Corcept shares fall 3.4% despite Q3 profit beat and reaffirmed revenue guidance

Corcept Therapeutics (CORT) said on Nov. 3 that third-quarter net income rose to $126.8 million, or $1.01 per diluted share, from $19.7 million a year earlier. The per-share figure topped the 81-cent consensus estimate, while revenue was in line with the $343.1 million consensus estimate.

Shares fell 3.4% in regular trading as of 3:59 p.m. ET on Nov. 4, from a regular-session close of $81.93.

The company has focused on cortisol modulation for more than 25 years. It sells Korlym for endogenous Cushing's syndrome and Lifyorli for platinum-resistant ovarian cancer.

Quarterly results

Here's how the company did:

• Diluted EPS: $1.01 vs. 16 cents a year earlier, against 81 cents expected
• Revenue: $340.5 million vs. $207.6 million a year earlier, against $343.1 million expected
• Net income: $126.8 million vs. $19.7 million a year earlier
• Operating expenses: $225.7 million vs. $197.4 million a year earlier

Revenue rose 64% from a year earlier and from $256.1 million in the second quarter of 2026. Korlym and authorized generic revenue increased 19% from the second quarter, to $249.1 million, while Lifyorli revenue grew 92%, to $91.4 million.

Chief Executive Officer Joseph K. Belanoff said: “Awareness of the importance of diagnosing and treating patients with Cushing’s syndrome is steadily increasing and is driving the growth of our endocrinology business.”

Belanoff also said: “Lifyorli’s uptake in ovarian cancer has been both very rapid and broad.” Since its April 1 launch, more than 2,300 patients have received the medication, and more than 1,700 physicians have prescribed it.

2026 guidance

The company reaffirmed its 2026 revenue guidance of $1.1 billion to $1.2 billion, the same range it set in its July 29 results release. The company expects continued growth in both its endocrinology and oncology businesses.

Pipeline and regulatory milestones

The FDA's decision date for relacorilant in Cushing's syndrome is Dec. 17, 2026, following the resubmission of its New Drug Application.

The European Medicines Agency's committee recommended approval of relacorilant plus nab-paclitaxel for platinum-resistant ovarian cancer in September. The company expects European Commission approval by the end of this year.

In the BELLA Part A Phase 2 trial of 95 patients with platinum-resistant ovarian cancer, median progression-free survival was 7.2 months and the objective response rate was 59%. Patients who had not previously received bevacizumab had median progression-free survival of 8.1 months and a response rate of 66%.

In amyotrophic lateral sclerosis, exploratory analyses showed patients on dazucorilant 300 mg had an 84% reduction in risk of death during the study's first year compared with placebo. The company plans a Phase 3 study next year.

Operating costs and cash

Selling, general and administrative expenses were $164.4 million, up from $124.0 million a year earlier. Research and development expenses were $56.7 million, down from $68.8 million.

Cash and investments reached $662.3 million at Sept. 30, up from $544.6 million at June 30. The company acquired $43.7 million of common stock in the quarter under its repurchase program.

According to its SEC filings, net income swung from a loss of $31.8 million in the first quarter of 2026 to a profit of $43.0 million in the second quarter of 2026.