CORT Q2 Deep Dive: Product Supply Constraints and Pipeline Progress Reshape Outlook

August 13, 2025 at 00:00 AM EDT

CORT Cover Image

Biopharma company Corcept Therapeutics (NASDAQ: CORT) missed Wall Street’s revenue expectations in Q2 CY2025, but sales rose 18.7% year on year to $194.4 million. The company’s full-year revenue guidance of $875 million at the midpoint came in 2.6% below analysts’ estimates. Its non-GAAP profit of $0.29 per share was 54.7% above analysts’ consensus estimates.

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

StockStory’s Take

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.

Looking ahead, Corcept’s updated 2025 outlook is shaped by ongoing pharmacy network expansion and the anticipated approval of relacorilant in both hypercortisolism and ovarian cancer. Management cautioned that full-year revenue guidance was reduced due to persistent fulfillment delays, but remains optimistic about accelerated future growth as new pharmacy capacity comes online. CEO Joseph K. Belanoff stated, “We expect that relacorilant’s efficacy and safety will make it a new standard of care for hypercortisolism,” emphasizing physician enthusiasm following the publication of pivotal clinical results and a significant ramp-up in educational outreach.

Key Insights from Management’s Remarks

Management attributed the quarter’s results to operational bottlenecks in pharmacy fulfillment, robust demand for cortisol modulators, and the expanding clinical footprint of its pipeline.

Pharmacy fulfillment bottleneck: Management stated that pharmacy capacity did not keep pace with soaring prescription volume, resulting in a $15 million revenue headwind for the quarter. While capacity increased somewhat, it still lagged behind demand, prompting Corcept to accelerate plans to onboard a second pharmacy, expected to impact results in the fourth quarter.
Surge in clinical demand: Physician engagement and patient screening grew significantly following the publication of the CATALYST study in Diabetes Care, which demonstrated that one in four patients with difficult-to-control diabetes have hypercortisolism. This finding fueled a sharp uptick in new prescriptions and prescriber interest, with Maduck noting, “We now have days that we get more Korlym new patient prescriptions than we used to get in a month.”
Authorized generic pricing dynamics: The transition to the authorized generic (AG) version of Korlym continued, with management reporting that roughly two-thirds of business now flows through the AG channel at an average 30% discount to list price. While this transition pressured margins, it was viewed as necessary to maintain access and payer coverage amid increasing competition.
Expansion of commercial team: To support demand and prepare for relacorilant’s launch, Corcept increased its clinical specialist team from 60 at the start of the year to 145, aiming for 175 by year-end. Management believes this expansion will accelerate physician education and patient identification.
Pipeline progress and regulatory milestones: Management highlighted strong clinical data and regulatory momentum for relacorilant in both hypercortisolism (PDUFA date December 30) and platinum-resistant ovarian cancer, as well as promising results in ALS and liver disease programs. The company is preparing for new drug application submissions and additional clinical trials in multiple indications.

Drivers of Future Performance

Corcept expects future performance to hinge on resolving pharmacy supply constraints, relacorilant’s regulatory progress, and ongoing expansion of clinical and commercial infrastructure.

Pharmacy network expansion: Management anticipates that adding a second pharmacy and potentially more distributors will alleviate current fulfillment bottlenecks, enabling higher pull-through of prescriptions and faster patient onboarding. Improved distribution is expected to be a key driver for top-line growth in the second half of the year and beyond.
Relacorilant approvals and uptake: The company is preparing for potential approval and rapid uptake of relacorilant in both hypercortisolism and platinum-resistant ovarian cancer. Management believes that relacorilant could rapidly replace Korlym as the standard of care, citing strong safety and efficacy data and broad physician interest. A successful launch is expected to accelerate revenue growth and expand Corcept’s market share.
Ongoing pricing and payer pressures: The shift to authorized generic pricing and negotiations with payers are expected to continue compressing margins, even as volume grows. Management acknowledged that pricing headwinds will persist, but believes expanded market penetration and new product launches will offset margin pressures over time.

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? See for yourself in our full research report (it’s free).

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