Corcept Therapeutics Incorporated (NASDAQ:CORT) reported its fourth quarter and full-year 2025 financial results after the market close on February 24, 2026. The biopharmaceutical company posted revenue and earnings that fell short of Wall Street's expectations, a miss that was met with a swift and negative reaction in after-hours trading.
Financial Performance Versus Estimates
The company's reported figures for the fourth quarter came in notably below analyst consensus estimates, which is the primary driver behind the immediate market response.
Q4 CY2025 Results at a Glance:
- Reported Revenue: $202.1 million.
- Versus Estimate: Missed the consensus estimate of $260.0 million.
- Year-over-Year Growth: Represents an 11.1% increase from $181.9 million in Q4 2024.
- Reported Diluted EPS (GAAP): $0.20.
- Versus Estimate: Missed the consensus estimate of $0.306.
- Year-over-Year Change: A decline from $0.26 per share in the prior year period.
For the full year 2025, Corcept reported revenue of $761.4 million, up from $675.0 million in 2024. Full-year net income was $99.7 million, or $0.82 per diluted share, compared to $141.2 million, or $1.23 per share, in 2024. The decline in annual profitability was attributed to a significant increase in operating expenses, particularly within selling, general and administrative (SG&A) costs, which rose to $448.7 million for the year from $280.3 million in 2024.
Market Reaction and Context
The earnings miss triggered a sharp sell-off. In after-hours trading following the release, CORT stock was down approximately 4.7%. This negative price action extends a longer-term trend of weakness, with the stock down roughly 20% over the past month. The market's disappointment is clear: despite demonstrating year-over-year sales growth, the company failed to meet the elevated expectations set by analysts, and its profitability is being pressured by rising costs.
The earnings release occurs against a backdrop of legal scrutiny. Several law firms have announced class action lawsuits against Corcept, alleging the company made materially false and misleading statements during a Class Period from October 31, 2024, to December 30, 2025. While the financial results are a concrete data point, this legal overhang may be contributing to investor caution and volatility.
Corporate Update and Pipeline Highlights
Beyond the quarterly numbers, management provided a detailed update on its commercial business and expansive clinical pipeline. CEO Dr. Joseph Belanoff stated that demand for its Cushing’s syndrome treatment, Korlym, surged in 2025, with a 37% increase in tablets sold. However, he noted that growth was hampered by capacity constraints at a former specialty pharmacy vendor and operational disruptions during a transition to a new pharmacy in Q4. He expressed confidence that the transition is now complete and that February 2026 is on track to be a record month for new patient starts.
The clinical development pipeline remains the central focus for future growth. Key updates include:
- Relacorilant in Cushing’s Syndrome: The company is engaged with the FDA to determine the path forward for its New Drug Application (NDA) following a Complete Response Letter, expressing confidence in ultimate approval.
- Relacorilant in Oncology: The NDA for relacorilant in combination with nab-paclitaxel for platinum-resistant ovarian cancer (PROC) has a PDUFA date of July 11, 2026. The company highlighted final overall survival results from the ROSELLA study showing a 35% reduction in the risk of death. Multiple additional Phase 2 trials are underway in other solid tumors, including endometrial, cervical, pancreatic, and prostate cancers.
- Other Pipeline Candidates: Important data readouts are expected in 2026 from trials for miricorilant in metabolic dysfunction-associated steatohepatitis (MASH) and from a Phase 2b trial in ovarian cancer (BELLA). The company also plans to initiate a Phase 3 trial for dazucorilant in Amyotrophic Lateral Sclerosis (ALS) by mid-2026, following promising Phase 2 data.
Looking Ahead
The company did not provide formal financial guidance for 2026 in its release. This leaves analysts' estimates as the primary benchmark for future performance. Current consensus estimates project Q1 2026 revenue of approximately $213.7 million and full-year 2026 sales nearing $994.6 million. Investors will likely focus on the company's ability to resume stronger commercial execution in its core Cushing’s business and on the critical regulatory milestones for relacorilant in the second half of the year.
For a detailed view of historical earnings, future estimates, and analyst projections, you can review the data here.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
