Corcept Therapeutics (NASDAQ:CORT) reported first-quarter 2026 revenue of $164.9 million, up from $157.2 million in the prior-year period, and raised its full-year 2026 revenue guidance to a range of $950 million to $1.05 billion. The company also reported a net loss of $31.8 million for the quarter, compared with net income of $20.5 million a year earlier. Cash and investments totaled $515 million as of March 31, according to CFO Atabak Mokari.
Guidance raised as endocrinology remains the “bulk” of 2026 outlook
During the Q&A portion of the call, management addressed what drove the increased revenue outlook. Mokari said the company’s endocrinology business continues to represent “the bulk of our guidance range,” while noting that the oncology business has strengthened following recent developments, including FDA approval for Lifyorli, publication of final ROSELLA results in The Lancet, and inclusion in National Comprehensive Cancer Network (NCCN) guidelines.
Endocrinology: prescription growth, payer dynamics, and pharmacy transition
Sean Maduck, president of Corcept’s Endocrinology Division, said demand for the company’s hypercortisolism medicines continued to rise. He reported “a record number of new prescriptions written from a record number of prescribers,” resulting in “an all-time high for the number of patients receiving our medications.” He added that the company set records for new patient starts in March and again in April.
Maduck said the increase in demand was not fully reflected in reported revenue for three reasons:
- First-quarter revenue pressure from insurance reauthorization processes at the start of the year, which can interrupt patient coverage; the company provides free drug during gaps, but revenue is impacted.
- New patients generate less revenue initially until payer coverage is secured and dosing is optimized.
- A prior-authorization backlog accumulated during a specialty pharmacy vendor transition; Maduck said clearing that backlog is “painstaking work” but should yield “steady dividends” in coming months.
Maduck said the new specialty pharmacy vendor “has done an excellent job onboarding” transferred patients and supporting new prescriptions, and he expects demand could increase as physicians respond to clinical findings from the company’s CATALYST and MOMENTUM studies.
Maduck highlighted CATALYST findings that 24% of patients with resistant diabetes had hypercortisolism and that treatment with Korlym led to reductions in hemoglobin A1c, weight, and waist circumference versus placebo. He noted CATALYST results were published in Diabetes Care in December 2025 and referenced in the March 2026 American Association of Clinical Endocrinology guidance for diabetes management. He also cited the MOMENTUM study, which reported that 27% of patients with resistant hypertension had hypercortisolism, with results presented orally at the American College of Cardiology meeting.
“CATALYST and MOMENTUM will transform the practice of medicine,” Maduck said, arguing the studies provide complementary evidence that hypercortisolism can underlie difficult-to-treat diabetes and hypertension. He said increased screening should expand treatment and projected the company’s current Cushing’s syndrome business could grow to at least $2 billion in annual revenue by the end of the decade, with faster growth once relacorilant becomes available.
On the pharmacy network, Maduck said Corcept believes the current vendor can continue to scale, but added the company expects volume will ultimately require more than one pharmacy. He said Corcept’s plan is to bring “additional support in the fourth quarter of this year into the network.”
Oncology: Lifyorli launch and positioning in ovarian cancer
Roberto Vieira, president of Corcept’s Oncology Division, emphasized the FDA’s approval of Lifyorli for platinum-resistant ovarian cancer came “3.5 months ahead of its PDUFA date.” Vieira said the pivotal ROSELLA trial met both primary endpoints, delaying disease progression and “significantly extending patient survival.” He reported patients treated with Lifyorli plus nab-paclitaxel experienced a 35% reduction in risk of death versus nab-paclitaxel alone, citing a hazard ratio of 0.65 and a p-value of 0.0004. He noted no biomarker testing was required.
Vieira said the complete ROSELLA results were presented in an oral late-breaker session at the Society of Gynecologic Oncology annual meeting and published simultaneously in The Lancet. He described “great enthusiasm” from oncologists and patient advocacy organizations.
Discussing early commercialization, Vieira said Corcept’s team was prepared despite the earlier-than-expected approval. He said the company ensured product availability within five days and launched a patient support hub. “36 days into our launch, things are going very well,” Vieira said. He added that prescriptions had been written by “over 200 physicians” across the country, which he characterized as adoption beyond study investigators and academic specialists. He also cited Lifyorli’s inclusion in NCCN guidelines as a preferred regimen 15 days after approval as supportive of adoption and payer access.
Vieira said Corcept expects Lifyorli to exceed $1 billion in annual U.S. revenue by the end of the decade. In response to an analyst question about market conversion, Vieira said the company is targeting about 5,000 U.S. physicians who account for nearly 90% of volume in the setting, and that the company expects “the very large majority of those will become prescribers.” He added Corcept has “an expectation of becoming market leader in a relatively short timeframe.”
Asked about positioning relative to Keytruda, Vieira said Lifyorli competes in a subset of the market, describing Keytruda as approved for a PD-L1 population. He said when considering testing rates, this represents “something 35%–40% of patients.” Vieira said physicians have expressed a preference for the ROSELLA regimen based on overall survival, safety and tolerability, and convenience, noting the regimen’s preferred status in guidelines.
Relacorilant, broader pipeline, and next data catalysts
CEO Joseph K. Belanoff said Corcept’s strategy extends beyond hypercortisolism and oncology, centered on cortisol modulation. He pointed to an April meeting with the FDA regarding the relacorilant new drug application in Cushing’s syndrome, which he said was based on the Phase III GRACE trial and supported by confirmatory evidence from the double-blind, placebo-controlled Phase III GRADIENT trial, a long-term extension study, and earlier-stage data. Belanoff said the dataset showed meaningful and durable improvements in Cushing’s signs and symptoms “without some of the serious adverse events associated with the currently approved medications,” listing hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency, or QT prolongation. He said the company will provide an update on relacorilant’s regulatory path “in the near future.”
Belanoff also outlined ongoing oncology development evaluating relacorilant combinations across solid tumors. He said the first arm of the BELLA trial is studying relacorilant plus nab-paclitaxel and bevacizumab in platinum-resistant ovarian cancer, with other studies enrolling patients in endometrial, cervical, pancreatic, and platinum-sensitive ovarian cancers. Belanoff said the first arm of BELLA is expected to produce results by the end of this year, with other oncology trials expected to have results by the end of next year.
On immunotherapy combinations, Chief Development Officer Bill Guyer said the company believes selective glucocorticoid receptor antagonists have “unique properties.” He said nenocorilant has shown “strong activity in animal models in combination with immunotherapy,” supporting a Phase 1b study combining nenocorilant with nivolumab, with the goal of learning from Phase I to guide a Phase II program.
Belanoff also discussed Corcept’s MASH and ALS programs. For MASH, he said miricorilant reduced liver fat and improved markers including fibrosis in a Phase 1b study and was well tolerated, without gastrointestinal side effects commonly seen in MASH treatments. He said the 175-patient Phase IIb MONARCH study is fully enrolled with results expected by year-end, with progression to Phase III if positive.
For ALS, Belanoff cited encouraging results from the 249-patient, double-blind, placebo-controlled DASALS trial, saying patients who received 300 mg of dazucorilant exhibited an 84% reduction in risk of death at one year versus placebo (p=0.0009), and an 87% reduction at two years (p<0.0001). He emphasized the drug “does not appear to prevent functional decline” but “prevents early death,” noting that non-serious gastrointestinal distress drove most discontinuations and that the company is studying dose titration to improve tolerability. Guyer said the Phase III trial is expected to focus on the 300 mg dose with a placebo-controlled design and survival as the endpoint, and that the company plans to start the trial this year and enroll patients by the end of the year.
About Corcept Therapeutics (NASDAQ:CORT)
Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.
The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.
