Key Highlights

  • Net product Revenue was USD 340.5 million versus 207.6 million; Lifyorli contributed USD 91.4 million of the total.
  • Income from operations was USD 114.7 million versus 10.2 million, and SG&A expense was USD 164.4 million versus 124.0 million.
  • Net income was USD 126.8 million versus 19.7 million, and diluted Net Income per share was USD 1.01 versus 0.16.
  • Cash, cash equivalents and marketable securities were USD 662.3 million at September 30, 2026, versus 532.4 million at year-end.

Product Revenue

Corcept Therapeutics Incorporated (NASDAQ:CORT), a commercial-stage company developing medications that modulate the effects of the hormone cortisol, filed its Quarterly Report for the period ended September 30, 2026. Net product revenue was USD 340,472 thousand, compared with USD 207,638 thousand in the third quarter of 2025.

Net product revenue from the hypercortisolism products, Korlym and its authorized generic, was USD 249.1 million versus USD 207.6 million. Lifyorli (relacorilant), approved by the FDA in March 2026 in combination with nab-paclitaxel for platinum-resistant ovarian, fallopian tube or primary peritoneal cancer, generated USD 91.4 million. Its commercial launch was on April 1, 2026.

For the nine months, net product revenue was USD 761.5 million versus USD 559.3 million, including USD 622.6 million from the hypercortisolism products and USD 139.0 million from Lifyorli.

Analyst estimates were EPS of USD 0.79 against reported EPS of USD 1.01, and revenue of USD 336.4 million against reported revenue of USD 340.5 million.

Operating Expenses and Net Income

Cost of sales was USD 4,608 thousand versus USD 4,596 thousand. Research and Development expense was USD 56,709 thousand versus USD 68,846 thousand, and selling, general and administrative expense was USD 164,431 thousand versus USD 123,977 thousand. Total operating expenses were USD 225,748 thousand versus USD 197,419 thousand.

Income from operations was USD 114,724 thousand versus USD 10,219 thousand, and interest and other income was USD 5,583 thousand versus USD 5,024 thousand. Income before income taxes was USD 120,307 thousand versus USD 15,243 thousand, and the income tax benefit was USD 6,471 thousand versus USD 4,425 thousand.

Net income was USD 126,778 thousand versus USD 19,668 thousand, and net income attributable to common stockholders was USD 124,489 thousand versus USD 19,359 thousand. Basic net income per common share was USD 1.17 versus USD 0.19, and diluted net income per common share was USD 1.01 versus USD 0.16, on 123,201 thousand diluted weighted-average shares. For the nine months, net income was USD 138,004 thousand versus USD 75,364 thousand, and diluted net income per share was USD 1.13 versus USD 0.62.

Cash and Liquidity

Cash, cash equivalents and marketable securities were USD 662.3 million at September 30, 2026, consisting of cash and cash equivalents of USD 98.7 million and marketable securities of USD 563.6 million. At December 31, 2025, the total was USD 532.4 million, consisting of USD 120.5 million of cash and cash equivalents and USD 411.9 million of marketable securities.

Net cash provided by Operating Activities was USD 159.7 million for the nine months versus USD 103.5 million, which the company attributed primarily to higher revenue. Net cash used in investing activities was USD 156.7 million, and net cash used in financing activities was USD 25.2 million. Stock-based compensation was USD 81,902 thousand for the nine months versus USD 63,732 thousand.

The company stated that it expects to fund its operations and planned research and development over the next 12 months and beyond without needing to raise additional funds.

Items to Follow

Investors can follow Lifyorli revenue, which was USD 91.4 million in the quarter, following the April 1, 2026 launch, and revenue from the hypercortisolism products, which was USD 249.1 million.

Other items include selling, general and administrative expense of USD 164.4 million and the company's portfolio of five structurally distinct series of selective cortisol modulators totaling more than 1,000 compounds.