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CORT's Q2 Earnings Top Mark, Revenues Lag, '25 View Cut, Stock Down

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Key Takeaways

  • CORT posted Q2 EPS of $0.29, beating estimates, though revenues of $194.4M missed expectations.
  • The company cut 2025 revenue guidance to $850-$900M from the prior $900-$950M range.
  • CORT is advancing relacorilant and other candidates in multiple mid- and late-stage trials.

Corcept Therapeutics (CORT - Free Report) reported second-quarter 2025 earnings of 29 cents per share, which beat the Zacks Consensus Estimate of 23 cents. The company had reported earnings of 32 cents per share in the year-ago quarter.

Revenues in the second quarter increased 18.7% year over year to $194.4 million. The figure, however, missed the Zacks Consensus Estimate of $204 million. The top line solely comprised product sales of the Cushing’s syndrome drug, Korlym.

Year to date, shares of Corcept have rallied 33.3% compared with the industry’s rise of 4.5%.

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CORT's Q2 Earnings in Detail

Revenues from Korlym missed our model estimate of $211.7 million.

Research and development expenses rose 3.1% year over year to $60.5 million.

Selling, general and administrative expenses increased around 55.1% year over year to $103.8 million.

Consequently, operating expenses increased 30.8% year over year to $167.8 million in the second quarter.

Cash and investments, as of June 30, 2025, totaled $515 million compared with $570.8 million as of March 31, 2025.

2025 Guidance Lowered

Corcept lowered its total revenue guidance for 2025.

For full-year 2025, the company now expects total revenues in the range of $850-$900 million compared with the earlier projection of $900-$950 million. This might have hurt investors' sentiments and resulted in the stock declining 4.7% in pre-market trading on Aug. 1.

The Zacks Consensus Estimate for total revenues in 2025 is pegged at $899 million.

CORT's Recent Pipeline Updates

Recently, Corcept submitted a new drug application (NDA) to the FDA seeking approval for its lead pipeline candidate, relacorilant, in combination with nab-paclitaxel for treating patients with platinum-resistant ovarian cancer. This marked a new NDA for relacorilant.

The NDA for relacorilant in platinum-resistant ovarian cancer was based on data from the pivotal phase III ROSELLA study and phase II studies.

Recently, the company announced that the ROSELLA study met its primary endpoint of improved progression-free survival, as assessed by blinded independent central review (PFS-BICR). Per management, data from the ROSELLA study suggested that the combo of relacorilant plus nab-paclitaxel has the potential to become a new standard of care for patients with platinum-resistant ovarian cancer.

Last December, the company submitted an NDA for relacorilant to the FDA for treating patients with hypercortisolism (Cushing's syndrome). The regulatory body has assigned a Prescription Drug User Fee Act target action date of Dec. 30, 2025.

Corcept is also evaluating relacorilant plus nab-paclitaxel and Roche’s (RHHBY - Free Report) Avastin (bevacizumab) in the phase II BELLA study for treating patients with platinum-resistant ovarian cancer.

Per management, the BELLA study will help in understanding whether combining relacorilant with two medicines — nab-paclitaxel and RHHBY’s Avastin — offers patients an additional treatment option or not.

The company is also evaluating relacorilant plus Xtandi (enzalutamide) in patients with early-stage prostate cancer. This phase II study is being conducted in collaboration with the University of Chicago.

Corcept is evaluating its other pipeline candidates, dazucorilant and miricorilant, in separate mid-stage studies for treating amyotrophic lateral sclerosis and biopsy-confirmed or presumed metabolic dysfunction-associated steatohepatitis, respectively.

CORT's Zacks Rank & Other Stocks to Consider

Corcept currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the biotech sector are CorMedix (CRMD - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 43.3%.

CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.

In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has increased 11.1% year to date.

Immunocore’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 76.18%.

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