Corcept's Korlym Drives its 2025 Revenue Surge: What's Ahead?

Core Insights - Corcept Therapeutics (CORT) is experiencing steady demand for its sole marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome [1] - In 2025, Korlym generated sales of $761.4 million, reflecting a year-over-year increase of approximately 13% [2] - The company anticipates total revenues between $900 million and $1 billion in 2026, driven by the continued demand for Korlym and expanded pharmacy capacity [3] Sales and Market Dynamics - The Federal Circuit Court of Appeals ruled against Corcept in its lawsuit against Teva Pharmaceuticals regarding the marketing of a generic version of Korlym, which may negatively impact future sales [4] - Korlym's sales had previously been affected by insufficient capacity from a specialty pharmacy vendor, but sales momentum has recently improved [4] Pipeline Developments - Corcept is developing relacorilant, a pipeline candidate for treating Cushing's syndrome and certain cancer indications [5] - The FDA accepted a new drug application for relacorilant in combination with nab-paclitaxel for treating platinum-resistant ovarian cancer, with a decision expected on July 11, 2026 [5] - A marketing authorization application for relacorilant plus nab-paclitaxel has also been submitted to the European Medicines Agency, with a decision anticipated by the end of 2026 [6] Clinical Studies - Corcept is conducting the phase II BELLA study to evaluate the efficacy of relacorilant combined with nab-paclitaxel and Roche's Avastin for treating platinum-resistant ovarian cancer, with data expected by the end of 2026 [7] Financial Performance and Valuation - Year-to-date, Corcept's shares have declined by 49.9%, underperforming both the industry and the S&P 500 [8] - The company’s shares are trading at a price-to-sales (P/S) ratio of 5.62, which is higher than the industry average of 2.28, but below its five-year mean of 7.54 [10] - The Zacks Consensus Estimate for 2026 earnings per share (EPS) has decreased from 84 cents to 29 cents, and for 2027, it has decreased from $3.47 to $1.84 [11]