Corcept's Lifyorli adds $91.4M in Q3 as profit surges and guidance is held

The quarter in numbers

Corcept reported third-quarter 2026 revenue of $340.5 million, up 64 percent on the same period in 2025 and up from $256.1 million in the second quarter of 2026. Net income was $126.8 million, against $19.7 million a year earlier and $43.0 million in the second quarter. Diluted earnings per share were $1.01, compared with $0.16 in the third quarter of 2025.

Over nine months, product revenue was $761.5 million versus $559.3 million in the prior-year period. Net income for the nine months was $138.0 million versus $75.4 million. The company reiterated 2026 revenue guidance of $1.1 billion to $1.2 billion.

Two engines: Korlym holds, Lifyorli ramps

Korlym and authorized generic revenue was $249.1 million, up 19 percent sequentially, according to the release. Against the $207.6 million booked in the third quarter of 2025, that is roughly 20 percent growth by our arithmetic. CEO Joseph Belanoff attributed the endocrinology growth to rising awareness of the need to diagnose and treat Cushing's syndrome.

Lifyorli, the ovarian cancer product, contributed $91.4 million, up 92 percent sequentially. It had no revenue in the prior-year quarter. Nine-month Lifyorli revenue was $139.0 million, so the third quarter accounts for most of the launch's sales to date. Belanoff said uptake has been 'very rapid and broad', with more than 2,300 patients treated and more than 1,700 prescribing physicians since the April 1 launch. The release does not break revenue down by region, price or volume.

Costs, margins and the balance sheet

Third-quarter operating expenses were $225.7 million, versus $214.8 million in the second quarter and $197.4 million a year earlier. The mix shifted. Selling, general and administrative expense rose to $164.4 million from $124.0 million in the third quarter of 2025, which fits a commercial launch. Research and development fell to $56.7 million from $68.8 million. Cost of sales was $4.6 million, essentially flat year on year.

Income from operations reached $114.7 million, compared with $10.2 million a year ago. On our calculation that is an operating margin of about 34 percent. Revenue growth outran the expense growth, and that gap drove the earnings. Net income also benefited from an income tax benefit of $6.5 million.

Cash and investments rose $117.7 million in the quarter to $662.3 million. The company said this figure reflects $43.7 million of stock repurchases in the quarter. Trade receivables stood at $111.1 million at September 30, against $59.8 million at December 31, 2025. Inventory rose to $37.6 million from $24.0 million. Both are consistent with a larger sales base.

Guidance: a wide Q4 range

Reiterating $1.1 billion to $1.2 billion implies fourth-quarter revenue of roughly $338.5 million to $438.5 million, given $761.5 million booked through September. That is our arithmetic, not company guidance. The low end sits just below the third-quarter figure, and the top end would require a further sizeable step up. The company did not say where in the range it expects to land, so the Q4 Lifyorli trajectory and Korlym demand will decide the outcome.

Regulatory and pipeline catalysts

Two decisions are due before year-end. The FDA's PDUFA date for the resubmitted relacorilant NDA in Cushing's syndrome is December 17, 2026. The company also said it expects European Commission approval of the relacorilant plus nab-paclitaxel MAA in platinum-resistant ovarian cancer by the end of this year, following a CHMP recommendation in September 2026.

In the BELLA Part A Phase 2 trial (95 patients), the company reported median progression-free survival of 7.2 months, an objective response rate of 59 percent, and 6-month overall survival of 88 percent. Median OS had not been reached at the primary analysis. In patients with no prior bevacizumab, who had received fewer prior lines, the figures were 8.1 months, 66 percent and 91 percent. The company said safety was consistent with the individual agents, with no new signals. The trial was single-arm in design as described, so cross-trial comparisons need care.

Further oncology readouts are expected by the end of next year: BELLA Part B (90 patients, platinum-sensitive ovarian cancer after PARP inhibitor), BELLA Part C (92 patients, endometrial cancer), TRIDENT (60 patients, first-line pancreatic cancer), the prostate cancer trial with enzalutamide and the nenocorilant SYNERGY study. STELLA, a 50-patient cervical cancer trial, has started.

Outside oncology, the company said it will start a Phase 2 trial of miricorilant at 100 mg daily in MASH after MONARCH showed a larger liver-fat reduction at 200 mg twice weekly than at 100 mg. It plans a Phase 3 ALS trial of dazucorilant next year. The company cited exploratory DAZALS analyses showing an 84 percent reduction in risk of death in year one (hazard ratio 0.16). Exploratory analyses carry less evidentiary weight than prespecified endpoints.

What to watch next

Near-term, the December 17 FDA action and the expected EC decision are the discrete events. Commercially, watch whether Lifyorli's second full quarter of growth keeps pace with its start, and whether Korlym's sequential gain holds. Operating expenses and the R&D and SG&A split will show how much the company is investing behind the multi-tumor strategy. The company's conference call was scheduled for 5:00 p.m. Eastern on November 3, 2026.