $167.8 $197.4
Research & Development ($USD Millions)$59.3 $60.5 $68.8
Selling, General & Administrative ($USD Millions)$73.7 $103.9 $124.0

Consensus vs Actual (Q3 2025)

MetricConsensusActual
Revenue ($USD Millions)218.526*207.638
Diluted EPS ($USD)0.135*0.16
Primary EPS - # of Estimates4*—
Revenue - # of Estimates4*—
Values marked with * retrieved from S&P Global.

Margins (Last 5 Quarters)

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025
EBIT Margin %25.53%*13.89%*2.17%*13.72%*4.92%*
Net Income Margin %25.86%*16.90%*13.07%*18.08%*9.47%*
Values marked with * retrieved from S&P Global.

Balance Sheet Snapshot

MetricQ2 2025Q3 2025
Cash & Investments ($USD Millions)$515.0 $524.2
Stock Repurchase (Quarter) ($USD Millions)$115.4 $50.6

KPIs

KPIQ2 2025Q3 2025
Paying Patients (End of Period)—~3,250
Tablets Shipped YoY Growth+49% +42.5%
Authorized Generic Mix~“two-thirds” of business “low 70s” percent
Net Price Discount vs Brand~30% discount ~30% discount

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025 (Q1 update)$900–$950M $900–$950M Maintained
RevenueFY 2025 (Q2 update)$900–$950M $850–$900M Lowered
RevenueFY 2025 (Q3 update)$850–$900M $800–$850M Lowered
R&D Expense DirectionFY 2026—“about the same as 2025” Maintained
SG&A DirectionFY 2026—“will continue to increase” Raised

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
Specialty pharmacy capacityVendor overwhelmed; operations improved Mar–Apr Capacity still lagging; ~$15M impact; second pharmacy planned Curant Rare fully online Oct 1; adding 2nd/3rd pharmacies Improving execution
Authorized generic mix & pricing>50% AG; volume to overwhelm price ~two-thirds AG; ~30% net discount “low 70s” AG; ~30% net discount Mix rising; pricing headwind persists
Hypercortisolism demand & educationRecord prescribers; strong growth Sales force up to 145; CATALYST driving awareness 150 specialists; ongoing growth and demand Accelerating
Regulatory (relacorilant)Hypercortisolism PDUFA 12/30/2025 PROC NDA submitted; EMA MAA coming EMA MAA submitted; PROC PDUFA 7/11/2026; late/mid-cycle complete On track
Oncology expansionBELLA initiated; broader tumor plans BELLA brisk enrollment; prostate and immunotherapy combos BELLA arms expanded; cervical/pancreatic; nenocorilant + nivolumab Broadening
Teva litigationAppeal pending; schedule TBD Oral arguments 7/7; decision could come in months Decision timing unknown; could be anytime Unchanged
ALS (dazucorilant)OS benefit in DAZALS; regulator engagement planned OS benefit reiterated; path forward under discussion Phase 3 planned mid-2026 Advancing
MASH (miricorilant)MONARCH design detailed Enrollment near complete; results late next year Enrollment completed; results expected end of next year On track

Management Commentary

  • CEO: “Our financial results don’t fully reflect this surge in demand, given capacity constraints at our previous specialty pharmacy vendor… We added a new specialty pharmacy on October 1st and will add others in the coming months” .
  • CDO (Oncology): “Relacorilant improved progression-free and overall survival… without increasing the safety burden… These results… give us confidence to expand… into earlier stages of ovarian cancer and… endometrial and cervical cancers” .
  • Endocrinology President: “We shipped more tablets to patients than ever before, 42.5% higher than the third quarter of last year… our base of prescribers has expanded substantially” .

Q&A Highlights

  • Paying patients ~3,250 at quarter-end; Curant Rare fully online from Oct 1 and capacity scalable; Optum continues servicing existing base—network expansion underway .
  • AG mix “low 70s” in Q3 (vs ~two-thirds in Q2); net price ~30% discount to brand—management does not expect gross margin compression beyond current dynamics .
  • FDA review process for hypercortisolism: mid-cycle and late-cycle meetings held on schedule; confidence FDA will meet Dec 30 action date .
  • Guidance math scrutiny: management acknowledged Q4 growth required; clarified two pharmacies are operating and expect efficiencies to support strong Q4 .
  • Priority review for PROC not granted; management “always hopeful, not surprised” given FDA priorities .

Estimates Context

  • Q3 2025: Revenue missed consensus ($207.6M vs $218.526M*), while EPS beat ($0.16 vs $0.135*). Counts of estimates were 4 for both revenue and EPS*. Capacity constraints and higher SG&A for upcoming launches contributed to the revenue shortfall and EPS compression . Values marked with * retrieved from S&P Global.
MetricQ1 2025Q2 2025Q3 2025
Revenue Consensus Mean ($USD Millions)177.925*199.395*218.526*
Revenue Actual ($USD Millions)157.214 194.430 207.638
Primary EPS Consensus Mean ($USD)0.1425*0.1875*0.1350*
Primary EPS Actual ($USD)0.17 0.29 0.16
# of Estimates (EPS / Revenue)4 / 4*4 / 4*4 / 4*
Values marked with * retrieved from S&P Global.

Where estimates may adjust:

  • FY2025 revenue models likely converge toward $800–$850M given pharmacy onboarding timelines and titration lag. SG&A trajectories for 2026 likely revised up; R&D flat vs 2025 per CFO .

Key Takeaways for Investors

  • Underlying demand is strong; operational execution on multi-pharmacy transition is the near-term swing factor for Q4 delivery and 2025 close .
  • Expect consensus resets to guidance ($800–$850M) and potential Q4 volatility; EPS may track mix and opex ramp for launches .
  • Bold upcoming catalysts: Dec 30 hypercortisolism PDUFA; EMA/U.S. PROC timelines; BELLA and ROSELLA OS readouts—each can drive narrative and multiple expansion if positive .
  • Oncology optionality broadened: ESMO late-breaker supports earlier ovarian lines and endometrial/cervical tumors; immunotherapy combo with nenocorilant initiates near term .
  • AG mix and pricing headwind continue but are being overwhelmed by volume growth; management sees no gross margin compression beyond current dynamics .
  • Litigation over Korlym with Teva remains a binary but increasingly less critical to medium-term thesis given relacorilant’s impending approval and expected market transition .
  • Trading lens: Watch for December FDA outcome and Q4 operational updates; a clean execution on pharmacy transition plus hypercortisolism approval could be a catalyst for re-rating despite recent guidance cuts .

Bolded beats/misses:

  • Revenue: Miss vs consensus (Actual $207.6M vs Consensus $218.5M*) .
  • EPS: Beat vs consensus (Actual $0.16 vs Consensus $0.135*) .

Additional references:

  • Q3 2025 press release and 8-K financials ; clinical and pipeline updates ; Curant Rare partnership .
  • Prior quarters for trend: Q2 2025 PR/EC ; Q1 2025 PR/EC .

Values marked with * retrieved from S&P Global.