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Investing.com -- Corcept Therapeutics Incorporated (NASDAQ:CORT) reported second-quarter earnings that beat analyst expectations, but shares fell 3.7% after the company lowered its full-year revenue guidance below Wall Street estimates.
The commercial-stage pharmaceutical company posted adjusted earnings per share of $0.29 for the quarter ended June 30, 2025, exceeding the analyst consensus of $0.19. Revenue came in at $194.4 million, up 18.7% YoY from $163.8 million, but fell short of analyst expectations of $199.4 million. The company cited capacity constraints at its specialty pharmacy vendor as the reason revenue didn’t fully reflect growing demand.
Corcept revised its full-year 2025 revenue guidance to $850-900 million, with the midpoint of $875 million falling below the consensus estimate of $899 million. The company’s stock declined following the announcement as investors reacted to the lowered outlook.
"The second quarter marked another period of robust growth in our hypercortisolism business. Once again, we had a record number of new prescribers and a record number of new patients receiving treatment," said Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer. "Our financial results don’t fully reflect this surge in demand, which outpaced our specialty pharmacy vendor’s capacity."
The company reported cash and investments of $515.0 million at quarter-end, down from $570.8 million at March 31, 2025, reflecting $115.4 million in stock repurchases during the quarter.
Corcept highlighted several clinical development milestones, including two New Drug Applications in progress – one for hypercortisolism and another for platinum-resistant ovarian cancer. The FDA is reviewing relacorilant for hypercortisolism with a PDUFA date of December 30, 2025. The company also submitted an NDA in July 2025 for relacorilant to treat patients with platinum-resistant ovarian cancer.
Operating expenses increased to $167.8 million in the second quarter, compared to $128.2 million in the same period last year, reflecting the company’s expanded clinical development programs.
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