Corcept Therapeutics review

The short version

Corcept has spent over two decades on one idea: blocking cortisol, the stress hormone. That idea gave it Korlym, a profitable drug for Cushing’s syndrome, and now Lifyorli in ovarian cancer. In a single year the company has lived through an FDA rejection, a lost patent fight and a strong new launch. Q2 2026 revenue reached $256.1 million, up 32% (Corcept Q2 2026 results).

The latest FDA decision: rejected

On 30 December 2025 the FDA rejected relacorilant for hypercortisolism (Cushing’s syndrome). It accepted that the main trial met its goal, but said it could not judge benefit and risk favourably without more evidence (Corcept). The news came out after the market closed, and the shares lost about 56% by the following close, as our FDA Decision Calendar shows. Corcept filed again in June 2026, and the FDA’s new date is 17 December 2026.

What it makes

Korlym blocks cortisol in Cushing’s syndrome, a hormone disorder that causes high blood sugar and weight gain, among other things. Its newer drug relacorilant blocks cortisol more selectively, without acting on the progesterone receptor. Sold as Lifyorli for ovarian cancer, it is given with the chemotherapy nab-paclitaxel. Cancer cells use cortisol signals to resist chemotherapy, so blocking them makes treatment work better. In the ROSELLA trial of 381 patients, it met both main goals and lowered the risk of death by 35%.

Lifyorli made $47.6 million in its first quarter, with more than 1,300 patients started, and it is listed as a preferred regimen in the NCCN cancer guidelines.

Is it really new?

Yes. A cortisol blocker added to chemotherapy is a new way of treating cancer, and it works without requiring a test for a specific marker. In Cushing’s syndrome relacorilant would be an improved version of Korlym, with fewer hormonal side effects.

The competition

In February 2026 an appeals court confirmed that Teva’s generic Korlym does not infringe two Corcept patents, and the shares fell sharply. Corcept also sells its own cheaper authorized generic, which takes most of the volume at a discount of about 30% (Corcept’s update). In ovarian cancer Elahere from AbbVie serves patients with a specific marker, while many others have only chemotherapy, so Lifyorli has room to grow.

Money

Corcept earned $43 million in Q2 2026, held $544.6 million of cash and investments, and raised 2026 revenue guidance to $1.1–1.2 billion. That guidance implies a much stronger second half than the $421.1 million of the first half, so Q3 results, due soon, will be watched closely.

Risks

• Second rejection. The FDA asked for more evidence once, and the new filing has to answer that.
• Korlym erosion. Generics will keep pulling down its main source of profit.
• High guidance. The second half needs a very strong Lifyorli launch.
• Legal costs. An antitrust case between Corcept and Teva is still open.

Our take

The December 2025 fall looked like a disaster, but investors who looked at Corcept’s other trial were rewarded: at about $82, the shares are more than double their post-rejection close of about $35. They are still well below the 52-week high of about $126. Corcept is now a growing cancer company with a shrinking older product. Lifyorli sales matter more than the Cushing’s decision, though a yes on 17 December would be a welcome bonus.