Can Korlym Drive Corcept's Growth Through the Rest of 2025?

Corcept Therapeutics’ CORT sole-marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome or endogenous hypercortisolism, has been performing well. The company’s top line solely comprises product sales from Korlym.

In the first half of 2025, Korlym recorded sales of $351.6 million, up around 13.2% year over year. Our model estimates full-year 2025 Korlym sales to be $857.1 million, suggesting an increase of almost 27% year over year.

Though Korlym sales were affected by the insufficient capacity of a specialty pharmacy vendor during the first quarter of 2025, it improved during the second quarter. Management expects Korlym prescriptions to increase significantly during the second half of 2025.

The company expects to see even more improvement with its current pharmacy vendors through the end of the year. It can be inferred that Korlym sales are likely to be higher in the second half of 2025 compared to the first half, which was relatively slow. For full-year 2025, Corcept expects total revenues in the range of $850-$900 million.

CORT Expects Relacorilant to Potentially Lower Dependence on Korlym

Besides Korlym, Corcept is developing its lead pipeline candidate relacorilant for treating Cushing's syndrome.

In December 2024, the company submitted a new drug application (NDA) for relacorilant to the FDA for the treatment of patients with hypercortisolism (Cushing's syndrome). The regulatory body has assigned a Prescription Drug User Fee Act target action date of Dec. 30, 2025.

A potential approval for relacorilant in Cushing's syndrome should help Corcept address a broader patient population and reduce the heavy dependence on Korlym for growth in the future quarters. Management expects all current Korlym patients to switch to relacorilant once it is approved and launched, which should speed up growth.

Corcept is also developing relacorilant for other indications.

The company has submitted a new NDA to the FDA seeking approval for relacorilant in combination with nab-paclitaxel for treating patients with platinum-resistant ovarian cancer.

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

The BELLA study is designed to understand whether combining relacorilant with two medicines — nab-paclitaxel and RHHBY’s Avastin — offers patients an additional treatment option or not.

Another study is evaluating relacorilant in combination with Merck’s MRK blockbuster PD-L1 inhibitor, Keytruda, for treating patients with adrenal cancer along with cortisol excess.

Keytruda, approved for several types of cancers worldwide, is MRK’s biggest revenue driver.

CORT's Price Performance, Valuation and Estimates

Year to date, shares of Corcept have rallied 38.3% compared with the industry’s rise of 8.3%.

From a valuation standpoint, Corcept is trading at a premium to the industry. Going by the price-to-sales (P/S) ratio, the company’s shares currently trade at 11.73, higher than 2.38 for the industry. The stock is also trading above its five-year mean of 7.52.

The Zacks Consensus Estimate for 2025 earnings per share (EPS) has decreased from $1.39 to $1.15 over the past 60 days. During the same time frame, EPS estimates for 2026 have decreased from $2.08 to $1.71.

CORT's Zacks Rank

Corcept currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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