Corcept’s first quarter results were met with a negative market reaction, as management cited operational disruptions at a key pharmacy vendor and a shift in product mix as reasons for underwhelming top-line performance. President of Endocrinology Sean Maduck noted that “the rapid growth in our business in the second half of 2024 overwhelmed the pharmacy’s operational capabilities,” which persisted into early 2025 and led to delays in prescription fulfillment. Additionally, the transition from branded Korlym to its authorized generic, which carries a lower net price, contributed to a decrease in average price per tablet. Management was self-critical regarding the impact on patients, with CEO Joe Belanoff stating, “delayed drug shipments to patients…is inexcusable, and I apologize to any patients who were really terribly inconvenienced by this.”
Is now the time to buy CORT? Find out in our full research report (it’s free).
Corcept (CORT) Q1 CY2025 Highlights:
- Revenue: $157.2 million vs analyst estimates of $177.9 million (7.1% year-on-year growth, 11.6% miss)
- The company reconfirmed its revenue guidance for the full year of $925 million at the midpoint
- Operating Margin: 2.2%, down from 20.1% in the same quarter last year
- Market Capitalization: $7.85 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions Corcept’s Q1 Earnings Call
- Edward Nash (Canaccord): Asked how pharmacy operational improvements in March and April would affect revenues in upcoming quarters. CEO Joe Belanoff and President Sean Maduck responded that growth is expected to accelerate throughout the year, rather than produce a short-term spike.
- David Amsellem (Piper Sandler): Questioned the impact of the shift toward authorized generic Korlym on revenue growth. Maduck explained that volume growth is expected to outweigh the negative pricing impact, with over half of patients already on the generic.
- David Amsellem (Piper Sandler): Inquired about the likelihood of an FDA advisory committee for relacorilant’s approval. Chief Business Officer Charlie Robb stated they do not anticipate one, based on past precedent in the indication.
- Joon Lee (Truist Securities): Sought details on corrective measures at the pharmacy vendor. Maduck described increased staffing and operational scaling, resulting in record prescription fulfillment in March and April.
- RK (H.C. Wainwright): Asked about the price differential between branded and generic Korlym and how increased prescriptions offset lower prices. Maduck clarified the authorized generic is priced at a 12% discount, but expects growing volumes to drive revenue higher.
Catalysts in Upcoming Quarters
In future quarters, the StockStory team will be watching (1) whether pharmacy operations remain stable and can keep pace with rising prescription demand, (2) progress on relacorilant’s regulatory review and commercial launch preparations in both endocrinology and oncology indications, and (3) tangible results from physician and patient education efforts, especially as awareness from the CATALYST study spreads. Additional data from ongoing clinical trials could further shape Corcept’s growth trajectory.
Corcept currently trades at $74.20, in line with $74.09 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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