Will Korlym Continue to Drive Corcept's Top Line in 2026?

Corcept Therapeutics CORT has been making meaningful progress with its sole-marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome or endogenous hypercortisolism. Currently, the company’s top line solely comprises product sales from Korlym.

In the first nine months of 2025, Korlym recorded sales of $559.3 million, up around 13.4% year over year. The drug has been performing well, and the momentum is expected to continue in future quarters. Per our model, Korlym sales are likely to witness a CAGR of around 26.4% over the next three years.

Although Korlym sales were previously affected by the insufficient capacity of a specialty pharmacy vendor earlier this year, they improved thereafter. The company expects to see even more improvement with its new pharmacy vendors in 2026.

Though sales have picked up momentum in recent times, we will have to wait for more sustainable growth in 2026. For full-year 2025, Corcept expects total revenues in the range of $800-$850 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. The candidate is also being developed for treating certain cancer indications.

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 diversify 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.

Meanwhile, the FDA accepted a new NDA seeking approval for relacorilant in combination with nab-paclitaxel for treating patients with platinum-resistant ovarian cancer in September 2025. A decision from the regulatory body is expected on July 11, 2026.

Corcept recently submitted a marketing authorization application (“MAA”) to the European Medicines Agency, seeking approval for relacorilant to treat patients with platinum-resistant ovarian cancer. A potential nod in Europe is expected by the end of 2026.

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.

Per management, 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.

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

Xtandi, which is approved for different stages of prostate cancer, has been one of Pfizer’s key revenue drivers.

Several combination studies on relacorilant targeting other cancer indications are expected to begin shortly.

CORT's Price Performance, Valuation and Estimates

Year to date, shares of Corcept have rallied 57.6% compared with the industry’s rise of 9.4%. The stock has also outperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.

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 12.80, higher than 2.38 for the industry. The stock is also trading above its five-year mean of 7.66.

The Zacks Consensus Estimate for 2025 earnings per share (EPS) has decreased from $1.15 to 89 cents over the past 60 days. During the same time frame, EPS estimates for 2026 have decreased from $1.71 to $1.25.

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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