CORCEPT THERAPEUTICS INC Q4 FY2025 earnings call

Fed Circ Ct App ruled against stopping Teva generic Korlym, plan to appeal. FDA failed to approve relacorilant; Corcept believes data supports approval, will meet FDA in Apr. Cushing's biz had pharmacy transition issues but new pharmacy shows improvement. CATALYST trial transformative in diabetes. ROSELLA trial in ovarian cancer met primary endpoints. Ongoing trials in oncology, etc.

2025 revenue was $761 million vs $675 million prior year. Net income $99.7M vs $141.2M prior year. Cash/investments Dec 31, 2025 $532M. Cushing's Syndrome had surge in demand 2025 but pharmacy capacity issues; oncology in development with relacorilant trials

Revenue growth to continue. 2026 guidance $900M - $1B. Most from Cushing's; small from oncology due to launch timing. Results from trials expected by certain times

Fed Circ Ct App ruling against, need to appeal. FDA's relacorilant non-approval uncertainty. Cushing's biz pharmacy transition issues initially

Q: On CRL and goalpost, A: Gary Robb said daylight between positions, will meet FDA in Apr.

Q: On relacorilant trial in diabetes/hypertensive, A: Joseph K. Belanoff said hypercortisolism driver, dev path uncertain.

Q: On Korlym guidance assumptions, A: Sean Maduck said AG net price 30% discount, volume shift to AG in 2025 to stabilize in 2026.

Q: On oncology SGO, A: William Guyer said full Kaplan-Meier, safety data.

Q: On supply chain, A: Sean Maduck said transition to new pharmacy complete, confident.

Q: On relacorilant safety, A: William Guyer said similar safety profile.

Q: On KEYTRUDA and oncology, A: Roberto Vieira said KEYTRUDA limitations, ROSELLA maintains options