Corcept Therapeutics (CORT): A High-Conviction Growth Opportunity in the Corticosteroid Alternative Market

Corcept Therapeutics (CORT) has emerged as a standout player in the corticosteroid alternative market, leveraging its flagship drug Korlym (mifepristone) and a robust pipeline to secure a dominant position. With a 2025 revenue of $194.4 million in Q2 alone-marking an 18.7% year-over-year increase-the company is on a clear trajectory of growth, driven by both its established therapies and innovative R&D efforts, according to a Finviz analysis. This momentum is further amplified by the broader market dynamics: the global corticosteroid alternative market is projected to grow at a 5.64% CAGR through 2030, reaching $7.75 billion by 2030, fueled by an aging population and rising demand for steroid-sparing therapies, according to a Corcept press release.

Korlym: A Cash Cow with Expanding Potential

Korlym, Corcept's FDA-approved treatment for Cushing's syndrome, remains the cornerstone of its revenue. In the first half of 2025, Korlym generated $351.6 million in sales, with full-year projections estimating $850–$900 million in revenue-a 27% year-over-year increase per that Finviz analysis. This performance underscores Corcept's ability to capture a significant share of the Cushing's syndrome market, which is itself expanding at a 9.44% CAGR, with a current valuation of $383.04 million in 2025, according to a Mordor Intelligence report. Drug-based therapies, including Korlym, dominate 52.34% of this niche market, reflecting its efficacy and patient acceptance per the same Mordor report.

However, Corcept's reliance on a single product has historically posed risks. To mitigate this, the company is advancing relacorilant, a next-generation cortisol modulator, through its pipeline. Positive Phase 3 trial results, including the GRACE and GRADIENT studies, demonstrated relacorilant's ability to improve symptoms like hypertension and hyperglycemia in Cushing's syndrome patients without the severe side effects of traditional corticosteroids, according to the Corcept press release. The FDA's acceptance of the NDA for relacorilant in platinum-resistant ovarian cancer, with a PDUFA decision date of July 11, 2026, marks a critical inflection point noted in the same Corcept release. If approved, relacorilant could diversify Corcept's revenue streams and reduce its dependence on Korlym, positioning it as a leader in cortisol modulation.

Strategic Differentiation in a Competitive Landscape

While Corcept faces competition from firms like Perrigo and Supernus, its unique focus on cortisol modulation sets it apart. The company's price-to-sales (P/S) ratio of 11.73, significantly higher than the industry average of 2.38, reflects investor confidence in its pipeline and market potential, as highlighted by the Finviz analysis. This premium valuation is justified by Corcept's ability to transition from a single-product company to a diversified biotech player. For instance, relacorilant's potential applications extend beyond Cushing's syndrome to conditions like ovarian cancer and ALS, broadening its addressable market, according to a MarketBeat competitor list.

Moreover, Corcept's financial discipline and institutional ownership further strengthen its competitive edge. In Q3 2024, the company reported $182.5 million in revenue-a 48% year-over-year increase-and raised its 2024 guidance to $675–$700 million, as disclosed in the Corcept press release. These figures highlight its operational efficiency and ability to scale, even as it invests in late-stage clinical trials.

Market Tailwinds and Long-Term Catalysts

The corticosteroid alternative market is poised for sustained growth, driven by unmet medical needs and innovations in targeted therapies. Corcept's emphasis on reducing the systemic side effects of corticosteroids aligns with this trend, as relacorilant's mechanism of action-selective cortisol modulation-addresses limitations of existing treatments, per Corcept's disclosures. Additionally, the aging population and rising prevalence of autoimmune diseases are expected to drive demand for safer, more effective alternatives, a trend noted by MarketBeat.

A key catalyst for Corcept in 2026 will be the FDA's decision on relacorilant for ovarian cancer. Approval could unlock a multi-billion-dollar market, given the high unmet need in this indication. Furthermore, the company's pipeline expansion into oncology and neurology positions it to capitalize on cross-therapeutic opportunities, enhancing its long-term growth prospects.

Conclusion: A High-Conviction Play

Corcept Therapeutics is uniquely positioned to capitalize on the growing corticosteroid alternative market through its dual strategy of leveraging Korlym's dominance and advancing relacorilant's potential. With a strong balance sheet, a robust clinical pipeline, and favorable market dynamics, the company represents a high-conviction growth opportunity. Investors seeking exposure to a biotech firm with clear revenue drivers, transformative pipeline assets, and a defensible market position should closely monitor Corcept's progress in 2025 and beyond.