Corcept Therapeutics Incorporated

Corcept reported Q2 2026 revenue of $256 million, up 32% versus the prior year period. Net income was $43 million, compared with $35 million in the prior year period. Korlym and authorized generic product revenue were $208.6 million, and Lifyorli product revenue was $47.6 million in its first quarter of availability. Operating expenses were flat versus Q1 2026, and cash and investments were $545 million at June 30. Management increased full-year 2026 revenue guidance to $1.1 billion to $1.2 billion, saying the range reflects strength in both endocrinology and oncology.

CEO Joseph Belanoff emphasized Corcept’s long-term thesis around glucocorticoid receptor antagonism and said the company believes hypercortisolism is more prevalent than previously understood. He framed CATALYST and MOMENTUM as changing medical practice by increasing screening and treatment, and said relacorilant approval would accelerate Cushing’s growth. He was also upbeat on oncology, calling Lifyorli’s launch a strong proof point for GR antagonism in solid tumors and highlighting a broad pipeline beyond Cushing’s and ovarian cancer.

CFO Atabak Mokari focused on the quarter’s financial strength, noting $256 million in revenue, 32% year-over-year growth, and $43 million of net income. He pointed out that operating expenses were flat to Q1 2026 and that cash and investments ended the quarter at $545 million. On guidance, he said the higher 2026 revenue range reflects strength across both endocrinology and oncology, rather than a single business.

Analysts pressed on whether Lifyorli’s launch was being driven by pent-up demand, channel build, or duration of therapy; management said the launch is being supported by broad physician adoption, continued weekly patient adds, and strong payer coverage, while saying it is still early to assess duration. Questions also focused on Korlym growth and whether the Q2 step-up reflected pharmacy transition catch-up; management said the transition is behind them and the increase was driven by continued servicing of the existing patient base plus record new enrollments. On inventory, the CFO said there was very little inventory contribution in the quarter.