For Lifyorli, how much of the $48M revenue is dispensed demand vs. channel build, how many unique prescribers are there, and what's the duration of therapy? For Korlym, is the 27% sequential growth due to clearing pharmacy backlog or new capacity?

Lifyorli's revenue is primarily dispensed demand with minimal channel inventory. There are over 1,000 unique prescribers. Duration of therapy is too early to assess, but ROSELLA data serves as a benchmark. Korlym's growth is not from clearing backlog, as the pharmacy transition is complete; it's driven by continued servicing of existing patients and record new enrollments. “The number was driven by continued servicing of our existing patient base. And as I shared earlier, a record number of new enrollments coming in. So the servicing of new patients coming in. We've had a record number of patients every single month, and we expect that to continue to grow.”

CORT

Corcept Therapeutics (CORT) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Jul 29, 2026

Source: earnings call transcript

Executive summary

Corcept Therapeutics Q2 FY26 — Strong Lifyorli Launch and Increased Full-Year Guidance

Corcept Therapeutics delivered a strong second quarter, driven by the successful launch of Lifyorli for platinum-resistant ovarian cancer and continued robust demand for Korlym. The company raised its full-year revenue guidance, reflecting confidence in both its endocrinology and oncology segments. Significant pipeline progress was also highlighted across multiple therapeutic areas.

Highlights

Q2 FY26 revenue was $256.1 million, a 32% increase over the prior-year period.
Lifyorli generated $47.6 million in its first quarter of availability.
Net income increased to $43 million in Q2 FY26, up from $35 million in the prior-year period.
The company increased its 2026 revenue guidance to a range of $1.1 billion to $1.2 billion.
Korlym saw a record number of new prescriptions and first-time prescribers in Q2 FY26.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	$1.1 billion to $1.2 billion high materiality	FY26	High
Cushing's syndrome annual revenue (Korlym only)	at least $2 billion high materiality	by end of this decade · FY29	High
Cushing's syndrome annual revenue (with Relacorilant)	between $3 billion and $5 billion high materiality	by 2030 · FY30	High
Relacorilant NDA PDUFA date	December 17, 2026 high materiality	Q4 · FY26	High
Lifyorli US annual revenue (platinum-resistant ovarian cancer)	more than $1 billion high materiality	near term	High
BELLA, STELLA, TRIDENT trials results	by the end of next year medium materiality	by end of FY27	High
SYNERGY Phase Ib study results	by the end of next year medium materiality	by end of FY27	High
MONARCH Phase IIb study data	later this year medium materiality	H2 FY26	High
Dazucorilant pivotal trial start	early next year medium materiality	early FY27	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Endocrinology Strong demand for Cushing's syndrome business, driven by increased physician awareness and screening. Korlym and authorized generic product revenue: $208.6 millionRecord number of new prescriptionsRecord number of first-time prescribersRecord number of patients on medication	$208.6M	—	—	—
Oncology Lifyorli launch off to a very strong start, with rapid uptake and broad market access. Lifyorli product revenue: $47.6 million (first quarter of availability)Patients initiated on Lifyorli: >1,300Unique prescribers for Lifyorli: >1,000Payer coverage for Lifyorli: >70% (combined Medicare, Medicaid, commercial lives)	$47.6M	—	—	—

What to watch in Q3 FY26

Relacorilant NDA Approval

Q4 FY26

Current PDUFA date December 17, 2026

Target Approval decision

Why it matters

Approval of relacorilant is expected to significantly accelerate growth in the Cushing's syndrome business, potentially increasing annual revenue to $3B-$5B by 2030.

Relacorilant's availability, which should occur shortly after the December 17 PDUFA date assigned to its resubmission, will accelerate this growth.

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Q&A highlights

Can you provide current patient numbers for Lifyorli, clarify what 'accelerating demand' means, and explain if the upward guidance revision is mostly Lifyorli-driven, also commenting on Korlym's dynamics and pharmacy bottlenecks?

Lifyorli has initiated over 1,300 patients and has over 1,000 unique prescribers, with a strong pace of weekly patient adds. The company aims for Lifyorli to be used earlier in treatment. The guidance increase reflects strength in both Endocrinology (Korlym) and Oncology (Lifyorli) businesses. Korlym saw record enrollments and new prescribers, with continuous improvement in pharmacy servicing.

“Our new guidance range reflects strength across both of our businesses, across both Endocrinology and Oncology. And so that's -- both of those are reflected in the updated guidance range.”

asked by David Amsellem · answered by Atabak Mokari

2 min read 5 chapters

Detailed narrative

Cushing's Syndrome Business Momentum

The Cushing's syndrome business continues to experience strong demand, with Q2 FY26 seeing record numbers of new prescriptions, first-time prescribers, and patients on medication. This growth is attributed to increasing physician awareness of hypercortisolism's prevalence, particularly in patients with difficult-to-treat diabetes (24% prevalence) and resistant hypertension (27% prevalence), as highlighted by the CATALYST and MOMENTUM trials.

The company expects this trend to continue, projecting annual revenue for the Cushing's syndrome business to reach at least $2 billion by the end of the decade, and $3 billion to $5 billion by 2030 with the addition of relacorilant.

Lifyorli Launch Success in Oncology

Lifyorli's launch for platinum-resistant ovarian cancer has been exceptionally strong, generating $47.6 million in revenue in its first quarter of availability. Over 1,300 patients have initiated treatment, and more than 1,000 unique prescribers have written prescriptions. The drug's compelling clinical profile, including strong efficacy data (35% reduction in risk of death in ROSELLA trial), manageable safety, oral administration, and no biomarker requirement, has driven rapid adoption.

Payer coverage is excellent, with NCCN guidelines listing Lifyorli as a preferred regimen and over 70% of combined Medicare, Medicaid, and commercial lives having formal coverage policies.

Relacorilant Regulatory Update

The New Drug Application (NDA) for relacorilant in Cushing's syndrome, based on positive Phase III GRACE and GRADIENT trials, was resubmitted on June 17, 2026, following a Complete Response Letter (CRL) at the end of last year. The FDA accepted the resubmission and assigned a PDUFA date of December 17, 2026.

Management expressed disappointment with the initial CRL but is focused on making relacorilant available as soon as possible to address the unmet needs in Cushing's syndrome.

Expanding Oncology Pipeline

Corcept is actively exploring the broad potential of GR antagonism in oncology beyond platinum-resistant ovarian cancer. Several trials are underway, including BELLA (relacorilant in platinum-resistant/sensitive ovarian cancer and endometrial cancer), STELLA (cervical cancer), and TRIDENT (first-line pancreatic cancer), with results expected by the end of 2027.

These studies aim to provide NCCN-guideline enabling data and could increase the number of patients relacorilant may help by fivefold. Additionally, the SYNERGY Phase Ib study is evaluating nenocorilant in combination with nivolumab for various solid tumors, with results anticipated by the end of 2027.

Metabolic and Neurological Pipeline Progress

The company is advancing miricorilant for Metabolic Dysfunction-Associated Steatohepatitis (MASH), with the Phase IIb MONARCH study having completed enrollment and data expected later this year. Positive results would support progression to Phase III. For Amyotrophic Lateral Sclerosis (ALS), the Phase II DAZALS trial for dazucorilant showed an 84% reduction in risk of death at one year and 87% at two years.

A dose titration study is ongoing to improve gastrointestinal tolerability, informing the design of a pivotal trial planned for early next year.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.