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On Tuesday, Piper Sandler confirmed its Overweight rating and a $131.00 price target for Corcept Therapeutics (NASDAQ:CORT), now valued at $7.8 billion. The biopharmaceutical company, known for its work in the treatment of severe metabolic, oncologic, and psychiatric disorders, reported first-quarter earnings per share (EPS) of $0.17, which surpassed analyst expectations of $0.14. However, revenue for the quarter stood at $157.2 million, falling short of the anticipated $177.9 million. InvestingPro data shows the stock has delivered an impressive 208% return over the past year, though current analysis suggests it may be trading above its Fair Value.
Despite the revenue miss, Corcept’s management has reiterated its sales guidance for 2025, projecting Korlym sales to be between $900 million and $950 million. This forecast suggests a significant growth of approximately 37% at the guidance’s midpoint, building on the company’s strong 39.9% revenue growth over the last twelve months. The company has overcome challenges related to the specialty pharmacy fulfillment of Korlym, which is now considered a resolved issue. According to InvestingPro’s analysis, Corcept maintains excellent financial health with a "GREAT" overall score, supported by strong profitability and cash flow metrics.
Corcept highlighted a noteworthy increase in the number of Korlym prescriptions written in the first quarter of 2025, which doubled in comparison to the same period in the previous year. This surge is seen as a positive indication of market expansion and volume growth within the hypercortisolism and Cushing’s syndrome space.
The analyst from Piper Sandler emphasized the potential for Corcept to experience a transformative growth trajectory, not only due to the expanding market for its hypercortisolism treatments but also because of the opportunities presented by relacorilant in the treatment of platinum-resistant ovarian cancer. The company’s strategic positioning is expected to drive significant increases in both top-line revenue and EBITDA compound annual growth rate (CAGR) in the long term.
In other recent news, Corcept Therapeutics announced its first-quarter 2025 earnings, reporting earnings per share (EPS) of $0.17, which surpassed the analyst forecast of $0.15. However, the company’s revenue of $157.2 million fell short of the expected $177.94 million. The revenue shortfall was attributed to pharmacy distribution challenges and a transition to an authorized generic for Korlym, leading to a 13% drop in the average price per tablet. Despite these hurdles, Corcept has maintained its full-year revenue guidance for 2025, projecting between $900 million and $950 million, a significant increase from the $675 million reported in 2024. H.C. Wainwright recently adjusted its price target for Corcept, lowering it to $145 from $150, while reaffirming a Buy rating, citing the company’s strong future prospects. The firm also revised its 2025 revenue estimate for Corcept to $900 million, down from a previous forecast of $908 million. This outlook is bolstered by the expected growth in prescribing physicians and patients, which should offset the impact of generic competition. Additionally, Corcept’s investigational drug, relacorilant, is anticipated to be a key future contributor, with a New Drug Application already filed and a target action date set for December 30, 2025.
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