Start here if you're new
what it is
Corcept sells a drug for Cushing’s syndrome and is trying to turn cortisol science into a bigger medicines business.
how it gets paid
Last year Corcept Therapeutics made $761M in revenue.
why it's growing
Revenue grew 12.8% last year. $559M matters because it shows how lumpy and event-driven this income statement can look against a $761M full-year revenue base.
what just happened
The quarter's real headline was $559M in reported revenue, but the bigger story is that still shows full-year EPS at just $1.23.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
45.4x trailing p/e — you're paying up for this one
20.8% return on capital — every dollar works hard here
$1.23 fy2024 eps est
xvary composite: 45/100 — below average
What they do
Corcept sells a drug for Cushing’s syndrome and is trying to turn cortisol science into a bigger medicines business.
Corcept wins by being obsessively narrow. It has built more than 1,000 cortisol-related compounds around one hormone system, and that focus is hard to copy fast. You are betting that deep cortisol expertise turns one approved drug into a repeatable playbook.
How they make money
$761M
annual revenue · their business grew +12.8% last year
total revenue
$761M
+12.8%
The products that matter
commercial treatment for Cushing's syndrome
Korlym
$761M · 100% of revenue
it's the entire commercial business. all $761M in annual revenue comes from Korlym, which makes every pricing, patent, and demand headline matter.
the whole business
phase 3 follow-on pipeline candidate
Relacorilant
H2 2026 catalyst
there is no revenue here yet. what matters is the GRACE trial readout expected in H2 2026, because Corcept needs a second leg before investors start treating Korlym like a runoff asset.
next act
Key numbers
5.9%
operating margin
Operating margin → profit left after running the business → Corcept keeps about $0.06 from each $1 of sales, which is thin for a stock at 45.4x earnings.
45.4x
trailing p/e
P/E → years of current earnings you are paying for → you are paying a premium price for a business with one main product.
20.8%
return on capital
Return on capital → profit generated from money put into the business → Corcept’s core economics are better than its margin suggests.
$5M
long-term debt
Long-term debt → money owed over many years → Corcept has almost none, which gives it room to absorb biotech chaos.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $5M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CORT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter's real headline was $559M in reported revenue, but the bigger story is that still shows full-year EPS at just $1.23.
That contrast is the whole setup. Revenue jumped 169% vs. prior year in the latest reported period from EDGAR, while Value Line's quarterly EPS history shows 2024 ended with $0.26 in Q4 and $1.23 for the year.
$559M
revenue
$0.62
eps
169%
revenue growth
the number that mattered
$559M matters because it shows how lumpy and event-driven this income statement can look against a $761M full-year revenue base.
source: EDGAR filing data and quarterly history, 2024
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What could go wrong
The #1 risk is generic or legal pressure on Korlym exclusivity. this is not some side issue. Korlym is the entire $761M revenue stream.
med
Korlym exclusivity gets challenged
Patent cover currently runs to 2039, but any earlier loss of exclusivity would hit pricing power first and revenue second.
Impact: this risk sits on top of 100% of current revenue.
med
Single-product dependency does not leave room for mistakes
Corcept has one commercial product. if Korlym slows, there is no second revenue stream to absorb the miss.
Impact: one product supports all $761M of annual sales.
med
Relacorilant has to earn the next chapter
The key pipeline catalyst is the GRACE phase 3 readout expected in H2 2026. until then, investors are underwriting a future they cannot yet buy.
Impact: without a second asset, the company remains a one-drug story even if current earnings hold up.
med
The premium multiple can compress before the business breaks
The stock trades at 35.1x earnings versus a 30.2x peer average while full-year revenue expectations sit at $675M, below last year's $761M.
Impact: you do not need a collapse for the stock to de-rate. you just need growth to look ordinary.
Corcept's risk stack is unusually concentrated: one product, one legal moat, one major pipeline handoff, and 100% of current revenue exposed to all of it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
legal
Korlym patent litigation updates
Patent protection is currently set to 2039. any ruling that changes that timeline changes the entire valuation framework.
pipeline
Relacorilant phase 3 data in H2 2026
This is the main catalyst that could turn Corcept from a one-drug company into a two-asset story. until that arrives, the market is pricing possibility.
trend
Whether revenue tracks closer to $675M or $761M
Consensus sits at $675M, below last year's $761M. if reported sales hold up better than that, the bear case weakens fast.
quarterly
Korlym demand after the Q4 beat
Q4 revenue came in at $205.2M versus $197.5M expected. the next few prints matter because one strong quarter does not prove a durable reacceleration.
Analyst rankings
earnings predictability
75 / 100
The revenue line has been relatively readable for a biotech. in human-speak, analysts are not dealing with total chaos here.
price stability
5 / 100
This stock is volatile. the $29–$117 52-week range makes that part of the story obvious.
relative valuation
35.1x vs 30.2x
CORT trades above its peer multiple. you're paying extra for exclusivity and hoping the handoff to the pipeline goes cleanly.
source: institutional data
Institutional activity
institutional ownership data for CORT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$40
current price
n/a
target midpoint · n/a from current
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