Corcept Therapeutics Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 29 July 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 32 percent year on year: Product revenue was $256.1 million, compared with $194.4 million a year earlier. Six-month product revenue was $421.1 million, compared with $351.6 million. Source
• Net income and diluted EPS higher: Net income was $43.0 million, compared with $35.1 million a year earlier. Six-month net income was $11.2 million, compared with $55.7 million. Source
• Lifyorli added first-quarter product sales: Lifyorli product revenue was $47.6 million in its first quarter of availability, after FDA approval in March 2026. Source
• Lifyorli demand accelerating each month: Management said demand for Lifyorli accelerated each month. It cited physician response to efficacy, safety, oral dosing and the absence of a biomarker requirement. Source
• Cushing’s prescriptions at a high: The Cushing’s business again had a number of new prescriptions that management described as a record. Management expects the trend to continue. Source
• Relacorilant NDA resubmitted in June: The NDA for relacorilant in Cushing’s syndrome was resubmitted in June 2026, with an FDA decision expected by December 17, 2026. Source
• ROSELLA showed 35 percent lower death risk: In the Phase 3 ROSELLA trial, adding Lifyorli to nab-paclitaxel reduced risk of death by 35 percent in platinum-resistant ovarian cancer, without biomarker selection. Both dual primary endpoints were met. Source
• DAZALS exploratory survival results: In exploratory analyses of DAZALS, the 300 mg dazucorilant group had an 84 percent lower risk of death in year one, rising to 87 percent in year two, versus placebo. Source
• Cash and investments increased: Cash and investments were $544.6 million at June 30, 2026, compared with $515.4 million at March 31, 2026 and $532.4 million at December 31, 2025. Source

“We anticipate continued strength across our businesses and have increased our 2026 revenue guidance to $1.1 - $1.2 billion,”

Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer

Guidance

What changed from last quarter

• Guidance raised: 2026 revenue guidance was raised to $1.1 to $1.2 billion, up from $950 to $1,050 million. Source
• New: The Cushing’s syndrome NDA for relacorilant was resubmitted in June 2026. The April release said the company was still engaged with the FDA on the path forward. Source
• New: Lifyorli sales are reported as a separate product line for the first time. The April release said that quarter was the last reflecting sales of just one medication. Source

Second quarter results and growth

• Revenue rose 32 percent year on year: Product revenue was $256.1 million, compared with $194.4 million a year earlier. Six-month product revenue was $421.1 million, compared with $351.6 million. Source
• Net income and diluted EPS higher: Net income was $43.0 million, compared with $35.1 million a year earlier. Six-month net income was $11.2 million, compared with $55.7 million. Source
• Operating income rose from prior year: Income from operations was $41.3 million, compared with $26.7 million a year earlier. The six-month figure was an operating loss of $8.3 million. Source

Lifyorli and Korlym product sales

• Lifyorli added first-quarter product sales: Lifyorli product revenue was $47.6 million in its first quarter of availability, after FDA approval in March 2026. Source
• Korlym and generic revenue grew modestly: Korlym and authorized generic revenue was $208.6 million, compared with $194.4 million a year earlier, an increase of about 7 percent. Source
• Lifyorli in NCCN guidelines: Lifyorli with nab-paclitaxel was added to the NCCN Guidelines as a preferred regimen in April 2026. Source

“Demand for Lifyorli has accelerated each month with physicians responding favorably to Lifyorli’s efficacy and safety profile, oral administration and lack of biomarker requirement.”

Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer

Demand and prescription trends

• Lifyorli demand accelerating each month: Management said demand for Lifyorli accelerated each month. It cited physician response to efficacy, safety, oral dosing and the absence of a biomarker requirement. Source
• Over 1,300 Lifyorli patients started: Management said more than 1,300 patients have started Lifyorli treatment since the March 2026 FDA approval. Source
• Cushing’s prescriptions at a high: The Cushing’s business again had a number of new prescriptions that management described as a record. Management expects the trend to continue. Source

Operating costs and profitability

• Operating expenses rose on launch spending: Operating expenses were $214.8 million, compared with $167.8 million. Management attributed the increase to Lifyorli launch spending and Cushing’s syndrome investments. Source
• Selling costs up, R&D down: Selling, general and administrative expense was $156.9 million, compared with $103.9 million. Research and development was $53.9 million, compared with $60.5 million. Source
• Income tax moved to an expense: Income tax was an expense of $2.9 million in the second quarter, compared with a benefit of $3.5 million in the prior year quarter. Source

“Relacorilant has the potential to become the new standard of care.”

Bill Guyer, PharmD, Corcept’s Chief Development Officer

Cushing’s syndrome regulatory and data

• Relacorilant NDA resubmitted in June: The NDA for relacorilant in Cushing’s syndrome was resubmitted in June 2026, with an FDA decision expected by December 17, 2026. Source
• CATALYST and MOMENTUM data presented: New CATALYST and MOMENTUM data were presented at the American Diabetes Association’s 86th Scientific Sessions in June. Source
• Relacorilant described as standard-of-care candidate: Management said relacorilant has the potential to become the new standard of care for hypercortisolism. The GRACE trial results were published in February 2026. Source

Oncology development program

• ROSELLA showed 35 percent lower death risk: In the Phase 3 ROSELLA trial, adding Lifyorli to nab-paclitaxel reduced risk of death by 35 percent in platinum-resistant ovarian cancer, without biomarker selection. Both dual primary endpoints were met. Source
• Multiple tumor-type studies ongoing: Management said relacorilant studies span ovarian, endometrial, cervical, pancreatic and prostate cancers, and many are expected to produce results by the end of next year. Source
• STELLA cervical cancer trial started: A Phase 2 trial of relacorilant with nab-paclitaxel in 50 patients with cervical cancer was initiated, conducted with ARCAGY-GINECO. Source
• BELLA Part A enrollment completed: Enrollment is complete in the Phase 2 BELLA Part A trial of relacorilant with nab-paclitaxel and bevacizumab in 95 patients with platinum-resistant ovarian cancer. Source

MASH and ALS programs

• MONARCH MASH trial enrollment complete: Enrollment is complete in the randomized, placebo-controlled Phase 2b MONARCH trial of miricorilant in 175 patients with biopsy-confirmed or presumed MASH. Source
• Miricorilant Phase 1b liver data: Phase 1b data showed miricorilant rapidly reduced liver fat while improving fibrosis, liver enzymes and other metabolic and lipid markers. Source
• DAZALS exploratory survival results: In exploratory analyses of DAZALS, the 300 mg dazucorilant group had an 84 percent lower risk of death in year one, rising to 87 percent in year two, versus placebo. Source
• Dose-titration study addresses tolerability: An ongoing dose-titration study aims to improve gastrointestinal tolerability and inform next steps for the ALS program. Source

Cash, balance sheet and receivables

• Cash and investments increased: Cash and investments were $544.6 million at June 30, 2026, compared with $515.4 million at March 31, 2026 and $532.4 million at December 31, 2025. Source
• Receivables and inventory rose: Trade receivables were $76.9 million, up from $39.1 million at March 31, 2026. Inventory was $32.1 million, up from $27.4 million. Source
• Accounts payable declined: Accounts payable were $14.9 million at June 30, 2026, compared with $33.3 million at March 31, 2026 and $40.4 million at December 31, 2025. Source

Coming up, as management said on 29 July 2026

• EU approval of ovarian MAA: Management anticipates European Medicines Agency approval of the relacorilant with nab-paclitaxel application later this year. Source
• BELLA Part A results due: Results from the BELLA Part A trial of relacorilant with nab-paclitaxel and bevacizumab are expected by the end of 2026. Source
• MONARCH MASH results due: Results from the Phase 2b MONARCH trial of miricorilant are expected by the end of 2026. Source
• Several oncology readouts next year: Results from the platinum-sensitive ovarian, endometrial, cervical and pancreatic studies are expected by the end of 2027. Source
• SYNERGY nenocorilant results next year: Results from the nenocorilant and nivolumab study are expected by the end of 2027. Source
• ALS Phase 3 start early next year: The Phase 3 trial of dazucorilant in ALS is planned to begin early in 2027, earlier wording than the April release's later this year. Source

Figures management reported

Risks management discussed

• Regulatory: The Cushing’s NDA is awaiting an FDA decision after the June resubmission, with a decision date set for December 17, 2026. Source
• Financial: Operating expense growth reflects Lifyorli launch spending and Cushing’s syndrome investments, which management tied to the rise in costs. Source
• Operational: The ongoing dazucorilant dose-titration study is intended to improve gastrointestinal tolerability, which management identified as a factor for the ALS program. Source

Earlier plans management reported on

• Not stated: The April release expected a return to profitability in the second quarter of 2026. The July release reports second-quarter net income but does not state the promise as met.
• Not stated: The April release expected European Medicines Agency approval by the end of 2026. The July release says approval is anticipated later this year.
• Not stated: The April release planned to start the dazucorilant Phase 3 trial later this year. The July release says the start is planned for early next year.

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.