Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 109

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 109
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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 a percentage of revenue was 2.2 percent and 1.9 percent for the three and nine months ended September 30, 2025, respectively, compared to 1.6 percent for each of the comparable periods in 2024. The increases in cost of sales as a percentage of revenue were primarily due to the write-off of $1.0 million of scrapped inventory in the three months ended September 30, 2025 and increased manufacturing and distribution costs.

Research and development expense – Research and development expense includes the cost of (1) recruiting and compensating development personnel, (2) clinical trials