Revenue growth has significantly decelerated from 47.7% in 2024Q3 to 4.9% in 2026Q1, while operating margins have deteriorated into negative territory at -30.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 769.1M | 761.41M | 675.04M | 482.38M | 401.86M | 365.98M | 353.87M | 306.49M | 251.25M | 159.2M | 81.32M | 50.29M | 26.55M | 10.36M | 3.31M | 0 | 0 | 29K | 209K | 482K | 294K | 0 | 0 | 0 |
| Revenue Growth % | 12.2% | 12.79% | 39.94% | 20.04% | 9.8% | 3.42% | 15.46% | 21.99% | 57.82% | 95.77% | 61.72% | 89.39% | 156.36% | 213.18% | - | - | -100% | -86.12% | -56.64% | 63.95% | - | - | - | - |
| Cost of Goods Sold | 13.46M | 12.98M | 10.88M | 6.48M | 5.38M | 5.28M | 5.58M | 5.5M | 5.21M | 3.55M | 2.06M | 1.36M | 882K | 143K | 91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 1.7% | 1.61% | 1.34% | 1.34% | 1.44% | 1.58% | 1.8% | 2.08% | 2.23% | 2.53% | 2.71% | 3.32% | 1.38% | 2.75% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 755.64M | 748.43M | 664.16M | 475.89M | 396.47M | 360.7M | 348.29M | 300.98M | 246.03M | 155.65M | 79.26M | 48.92M | 25.67M | 10.21M | 3.22M | 0 | 0 | 29K | 209K | 482K | 294K | 0 | 0 | 0 |
| Gross Margin % | 98.25% | 98.3% | 98.39% | 98.66% | 98.66% | 98.56% | 98.42% | 98.2% | 97.92% | 97.77% | 97.47% | 97.29% | 96.68% | 98.62% | 97.25% | - | - | 100% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | 12.69% | 39.56% | 20.03% | 9.92% | 3.56% | 15.72% | 22.33% | 58.07% | 96.37% | 62.01% | 90.6% | 151.31% | 217.6% | - | - | -100% | -86.12% | -56.64% | 63.95% | - | - | - | - |
| Operating Expenses | 763.86M | 703.63M | 527.21M | 368.61M | 283.84M | 236.22M | 220.09M | 189.38M | 156.54M | 102.79M | 69.08M | 52.37M | 53.29M | 51.71M | 39.49M | 32.33M | 27.44M | 20.28M | 19.9M | 12.73M | 25.88M | 21.16M | 16.04M | 9.99M |
| OpEx % of Revenue | - | 92.41% | 78.1% | 76.42% | 70.63% | 64.54% | 62.19% | 61.79% | 62.3% | 64.57% | 84.95% | 104.14% | 200.7% | 499.28% | 1194.07% | - | - | 69927.59% | 9520.57% | 2640.46% | 8801.36% | - | - | - |
| Selling, General & Admin | 503.42M | 448.73M | 280.32M | 184.26M | 152.85M | 122.36M | 105.33M | 100.36M | 81.29M | 62.42M | 45.24M | 36.95M | 34.92M | 31.24M | 25.41M | 11.33M | 8.49M | 5.88M | 5.75M | 4.87M | 5.04M | 4.08M | 4.49M | 1.89M |
| SG&A % of Revenue | - | 58.93% | 41.53% | 38.2% | 38.04% | 33.43% | 29.76% | 32.75% | 32.35% | 39.21% | 55.63% | 73.48% | 131.51% | 301.63% | 768.49% | - | - | 20265.52% | 2749.28% | 1009.75% | 1714.97% | - | - | - |
| Research & Development | 260.44M | 254.91M | 246.89M | 184.35M | 130.99M | 113.86M | 114.76M | 89.02M | 75.25M | 40.38M | 23.84M | 15.42M | 18.37M | 20.47M | 14.07M | 21M | 18.95M | 14.4M | 14.15M | 7.86M | 20.83M | 17.07M | 11.55M | 8.11M |
| R&D % of Revenue | - | 33.48% | 36.57% | 38.22% | 32.6% | 31.11% | 32.43% | 29.04% | 29.95% | 25.36% | 29.32% | 30.66% | 69.2% | 197.64% | 425.58% | - | - | 49662.07% | 6771.29% | 1630.71% | 7086.39% | - | - | - |
| Other Operating Expenses | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.22M | 44.8M | 136.95M | 107.28M | 112.63M | 124.48M | 128.2M | 111.61M | 89.5M | 52.85M | 10.18M | -3.44M | -27.62M | -41.5M | -36.27M | -32.33M | -27.44M | -20.25M | -19.69M | -12.24M | -25.58M | -21.16M | -16.04M | -9.99M |
| Operating Margin % | -1.07% | 5.88% | 20.29% | 22.24% | 28.03% | 34.01% | 36.23% | 36.41% | 35.62% | 33.2% | 12.52% | -6.85% | -104.02% | -400.66% | -1096.82% | - | - | -69827.59% | -9420.57% | -2540.46% | -8701.36% | - | - | - |
| Operating Income Growth % | - | -67.29% | 27.66% | -4.75% | -9.51% | -2.91% | 14.87% | 24.7% | 69.32% | 419.26% | 395.64% | 87.53% | 33.44% | -14.4% | -12.19% | -17.84% | -35.49% | -2.85% | -60.79% | 52.13% | -20.91% | -31.87% | -60.54% | - |
| EBITDA | -6.79M | 46.69M | 138.29M | 108.32M | 113.89M | 127.54M | 130.44M | 113.78M | 89.73M | 52.96M | 10.27M | -3.29M | -27.48M | -41.42M | -36.24M | -32.33M | -27.43M | -20.24M | -19.68M | -12.23M | -25.57M | -20.45M | -14.43M | -9.97M |
| EBITDA Margin % | -0.88% | 6.13% | 20.49% | 22.46% | 28.34% | 34.85% | 36.86% | 37.12% | 35.71% | 33.27% | 12.62% | -6.54% | -103.49% | -399.94% | -1096.01% | - | - | -69793.1% | -9414.83% | -2537.76% | -8696.6% | - | - | - |
| EBITDA Growth % | -106.03% | -66.24% | 27.66% | -4.89% | -10.7% | -2.22% | 14.64% | 26.8% | 69.43% | 415.89% | 412.23% | 88.03% | 33.66% | -14.28% | -12.11% | -17.86% | -35.53% | -2.86% | -60.86% | 52.16% | -25% | -41.7% | -44.75% | - |
| D&A (Non-Cash Add-back) | 1.43M | 1.89M | 1.34M | 1.04M | 1.26M | 3.07M | 2.24M | 2.17M | 236K | 106K | 87K | 155K | 141K | 74K | 27K | 3K | 6K | 10K | 12K | 13K | 14K | 704K | 1.61M | 22.55K |
| EBIT | -8.22M | 44.8M | 136.95M | 107.28M | 112.63M | 125.01M | 128.2M | 111.61M | 89.5M | 52.85M | 10.07M | -3.44M | -27.62M | -41.5M | -36.27M | -32.35M | -25.97M | -20.25M | -19.69M | -12.24M | -25.58M | -20.09M | -15.47M | -9.99M |
| Net Interest Income | 0 | 0 | 24.54M | 17.27M | 3.56M | 529K | 3.4M | 5.07M | 2.66M | -49K | -2.04M | -2.96M | -3.76M | -4.51M | -1.78M | 0 | 0 | 101K | 944K | 688K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 24.54M | 17.27M | 3.56M | 529K | 3.4M | 5.07M | 2.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 688K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 2.04M | 2.96M | 3.76M | 4.51M | 1.78M | 3K | 1.5M | 101K | 944K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 20.35M | 21.67M | 24.54M | 17.27M | 3.56M | 529K | 3.4M | 5.07M | 2.66M | -49K | -2.04M | -2.96M | -3.76M | -4.51M | -1.78M | -22K | 1.47M | 84K | -372K | 672K | 709K | 1.06M | 510.35K | 0 |
| Pretax Income | 12.13M | 66.46M | 161.49M | 124.56M | 116.19M | 125.01M | 131.6M | 116.68M | 92.15M | 52.81M | 8.14M | -6.41M | -31.38M | -46.01M | -38.05M | -32.35M | -25.97M | -20.17M | -20.06M | -11.57M | -24.87M | -20.09M | -15.53B | 0 |
| Pretax Margin % | 1.58% | 8.73% | 23.92% | 25.82% | 28.91% | 34.16% | 37.19% | 38.07% | 36.68% | 33.17% | 10.01% | -12.74% | -118.2% | -444.25% | -1150.53% | - | - | -69537.93% | -9598.56% | -2401.04% | -8460.2% | - | - | - |
| Income Tax | -35.77M | -33.19M | 20.28M | 18.42M | 14.77M | 12.49M | 25.59M | 22.5M | 16.74M | -76.32M | 0 | 0 | 0 | 0 | 0 | 22K | 0 | -84K | 0 | 0 | 0 | 0 | -510.35K | -182.23K |
| Effective Tax Rate % | -294.91% | -49.94% | 12.56% | 14.79% | 12.71% | 9.99% | 19.45% | 19.28% | 18.17% | -144.52% | 0% | 0% | 0% | 0% | 0% | -0.07% | 0% | 0.42% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | 47.9M | 99.65M | 139.73M | 106.14M | 101.42M | 112.51M | 106.01M | 94.18M | 75.41M | 129.12M | 8.14M | -6.41M | -31.38M | -46.01M | -38.05M | -32.35M | -25.97M | -20.17M | -20.06M | -11.57M | -24.87M | -20.09M | -15.53M | -9.81M |
| Net Margin % | 6.23% | 13.09% | 20.7% | 22% | 25.24% | 30.74% | 29.96% | 30.73% | 30.01% | 81.11% | 10.01% | -12.74% | -118.2% | -444.25% | -1150.53% | - | - | -69537.93% | -9598.56% | -2401.04% | -8460.2% | - | - | - |
| Net Income Growth % | -64.01% | -28.68% | 31.65% | 4.66% | -9.86% | 6.13% | 12.56% | 24.89% | -41.6% | 1486.27% | 227.03% | 79.58% | 31.79% | -20.93% | -17.6% | -24.6% | -28.76% | -0.52% | -73.34% | 53.47% | -23.79% | -29.34% | -58.32% | - |
| Net Income (Continuing) | 47.9M | 99.65M | 141.21M | 106.14M | 101.42M | 112.51M | 106.01M | 94.18M | 75.41M | 129.12M | 8.14M | -6.41M | -31.38M | -46.01M | -38.05M | -32.35M | -25.97M | -20.17M | -20.06M | -11.57M | -24.87M | -20.09M | -15.53M | -9.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.46 | 0.82 | 1.23 | 0.94 | 0.87 | 0.89 | 0.85 | 0.77 | 0.60 | 1.04 | 0.07 | -0.06 | -0.31 | -0.46 | -0.41 | -0.39 | -0.38 | -0.38 | -0.43 | -0.34 | -1.09 | -0.89 | -0.84 | -1.13 |
| EPS Growth % | -69.83% | -33.33% | 30.85% | 8.05% | -2.25% | 4.71% | 10.39% | 28.33% | -42.31% | 1385.71% | 216.67% | 80.65% | 32.61% | -12.2% | -5.13% | -2.63% | 0% | 11.63% | -26.47% | 68.81% | -22.47% | -5.95% | 25.66% | - |
| EPS (Basic) | - | 0.95 | 1.35 | 1.02 | 0.95 | 0.97 | 0.92 | 0.82 | 0.60 | 1.14 | 0.07 | -0.06 | -0.31 | -0.46 | -0.41 | -0.39 | -0.38 | -0.38 | -0.43 | -0.34 | -1.09 | -0.89 | -0.84 | -1.13 |
| Diluted Shares Outstanding | 104.44M | 119.99M | 113.48M | 111.74M | 115.97M | 125.96M | 124.19M | 122.57M | 126.69M | 124.52M | 116.14M | 106.88M | 100.98M | 99.82M | 93.02M | 83.31M | 68.34M | 52.44M | 46.72M | 34.25M | 22.84M | 22.61M | 18.44M | 8.65M |
| Basic Shares Outstanding | 104.44M | 103.86M | 103.23M | 103.56M | 106.79M | 115.65M | 115.41M | 114.35M | 125.68M | 113.53M | 110.57M | 106.8M | 100.98M | 99.82M | 93.02M | 83.31M | 68.34M | 52.44M | 46.72M | 34.25M | 22.84M | 22.61M | 18.44M | 8.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Generic entry patent litigation
According to quarterly financial filings, Corcept’s revenue growth has decelerated significantly from a peak of 47.7% in 2024Q3 to a modest 4.9% in 2026Q1, reflecting the inherent challenges of scaling a single-product orphan drug franchise within a finite patient population for Cushing’s syndrome.
The sharp decline in top-line expansion suggests that the initial market penetration phase for Korlym may be reaching a saturation point. Investors should monitor whether the current growth trajectory can be sustained by new patient starts or if the company is becoming increasingly reliant on price adjustments rather than volume growth.
As reported in recent financial statements, Corcept maintains a robust gross margin of 98.3%, yet the operating margin has deteriorated into negative territory, falling to -30.1% in 2026Q1, which highlights a structural disconnect between production efficiency and the rising costs of commercialization and legal defense.
While the near-perfect gross margin confirms the high-value nature of the Korlym franchise, the collapse in operating profitability suggests that the company is aggressively sacrificing current earnings to fund its pipeline and legal battles. This margin profile indicates that the business is currently operating as a high-cost R&D engine rather than a mature, cash-generative commercial entity.
Based on the provided income statement data, Corcept’s operating leverage has turned negative, as SG&A expenses surged to $145.4M in 2026Q1, far outpacing the company's ability to scale operating income relative to its gross profit generated from the core Cushing’s syndrome therapeutic business.
The rapid escalation in SG&A and R&D spending suggests that management is prioritizing long-term franchise protection and pipeline development over immediate bottom-line performance. This trend warrants further investigation into whether these elevated costs are temporary litigation-related spikes or a permanent shift in the company's operating cost structure.
Analysis of the company's recent performance indicates that net income has become increasingly volatile, swinging from a $35.1M profit in 2025Q2 to a $31.2M loss in 2026Q1, largely driven by fluctuating stock-based compensation and the heavy burden of non-operating expenses during periods of intense litigation.
The inconsistency in net income suggests that reported EPS may not accurately reflect the underlying cash-generating capability of the commercial business. Investors should be cautious of the impact of non-recurring items and stock-based compensation, which appear to be obscuring the true normalized earnings power of the firm.
Data from the most recent quarters suggests that Corcept’s current business model may be unsustainable, as the company reported a net loss of $31.2M in 2026Q1, raising questions about the efficacy of its aggressive reinvestment strategy in the face of potential generic competition.
Short-term observers may argue that the current level of R&D and SG&A spending is an attempt to buy time against generic entrants, which may not yield a sufficient return on invested capital. If the pipeline fails to deliver a successor to Korlym, the current cost structure could lead to a prolonged period of financial distress.
Quick answers to the most common questions about buying CORT stock.
For fiscal year 2025, Corcept Therapeutics Incorporated (CORT) reported total revenue of $761.4M.
Corcept Therapeutics Incorporated (CORT) is profitable, generating $99.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
Corcept Therapeutics Incorporated (CORT) reported an operating income of $44.8M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Corcept Therapeutics Incorporated (CORT) generated $748.4M in gross profit for the year, representing a gross profit margin of 98.3%. This demonstrates the company's core pricing power and production efficiency.