Corcept Therapeutics reported third‑quarter 2025 revenue of $207.6 million, a 14% year‑over‑year increase from $182.5 million in Q3 2024. The figure fell short of the consensus estimate of roughly $219 million, a miss of about $11 million or 5.2%. The shortfall reflects a modest decline in sales of the core product Korlym, which has faced intensified generic competition and capacity constraints at the specialty pharmacy that previously handled its distribution.
Operating expenses climbed to $197.4 million from $135.9 million in the same quarter a year earlier, driven by a $61.5 million increase in research and development and a $31.5 million rise in sales and marketing spend. The higher cost base compressed operating margin from 10.2% to 9.9% and reduced net income per diluted share. Management explained that the expense growth is a strategic investment in the launch of relacorilant and the expansion of specialty pharmacy capacity, which are expected to support long‑term revenue growth.
Net income per diluted share fell to $0.16 from $0.41 a year earlier. The $0.16 EPS missed the consensus estimate of $0.18, a shortfall of $0.02 or 11%. The miss is attributable to the higher operating expenses and the impact of the new specialty pharmacy transition, which temporarily limited the company’s ability to capture the full demand for Korlym. The CFO noted that the company’s cash and investments stood at $524.2 million at September 30, providing a cushion for continued R&D and commercialization.
In light of the revenue miss and the higher cost base, Corcept revised its full‑year 2025 revenue guidance to $800–$850 million, down from the prior $900–$950 million range. The adjustment reflects management’s assessment that generic competition will continue to erode Korlym’s market share and that additional capital will be required to scale relacorilant and new specialty pharmacy operations. The CEO emphasized that the company’s financial results do not fully reflect the surge in demand, citing the capacity constraints that have limited the ability to meet demand.
The company’s pipeline remains a key focus, with relacorilant positioned to generate $3 billion to $5 billion in annual revenue in hypercortisolism alone over the next three to five years. Management highlighted the upcoming PDUFA dates for relacorilant in hypercortisolism (December 30, 2025) and ovarian cancer (July 11, 2026) as critical milestones. The CFO reiterated confidence in the company’s cash position and its ability to fund these initiatives.
Investors reacted to the revenue miss and the downward guidance revision, underscoring concerns about near‑term profitability and the impact of generic competition on the core product line. The company’s strategic focus on pipeline development and specialty pharmacy expansion signals a shift toward long‑term growth, but the short‑term margin compression and revenue shortfall highlight the challenges of balancing investment with earnings performance.
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