Corcept Therapeutics Incorporated (CORT) Earnings

Management highlights

### Endocrinology (Cushing Syndrome) Business - The Cushing Center business saw record new prescriptions and first-time prescribers in Q2 2026, with the highest ever number of active patients and prescribers. - Landmark Catalyst and Momentum clinical trials have demonstrated that hypercortisolism (the underlying condition of Cushing syndrome) is far more prevalent than previously understood, with 24% prevalence in difficult-to-treat diabetes, 27% in resistant hypertension, and ~33-40% in patients with both treatment-resistant conditions. - Catalyst results are already published and referenced in 2026 American Association of Clinical Endocrinology guidance; Momentum results will be published in a major journal later in 2026, and growing adoption of this insight is driving increased screening and treatment. - The Relacorlin NDA resubmission for Cushing syndrome was accepted by the FDA, with a PDUFA date of December 17, 2026. Relacorlin demonstrates durable improvements in Cushing syndrome symptoms without the serious adverse effects of currently approved treatments. - Management expects current Cushing syndrome business to reach at least $2 billion in annual revenue by the end of the 2020s, growing to $3-5 billion annually after Relacorlin approval. ### Oncology Business and Pipeline - Lithioly (for platinum-resistant ovarian cancer) launched April 1, 2026, four months ahead of its original PDUFA date, and has had one of the strongest launches ever for an oncology drug. - As of Q2 2026, over 1,300 patients have started treatment, over 1,000 unique physicians have prescribed the drug, and over 70% of U.S. Medicare/Medicaid/commercial lives have formal insurance coverage, supported by an unusually fast NCCN preferred regimen listing 15 days post-approval. - Multiple ongoing clinical trials of GR antagonism across solid tumor indications (BELLA trial in platinum-resistant ovarian, platinum-sensitive ovarian, and endometrial cancer; STELLA trial in cervical cancer; TRIDEN trial in first-line pancreatic cancer) will read out results by the end of 2027. Positive results are expected to expand the eligible patient population for Lithioly by 5x. - A Phase 1b Synergy trial combining GR antagonist Nenacorrelant with PD-1 inhibitor nivolumab across solid tumors, and a collaborative Phase 2 trial of Relacorlin plus enzalutamide for prostate cancer, are both ongoing with results expected by the end of 2027. ### Other Pipeline Progress - Miraclorelent for MASH (non-alcoholic steatohepatitis) has completed enrollment in the 175-patient Phase IIb Monarch trial, with data expected later in 2026. Positive results will support advancement to Phase III. - Dazacoralant for ALS delivered highly encouraging Phase II DAZZLS trial results, with an 84% reduction in one-year death risk (p=0.0009) and 87% reduction in two-year death risk (p<0.0001) for the 300mg dose versus placebo. A dose titration study is ongoing to improve gastrointestinal tolerability, with a pivotal Phase III trial planned to start early 2027.

Guidance

- Management increased 2026 full-year revenue guidance to a range of $1.1 billion to $1.2 billion, with upward revision reflecting strong performance across both the endocrinology Cushing syndrome business and the newly launched Lithioly oncology business. - Management projects that Lithioly will reach over $1 billion in annual U.S. revenue for platinum-resistant ovarian cancer alone. - Cushing syndrome business is projected to reach at least $2 billion in annual revenue by the end of the 2020s, growing to $3-5 billion annually following the expected approval of Relacorlin.

Segment performance

Total Q2 2026 revenue was $256.1 million, representing a 32% increase year-over-year. Net income was $43 million, up from $35 million in the prior year period. 1. Endocrinology (Corelum/authorized generic Cushing syndrome treatments): Revenue of $208.6 million, accounting for 81.4% of total Q2 2026 revenue. 2. Oncology (Lithioly): Lithioly received FDA approval in late March 2026 and generated revenue of $47.6 million in its first quarter of commercial availability, accounting for 18.6% of total Q2 2026 revenue.

Risks & headwinds

All forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in the company's SEC filings. Key risks include: uncertainty around FDA approval of Relacorlin despite acceptance of the resubmitted NDA; potential for slower than expected physician adoption of new hypercortisolism screening and treatment practices; possible failure of ongoing clinical trials for expanded indications across oncology, MASH, and ALS to meet efficacy or safety endpoints; and tolerability issues for Dazacoralant that could limit adoption even if pivotal trials meet endpoints.

Analyst Q&A

• Q: David Anselm (Piper Sandler) asked for current patient numbers for Lithioly, confirmation that patient addition pace is growing, whether the upward 2026 guidance revision is driven mostly by Lithioly, and whether any bottlenecks remain for Corelum in the specialty pharmacy channel. /

  A: Roberto Vieira confirmed 1,300 patients have initiated Lithioly, with a sustained strong weekly pace of new patient additions. He noted the company is targeting broad and early use of Lithioly across lines of platinum-resistant ovarian cancer, and expects continued growth. Sean Maduck confirmed Corelum saw record new patient growth in Q2 2026, with continuous improvement in specialty pharmacy capacity that has kept up with growing demand. Atabak Mokari clarified the upward guidance reflects strength across both Corelum/endocrinology and Lithioly/oncology.

• Q: Swayam Pakula Rambakant (HC Wainwright) asked how much of Lithioly's $47.6 million Q2 revenue came from channel inventory build versus actual patient demand, how many unique prescribers Lithioly has, how long the typical duration of therapy is, and how much of Corelum's Q2 sequential growth came from clearing backlog after the pharmacy transition versus organic capacity growth. /

  A: Roberto Vieira confirmed there are now 1,000 unique prescribers for Lithioly, up from 200 cited in April. Atabak Mokari explained that very little of Lithioly's Q2 revenue came from inventory build: 30% goes direct-to-patient via specialty pharmacy with no channel inventory, and specialty distributors only hold ~1 week of minimal inventory due to the drug's high cost. Sean Maduck clarified that Corelum's sequential 27% Q2 growth was all organic: the pharmacy transition is complete, and growth was driven by new patient enrollments and ongoing care for existing patients, not backlog clearing.