# Corcept Therapeutics Incorporated (CORT)

> Source: Nexqual · https://nexqual.com/CORT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Corcept Therapeutics Incorporated (CORT), nexqual.com/CORT" · informational, not investment advice.

**Price:** USD 107.5 (-7.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 116.28 · day 107.33–115.73 · 52w 28.66–126.38 · market cap $11.6B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $831M, net income $55.2M (6.6% margin), free cash flow $107M (SEC filings).
- Valuation: P/E 210.6x (avg 38.9x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $20.0M vs operating income $6.4M over the last four quarters; P/E excluding non-operating income ≈330.0x (estimate: non-operating income taxed at the company's 0% effective rate).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 141 (range 50–165).
- Total return with dividends: 1Y +47.3% vs S&P 500 +14.9%; 5Y +474.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.84, revenue estimate $336M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $366M | $402M | $482M | $675M | $761M | $831M |
| Gross profit | $361M | $396M | $476M | $664M | $748M | — |
| Operating income | $124M | $113M | $107M | $137M | $44.8M | $6.4M |
| Net income | $113M | $101M | $106M | $141M | $99.7M | $55.2M |
| EPS (diluted) | $0.89 | $0.87 | $0.94 | $1.23 | $0.82 | — |
| Free cash flow | $167M | $120M | $127M | $196M | $142M | $107M |
| Gross margin | 98.6% | 98.7% | 98.7% | 98.4% | 98.3% | — |
| Operating margin | 34.0% | 28.0% | 22.2% | 20.3% | 5.9% | 0.8% |
| Net margin | 30.7% | 25.2% | 22.0% | 20.9% | 13.1% | 6.6% |
| Revenue growth | +3.4% | +9.8% | +20.0% | +39.9% | +12.8% | — |
| Cash + short-term investments | $224M | $432M | $368M | $383M | $372M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 210.6x · P/E ex non-operating (est.) ≈330.0x · P/S 14.0x · P/FCF 108.7x · P/B 16.5x · FCF yield 0.92% · Earnings yield 0.47% · Buyback yield (TTM) 0.37%
P/E at fiscal year-ends: Dec 2025 41.9x, Dec 2024 40.5x, Dec 2023 34.2x.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 141 (low 50, high 165).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | HC Wainwright & Co. | Reiterated | Buy | $165 |
| 2026-07-30 | Piper Sandler | Target raised | Overweight | $88 → $165 |
| 2026-07-30 | Canaccord Genuity | Target raised | Buy | $150 → $161 |
| 2026-07-30 | HC Wainwright & Co. | Target raised | Buy | $95 → $165 |
| 2026-07-29 | Canaccord Genuity | Target raised | Buy | $135 → $150 |
| 2026-07-27 | Wolfe Research | Downgrade | Peer Perform → Underperform | $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +47.3% | +474.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +47.5% | +41.7% |
| Volatility (annualized) | 93.4% | 60.9% |
| Max drawdown | -63.5% (Dec 2025→Mar 2026) | -63.5% (Sep 2025→Mar 2026) |

## Peers (Biotechnology)
TECH (Bio-Techne Corp) USD 72.62 -0.03% · BMRN (BioMarin Pharmaceutical Inc.) USD 56.63 +2.57% · SMMT (Summit Therapeutics Inc.) USD 15.55 -1.77% · MDGL (Madrigal Pharmaceuticals, Inc.) USD 453.34 -1.01% · BBIO (BridgeBio Pharma, Inc.) USD 68.12 +0.56% · PCVX (Vaxcyte, Inc.) USD 62.85 -0.60%

## More
Full page: https://nexqual.com/CORT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CORT's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1088856/000162828026011091/cort-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Curant Health Georgia | "Our agreement with Curant became effective in June 2025 and extends to June 2028 with automatic renewal for successive one-year terms, unless terminated earlier by us upon 180 days' notice, subject to customary terminati…" |
| Partner | Optime Care | "In June 2025, we notified Optime that it would cease to be our exclusive specialty pharmacy and in October 2025, we delivered a notice of termination of our agreement with them, effective January 8, 2026." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hypercortisolism Products | $208.6M | 81.4% | +7.3% |
| Lifyorli | $47.6M | 18.6% | — |
| Total revenue | $256.1M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 1% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-07-29)

- "We anticipate continued strength across our businesses and have increased our 2026 revenue guidance to $1.1 – $1.2 billion," said Joseph K."
- "We expect a decision on our NDA by December 17, 2026."
- "In addition, results from MONARCH, our Phase 2b trial in patients with metabolic dysfunction-associated steatohepatitis (MASH), are expected by the end of this year."
- "We look forward to building on these promising findings in our Phase 2b MONARCH study, with results expected by the end of this year," said Dr."

Analysts expect $336.4M for the current quarter, -70.8% vs the guidance midpoint $1.15B. Source: https://www.sec.gov/Archives/edgar/data/1088856/000162828026050607/cort072926ex991pressrelease.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.84 | $0.25 | +231.6% | $336.4M | 4 |
| Next quarter (ends 2026-12-31) | $1.17 | $0.58 | +103.3% | $388.7M | 4 |
| Current fiscal year (ends 2026-12-31) | $2.12 | $0.56 | +280.8% | $1.15B | 4 |
| Next fiscal year (ends 2027-12-31) | $4.41 | $3.21 | +37.4% | $1.71B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.5%; last 8 reports averaged ±6.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 63.8% | ±14.5% |
| 2026-12-18 | 56 | 77.7% | ±24.6% |
| 2027-01-15 | 84 | 68.7% | ±26.5% |
| 2027-02-19 | 119 | 64.4% | ±29.4% |
| 2027-05-21 | 210 | 58.5% | ±35.2% |