Business Overview / Sources of Revenue

Corcept Therapeutics (CORT) is a commercial-stage biopharmaceutical company focused on developing medications that modulate cortisol activity at the glucocorticoid receptor (GR) to treat severe disorders[1][3]. The company earns revenue primarily through its FDA-approved drug Korlym (mifepristone), which is the first approved treatment for hypercortisolism (Cushing syndrome)[3]. In Q1 2025, Corcept reported revenue of $157.2 million, compared to $146.8 million in Q1 2024, with full-year 2024 revenue reaching $675.0 million[4][5]. The company has reiterated its 2025 revenue guidance of $900-950 million[5]. Corcept continues to expand its research with over 30 ongoing studies across multiple therapeutic areas including endocrinology, oncology, metabolism, and neurology[1][3]. The company has discovered more than 1,000 selective proprietary cortisol modulators during its 25+ years of research[3].

Revenue Growth Potential and Recurrence

Corcept Therapeutics (CORT) currently earns most of its revenue from Korlym, its flagship product for Cushing syndrome, which provides a large, recurring revenue base due to the chronic nature of the treated condition[5]. The company reported strong revenue growth: full-year revenue rose from $482.4 million in 2023 to $675.0 million in 2024, with quarterly revenues continuing to increase in early 2025[1][2][3].

Looking ahead, Corcept targets $3 billion in annual revenue by 2029, implying a compound annual growth rate (CAGR) of around 30% over the next five years[5]. This growth is expected to be fueled by the potential approval and launch of Relacorilant, which could diversify revenue streams beyond Korlym and expand the company's market reach into new indications, including diabetes[5]. However, this growth is contingent on successful regulatory approvals and overcoming litigation risks.

Economic Moat Factors

Corcept Therapeutics (CORT) maintains a modest economic moat largely due to its unique asset: exclusive rights to Korlym, a cortisol modulator for endogenous Cushing’s syndrome[5]. The company’s drug portfolio, including newer selective cortisol modulators like relacorilant, also features novel compounds not widely available elsewhere, creating some intellectual property protection and barriers to entry[5]. However, Corcept lacks substantial brand power, significant switching costs, or network effects common to stronger moats. While its high gross margin (98.36%) and net profit margin (19.33%) indicate strong financials, these are typical in pharmaceuticals driven by exclusivity and pricing, not enduring scale advantages[4]. Once patents expire, its moat may weaken unless new pipeline drugs succeed. Thus, Corcept’s moat is built on IP and regulatory exclusivity, with limited strength from other classic economic moat sources.

Leadership

Corcept Therapeutics’ CEO is Dr. Joseph K. Belanoff, who is also a founder of the company and has held the CEO position since at least 2014[1][2][3]. Dr. Belanoff serves as CEO, President, and Director. Although the precise percentage of his ownership is not provided in the search results, as a founder and long-serving CEO, he is likely to hold a significant equity stake. The leadership team comprises experienced executives overseeing areas like endocrinology, development, business, finance, and communications, collectively steering the company’s strategic direction and operations[1][5].

Financial Health

Corcept Therapeutics has a strong financial position with no debt, resulting in a highly healthy balance sheet—its short-term assets ($438.5M) far exceed both short-term liabilities ($143.1M) and long-term liabilities ($20.1M)[4]. The company is debt-free, making its cash to debt ratio effectively infinite[4]. Corcept generates free cash flow and maintains a robust free cash flow margin due to its profitable operations, with rising revenues ($157.2M in Q1 2025)[3]. Additionally, the company has not been dilutive in recent years and is a net repurchaser of its own shares[4].

Last updated Jun 4, 2025