Corcept Therapeutics’ third quarter results drew a negative market reaction as the company’s revenue missed Wall Street expectations, despite robust year-on-year growth. Management highlighted persistent capacity constraints with its former specialty pharmacy partner as a key factor limiting revenue capture. President of Endocrinology Sean Maduck explained, “Our financial results don’t fully reflect the surge in demand,” attributing recent bottlenecks to insufficient pharmacy capacity. The company has since begun transitioning to a new pharmacy, aiming to better meet rising prescription volumes and position Corcept for future growth.

Is now the time to buy CORT? Find out in our full research report (it’s free for active Edge members).

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 Q3 Earnings Call

• Edward Nash (Canaccord Genuity) asked about patient numbers and pharmacy capacity; President of Endocrinology Sean Maduck reported 3,250 patients on therapy and described confidence in the new pharmacy’s ability to scale with demand.
• David Amsellem (Piper Sandler) inquired about pricing trends and the impact of the authorized generic; Maduck noted over 70% of prescriptions were for the generic, with net prices about 30% lower than branded Korlym.
• Joon Lee (Truist Securities) questioned the readiness of the new pharmacy to handle increased volume; Maduck confirmed the new partner was fully online and able to meet current and near-term needs.
• Swayampakula Ramakanth (H.C. Wainwright) challenged whether two pharmacies could support the necessary growth to meet guidance; Maduck clarified that both pharmacies remain operational and anticipated combined efficiencies in the coming quarters.
• Swayampakula Ramakanth (H.C. Wainwright) also asked about the company’s new molecule, nenocorilant; Chief Development Officer William Guyer explained its unique properties and confirmed preclinical data will be published next year.

Catalysts in Upcoming Quarters

In the quarters ahead, our team will monitor (1) the pace and effectiveness of Corcept’s pharmacy network expansion, (2) updates on regulatory reviews and potential approvals for relacorilant in both endocrine and oncology indications, and (3) initial data readouts from pivotal clinical trials in hypertension, liver disease, and ALS. The company’s ability to execute on these milestones will be key to its growth trajectory.

Corcept currently trades at $75.42, up from $71.19 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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