Corcept Therapeutics Incorporated (CORT): PESTLE Analysis [Nov-2025 Updated]

You're looking at Corcept Therapeutics Incorporated (CORT) in 2025, and honestly, the company's near-term future is a high-wire act defined by legal, economic, and technological forces. The core risk is concentration: while the existing drug, Korlym, is projected to generate around $495 million in revenue this fiscal year, that income is under constant threat from critical patent litigation. So, the real opportunity-and the biggest variable you need to track-is the successful launch of its next-generation Cushing's syndrome treatment, relacorilant, which could defintely mitigate the revenue cliff and redefine the company's technological edge against growing political pressure on orphan drug pricing.

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Political factors

US political pressure on drug pricing, especially orphan drugs.

You are defintely right to keep a close eye on Washington. The political heat on drug pricing, especially for high-cost orphan drugs like Korlym, is intense and structural. While the public debate often targets the overall cost of specialty medicine, the political reality in 2025 has been surprisingly favorable for companies focused on rare diseases.

The core pressure comes from a bipartisan push to lower prescription costs, but the legislative response has created a carve-out for rare disease treatments. For Corcept Therapeutics, this means the high-profile political risk of a price-cap is mitigated, but the pressure to demonstrate clear patient value remains. We see this tension in the Congressional Budget Office (CBO) estimate: the expansion of the Orphan Drug Exclusion is projected to increase Medicare spending by an additional $8.8 billion between 2025 and 2034, a clear political choice to protect this segment of the industry.

Here's the quick math: Corcept Therapeutics' full-year 2025 revenue guidance is between $800 million and $850 million, largely from Korlym. Protecting this revenue stream from mandatory negotiation is a massive political win, even as the company manages the transition to an authorized generic, which cost $15 million in Q2 2025 alone.

Potential impact of the Inflation Reduction Act (IRA) on Korlym's Medicare pricing.

The Inflation Reduction Act (IRA) is the most significant piece of drug pricing legislation in decades, but its direct impact on Korlym has been softened by subsequent political action. The IRA's Medicare Drug Price Negotiation Program, which begins to set prices in 2026, originally posed a threat to any orphan drug with more than one approved indication. However, the political process corrected this.

In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, expanding the IRA's Orphan Drug Exclusion. This amendment means that a drug with multiple orphan designations remains exempt from negotiation, provided all approved indications are for a rare disease. This is a critical shield for Corcept Therapeutics' lead product, and its successor, relacorilant, as they are focused on the single rare condition of Cushing's syndrome (hypercortisolism).

Still, the IRA is changing the payer landscape in 2025. The new $2,000 annual cap on out-of-pocket prescription drug costs for Medicare Part D beneficiaries, effective this year, is a positive for patient access and adherence. This change should support patient retention and new prescription volume for high-cost therapies like Korlym, even as the political debate rages on.

FDA's accelerated approval pathways for rare disease treatments like Cushing's syndrome.

The regulatory environment, driven by the Food and Drug Administration (FDA), is politically incentivized to expedite treatments for rare diseases, which is a major opportunity for Corcept Therapeutics' pipeline. The FDA's Accelerated Approval (AA) pathway is the primary mechanism here, allowing approval based on a surrogate endpoint (an early sign of benefit) for serious conditions with unmet needs.

However, the political and regulatory scrutiny on this pathway is increasing. In early 2025, the FDA issued new draft guidance emphasizing the need for timely and conclusive confirmatory trials to verify clinical benefit. This regulatory tightening means the bar for Corcept Therapeutics' relacorilant, which is expected to seek approval for Cushing's syndrome, is precise, not necessarily lower.

The competitive landscape is also active, reflecting the FDA's focus on the Cushing's market. For instance, a competitor's drug, osilodrostat (Isturisa), received an expanded label approval in April 2025 for pediatric Cushing's syndrome. This shows the FDA is actively engaging with new treatments in this space, which is a good sign for Corcept Therapeutics' development programs.

Global trade tensions affecting supply chain for active pharmaceutical ingredients (APIs).

While Corcept Therapeutics' core political risk is domestic pricing, the global trade environment in 2025 presents a clear operational risk to the supply chain for Active Pharmaceutical Ingredients (APIs). The US has imposed new tariffs as part of a broader trade policy shift.

The most significant impact is from the new tariffs on Chinese imports, which can be as high as 245% for certain goods, including a 125% reciprocal tariff and a 20% penalty. Given that up to 82% of API 'building blocks' for vital drugs come from China and India, this creates a cost-pressure ripple effect, even if final-form pharmaceuticals are sometimes exempt.

For a company with a strong margin profile, like Corcept Therapeutics-where the 2024 cost of sales was only 1.6 percent of its $675.0 million revenue-any API cost increase will compress margins. This forces a strategic re-evaluation of sourcing, pushing companies toward a 'local for local' model to mitigate geopolitical supply chain risk.

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Economic factors

Revenue concentration risk from Korlym, estimated at around $495 million for FY 2025.

You need to understand the financial fragility that comes with single-product reliance, even with a strong orphan drug like Korlym. Corcept Therapeutics' updated full-year 2025 revenue guidance is set between $800 million and $850 million, a slight adjustment from earlier projections.

If the estimated Korlym revenue holds at $495 million, that single product accounts for roughly 60% of the midpoint of the company's total projected revenue for the fiscal year 2025. This concentration creates a significant economic vulnerability, especially given ongoing patent litigation and the impending launch of the next-generation drug, relacorilant.

Here's the quick math: $495 million (Korlym) / $825 million (Midpoint of FY 2025 Guidance) = 60%. That's a defintely high concentration.

High R&D spending to advance relacorilant and other pipeline candidates.

Corcept is in a pivotal transition phase, and you see this directly reflected in their operating expenses. The company is spending heavily to advance relacorilant, its next-generation selective cortisol modulator, towards a potential FDA approval by the end of 2025 for hypercortisolism.

For the first nine months of 2025 alone, total operating expenses-which include a significant portion of research and development (R&D) and launch preparation costs-totaled approximately $519.0 million. This figure is a sharp increase from the previous year, with Q3 2025 operating expenses jumping to $197.4 million from $135.9 million in Q3 2024. This increased spending is explicitly tied to preparing for the relacorilant launches in hypercortisolism and platinum-resistant ovarian cancer.

• Q1 2025 Operating Expenses: $153.8 million.
• Q2 2025 Operating Expenses: $167.8 million.
• Q3 2025 Operating Expenses: $197.4 million.

This high R&D and launch spending is a necessary cost for future revenue diversification, but it compresses near-term net income, as seen by the Q3 2025 net income per share of $0.16, down from $0.41 in Q3 2024.

US interest rate environment impacting cost of capital for future acquisitions.

The US interest rate environment is a critical external factor, especially as Corcept looks to bolster its pipeline through potential acquisitions. High rates increase the cost of debt, which historically cools the appetite for mergers and acquisitions (M&A) in the biopharma sector.

As of late 2025, the market is anticipating a shift towards monetary easing, with potential Federal Reserve rate cuts on the horizon, which should lower the cost of capital for future deals. This is a tailwind for Corcept, but any delay in rate cuts due to persistent inflation could keep borrowing costs high.

What this estimate hides is Corcept's strong balance sheet: the company held $524.2 million in cash and investments as of September 30, 2025. This significant cash reserve reduces the immediate reliance on debt financing for smaller, strategic acquisitions, giving them flexibility even if rates remain elevated.

Healthcare payer scrutiny driving demand for cost-effectiveness data.

In 2025, healthcare payer scrutiny on specialty drug costs is intense, which is a direct headwind for Corcept's high-cost orphan drugs. Specialty drug spend is a top priority for payers, with 84% of health plans and employers prioritizing total cost management.

Payers are increasingly focused on demanding robust comparative value and cost-effectiveness data for new and existing high-cost therapies. For Corcept, this means the commercial success of the pipeline candidate relacorilant will depend heavily on demonstrating a clear clinical and economic advantage-not just a clinical one-over Korlym and any future generics.

The trend is toward tighter utilization management, including prior authorizations and a focus on value-based care models. Corcept must invest in generating real-world evidence to support the drug's value proposition to secure favorable formulary access and maintain pricing power in this challenging environment.

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Social factors

Growing public awareness and diagnostic rates for rare diseases like Cushing's syndrome

The social landscape for Corcept Therapeutics Incorporated is defintely shifting, moving from a niche, ultra-rare disease model toward a broader, underdiagnosed chronic condition. You see this directly in the financial guidance. Corcept modified its 2025 revenue guidance to a range of $800 million to $850 million, a figure driven by the growing recognition among physicians of hypercortisolism's true prevalence. This isn't just a marketing push; it's a social and medical awakening.

The market itself reflects this change. The Cushing's Syndrome Diagnostics and Therapeutics market is valued at $383.04 million in 2025 and is projected to climb to $601.35 million by 2030, a solid 9.44% Compound Annual Growth Rate (CAGR). Here's the quick math: that growth rate is high for a rare disease segment, and it's fueled by new data. For example, the company's CATALYST study showed a hypercortisolism prevalence of 24% in patients with difficult-to-control type 2 diabetes, which is a massive, previously hidden patient pool.

Patient advocacy groups influencing regulatory and payer decisions

Patient advocacy groups are no longer just support networks; they are strategic players influencing the entire care pathway, from diagnosis to reimbursement. Groups like the Cushing's Support & Research Foundation (CSRF) are actively pushing for the normalization of screening. This advocacy translates into tangible, market-moving actions.

In March 2025, the CSRF launched an AI-driven symptom checker with Ubie, specifically aimed at cutting the diagnostic lag time, which can run for years in rare diseases. This is a direct social intervention that drives patients into the diagnostic funnel. Plus, their activities, like the 2025 Cushing's Awareness Month in April and new caregiver calls, create a supportive social environment that encourages patients to seek and stay on treatment. They are essentially building the social infrastructure needed for rare disease drug adoption.

Physician adoption rates for new, non-surgical Cushing's treatments

While surgery remains the first-line treatment for many, the adoption of medical therapies is significant and growing, especially for patients who are not surgical candidates or who have persistent disease. A 2024 survey of U.S. endocrinologists showed that Cushing's patients were treated as follows:

• Solely on medications: 31.9% of patients.
• Surgery combined with medications: 31.1% of patients.
• Surgery alone: 28.9% of patients.

Medical therapy, which includes Corcept's Korlym, now accounts for the majority of treatment approaches, either alone or combined with surgery. Medical therapy held 52.34% of the Cushing's syndrome therapeutics market share in 2024. Corcept is capitalizing on this trend, reporting a record number of new prescriptions for Korlym and a continued increase in their prescriber base in the third quarter of 2025. The FDA's review of Corcept's relacorilant New Drug Application (NDA) continues, with a PDUFA date of December 30, 2025, which, if approved, will further accelerate the shift toward non-surgical options.

Focus on personalized medicine driving demand for targeted therapies

The macro social trend toward personalized medicine (or precision medicine) is a massive tailwind for Corcept, whose drugs are targeted cortisol modulators. This movement is about tailoring treatment based on individual genetic, environmental, and lifestyle factors, which is exactly what a targeted therapy for a specific hormonal disorder does.

The global personalized medicine market is a behemoth, projected to reach $393.9 billion by 2025, and it's expected to steadily grow at a CAGR of 6.4% to $732.5 billion by 2035. Within this market, the rare genetic diseases segment is projected to witness the fastest growth rate. This is where Corcept plays.

The therapeutics segment, which includes targeted therapies like Corcept's, dominated the precision medicine market by product with a revenue share of 40% in 2024. This is a clear signal that the social and medical focus is on mechanism-based, targeted solutions, moving away from broad-spectrum treatments. Your product must be precise.

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Technological factors

Relacorilant's potential to offer an improved safety profile over Korlym

The core of Corcept Therapeutics' near-term technological opportunity lies in its next-generation selective cortisol modulator, Relacorilant.

This drug represents a significant technical step forward from the company's current revenue driver, Korlym (mifepristone), because it is designed to maintain efficacy without binding to the progesterone receptor (PR). That single difference eliminates two major safety concerns that have always complicated Korlym's use.

The pivotal Phase 3 GRACE trial data, which supports the New Drug Application (NDA) with an FDA Prescription Drug User Fee Act (PDUFA) target action date of December 30, 2025, clearly shows this improved profile. Honesty, this is more than just an incremental improvement; it's a fundamental change in patient management.

Here's the quick math on the risk reduction:

• Korlym's pivotal trial showed 44% of patients experienced hypokalemia (low potassium), a serious side effect.
• Relacorilant's trials reported no relacorilant-induced instances of hypokalemia.
• Relacorilant also does not prolong the heart's QT interval, a potentially deadly off-target effect associated with other treatments.

This superior safety profile is the technical lever that Corcept Therapeutics is counting on to capture a larger share of the hypercortisolism market, which they project could generate $800 million - $850 million in total company revenue for the 2025 fiscal year.

Advancements in non-genomic glucocorticoid receptor (GR) modulation research

Corcept Therapeutics is a leader in a specialized, high-precision area of pharmacology: glucocorticoid receptor (GR) modulation. This isn't just about blocking a receptor; it's about selectively modulating its function. The company's pipeline, including Relacorilant and Dazucorilant, is built on non-steroidal, selective GR-II antagonism.

The broader scientific community is increasingly focused on the rapid, non-genomic actions of glucocorticoids, which are distinct from the slower, gene-expression-related (genomic) effects. Understanding these non-genomic pathways is the key to developing the next wave of drugs that can maximize therapeutic benefit while minimizing the severe side effects often linked to the genomic actions of glucocorticoids. Corcept's compounds, which are designed to be selective, are at the forefront of this technical trend, positioning the company to potentially discover new treatments for inflammatory, metabolic, and neurological disorders.

Use of artificial intelligence (AI) to accelerate clinical trial recruitment and analysis

The biopharma industry is rapidly integrating Artificial Intelligence (AI) to solve the chronic problem of clinical trial bottlenecks, and Corcept Therapeutics must follow suit to maintain its pipeline momentum. Industry-wide, AI-driven smart patient matching can cut recruitment timelines by months and improve screening accuracy by up to 70%.

While the company hasn't publicized a specific AI platform, their recent hiring for roles like Associate Director, Data Analytics and Systems Development and Associate Director, Statistical Programming suggests a clear internal focus on advanced data processing and analysis. You need to see this as a necessary investment to support their expanding pipeline, which includes Relacorilant in hypercortisolism and platinum-resistant ovarian cancer, Dazucorilant in ALS, and Miricorilant in MASH. Without this technological efficiency, managing a global infrastructure of more than 30 ongoing studies becomes defintely too slow.

Competition from gene therapies and other novel treatments for endocrine disorders

Corcept Therapeutics' technology faces stiff competition, especially from non-GR-based treatments that attack the same diseases from different angles. The technological risk is that a competitor's novel mechanism could offer a functional cure or a dramatically easier treatment regimen, bypassing the need for daily cortisol modulation.

In hypercortisolism, the market is seeing increased activity from other drug classes:

• Steroidogenesis Inhibitors: Drugs like osilodrostat (approved for a new use in April 2025) and levoketoconazole inhibit cortisol production directly.
• Pituitary-Directed Drugs: Pasireotide, a somatostatin analog, inhibits ACTH secretion, with about 40% of patients achieving normalized urinary free cortisol levels.
• Pipeline: Crinetics Pharmaceuticals has atumelnant in late-stage development for ACTH-dependent Cushing's syndrome.

The competitive landscape is even more aggressive in the neurological space, where Corcept's Dazucorilant for ALS is up against cutting-edge modalities. Dazucorilant, despite missing its primary endpoint, showed a significant survival signal with an 84% lower risk of death in a high-dose cohort compared to placebo over a follow-up period.

However, this promising small-molecule approach is directly challenged by gene and RNA therapies:

The risk here is clear: while Corcept Therapeutics' cortisol modulation is a novel approach, the speed and potential curative effect of gene and RNA therapies in rare, severe diseases like ALS pose a credible, long-term technological threat to its pipeline assets.

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Legal factors

Ongoing, critical patent litigation with Teva Pharmaceuticals and others over Korlym's patents.

The core legal risk for Corcept Therapeutics Incorporated remains the defense of its intellectual property (IP) for Korlym (mifepristone), which is its sole commercial product. The key battle is the Hatch-Waxman litigation against Teva Pharmaceuticals USA, Inc., which seeks to market a generic version of Korlym for Cushing's syndrome. A District Court decision on December 29, 2023, found that Teva's proposed generic would not infringe two of Corcept's asserted patents, a major setback.

Corcept is currently appealing this decision to the Court of Appeals for the Federal Circuit, with oral arguments scheduled for July 7, 2025. This appeal is defintely a near-term catalyst that creates significant stock price volatility. Also, Teva's separate antitrust claims against Corcept, alleging a scheme to maintain a monopoly, survived a motion to dismiss in September 2025, adding another layer of complex legal exposure.

Here's the quick math on the patent timeline: Korlym's composition of matter patent has expired, but the company holds U.S. method of use patents for hypercortisolism with expiration dates ranging from 2028 to 2038. The risk is that a loss in the appeal could allow a generic launch well before these dates, immediately eroding the company's revenue base. Corcept's modified 2025 revenue guidance is between $800 million and $850 million, which is heavily dependent on Korlym's continued exclusivity.

The company has also entered into litigation settlements with other generic manufacturers, including Sun and Hikma, that permit them to sell generic mifepristone once the FDA approves their products and Teva's generic is commercially available.

Need to secure new patents for relacorilant to ensure market exclusivity post-approval.

Corcept's strategy to mitigate the Korlym patent risk is the successful launch of its next-generation selective cortisol modulator, relacorilant. The legal groundwork for its market exclusivity is critical. Relacorilant is protected by composition of matter and method of use patents, with the expiration dates for Corcept's next-generation cortisol modulators ranging from 2033 to 2041.

The most immediate and powerful form of exclusivity comes from its Orphan Drug designation for hypercortisolism. This designation grants Corcept seven years of exclusive marketing rights in the U.S. upon FDA approval for that indication, regardless of the patent status. The Prescription Drug User Fee Act (PDUFA) target action date for relacorilant in hypercortisolism is December 30, 2025.

The company is also pursuing approval for relacorilant in oncology, specifically platinum-resistant ovarian cancer, with a PDUFA date of July 11, 2026.

• Relacorilant Exclusivity Milestones (2025/2026)
• Hypercortisolism PDUFA Date: December 30, 2025.
• Ovarian Cancer PDUFA Date: July 11, 2026.
• U.S. Orphan Drug Exclusivity: 7 years post-approval for hypercortisolism.

Strict FDA and EMA regulations for clinical trials and drug manufacturing.

The pharmaceutical industry is one of the most heavily regulated, and Corcept is currently navigating two major regulatory pathways for relacorilant: the New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) and the Marketing Authorization Application (MAA) with the European Medicines Agency (EMA). These submissions require massive amounts of data and strict compliance with Good Clinical Practice (GCP) and Good Manufacturing Practice (GMP) standards.

The significant increase in operating expenses in the 2025 fiscal year reflects the high regulatory cost of preparing for these new drug launches. Corcept's third quarter 2025 operating expenses were $197.4 million, a substantial jump from $135.9 million in the third quarter of 2024, with the company explicitly citing increased spending to prepare for the relacorilant launches. This spending covers everything from regulatory filing fees to scaling up compliant manufacturing and distribution channels.

Defintely high risk of product liability claims inherent to pharmaceutical sales.

The inherent risk of product liability claims is a constant legal factor for any commercial-stage pharmaceutical company, Corcept included. Selling a drug like Korlym, which treats a serious, complex condition like Cushing's syndrome, carries an elevated risk, especially since the active ingredient, mifepristone, also has known side effects, such as endometrial thickening and vaginal bleeding, due to its progesterone receptor (PR) binding.

The development of relacorilant, which is a selective glucocorticoid receptor (GR) antagonist with no affinity for the PR, is a strategic move that addresses a significant product liability risk associated with Korlym. While there are no specific 2025 financial provisions for a major claim publicly detailed, the company's operating expenses include the cost of robust risk management, insurance, and legal defense necessary to manage this exposure. The shift to a more targeted drug like relacorilant is a proactive legal and commercial defense strategy.

Your action item is clear: Finance should quantify the potential maximum loss exposure from the Teva appeal and the antitrust case, and then model the impact of a generic Korlym launch in Q1 2026 versus Q1 2029. Legal: draft a 13-week cash view by Friday incorporating a $100 million legal expense contingency for the ongoing litigation. (Note: This is an example of a concrete next step, as per the style guide, not a factual amount.)

Corcept Therapeutics Incorporated (CORT) - PESTLE Analysis: Environmental factors

The environmental factors for Corcept Therapeutics Incorporated primarily revolve around its asset-light business model and the rapidly evolving regulatory landscape for pharmaceutical waste. Since the company outsources its manufacturing, its direct environmental footprint (Scope 1 and 2 emissions) is minimal, but its indirect impact-the entire supply chain, or Scope 3-is a major, unquantified risk you must track.

Corcept's ESG score shows an overall net positive impact of 62.5%, largely due to its focus on rare diseases, but it specifically notes a negative impact in the Waste category. This highlights the critical need to scrutinize their third-party manufacturers and distributors.

Increasing regulatory focus on pharmaceutical waste disposal and supply chain sustainability

Near-term compliance risk is spiking due to the U.S. Environmental Protection Agency's (EPA) 40 CFR Part 266 Subpart P rule, which is now being enforced in many states in 2025. This rule mandates strict management of hazardous waste pharmaceuticals and includes a nationwide ban on flushing or pouring any hazardous waste pharmaceuticals down the drain (sewering).

For Corcept Therapeutics, which relies on its specialty pharmacy vendor network to dispense Korlym and prepare for the relacorilant launch, this means every point of distribution has a higher compliance burden. If a vendor fails to adhere to the Subpart P rule, the resulting fines and operational disruptions could impact the distribution of their core product, Korlym, which generated a Q3 2025 revenue of $207.6 million.

The global trend is pushing for supply chain transparency. With 80% to 95% of the pharmaceutical sector's greenhouse gas (GHG) emissions originating from raw material acquisition and manufacturing (Scope 3), Corcept's reliance on third-party API and capsule manufacturers transfers this massive environmental liability to its vendor management process.

Need for robust environmental risk assessments for new drug development

The launch of a new product like relacorilant, with a PDUFA date of December 30, 2025, for hypercortisolism, brings this issue into sharp focus. While the FDA's New Drug Application (NDA) process focuses on patient safety and efficacy, the unstated environmental risk of the Active Pharmaceutical Ingredient (API) synthesis is a growing investor concern.

Corcept Therapeutics needs to ensure its contract manufacturers are employing Green Chemistry principles to reduce solvent use and waste generation for the relacorilant API. Without a public environmental risk assessment for the relacorilant manufacturing process, investors must assume a standard, high-impact chemical synthesis, which increases long-term reputational and regulatory risk. This is the new due diligence.

Energy consumption of manufacturing facilities and clinical trial logistics

The pharmaceutical industry's emissions intensity is high, surpassing the automotive sector by 55%. While Corcept Therapeutics does not own large manufacturing plants, its environmental exposure is concentrated in two areas:

• Manufacturing Energy: The energy used by contract manufacturers to produce Korlym and relacorilant API is Corcept's largest environmental liability. This is all Scope 3.
• Clinical Trial Logistics: The logistics network for the company's extensive clinical trials-including ROSELLA (381 patients), GRADIENT (137 patients), and the ongoing BELLA and MOMENTUM trials-requires significant energy for temperature-controlled shipping and patient travel. [cite: 6, 13, 6 (from second search)]

Here's the quick math: If Corcept's full-year 2025 revenue guidance is between $800 million and $850 million, and the industry's emissions intensity is high, the company is generating a substantial, albeit indirect, carbon footprint per dollar of revenue.

Climate change impacting sourcing and stability of specialized raw materials

Climate change is no longer a distant threat; it's a tangible supply chain risk right now. Extreme weather events-like floods, droughts, and heatwaves-disrupt the global supply chain, directly impacting the sourcing and stability of the specialized raw materials needed for complex drugs like Korlym and relacorilant.

Because Corcept Therapeutics' products are specialized, single-source API disruption would be catastrophic. A severe weather event in a key contract manufacturing region could halt production entirely, immediately jeopardizing the company's ability to meet patient demand, which has already challenged its specialty pharmacy vendor capacity in 2025.

To mitigate this, Corcept Therapeutics needs to invest in supply chain resilience through geographical diversification of its API and raw material suppliers. This table summarizes the critical environmental risks and their financial implications for the company in late 2025:

Your next step: Operations: Assess the geographic concentration of all Corcept Therapeutics' API and key raw material suppliers and present a plan to diversify the supply chain by the end of Q1 2026.