Corcept Therapeutics Inc. (NASDAQ: CORT) reported fourth‑quarter 2025 results that fell short of analyst expectations, with revenue of $202.1 million and diluted earnings per share of $0.20. Consensus estimates were $254.9 million for revenue and $0.27 for EPS, meaning the company missed revenue by roughly $52.8 million (20.5%) and EPS by $0.07 (24.5%).
The revenue shortfall was largely driven by capacity constraints at the company’s former specialty pharmacy vendor and operational disruptions that occurred during the transition to a new vendor. Management noted that, although demand for its Cushing’s syndrome drug Korlym grew—evidenced by a 37% increase in tablets sold and a record number of new prescriptions—the company was unable to meet the higher demand due to the pharmacy transition. The company’s guidance that the new specialty pharmacy is now fully operational suggests that the headwind should ease in the coming quarters.
EPS missed expectations because operating margin collapsed from 13.9% in Q4 2024 to 2.2% in Q4 2025. The sharp decline was driven by a significant rise in selling, general and administrative expenses, which grew faster than revenue. The margin contraction, combined with the revenue miss, explains the $0.07 shortfall in EPS relative to consensus. The company’s net income of $24.3 million remained positive, but the margin squeeze signals pressure on profitability.
Year‑over‑year, revenue grew 11.1% to $202.1 million, a deceleration compared with the 13.9% growth seen in the same quarter last year. EPS, however, fell from $0.27 in Q4 2024 to $0.20 in Q4 2025, reflecting the margin compression and higher operating costs. Despite the miss, the company highlighted that the underlying demand for Korlym remains strong, with a record number of new prescribers and patients in 2025.
For the full year 2026, Corcept guided revenue of $900 million to $1 billion, a range that sits slightly below analyst consensus estimates of $960 million to $1.03 billion. Management expressed confidence that the new specialty pharmacy will support continued top‑line growth and that the pipeline candidate relacorilant will begin to contribute to revenue in the near future. The guidance indicates a cautious outlook, balancing optimism about demand with the need to control costs and manage the transition’s residual effects.
Investors reacted negatively to the earnings miss, citing the revenue shortfall, margin compression, and ongoing legal scrutiny over the relacorilant NDA. Analysts noted that the miss, combined with the company’s higher SG&A expenses, raised concerns about execution and cost control, prompting a downward revision of the company’s price target. The market’s reaction underscores the importance of the company’s ability to convert demand into revenue and maintain profitability as it expands its pipeline and navigates regulatory challenges.
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