Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 56

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 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 us on January 1, 2024. We do not expect either of these provisions to significantly affect our 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.”

21

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 $194.4 million and $351.6 million for the three and six months ended June 30, 2025, respectively, compared to $163.8 million and $310.6 million for the comparable periods in 2024. The increases were driven by 49.0 percent and 36.8 percent increases in sales volume, partially offset by 20.3 percent and 17.3 percent decreases in average price due to higher sales volume from our authorized generic version of Korlym in the three and six months ended June 30, 2025, respectively.

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 $3.4 million and $5.8 million for the three and six months ended June 30, 2025, respectively, compared to $2.5 million and $5.1 million for the comparable periods in 2024. Cost of sales as a percentage of revenue was 1.8 percent and 1.7 percent for the three and six months ended June 30, 2025, respectively, compared to 1.5 percent and 1.6 percent for the comparable periods in 2024, respectively. The increase in cost of sales as a percentage of revenue for the three months ended June 30,