Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 58

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 58
---
 inflation. In addition, the IRA shifts a portion of the Medicare beneficiary costs formerly borne by the government and beneficiaries to manufacturers in the form of limitations on price increases and rebates paid to the government. We anticipate this provision will limit the revenue we receive from Medicare patients and may materially reduce our profits in 2026 and beyond. The IRA permits CMS to negotiate prices for certain high-expenditure Medicare Part B or Part D drugs. 

The IRA also imposes a one percent excise tax on certain share repurchases and introduces a 15 percent corporate alternative minimum tax on adjusted financial statement income. The corporate alternative minimum tax became effective for 

22

us on January 1, 2024. We do not expect either of these provisions to significantly affect our condensed consolidated financial statements.

Please see the risk factor under Item 1A of this Quarterly Report on Form 10-Q, “New laws, government regulations, or changes to existing laws and regulations could make it difficult or impossible for us to obtain acceptable prices or adequate insurance coverage and reimbursement for our Products, which would adversely affect our results of operations and financial position.”

Results of Operations

Net Product Revenue – Net product revenue is gross product revenue from sales to our customers less deductions for estimated government rebates and chargebacks, patient co-pay assistance program, discounts provided to our specialty distributor for prompt payment and reserves for expected returns.

Net product revenue was $207.6 million and $559.3 million for the three and nine months ended September 30, 2025, respectively, compared to $182.5 million and $493.2 million for the comparable periods in 2024. The increases were driven by 42.5 percent and 39.0 percent increases in sales volume, partially offset by 20.2 percent and 18.4 percent decreases in average price due to higher sales volume from our authorized generic version of Korlym in the three and nine months ended September 30, 2025, respectively. The decreases in average price were partially offset by a price increase of our Products in August 2025.

Cost of sales – Cost of sales includes the cost of the active pharmaceutical ingredient (“API”), tableting, packaging, personnel, overhead, stability testing and distribution.

Cost of sales was $4.6 million and $10.4 million for the three and nine months ended September 30, 2025, respectively, compared to $2.9 million and $7.9 million for the comparable periods in 2024. Cost of sales as