Corcept Therapeutics KOL survey indicates positive early Lifyori launch, but expectations meaningfully elevated: 2Q Preview

研报英文原文证据摘录

Corcept Therapeutics KOL survey indicates positive early Lifyori launch, but expectations meaningfully elevated: 2Q Preview

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.