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    CORT
    Earnings call· Jun 2026(Q2 FY26)

    CORCEPT THERAPEUTICS Q2 FY26 earnings call CORT

    Jul 29, 2026 Source

    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

    5

    • 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

    9
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $1.1 billion to $1.2 billion
    high materiality
    High
    Cushing's syndrome annual revenue (Korlym only)
    at least $2 billion
    high materiality
    High
    Cushing's syndrome annual revenue (with Relacorilant)
    between $3 billion and $5 billion
    high materiality
    High
    Relacorilant NDA PDUFA date
    December 17, 2026
    high materiality
    High
    Lifyorli US annual revenue (platinum-resistant ovarian cancer)
    more than $1 billion
    high materiality
    High
    BELLA, STELLA, TRIDENT trials results
    by the end of next year
    medium materiality
    High
    SYNERGY Phase Ib study results
    by the end of next year
    medium materiality
    High
    MONARCH Phase IIb study data
    later this year
    medium materiality
    High
    Dazucorilant pivotal trial start
    early next year
    medium materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    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———

    Operational metrics

    11
    Total Revenue
    $256.1M32% increase over prior-year period
    Q2 FY26

    Company-wide revenue for the second quarter.

    Net Income
    $43Mcompared to $35M in prior-year period
    Q2 FY26

    Net income for the second quarter.

    Operating Expenses
    flatto the first quarter of 2026
    Q2 FY26

    Operating expenses remained stable quarter-over-quarter.

    Cash and Investments Balance
    $545M
    as of June 30, 2026

    Cash and investments balance at the end of the second quarter.

    Hypercortisolism Prevalence in Difficult-to-Treat Diabetes
    24%
    CATALYST trial

    Finding from the CATALYST trial, driving physician awareness.

    Hypercortisolism Prevalence in Resistant Hypertension
    27%
    MOMENTUM trial

    Finding from the MOMENTUM trial, driving physician awareness.

    Hypercortisolism Prevalence in Resistant Diabetes and Hypertension
    39.7%
    CATALYST trial

    Higher prevalence observed in patients with both conditions in CATALYST.

    Hypercortisolism Prevalence in Resistant Diabetes and Hypertension
    32.6%
    MOMENTUM trial

    Higher prevalence observed in patients with both conditions in MOMENTUM.

    Lifyorli Risk Reduction in ROSELLA Trial
    35%reduction in risk of death (HR 0.65)
    ROSELLA trial

    Lifyorli met both primary endpoints in the ROSELLA trial, significantly delaying disease progression and extending overall survival.

    Dazucorilant Risk Reduction in DAZALS Trial (1-year)
    84%reduction in risk of death compared to placebo
    1-year mark

    Patients receiving 300mg of dazucorilant showed significant survival benefit in the Phase II DAZALS trial.

    Dazucorilant Risk Reduction in DAZALS Trial (2-year)
    87%reduction in risk of death compared to placebo
    2-year mark

    The survival benefit for dazucorilant in ALS persisted into the second year of the DAZALS study.

    Industry KPIs

    2
    MetricValueDetails
    Peak sales guidanceat least $2B; $3B-$5B; >$1BUSD
    EPS revenue guidance$1.1B-$1.2BUSD

    What to watch in Q3 FY26

    5

    Relacorilant NDA Approval

    Q4 FY26
    CurrentPDUFA date December 17, 2026
    TargetApproval 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.

    Q&A highlights

    2

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.