At a glance
Corcept Therapeutics Incorporated is worth $9.33B, about 105 times its fiscal 2025 earnings. Revenue grew 12.8% to $761.4M in fiscal 2025, with 13.1% kept as profit; over 5 years it has grown 16.6% a year. It pays no dividend; it spent $188.6M buying back its shares over FY2021–FY2025. The stock returned +20.6% over the past year with dividends reinvested and +37.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.0% in the 2020 crash (S&P 500: 33.7%) and 31.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
Corcept Therapeutics is a drug company built around one hormone, cortisol, which helps the body respond to stress. Too much cortisol, a condition called hypercortisolism or Cushing's syndrome, can cause high blood pressure, diabetes, obesity and depression, and can be fatal if untreated. Corcept has sold Korlym in the United States to treat it since 2012. Korlym competes with cortisol for the glucocorticoid receptor, the docking point cortisol uses to act on cells.
Corcept makes money from Korlym and an authorized generic, which is its own unbranded version of Korlym, launched in June 2024. Sales representatives call on doctors who treat hypercortisolism, and a specialty pharmacy delivers the medicine. In late 2025, Corcept moved that pharmacy work from Optime Care to Curant Health. Revenue was $761.4 million in fiscal 2025, up 12.8%. The gross margin, the share of sales left after making the drug, was 98.3%. Corcept's annual report does not split revenue by product or region.
Corcept has discovered more than 1,000 compounds that compete with cortisol at the same receptor. Unlike mifepristone, Korlym's ingredient, they avoid side effects such as ending pregnancy and vaginal bleeding. Its trials cover hypercortisolism, ALS (a nerve disease), the liver disease MASH, and cancers including ovarian and pancreatic. On December 30, 2025, the FDA declined to approve relacorilant, its hypercortisolism candidate.
Price history
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CORT +20.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $256.1M, up 31.7% from a year earlier, and net income was $43.0M (+22.3%).
- For fiscal 2025, revenue was $761.4M (+12.8% year over year; +16.6% a year from FY2020 to FY2025) with a 13.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.6% good |
|---|---|
| Operating margin | 5.9% watch |
| Free cash flow margin | 18.6% good |
| Return on equity (FY2025) | 15.4% good |
| Return on assets (FY2025) | 11.9% good |
| Cash and investments | $544.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $353.9M | $106.0M | $150.7M |
| FY2021 | $366.0M | $112.5M | $167.4M |
| FY2022 | $401.9M | $101.4M | $119.9M |
| FY2023 | $482.4M | $106.1M | $126.5M |
| FY2024 | $675.0M | $141.2M | $196.1M |
| FY2025 | $761.4M | $99.7M | $141.8M |
Valuation snapshot
| Market value | $9.33B |
|---|---|
| P/E ratio | 105.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Corcept Therapeutics Incorporated’s market value went from $806.1M at the end of 2016 to $9.33B on Oct 28, 2026, about 11.6 times as much; since the end of 2025 it is up 155%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.33B | +154.8% |
| 2025 | $3.66B | -30.7% |
| 2024 | $5.28B | +57.7% |
| 2023 | $3.35B | +53.1% |
| 2022 | $2.19B | -5.9% |
| 2021 | $2.32B | -23.6% |
| 2020 | $3.04B | +119.8% |
| 2019 | $1.38B | -10.4% |
| 2018 | $1.54B | -25.2% |
| 2017 | $2.06B | +155.7% |
| 2016 | $806.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CORT price data to Oct 28, 2026 | +147.9% | +20.6% | +46.8% | +37.2% | +28.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +147.9% |
| 2025 | -30.9% |
| 2024 | +55.1% |
| 2023 | +59.9% |
| 2022 | +2.6% |
| 2021 | -24.3% |
| 2020 | +116.2% |
| 2019 | -9.4% |
| 2018 | -26.0% |
| 2017 | +148.8% |
| 2016 | +45.8% |
| 2015 | +66.0% |
| 2014 | -6.5% |
| 2013 | +124.5% |
| 2012 | -58.2% |
| 2011 | -11.4% |
| 2010 | +38.9% |
| 2009 | +172.6% |
| 2008 | -67.0% |
| 2007 | +151.2% |
| 2006 | -66.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79.4% over that stretch · deepest drop along the way 84.7%, back to its old high 27.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.1% over that stretch · deepest drop along the way 27%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 30.3% over that stretch · deepest drop along the way 31.5%, back to its old high 1.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 43 sales ($41.8M), 41 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | David L Mahoney Director | sell (plan) | $10.8M |
| Aug 26, 2026 | Kimberly Park Director | sell | $3.3M |
| Aug 25, 2026 | Sean Maduck See Remarks | sell (plan) | $3.1M |
| Sep 2, 2026 | Roberto Wandenkolk Vieira President, Oncology | sell (plan) | $2.6M |
| Sep 2, 2026 | Roberto Wandenkolk Vieira President, Oncology | sell (plan) | $2.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Sep 30, 2026 |
| INGALLS & SNYDER LLC | 6.8% | Dec 31, 2025 |
| Joseph K. Belanoff | 6.3% | Dec 31, 2024 |
| Renaissance Technologies LLC | 4.9% | Apr 1, 2026 |
ETFs with the most weight in CORT
| XPH SPDR S&P Pharmaceuticals ETF | 5.59% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 5.54% |
| PSCH Invesco S&P SmallCap Health Care ETF | 4.79% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 4.55% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 3.91% |
| PJP Invesco Pharmaceuticals ETF | 3.63% |
| XSMO Invesco S&P SmallCap Momentum ETF | 3.35% |
| FORH Formidable ETF | 3.34% |
What could go wrong
- FDA turned down relacorilant. On December 30, 2025, the FDA declined to approve relacorilant, Corcept's experimental hypercortisolism drug, and asked for more evidence that it works. Approval could be delayed or never come.
- Sales depend on a single medicine. Corcept relies on Korlym and its generic version to fund its sales force and research. Most doctors have little experience diagnosing hypercortisolism, so persuading them to find and treat patients is hard.
- Cheaper generic Korlym from Teva. Teva launched a generic version of Korlym in January 2024, and Corcept sued Teva in federal court. Doctors and insurers may prefer lower-priced generics over Corcept's own products.
- Controversy over mifepristone and abortion. Mifepristone, Korlym's active ingredient, also ends early pregnancy. Negative public opinion, or laws restricting its distribution, could limit Corcept's ability to sell Korlym, even though it treats a different condition.
- Government pressure on drug prices. The Inflation Reduction Act may limit Medicare payments, and the One Big Beautiful Bill Act of 2025 will cut Medicaid funding. Medicaid pays much less for Korlym, so any shift toward Medicaid cuts revenue.
- Wild swings in the share price. Corcept warns that its stock swings widely and has been targeted by short sellers, who profit when prices fall. In the year to October 28, 2026, the shares fell as much as 63.5%.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
For income and retirement investors
Corcept pays no dividend and paid none from fiscal 2021 through 2025, so the stock provides no regular income. An income investor could raise cash from it only by cashing in shares, possibly after a fall. Instead, Corcept returns cash through buybacks. It spent $188.6 million repurchasing stock over those five years, including $172.9 million in 2025. The share count fell 6.4%, from about 115.5 million in October 2021 to about 108.1 million on July 22, 2026.
The shares have swung hard in past downturns. They fell 84.7% in the 2008 financial crisis and took about 28 months from the low to recover. In the 2020 COVID crash they dropped 27% and recovered in about two months. Between the market's peak in January 2022 and its low in October 2022, the stock rose 30.3%, despite a 31.5% drop along the way. A single stock like Corcept carries more risk than a diversified fund.
Questions investors ask
How does Corcept Therapeutics make money?
Corcept makes money by selling Korlym and an authorized generic of Korlym, which is its own unbranded version, launched in June 2024. Korlym treats hypercortisolism, also called Cushing's syndrome, which means too much of the hormone cortisol. Sales representatives call on doctors who treat the condition, and a specialty pharmacy delivers the medicine to patients in the United States. Revenue was $761.4 million in fiscal 2025, up 12.8% from 2024. Making the drug costs little compared with its price: the gross margin was 98.3%.
Is Corcept Therapeutics profitable?
Yes. Corcept earned net income of $99.7 million on revenue of $761.4 million in fiscal 2025. Profit fell 29.4% that year, even though sales grew 12.8%. Its operating margin, the share of sales left as profit from the core business, was 5.9%. In the quarter ended June 30, 2026, revenue rose 31.7% from a year earlier to $256.1 million, and net income rose 22.3% to $43.0 million. On October 28, 2026, the shares traded at 105.2 times fiscal 2025 earnings.
Does Corcept Therapeutics pay a dividend?
No. Corcept paid no dividend from fiscal 2021 through 2025, so the stock offers no regular income. The company returns cash through share buybacks instead. It spent $188.6 million on buybacks over those five years, including $172.9 million in 2025. Buybacks reduce the number of shares, which gives each remaining share a larger slice of profits, but they pay shareholders no cash. Income-seeking investors could raise cash from the stock only by cashing in shares.
Why did the FDA reject relacorilant?
The FDA said it needed more evidence that relacorilant works. It sent a Complete Response Letter, its formal notice declining approval, dated December 30, 2025. The letter acknowledged that the GRACE trial met its primary goal and that the GRADIENT trial gave confirming evidence, but the agency still wanted more proof. In its February 2026 annual report, Corcept said it was working with the FDA on a path to approval. Relacorilant is designed to treat hypercortisolism without some of Korlym's side effects, such as ending pregnancy.
Does Corcept Therapeutics have any debt?
Little or none, as far as its filings show: Corcept reports no borrowings under the standard debt categories. As of June 30, 2026, it held $544.6 million in cash and investments. Its shareholders' equity, meaning assets minus liabilities, was $705.8 million. That cash can pay for clinical trials and buybacks without borrowing. Still, its annual report warns that buybacks reduce cash reserves. It also warns that Corcept may need more capital, which may not be available on acceptable terms.