One Rare Disease Biotech Posts 97% Margins but the Faster Growing Rival Just Turned Its First Profit

"Corcept Therapeutics ( NASDAQ: CORT) and Amicus Therapeutics ( NASDAQ: FOLD) delivered Q3 2025 results highlighting two rare disease biotechs at opposite ends of the profitability spectrum. Corcept posted revenue of $207.6 million, up 13.7% year-over-year, with net income of $19.4 million. Amicus reported revenue of $169.1 million, up 19.5%, while turning a quarterly profit of $17.3 million after years of losses. Corcept Slows Down. Amicus Speeds Up."

"Corcept built its business on Korlym, a cortisol modulation therapy for Cushing's syndrome and related metabolic disorders. The product delivers gross margins of 97.8%, but the company burns cash on SG&A ($124 million) and R&D ($69 million) to support pipeline expansion. Operating margin sits at 4.9%, and annual earnings growth collapsed 61% year-over-year despite the revenue bump. The company trades at 42.6x trailing earnings, stretched given the growth deceleration."

"Amicus relies on enzyme replacement therapies for lysosomal storage disorders, a narrower but faster-growing market. Its operating margin of 20.3% dwarfs Corcept's, even though gross margins are lower at 87.4%. The company carries $392 million in long-term debt but just crossed into profitability after 18 consecutive years of losses. Revenue growth of 19.5% outpaces Corcept's, and the company beat Q3 estimates by 100% ($0.06 actual versus $0.03 expected)."

Corcept reported Q3 revenue of $207.6 million, up 13.7% year-over-year, and net income of $19.4 million. Korlym delivers gross margins of 97.8% while SG&A totaled $124 million and R&D $69 million, producing an operating margin of 4.9% and a 61% decline in annual earnings growth. The company holds $399 million in investments and $125 million in cash and trades at 42.6x trailing earnings. Amicus reported Q3 revenue of $169.1 million, up 19.5%, and a quarterly profit of $17.3 million with 87.4% gross margins and a 20.3% operating margin. Amicus carries $392 million of long-term debt and beat EPS estimates by 100%. CEO Joseph Belanoff exercised 550,000 options at $3.88 on December 24 and sold 306,846 shares at $83.59 the same day.

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