Will Korlym Continue to Drive Corcept's Top Line in 2026?

Core Insights - Corcept Therapeutics (CORT) is making significant progress with its sole-marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome or endogenous hypercortisolism. The company's revenue is currently derived entirely from Korlym sales [1] Sales Performance - In the first nine months of 2025, Korlym generated sales of $559.3 million, reflecting a year-over-year increase of approximately 13.4%. The sales momentum is expected to continue, with a projected compound annual growth rate (CAGR) of around 26.4% over the next three years [2][10] - Despite earlier sales disruptions due to insufficient capacity from a specialty pharmacy vendor, sales have improved, and further enhancements are anticipated with new pharmacy vendors in 2026. For the full year of 2025, Corcept expects total revenues to be between $800 million and $850 million [3][10] Pipeline Development - Corcept is developing relacorilant, its lead pipeline candidate, for treating Cushing's syndrome and certain cancer indications. A new drug application (NDA) for relacorilant was submitted to the FDA in December 2024, with a target action date of December 30, 2025 [4][5] - Approval of relacorilant for Cushing's syndrome is expected to diversify Corcept's revenue streams and reduce reliance on Korlym. Management anticipates that all current Korlym patients will transition to relacorilant upon its approval [6] - The FDA accepted an NDA for relacorilant in combination with nab-paclitaxel for treating platinum-resistant ovarian cancer, with a decision expected on July 11, 2026. Additionally, a marketing authorization application (MAA) has been submitted to the European Medicines Agency for the same indication, with potential approval by the end of 2026 [7] - Corcept is also conducting studies evaluating relacorilant in combination with nab-paclitaxel and Avastin for platinum-resistant ovarian cancer, as well as with Xtandi for early-stage prostate cancer [8][9] Financial Performance and Valuation - Year-to-date, Corcept's shares have increased by 57.6%, outperforming the industry, which rose by 9.4%. The stock has also surpassed the performance of the sector and the S&P 500 [11] - From a valuation perspective, Corcept is trading at a premium, with a price-to-sales (P/S) ratio of 12.80, significantly higher than the industry average of 2.38 and above its five-year mean of 7.66 [12] - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has decreased from $1.15 to $0.89 over the past 60 days, with 2026 EPS estimates also declining from $1.71 to $1.25 [13]