stockrowWhat it does
Corcept Therapeutics discovers, develops and sells medicines that alter the effects of cortisol, a hormone involved in metabolism, the immune system and the body’s response to stress. It focuses on serious endocrine, cancer, metabolic and neurological disorders. The company was founded in 1998 and is headquartered in Menlo Park. Joseph K. Belanoff is chief executive officer.
Corcept sells Korlym and its authorized generic in the United States for patients with hypercortisolism, also known as Cushing’s syndrome. People with this condition have excessive cortisol activity, which can contribute to problems including high blood pressure, diabetes, fatigue and changes in body composition. Korlym works by competing with cortisol for binding to a receptor through which the hormone acts.
The company also sells Lifyorli, a medicine approved for patients with platinum-resistant ovarian cancer in the second through fourth lines of treatment. Lifyorli is relacorilant, a selective cortisol modulator that Corcept is also developing for Cushing’s syndrome and studying in other cancers.
Corcept’s research extends beyond its marketed medicines. It is studying miricorilant for the liver disease MASH, dazucorilant for ALS and nenocorilant alongside immunotherapy in solid tumors. Its selective compounds are designed to bind to the glucocorticoid receptor without binding to the progesterone receptor, unlike the active ingredient in Korlym.
How it makes money
Corcept earns product revenue by selling prescription medicines. Its Cushing’s syndrome business comprises branded Korlym and an authorized generic version; its oncology business sells Lifyorli. Sales representatives call on physicians who treat patients with hypercortisolism, while specialty pharmacy and distribution providers help dispense products and support patients and physicians. Lifyorli is primarily being used with the chemotherapy medicine nab-paclitaxel.
Net product revenue is the amount remaining after deductions from gross sales for items such as estimated government rebates and chargebacks, patient co-pay assistance, prompt-payment discounts and expected returns. These deductions depend in part on the insurance programs covering patients. Corcept also supports patient access through its own programs and donations to independent charitable foundations.
Net product revenue was $761.4 million for the year ended December 31, 2025; total revenue was $340.5 million in the third quarter of 2026.
In 2025, higher sales volume increased revenue, while a lower average price partly offset that growth as the authorized generic accounted for more sales. Corcept said net product revenue would have been materially higher if its primary specialty pharmacy vendor had fully met demand. In the third quarter of 2026, Korlym and its authorized generic generated $249.1 million of revenue, and Lifyorli generated $91.4 million.
The company depends on prescriptions and dispensing rather than a subscription contract. Continued treatment can generate further sales, subject to patients’ treatment decisions and insurance coverage. Corcept expects revenue of $1.1 billion to $1.2 billion in 2026.
Customers and how it sells
Corcept’s medicines are prescribed by physicians for patients with Cushing’s syndrome or platinum-resistant ovarian cancer. For its Cushing’s syndrome products, sales representatives visit treating physicians and field-based medical science liaisons also work with the medical community. Specialty pharmacy and distribution providers handle product delivery and provide logistical support.
Corcept sells Korlym and its authorized generic in the United States. It educates physicians and patients about screening for hypercortisolism because many people with the condition are undiagnosed or inadequately treated. Its patient support programs and contributions to independent foundations help patients obtain care, including support with some treatment expenses.
More than 1,700 physicians had prescribed Lifyorli to more than 2,300 patients since its April 1 launch. Corcept has targeted 5,000 U.S. physicians for its oncology launch. Lifyorli is approved for patients with platinum-resistant ovarian cancer in the second through fourth lines of treatment.
Corcept has also submitted an application in the European Union for relacorilant combined with nab-paclitaxel for platinum-resistant ovarian cancer. Government and private insurance coverage affects patient access and the revenue Corcept receives.
Suppliers and costs
Corcept relies on contract manufacturers to produce its marketed products and product candidates. It has agreements for the supply of mifepristone, the active ingredient in Korlym and its authorized generic, and for tableting and bottling those products. It also uses clinical research organizations to help conduct trials; Syneos Health assists with ROSELLA and BELLA, while Medpace Research assists with MOMENTUM and MONARCH.
Specialty pharmacies are part of the distribution chain. Substantially all specialty pharmacy services for Korlym and its authorized generic moved from Optime Care to Curant Health Georgia in the fourth quarter of 2025. Corcept said an insurance prior-authorization backlog accumulated as patients moved to the new pharmacy.
Cost of sales includes ingredients, tableting, packaging, personnel, testing and distribution. It was $13.0 million for the year ended December 31, 2025. Research and development expense was $254.9 million, and selling, general and administrative expense was $448.7 million for the same year. Corcept expects both research and development and selling, general and administrative expenses to be higher in 2026 than in 2025.
- Revenue$761.4M
- Cost of revenue−$13.0M
- Research and development−$254.9M
- Selling, general and administrative−$448.7M
- Operating income$44.8M
Competitive position
For Cushing’s syndrome, Korlym and its authorized generic compete with surgery, radiation and other medicines, including drugs used outside their approved indications. Recordati sells Signifor for Cushing’s disease and Isturisa for Cushing’s syndrome. Xeris Biopharma sells Recorlev for Cushing’s syndrome, while Teva Pharmaceuticals USA sells a generic version of Korlym. Lifyorli also faces competing treatments in ovarian cancer; Keytruda is approved for a PD-L1 population.
Corcept owns U.S. composition-of-matter patents for its next-generation cortisol modulators and has foreign counterparts to some of them. It also owns patents covering uses of selective modulators in several diseases. The company says competitors or other parties may challenge or circumvent patents, and applications may not result in the protection sought.
Our reading: The patent portfolio provides a meaningful potential barrier around proprietary compounds and uses, but its protection varies by patent and can be challenged. Our reading: Corcept’s physician education, sales and pharmacy infrastructure support its position in Cushing’s syndrome, though physicians and payors can choose other treatments, including Teva’s generic. Our reading: Lifyorli’s approval and Corcept’s clinical evidence support its oncology position, but competing treatments and further clinical development limit certainty about its durability.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Teva Pharmaceuticals USA, Inc. | Generic Korlym for Cushing’s syndrome | High |
| Recordati S.p.A. | Medicines for Cushing’s disease and Cushing’s syndrome | Medium |
| Xeris Biopharma Holdings, Inc. | Recorlev for Cushing’s syndrome | Medium |
Growth opportunities
Corcept is pursuing growth through wider identification and treatment of hypercortisolism, the Lifyorli launch and new uses for its cortisol modulators. Its CATALYST study screened patients with difficult-to-control diabetes; the company also completed enrollment in MOMENTUM to investigate hypercortisolism in patients with resistant hypertension. Corcept uses education programs to help physicians and patients identify the condition.
The company has resubmitted its application for relacorilant in Cushing’s syndrome and expects an FDA decision by its December 17, 2026 target date. In ovarian cancer, it is studying relacorilant with other medicines in BELLA. The company reported a median progression-free survival of 7.2 months in BELLA’s initial platinum-resistant ovarian cancer arm, which tested relacorilant with nab-paclitaxel and bevacizumab. Lifyorli is not approved for use with bevacizumab.
Other programs seek uses in pancreatic, endometrial and prostate cancers and solid tumors treated with immunotherapy. In the third quarter of 2026, Corcept expected results from its ongoing BELLA, TRIDENT and SYNERGY studies by the end of the following year.
Outside cancer, Corcept plans a Phase II trial of a higher daily dose of miricorilant for MASH and, as of the third quarter of 2026, planned a Phase III study of dazucorilant in ALS the following year. Its earlier ALS trial did not meet its primary functional endpoint, although an exploratory analysis found a survival benefit.
- $366.0MFY2021
- $401.9MFY2022
- $482.4MFY2023
- $675.0MFY2024
- $761.4MFY2025
- $1.1BFY2026 guidance
Structural risks
- Coverage and pricing: Product revenue can be limited by unavailable insurance, lower Medicaid reimbursement, government price controls or physician and payor preference for competing treatments, including lower-priced generics.
- Regulatory and trial outcomes: Product candidates require approval before commercialization. Trials can fail to show efficacy or acceptable safety, face slow enrollment or be delayed by regulatory requirements. The FDA declined the original Cushing’s syndrome application for relacorilant and requested additional efficacy evidence.
- Safety: Korlym’s active ingredient also binds to the progesterone receptor and can terminate pregnancy or cause other adverse effects. Newly identified adverse effects for a product could lead to warnings, restrictions or withdrawal.
- Third-party execution: Contract manufacturers, clinical trial vendors and specialty pharmacies perform activities necessary to supply products and run studies. Supply disruptions or an inability to dispense promptly can limit revenue or delay development.
- Intellectual property: Corcept may be unable to secure, maintain or effectively assert patent protection for its selective cortisol modulators or uses of its products. Competitors may challenge or circumvent patents.
- Spending and funding: Clinical development timing and costs are uncertain. Corcept expects higher research and commercial spending in 2026 and may need additional capital for operations or strategic reasons.
Bottom line
Our reading
Our reading: Corcept combines a prescription-drug business in Cushing’s syndrome with a newer ovarian cancer medicine and a pipeline built around cortisol modulation. Its existing sales help fund research, but the business remains exposed to generic competition, insurance and pharmacy execution, as well as the clinical and regulatory outcomes needed to expand its medicines into other diseases.