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1. Company Snapshot

1.a. Company Description

Corcept Therapeutics Incorporated discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and neuropsychiatric disorders in the United States.The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.It is developing relacorilant to treat patients with Cushing's syndrome; and nab-paclitaxel in combination with relacorilant, which has completed Phase II clinical trial to treat patients with advanced ovarian tumors, as well as for the treatment of cortisol excess.


The company is also developing selective cortisol modulator to treat patients with metastatic castration-resistant prostate cancer; selective cortisol modulator for the treatment of antipsychotic-induced weight gain and other disorders; and FKBP5 gene expression assays.Corcept Therapeutics Incorporated was incorporated in 1998 and is headquartered in Menlo Park, California.

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1.b. Last Insights on CORT

Corcept Therapeutics Incorporated faced significant negative drivers over the recent three months. The company's proposed treatment for hypercortisolism, relacorilant, encountered substantial hurdles. On December 31, 2025, Corcept received a complete response letter (CRL) from the FDA, which led to a 50% plummet in its shares. The FDA had warned the company multiple times not to submit its drug application, as reported by Reuters on January 30, 2026. Multiple law firms, including Hagens Berman, Holzer & Holzer, LLC, and The Schall Law Firm, launched investigations into potential securities claims against Corcept, focusing on alleged misleading statements and failures to disclose crucial information.

1.c. Company Highlights

2. Corcept Therapeutics' 2025 Earnings: A Year of Growth and Progress

Corcept Therapeutics reported a strong financial performance for the full year 2025, with revenue reaching $761 million, a 13% increase from the prior year. Net income was $99.7 million, and earnings per share (EPS) came in at $0.2, slightly below analyst estimates of $0.33. The company's cash and investments stood at $532 million as of December 31, 2025. The revenue growth was driven primarily by the Cushing's Syndrome business, which experienced a surge in demand for Korlym in 2025.

Publication Date: Feb -26

📋 Highlights
  • Revenue Growth & Cash Reserves: Full-year 2025 revenue reached $761 million (+13% YoY), with $532 million in cash and investments, and 2026 guidance set at $900 million to $1 billion.
  • Legal & FDA Challenges: Lost Federal Circuit Court appeal against Teva’s generic Korlym and faced FDA rejection for relacorilant’s Cushing’s syndrome application.
  • Cushing’s Syndrome Demand Surge: Korlym demand surged in 2025 due to increased physician awareness, with new pharmacy partner Curant addressing capacity constraints.
  • Oncology Pipeline Advances: Relacorilant showed promising Phase III ROSELLA trial results (HR 0.76 vs. KEYTRUDA) and aims for mid-2026 approval in platinum-resistant ovarian cancer.
  • Financial Guidance & Pricing: Net price for Korlym stabilized at ~78% of WAC, with pricing pressures factored into 2026 guidance as oncology revenue ramps post-approvals.

Guidance and Outlook

The company expects revenue growth to continue, with full year 2026 revenue guidance of $900 million to $1 billion, representing a growth rate of 18-31%. According to Joseph K. Belanoff, CEO, "Our Cushing's Syndrome business is poised for substantial growth with our existing medications and will grow even faster upon the approval of relacorilant." The company's guidance range is driven primarily by its Cushing's Syndrome business, with only a small portion coming from its oncology business.

Relacorilant's Potential

The company's pipeline asset, relacorilant, has shown promising results in clinical trials, particularly in the treatment of patients with Cushing's syndrome and certain types of cancer. The ROSELLA trial, which evaluated relacorilant in combination with nab-paclitaxel, met both primary endpoints and demonstrated a similar safety profile compared to a year ago. Belanoff highlighted the potential of relacorilant, stating that the company is "confident in relacorilant's potential in earlier stages of ovarian cancer as well as in other tumor types and in combination with other anticancer therapies."

Valuation

Corcept Therapeutics' current valuation metrics indicate a premium valuation. The stock trades at a P/E Ratio of 37.97, P/B Ratio of 5.81, and P/S Ratio of 5.0. The EV/EBITDA ratio is 54.07, suggesting a high valuation relative to its earnings before interest, taxes, depreciation, and amortization. Analysts estimate next year's revenue growth at 46.5%, which may justify some of the premium valuation. However, investors should carefully consider the risks and challenges associated with the company's pipeline assets and the competitive landscape.

Challenges and Risks

The company faces challenges, including the Federal Circuit Court of Appeals' ruling against them in their lawsuit to stop Teva Pharmaceuticals from marketing a generic version of Korlym. Charlie Robb, Chief Business Officer, stated that the company plans to appeal the decision. Additionally, the FDA's failure to approve relacorilant as a treatment for patients with Cushing's syndrome is a setback, although the company remains optimistic about its prospects.

3. NewsRoom

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INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Corcept Therapeutics Incorporated of Class Action Lawsuit and Upcoming Deadlines – CORT

Mar -03

Source: globenewswire.com

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Deadline Alert: Corcept Therapeutics Incorporated (CORT) Shareholders Who Lost Money Urged to Contact Glancy Prongay Wolke & Rotter LLP About Securities Fraud Lawsuit

Mar -03

Source: businesswire.com

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CORT Investors Have Opportunity to Lead Corcept Therapeutics Incorporated Securities Fraud Lawsuit with the Schall Law Firm

Mar -03

Source: globenewswire.com

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Hagens Berman Alerts Corcept Therapeutics (CORT) Investors to Securities Class Action and April 21 Lead Plaintiff Deadline

Mar -03

Source: prnewswire.com

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The Gross Law Firm Reminds Shareholders of a Lead Plaintiff Deadline of April 21, 2026 in Corcept Therapeutics Incorporated Lawsuit - CORT

Mar -03

Source: prnewswire.com

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SHAREHOLDER ALERT Bernstein Liebhard LLP Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Corcept Therapeutics Incorporated (CORT)

Mar -03

Source: globenewswire.com

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Corcept Therapeutics (NASDAQ:CORT) vs. Madrigal Pharmaceuticals (NASDAQ:MDGL) Head to Head Contrast

Mar -03

Source: defenseworld.net

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CORT Investors Have Opportunity to Lead Corcept Therapeutics Incorporated Securities Fraud Lawsuit

Mar -03

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Pharmaceutical

Expected Growth: 14%

Corcept Therapeutics' 14% growth is driven by increasing adoption of Korlym, its Cushing's syndrome treatment, and growing sales of its oncology portfolio. Strong demand for Korlym, coupled with expanded label indications and increased physician awareness, contribute to the company's growth momentum.

7. Detailed Products

Korlym

A glucocorticoid receptor antagonist indicated to control hypercortisolism in adult patients with endogenous Cushing's syndrome who have type 2 diabetes or glucose intolerance.

Korlym (mifepristone) 300 mg tablets

A once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing's syndrome.

8. Corcept Therapeutics Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Corcept Therapeutics Incorporated has a moderate threat of substitutes due to the availability of alternative treatments for Cushing's syndrome and other endocrine disorders.

Bargaining Power Of Customers

Corcept Therapeutics Incorporated has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative treatment options.

Bargaining Power Of Suppliers

Corcept Therapeutics Incorporated has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and manufacturing services.

Threat Of New Entrants

Corcept Therapeutics Incorporated has a low threat of new entrants due to the high barriers to entry in the pharmaceutical industry, including regulatory hurdles and significant research and development investments.

Intensity Of Rivalry

Corcept Therapeutics Incorporated operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.03%
Debt Cost 3.95%
Equity Weight 99.97%
Equity Cost 6.44%
WACC 6.44%
Leverage 0.03%

11. Quality Control: Corcept Therapeutics Incorporated passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Royalty Pharma

A-Score: 6.4/10

Value: 4.7

Growth: 3.8

Quality: 7.4

Yield: 4.0

Momentum: 9.5

Volatility: 9.0

1-Year Total Return ->

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Exelixis

A-Score: 5.9/10

Value: 4.1

Growth: 8.0

Quality: 9.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.3

1-Year Total Return ->

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Novavax

A-Score: 4.7/10

Value: 9.4

Growth: 5.4

Quality: 8.5

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Corcept Therapeutics

A-Score: 4.6/10

Value: 0.0

Growth: 7.8

Quality: 8.4

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Arcellx

A-Score: 4.2/10

Value: 6.2

Growth: 5.8

Quality: 5.0

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Alpine Immune Sciences

A-Score: 4.0/10

Value: 6.0

Growth: 6.6

Quality: 4.2

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

35.28$

Current Price

35.28$

Potential

-0.00%

Expected Cash-Flows