Corcept Therapeutics Incorporated

Corcept Therapeutics Incorporated (Nasdaq: CORT) develops medicines that modulate the effects of cortisol. Its commercial businesses include Korlym and an authorized generic in endocrinology, and Lifyorli in oncology.

Quarterly financial and product comparisons

Three months ended September 30 and June 30, 2026, with the September 2025 comparison. USD millions, except diluted earnings per share. Profit figures are GAAP.

Lifyorli contributed $43.8 million of the $84.3 million sequential revenue increase, while Korlym and the authorized generic together contributed $40.5 million. The legacy category does not separate the brand's growth from its generic version.

Reported production costs benefit from the earlier expensing of preapproval Lifyorli manufacturing costs in research and development. Quarterly cost of sales was $4.6 million. Sales, administration and other general expenses rose to $164.4 million from $124.0 million a year earlier, including commercialization and legal spending.

Guidance and earlier expectations

Annual revenue guidance remains $1.1 billion to $1.2 billion, unchanged from July and above April's $950 million to $1.05 billion range. Nine-month revenue was $761.5 million.

Subtracting completed revenue gives an implied fourth-quarter range of $338.5 million to $438.5 million. The $388.5 million midpoint is approximately 14% above Q3. This is our calculation from the annual range.

After a $31.8 million first-quarter net loss, management expected a return to profitability in Q2. Actual Q2 net income was $43 million, followed by $126.8 million in Q3.

Commercial and regulatory milestones

The FDA approved Lifyorli, or relacorilant, on March 25, 2026, in combination with nab-paclitaxel for adults with platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal cancer after one to three prior systemic regimens, at least one including bevacizumab. U.S. launch began April 1.

In September, the European medicines committee recommended authorization for the cancer combination. A European Commission decision remained pending, with management expecting one by year-end.

Relacorilant's separate application for Cushing's syndrome was resubmitted in June after an earlier FDA rejection. The stated review target is December 17, 2026.

Cash, investments and share purchases

At September 30, cash was $98.7 million and marketable securities were $563.6 million, for a combined $662.3 million. That total rose from $544.6 million at June 30. The balance sheet shows no interest-bearing borrowing, with operating lease liabilities of $9 million.

Nine-month operating cash flow was $159.7 million versus $103.5 million in 2025. Equipment purchases were $3.4 million. Our simple subtraction leaves $156.2 million after capital spending.

The quarterly filing records $5.7 million of purchases under the stock repurchase program and $37.9 million of cash used for employee-share tax withholding. Those distinct outlays total about $43.7 million, the amount described more broadly in the results release. Remaining program authorization was $5.7 million.

Legal developments and the next test

Corcept intends to seek Supreme Court review in the Teva patent dispute. The separate antitrust case has a December 16 summary-judgment hearing ahead of a March 2027 trial. The latest filing reports no recorded legal contingency provision.

Future results can test continued growth in both commercial businesses, the cash generated after launch spending and progress toward the pending regulatory decisions.