CORCEPT THERAPEUTICS INC Q1 FY2025 earnings call

• Endocrinology: Rapid patient growth in hypercortisolism due to increased screening; prescriber base grew at a record rate for 5 quarters; sales force expanded to 125 clinical specialists (aiming for 175 by year-end); direct-to-patient disease awareness campaign launched; CATALYST study showed one in four difficult-to-control diabetes patients have hypercortisolism and Korlym improved hyperglycemia. Pharmacy issues in Q1 resolved with improved operations in March and April.
• Oncology: ROSELLA trial in platinum-resistant ovarian cancer showed improved progression-free survival; BELLA study underway to explore relacorilant in combination with nab-paclitaxel and bevacizumab; exploration of relacorilant in combination with androgen deprivation therapy in prostate cancer and with immunotherapy; dazucorilant Phase 2 trial in ALS showed overall survival improvement; miricorilant Phase 1b study in MASH showed liver fat reduction.
• Patent Litigation: Appeal to Federal Circuit Court of Appeals on Teva's generic Korlym; briefing complete; oral arguments scheduled for July, decision expected 3-4 months after.

Revenue in the first quarter of 2025 was $157.2 million, compared to $146.8 million in the first quarter of the previous year. Net income was $20.5 million in Q1 2025 vs. $27.8 million in Q1 2024. Cash and investments at March 31st were $570.8 million. In the Endocrinology division, Korlym prescriptions in Q1 2025 were almost double those in Q1 2024. The prescriber base grew at a record rate for five straight quarters. The sales force expanded, with 125 clinical specialists in Q1 2025 up from 60 at the start of 2024. Transition to authorized generic Korlym continued, with average price per tablet down 13% year-over-year, but expected volume growth to outweigh the price decrement. Revenue contribution from Endocrinology is driven by growth in hypercortisolism screening and treatment.