Corcept Therapeutics Reports Q1 2025 Financial Results with $157.2M Revenue

Corcept Therapeutics Incorporated reported its financial results for the first quarter of 2025, revealing a net product revenue of $157.2 million, an increase of 7.6% from $146.8 million in the same period of 2024. The growth in revenue was primarily driven by a 23.5% increase in sales volume, although this was partially offset by a 13.3% decrease in average price due to the introduction of an authorized generic version of its product, Korlym. The company reported a net income of $20.5 million, down from $27.8 million in the prior year, with basic and diluted earnings per share of $0.19 and $0.17, respectively.

Operating expenses for the quarter rose significantly to $153.8 million, compared to $117.3 million in the previous year. This increase was largely attributed to higher selling, general, and administrative expenses, which surged to $90.7 million from $56.3 million, reflecting intensified marketing efforts and increased employee compensation. Research and development expenses also rose to $60.7 million, up from $58.5 million, driven by costs associated with advancing clinical programs.

In terms of operational metrics, Corcept's cash and cash equivalents decreased to $89.8 million as of March 31, 2025, down from $127.7 million at the end of 2024. The company also reported total assets of $846.5 million, slightly up from $840.6 million at the end of the previous fiscal year. The total liabilities increased to $163.2 million, compared to $161.0 million at the end of 2024. The company’s stockholders’ equity stood at $683.3 million, reflecting a modest increase from $679.6 million.

Strategically, Corcept has been active in expanding its product offerings and clinical trials. The company initiated the "MOMENTUM" trial in March 2025 to assess the prevalence of endogenous hypercortisolism in patients with resistant hypertension. Additionally, Corcept is advancing its proprietary selective cortisol modulator, relacorilant, which has received FDA acceptance for its New Drug Application, with a target action date set for December 30, 2025. The company is also engaged in ongoing litigation related to its intellectual property, particularly concerning the generic version of Korlym launched by Teva Pharmaceuticals.

Looking ahead, Corcept anticipates that its research and development expenses will continue to rise as it advances its clinical programs. The company expects to fund its operations and planned activities over the next 12 months without needing to raise additional funds, although it may consider raising capital for strategic reasons. The ongoing developments in the regulatory landscape, particularly concerning pricing negotiations and potential impacts from the Inflation Reduction Act, remain critical factors that could influence the company’s financial performance in the future.