Can Relacorilant Drive Corcept's Long-Term Growth Beyond Korlym?

Core Insights - Corcept Therapeutics' sole-marketed drug, Korlym, is approved for treating Cushing's syndrome, and the company's revenue is entirely dependent on Korlym sales [1][2] Sales Performance - In the first half of 2025, Korlym generated sales of $351.6 million, reflecting a year-over-year increase of approximately 13.2% [1][9] - Full-year 2025 sales for Korlym are estimated to reach $857.1 million, indicating a nearly 26% year-over-year growth [1] Revenue Guidance - Management has revised its total revenue guidance for 2025, now expecting revenues between $850 million and $900 million, down from the previous estimate of $900 million to $950 million [3] Pipeline Development - Corcept is developing relacorilant as a potential alternative to reduce dependence on Korlym, with a new drug application submitted to the FDA for Cushing's syndrome [4][5] - The FDA has set a target action date of December 30, 2025, for the relacorilant application for Cushing's syndrome [4][9] Additional Indications - Corcept is also pursuing relacorilant for other indications, including a combination therapy for platinum-resistant ovarian cancer, with an FDA decision expected on July 11, 2026 [6][9] - The BELLA study is evaluating relacorilant in combination with nab-paclitaxel and Avastin for ovarian cancer treatment [7] - Other studies are assessing relacorilant with Keytruda for adrenal cancer and with Xtandi for early-stage prostate cancer [8]