Corcept Therapeutics’ second quarter was marked by continued sales growth in its core endocrinology franchise, with management highlighting a record number of new prescribers and patients on therapy. Despite missing Wall Street’s revenue expectations, the market responded positively to management’s explanation that pharmacy fulfillment issues, not demand, limited revenue capture. President Sean Maduck noted, “We shipped more tablets to patients than ever before, 49% more than the second quarter last year,” attributing the gap between demand and reported revenue to delayed pharmacy capacity rather than waning interest. Management acknowledged that operational challenges at its pharmacy vendor resulted in a meaningful revenue impact for the quarter.
Is now the time to buy CORT? Find out in our full research report (it’s free).
Corcept (CORT) Q2 CY2025 Highlights:
- Revenue: $194.4 million vs analyst estimates of $201.5 million (18.7% year-on-year growth, 3.5% miss)
- Adjusted EPS: $0.29 vs analyst estimates of $0.19 (54.7% beat)
- Adjusted EBITDA: $26.96 million (13.9% margin, 24.4% year-on-year decline)
- The company dropped its revenue guidance for the full year to $875 million at the midpoint from $925 million, a 5.4% decrease
- Operating Margin: 13.7%, down from 21.7% in the same quarter last year
- Market Capitalization: $7.75 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Corcept’s Q2 Earnings Call
- David A. Amsellem (Piper Sandler) pressed on the impact of the authorized generic shift and persistent pharmacy fulfillment issues. President Sean Maduck explained that about two-thirds of business now comes from the AG channel at a 30% discount, and fulfillment delays caused a $15 million revenue shortfall, though improvements are expected as another pharmacy is added.
- Joon Lee (Truist Securities) questioned the impact of the pending patent litigation with Teva on projected peak sales. CEO Joseph K. Belanoff clarified that relacorilant’s growth potential far outweighs Korlym’s patent outcome, emphasizing the expanding market for hypercortisolism treatment.
- Swayampakula Ramakanth (HCW) asked why the second pharmacy was not onboarded sooner and whether further expansion is planned. Maduck admitted that demand growth outpaced internal forecasts and that additional distributors will be considered if needed.
- Xinwei An (Canaccord Genuity) inquired about the BELLA trial’s role in earlier-stage ovarian cancer and potential for combination therapies. President of Oncology Roberto Vieira and Chief Development Officer William Guyer confirmed BELLA’s flexible positioning, broad physician interest, and no anticipated safety concerns with combination regimens.
- Swayampakula Ramakanth (HCW) also sought updates on regulatory strategy for ALS, with Chief Business Officer Gary Charles Robb stating a meeting with the FDA is scheduled and both accelerated approval and confirmatory trial options are under consideration.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will focus on (1) the operational rollout and impact of Corcept’s expanded pharmacy network, (2) regulatory decisions and eventual launch of relacorilant in hypercortisolism and platinum-resistant ovarian cancer, and (3) the adoption of new physician screening guidelines following the CATALYST study. Progress in pipeline programs for ALS and liver disease will also be important milestones.
Corcept currently trades at $71.98, up from $67 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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