Corcept Therapeutics "KOL survey indicates positive early Lifyorli launch,..."

研报英文原文证据摘录

Corcept Therapeutics "KOL survey indicates positive early Lifyorli launch,..."

Global Research

13 July 2026ab

Corcept Therapeutics Equities

United StatesKOL survey indicates positive early Lifyorli

launch, but expectations meaningfully elevated: Biotechnology

2Q Preview 12-month rating (UR) Buy *

12m price target (UR) US$72.00

PROC launch pricing in close to perfection, we look for clarity on 2Q update Price (10 Jul 2026) US$91.88

We believe Elahere's sales numbers for the first few quarters offer an appropriate analog RIC: CORT.O BBG: CORT US

for Lifyorli (Figure 1 Elahere'slaunchprovidesananalogforpotentialLifyorlisales). Although new physician survey work points to encouraging early

adoption of Lifyorli (Figure 2 EarlyinitiationsofLifyorliareunevenlydistributedamongstrespondingphysicians), the stock has outperformed since approval and reflects a Trading data and key metrics

very optimistic launch trajectory. We are less certain on potential approvability of 52-wk range US$94.04-32.15

relacorilant-hydrocortisolism given FDA's reaction to the first filing (CRL letter). Market cap. US$9.86b

Shares o/s 107m (COM)

2Q Preview: Our $20m Street-high Lifyorli est could be conservative Free float 82%

For 2Q we model unchanged topline revenues at $220m in-line with cons at $219m. We Avg. daily volume ('000) 1,090

model Korlym in hypercortisolism at $200m vs. cons $204m. For Lifyorli (relacorilant) Avg. daily value (m) US$70.6

in PROC we model $20m vs. cons $13m. We view our Lifyorli est as very conservative Common s/h equity (12/26E) US$0.76b

because: P/BV (12/26E) 13.2x

Using our survey result of ~10% penetration would imply ~1.1K patients have Net debt to EBITDA (12/26E) NM

been initiated on Lifyorlyi therapy. Compared to the 6.5mo PFS, if we assume EPS (UBS, diluted) (USD)