Corcept Therapeutics (NASDAQ:CORT) saw its stock price soar 27.4% to $118.41 on Tuesday, after the company reported better-than-expected second-quarter earnings and raised its full-year revenue guidance. The shares touched an intraday high of $122.23 before settling back slightly.
Strong Financial Performance
Revenue for the second quarter climbed 32% year-over-year to $256.1 million, driven by the successful launch of Lifyorli, which contributed $47.6 million in its first full quarter on the market. The company's legacy Cushing's syndrome drug Korlym and its authorized generic generated $208.6 million, up 7.3% from the same period last year.
Net income rose 22.5% to $43.0 million, with diluted earnings per share increasing 24.1% to $0.36. Operating expenses grew at a slightly slower pace than revenue, expanding 28.0% to $214.8 million.
Lifyorli Driving Growth
Lifyorli, approved for the treatment of Cushing's syndrome, accounted for 18.6% of total revenue and contributed 77.1% of the year-over-year dollar growth. Management reported that over 1,300 patients have started therapy, with more than 1,000 physicians prescribing the drug. Chief Executive Joseph Belanoff noted that demand for Lifyorli has accelerated each month since its launch.
Chief Financial Officer Atabak Mokari indicated that inventory levels had a minimal impact on sales, with distributors holding approximately one week's worth of supply. The company also saw a 26.5% sequential increase in Korlym sales from the first quarter, which Sean Maduck, president of endocrinology, attributed to record new patient enrollments rather than backlog reduction.
Revised Guidance and Second-Half Outlook
Based on the strong first-half performance, Corcept updated its full-year 2026 revenue forecast to a range of $1.1 billion to $1.2 billion, up from previous expectations. First-half revenue totaled $421.0 million, implying the company needs to generate between $679 million and $779 million in the second half to meet the new guidance. At the midpoint of $729 million, that would represent a 42.3% increase over the second-quarter run rate.
The company's cash and investments grew to $544.6 million, an increase of $29.2 million since March, despite higher spending on launch and Cushing's business investments.
Market Context and Catalysts
The stock's surge outpaced the broader biotech sector, with the iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) slipping 0.4% on the day. Competitor Xeris Biopharma Holdings (NASDAQ:XERS), which markets the Cushing's therapy Recorlev, saw its shares little changed at $8.38.
Looking ahead, a key catalyst is the upcoming FDA decision on relacorilant, another Cushing's treatment, expected by December 17, 2026. The FDA previously rejected the application in December due to insufficient efficacy data, and an amended filing highlighted liver safety concerns. Additional updates from European regulators and developments in metabolic disease programs are anticipated within the year.
The market's enthusiastic response reflects not only the successful launch of Lifyorli but also expectations of sustained momentum across both franchises. Third-quarter results will provide the first real test of whether the company can maintain its growth trajectory.
