Corcept Therapeutics Incorporated

Thank you for standing by and welcome to the Corset Therapeutics Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Atabak Mokari, CFO. Please go ahead, sir.

Hello, everyone. Good afternoon, and thank you for joining us. Today, we issued a press release announcing our financial results for the second quarter and providing a corporate update. The copy is available at courseup.com. Our complete financial results will be available when we file our form and queue with the SEC. Today's call is being recorded. A replay will be available at the Investors Past Events tab of our website. Statements during this call, other than statements of historical fact, are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties, which might cause actual results to be materially different from those such statements express or imply. The risks and uncertainties that may affect our forward-looking statements are described in our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are available at the SEC's website. Please refer to those documents for more information. Claim any intention or duty to update forward-looking statements. A revenue in the second quarter of 2026 was $256.1 million, a 32% increase over the prior year period. Corelum and authorized generic product revenue was $208.6 million. Purely product revenue was $47.6 million in its first quarter of availability. We expect growth to continue and have increased our 2026 revenue guidance to a range of $1.1 to $1.2 billion. Net income was $43 million in the second quarter of 2026 compared to net income of $35 million in the prior year period. Please note that our operating expenses in the second quarter were flat to the first quarter of 2026. Our cash and investments at June 30 were $545 million. I will now turn the call over to Sean Maduck, President of our Endocrinology Division. Sean?

Thanks, Atabak. Our Cushing Center business continues to experience strong demand. The second quarter saw a record number of new prescriptions and first-time prescribers. We have never had more patients receiving our medications or more active prescribers. Our growth is due to physicians increasing awareness that hypercortisolism is a serious disease that is more prevalent than previously understood. Hypercortisolism is underdiagnosed because its signs and symptoms, such as difficult to treat diabetes or resistant hypertension, are the same as those of other more common conditions. Tens of millions of people have diabetes or hypertension or both. but those patients whose conditions are being driven by hypercortisolism have often been missed. That is especially important because hypercortisolism-induced hyperglycemia or hypertension responds poorly, if at all, to conventional pharmacotherapy. A drug that reduces excess cortisol activity is required to treat these patients. As clinical practice adapts to this critical insight, screening for and treatment of Cushing syndrome will continue to increase, as will the number of patients receiving our medications. Our landmark catalyst and momentum trials are driving increased physician awareness of hypercortisolism. Catalysts showed that 24% of patients with difficult-to-treat diabetes had hypercortisolism and that treatment with coralline led to substantial reductions in hemoglobin A1c, excess body weight, and waist circumference. Momentum screened more than 1,000 patients with high blood pressure that was not controlled despite concurrent use of three or more antihypertension medications, a condition known as resistant hypertension, and found that 27% of these patients had hypercortisolism. patients with both resistant diabetes and resistant hypertension, the prevalence of hypercortisolism was even higher, 39.7% in Catalyst and 32.6% in Momentum. These paradigm-shifting findings will take time to be fully incorporated into medical practice, a process that is only just beginning. Catalyst results were published in the field's leading journal, Diabetes Care, in 2025 and were referenced in the American Association of Clinical Endocrinology, or ACE, guidance documents for the management of diabetes in March of this year. Momentum's results are also recent. We first presented them at the annual conference of the American College of Cardiology, or ACC, in March, and again at the American Diabetes Association, or ADA, annual scientific sessions in June. The results will be published in a major medical journal later this year. That being said, the catalyst and momentum results are becoming more widely known, and doctors are acting upon them. Screening for and treatment of Cushing syndrome is increasing, and with it the number of patients being treated with our medications. We expect this trend to continue, propelling our current Cushing syndrome business to at least $2 billion in annual revenue by the end of this decade. Relacorlin's availability, which should occur shortly after the December 17th PDUFA date assigned to its resubmission, will accelerate this growth. With the addition of Relacorlin, we expect that our Cushing syndrome annual revenue will grow to between $3 and $5 billion in 2020. I will now turn it all over to Roberto Vieira, President of our Oncology Division. Roberto? Thanks, Sean.