CORT Q1 Earnings Call: Pharmacy Disruptions Overshadow Prescription Growth, Guidance Reaffirmed

Biopharma company Corcept Therapeutics (NASDAQ: CORT) fell short of the market’s revenue expectations in Q1 CY2025, but sales rose 7.1% year on year to $157.2 million. On the other hand, the company’s full-year revenue guidance of $925 million at the midpoint came in 2.2% above analysts’ estimates. Its non-GAAP profit of $0.17 per share was 19.3% above analysts’ consensus estimates.

Is now the time to buy CORT? Find out in our full research report (it’s free).

StockStory’s Take

Corcept’s first quarter results were shaped by two main factors: a sharp rise in prescription volumes for its Cushing’s syndrome therapy, Korlym, and operational setbacks at a key pharmacy partner. Management attributed the quarterly revenue shortfall to pharmacy capacity constraints that delayed prescription fulfillment in January and February, even as the underlying patient base and prescriber activity grew at record rates. President of Endocrinology Sean Maduck noted, “Our new prescriber base has grown at a record rate for five straight quarters, and the number of Korlym prescriptions in the first quarter of this year was almost double what we saw in the same period last year.”

Looking ahead, leadership reaffirmed full-year revenue guidance, citing confidence in resolving pharmacy bottlenecks and strong demand growth. CEO Joe Belanoff highlighted two major catalysts: the ramp-up of authorized generic sales and the forthcoming launch of relacorilant, a next-generation cortisol modulator. Management believes these developments, coupled with rising disease awareness, will drive growth for both the current year and beyond.

Key Insights from Management’s Remarks

Corcept’s Q1 performance was influenced by prescription volume growth, pharmacy fulfillment issues, and product mix changes. Management discussed the following drivers and challenges impacting the quarter:

• Pharmacy Fulfillment Bottleneck: The main driver of the revenue miss was a temporary operational shortfall at Corcept’s pharmacy vendor, which struggled to keep pace with increased prescription volumes in January and February. This led to delayed shipments and lower recorded revenue for the quarter, despite high patient demand. The company reported that pharmacy operations normalized in March and April.
• Rapid Growth in Prescriptions: Prescription activity for Korlym nearly doubled compared to the prior year period, with a record number of new prescribers. Management cited increased physician screening for hypercortisolism, driven by education campaigns and new clinical data.
• Authorized Generic Shift: Corcept’s transition to an authorized generic version of Korlym accelerated, with over half of patients now using the lower-priced product. While this reduced average selling price per tablet by 13%, management expects volume growth to more than offset pricing headwinds.
• Sales Force Expansion: The endocrinology sales team grew from 60 to 125 specialists over the past year, with plans to further expand ahead of relacorilant’s anticipated launch. The company also initiated direct-to-patient education campaigns to boost disease awareness and drive diagnoses.
• Pipeline Progress: Corcept advanced relacorilant in both endocrinology and oncology indications, highlighted by positive pivotal trial results in Cushing’s syndrome and platinum-resistant ovarian cancer. New data from the CATALYST and ROSELLA studies are expected to further support product launches and market expansion.

Drivers of Future Performance

Corcept’s management pointed to accelerating prescription trends, new product launches, and expanded commercial infrastructure as the main forces shaping the outlook for the rest of the year.

• Prescription Volume Acceleration: Management expects recent growth in patient and prescriber numbers to continue, particularly as the effects of the CATALYST study become more widely recognized and pharmacy operations remain stable.
• Relacorilant Launch Preparation: The anticipated FDA review of relacorilant by year-end and potential launch in both Cushing’s syndrome and ovarian cancer are central to Corcept’s growth strategy. Management believes these approvals could significantly increase the addressable market.
• Product Mix Impact: While the transition to authorized generic Korlym will temper average pricing, leadership expects that higher prescription volumes and new indications for relacorilant will drive total revenue and offset pricing headwinds.

Top Analyst Questions

• Edward Nash (Canaccord): Asked if prescription growth in March and April would create a spike in Q2 revenue or a sustained trend. Management said they expect growth to accelerate throughout the year, not just a one-time increase.
• David Amsellem (Piper Sandler): Inquired about the mix between branded and authorized generic Korlym, and whether volume growth will offset lower pricing. Management confirmed over half of patients are on the authorized generic, with volume expected to outweigh price erosion.
• David Amsellem (Piper Sandler): Also asked about relacorilant’s regulatory path, including the likelihood of an FDA advisory committee meeting. Management does not expect an advisory committee to be required for approval.
• Joon Lee (Truist Securities): Sought details on corrective measures at the pharmacy vendor and capacity to meet future demand, especially with relacorilant’s launch. Management said staffing and operational improvements are in place, and broader distribution is being considered for relacorilant.
• Joon Lee (Truist Securities): Asked whether ALS data could support conditional approval or require further studies. Management said regulatory discussions are underway to determine next steps, but no commitments were made regarding approval timelines.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) sustained prescription growth for Korlym as pharmacy operations remain stable, (2) the progress and regulatory review of relacorilant in both Cushing’s syndrome and ovarian cancer, and (3) the impact of further adoption of the authorized generic on pricing and revenue mix. Additional data releases from pipeline studies and updates on commercial execution will also be critical to tracking Corcept’s outlook.

Corcept currently trades at a forward P/E ratio of 37.1×. At this valuation, is it a buy or sell post earnings? See for yourself in our free research report.

Our Favorite Stocks Right Now

Donald Trump’s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs.

While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years.

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.