Corcept Therapeutics (NASDAQ: CORT) saw its stock price plummet 9.83% in pre-market trading on Wednesday, following the release of its disappointing third-quarter financial results and reduced revenue guidance for 2025.

The biopharmaceutical company, known for its cortisol-modulating therapeutics, reported Q3 revenue of $207.6 million, falling short of analyst expectations of $218.52 million. Despite representing a 13.75% increase from the same period last year, the revenue miss raised concerns among investors. Adding to the disappointment, Corcept revised its full-year 2025 revenue guidance downward to $800-850 million from the previous range of $850-900 million.

Corcept's Q3 net income also saw a significant decrease, dropping to $19.7 million from $47.2 million in the same quarter last year. Earnings per share (EPS) came in at $0.16, beating the consensus estimate of $0.14, but still marking a substantial 60.98% decrease from the $0.41 per share reported in the previous year. CEO Joseph K. Belanoff attributed the revenue impact to capacity constraints at their previous specialty pharmacy vendor, noting that new pharmacies have been added to meet increasing demand for their hypercortisolism treatment, Korlym. As the market digests these mixed results, investors will be closely watching how Corcept plans to address the revenue shortfall and improve profitability in the coming quarters.