Highlights

  • Second quarter net product revenue was USD 256.1 million, including USD 47.6 million from the newly launched Lifyorli.
  • Net income was USD 43.0 million, or USD 0.36 per diluted share, against USD 35.1 million, or USD 0.29.
  • Corcept resubmitted its relacorilant NDA on June 17, and the FDA set a target date of December 17.
  • Litigation includes a securities class action, a derivative suit, Teva patent and antitrust cases and a qui tam action.

Corcept Therapeutics Incorporated (NASDAQ: CORT) shares closed at USD 85.86 on October 23, 2026, down 20.13%. The commercial-stage biopharmaceutical company began selling its ovarian cancer drug Lifyorli in April, resubmitted its relacorilant application for hypercortisolism to the FDA on June 17 and reported second quarter 2026 results on July 29.

Corcept is based in Redwood City, California, and was incorporated in Delaware in May 1998. It develops medications for severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the hormone cortisol. It has sold Korlym in the United States for hypercortisolism, also known as Cushing's syndrome, since 2012, and added an authorized generic version in June 2024. The company reports a single segment, and its portfolio of selective cortisol modulators spans five structurally distinct series and more than 1,000 compounds.

Second Quarter Revenue and Spending

Net product revenue for the three months ended June 30, 2026 was USD 256.1 million, compared with USD 194.4 million a year earlier. Hypercortisolism products contributed USD 208.6 million, and Lifyorli, which went on sale April 1, added USD 47.6 million. Net income was USD 43.0 million, or USD 0.36 per diluted share, compared with USD 35.1 million, or USD 0.29.

For six months, revenue was USD 421.1 million against USD 351.6 million, and net income was USD 11.2 million against USD 55.7 million. Diluted earnings per share were USD 0.09 against USD 0.46. Selling, general and administrative expense in the second quarter was USD 156.9 million against USD 103.9 million, while research and development expense was USD 53.9 million against USD 60.5 million. Operating cash flow for the six months was USD 16.8 million against USD 49.1 million.

Cash, cash equivalents and marketable securities were USD 544.6 million at June 30, compared with USD 532.4 million at the end of 2025. Corcept states that it believes it can fund operations over the next 12 months and beyond without raising capital.

Lifyorli Approval and the Relacorilant Resubmission

The FDA approved Lifyorli (relacorilant) in March 2026, in combination with nab-paclitaxel, for platinum-resistant ovarian, fallopian tube or primary peritoneal cancer after one to three prior regimens, including bevacizumab. The regimen was added to the NCCN Guidelines as a preferred option in April. A European marketing authorization application was submitted in October 2025, and Corcept states that it expects a decision from the European Medicines Agency in the fourth quarter of 2026.

Relacorilant for hypercortisolism received a Complete Response Letter from the FDA on December 30, 2025, which said additional evidence of efficacy was needed. After the agency requested further analyses in April, Corcept resubmitted the application on June 17, 2026. The FDA set a Prescription Drug User Fee Act target date of December 17, 2026.

Litigation and Regulatory Exposure

Corcept disclosed a purported securities class action filed February 20, 2026, covering a putative class period from October 31, 2024 to December 30, 2025, and a derivative complaint filed April 10 that is stayed. In the Teva patent case, the Federal Circuit affirmed a finding of no infringement on February 19 and denied rehearing on July 10.

A Teva antitrust trial is scheduled for March 2027, and no trial date is set in the related Aetna case. In a qui tam action, the Department of Justice declined to intervene in May while the relator continues. Corcept states that it will vigorously defend these matters. It also states that Inflation Reduction Act provisions may materially reduce profits in 2026 and beyond.

Outlook

Corcept states that it expects research and development and selling, general and administrative expense to be higher in 2026 than in 2025. The relacorilant target date is December 17, 2026, and the company expects the European decision on Lifyorli in the fourth quarter. These are company statements and remain subject to regulatory review.