Corcept Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue was $340.5 million, a 64% increase compared to $207.6 million in the third quarter of 2025.
• Korlym and authorized generic revenue reached $249.1 million, a 19% increase from the second quarter of 2026 ($209.4 million implied by context, though text states 19% increase to $249.1m).
• Lifyorli revenue was $91.4 million, representing a 92% increase from the second quarter of 2026 ($46.1 million implied).
• Net income for the quarter was $126.8 million, compared to $19.7 million in the third quarter of 2025.
• Diluted net income per common share was $1.01, compared to $0.16 in the third quarter of 2025.
• Total operating expenses were $225.7 million, up from $214.8 million in the second quarter of 2026.
• Cash and investments increased by $117.7 million to $662.3 million at September 30, 2026, from $544.6 million at June 30, 2026.
• Nine months ended September 30, 2026, net income was $138.0 million compared to $75.4 million in the same period of 2025.
• Nine months ended September 30, 2026, revenue was $761.5 million compared to $559.3 million in 2025.

Guidance and Future Outlook:

• Reiterated 2026 revenue guidance of $1.1 billion to $1.2 billion.
• Expects continued growth in both endocrinology and oncology businesses.
• Anticipates FDA decision on the resubmitted NDA for relacorilant for Cushing's syndrome by December 17, 2026.
• Expects European Commission approval for relacorilant plus nab-paclitaxel for platinum-resistant ovarian cancer by the end of 2026.
• Plans to begin a Phase 3 trial for dazucorilant in ALS next year.
• Plans to initiate a Phase 2 trial for a higher dose of miricorilant (100 mg daily) soon.
• Expects data from BELLA Parts B and C, TRIDENT, and SYNERGY trials to be generated in 2027.

Business Segments and Product Lines:

• Korlym and authorized generic revenue increased 19% quarter-over-quarter.
• Lifyorli revenue grew 92% quarter-over-quarter following its April 1st launch.
• Since the April 1st launch, more than 2,300 patients have received Lifyorli and over 1,700 physicians have prescribed it.
• Korlym is the first FDA-approved medication for endogenous Cushing's syndrome (introduced 2012).
• Lifyorli is the first FDA-approved selective glucocorticoid receptor antagonist for platinum-resistant ovarian cancer (introduced March 2026).
• Relacorilant is in development for Cushing's syndrome, ovarian cancer, endometrial cancer, pancreatic cancer, cervical cancer, and prostate cancer.
• Nenocorilant is in a Phase 1b dose-finding trial (SYNERGY) for solid tumors.
• Miricorilant is being studied for MASH, showing dose-dependent reductions in liver fat and fibrosis improvement in the MONARCH study.
• Dazucorilant showed an 84% reduction in risk of death in the first year of the DAZALS Phase 2 ALS study.

Market and Competitive Landscape:

• The American Diabetes Association (ADA) and European Association for the Study of Diabetes (EASD) published a consensus report recommending screening for hypercortisolism in diabetic patients with poor glucose control.
• The ADA/EASD report cites mifepristone (Korlym) as a potentially beneficial treatment for undiagnosed Cushing's syndrome.
• The European Medicines Agency's CHMP recommended approval of relacorilant plus nab-paclitaxel for platinum-resistant ovarian cancer in September 2026.
• The company aims to establish glucocorticoid receptor antagonism as a mechanism for treating a broad range of solid tumors.

Risks and Challenges:

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
• Risks include the ability to operate the business, clinical trial outcomes, regulatory approvals, and the scope of intellectual property protection.
• Specific risks involve the development of Korlym, Lifyorli, relacorilant, miricorilant, dazucorilant, and nenocorilant.

Management Commentary and Tone:

• CEO Joseph K. Belanoff stated that awareness of diagnosing and treating Cushing's syndrome is steadily increasing, driving endocrinology business growth.
• CEO Belanoff described Lifyorli's uptake in ovarian cancer as "very rapid and broad."
• CDO Bill Guyer noted the ADA/EASD consensus statement is an important advance for patients with difficult-to-control hyperglycemia.
• Dr. Guyer highlighted that preclinical and clinical data suggest GR antagonists benefit patients by sensitizing tumors to chemotherapy and bolstering the immune system.
• Dr. Guyer expressed encouragement regarding dose-dependent reductions in liver fat and fibrosis improvement with miricorilant.
• Dr. Guyer noted the profound reduction in early mortality observed with dazucorilant in the DAZALS study.

Other Key Points:

• BELLA Part A trial results for relacorilant in platinum-resistant ovarian cancer showed a median progression-free survival (PFS) of 7.2 months, objective response rate (ORR) of 59%, and 6-month overall survival (OS) of 88%.
• In patients with no prior bevacizumab treatment, BELLA Part A results showed median PFS of 8.1 months, ORR of 66%, and 6-month OS of 91%.
• BELLA Part B enrollment is nearing completion for platinum-sensitive ovarian cancer; results expected by end of next year.
• BELLA Part C enrollment is completed for endometrial cancer; results expected by end of next year.
• TRIDENT trial enrollment continues for pancreatic cancer; results expected by end of next year.
• STELLA trial initiated for cervical cancer in collaboration with ARCAGY-GINECO.
• Prostate cancer trial enrollment continues for relacorilant plus enzalutamide; results expected by end of next year.
• MONARCH study Cohort A showed a 19% improvement in fibrosis at 48 weeks for patients receiving 200 mg of miricorilant.
• The company acquired $43.7 million of common stock in the third quarter pursuant to its stock repurchase program.
• Conference call scheduled for November 3, 2026, at 5:00 p.m. Eastern Time.