NEUROCRINE BIOSCIENCES (NBIX) Company Report

Neurocrine Biosciences reported strong performance for Ingrezza, projected to reach approximately $2.5 billion this year, and a successful launch for Crinecerfont, which has aided 10% of congenital adrenal hyperplasia (CAH) patients since its approval a year ago.
The company anticipates the Inflation Reduction Act (IRA) impact on Ingrezza to be very manageable from 2027 to 2029, with current formulary coverage secured for over 70% of Medicare lives and over 90% in Medicaid and commercial through 2026.
Neurocrine is expanding its Ingrezza and Crinecerfont sales teams in 2026 to drive growth, particularly targeting advanced practice providers who represent a rapidly expanding prescriber base in the VMAT2 category.
With $2 billion in cash and no debt, Neurocrine is actively seeking business development opportunities for commercial products that can leverage its existing infrastructure within the next three to five years, focusing on neuro, endocrine, and adjacent therapeutic areas.

3 days ago

Transcript

Neurocrine Biosciences Discusses Product Performance, IRA Impact, and Growth Strategy

NBIX

Product Launch

M&A

Guidance Update

Ingrezza is performing strongly, with sales around $2.5 billion this year, and has significant room for growth as only 10% of tardive dyskinesia patients are currently treated with VMAT2 inhibitors.
The launch of Crinecerfont for congenital adrenal hyperplasia (CAH) has been successful, helping 10% of CAH patients within a year of its December last year approval, with high patient persistency (over 90%).
Neurocrine views the impact of the Inflation Reduction Act (IRA) on Ingrezza as manageable from 2027 to 2029, expecting to maintain coverage and negotiate a favorable price for 2029 implementation.
The company is expanding its Ingrezza and Crinecerfont sales teams in 2026 to capitalize on market momentum and the growing base of VMAT2 prescribers, particularly advanced practice providers.
With $2 billion in cash and no debt, Neurocrine is actively considering business development opportunities, focusing on commercial products in neuro, endocrine, and adjacent spaces that could launch in the next three to five years.

3 days ago

Transcript

Neurocrine Provides Update on Ingrezza and Crinecerfont Performance, Financial Position, and IRA Impact

NBIX

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Neurocrine's Ingrezza has generated around $2.5 billion this year (2025), with significant growth potential as only 10% of tardive dyskinesia patients are currently treated with VMAT2 inhibitors, and the drug has exclusivity until 2038.
Crinecerfont, approved in December 2024, has helped 10% of congenital adrenal hyperplasia patients in its first year of launch, with over 90% of patients staying on therapy.
The company maintains a strong financial position with $2 billion in cash and no debt, and is open to business development opportunities, though not reliant on them for success.
Management believes the impact of the Inflation Reduction Act (IRA) on Ingrezza will be very manageable from 2027 to 2029, and they expect to maintain strong formulary coverage, with over 70% of Medicare lives and over 90% of Medicaid and commercial lives covered for 2026.
To drive further growth, Neurocrine is expanding its Ingrezza and Crinecerfont sales teams in 2026, with implementation by early Q2, specifically targeting advanced practice providers who are increasingly prescribing VMAT2 inhibitors.

3 days ago

Transcript

Neurocrine Biosciences Discusses Strong Q3 2025 Performance, Ingrezza Growth, Crinecerfont Launch, and Pipeline at Jefferies Conference

NBIX

Earnings

Guidance Update

Product Launch

Neurocrine Biosciences reported $790 million in enterprise-wide revenue for Q3 2025, marking almost 30% year-to-year growth.
Ingrezza generated $687 million in revenue in Q3 2025, with 12% year-to-year growth, and the company reaffirmed its full-year guidance of $2.5-$2.55 billion. A 7% price decline is expected in the second half of 2025 relative to 2024 net revenue per script, anticipated to be consistent through 2026, with further incremental rebating likely in 2027 and 2028.
Crinecerfont, approved in December 2024, achieved $98 million in revenue in Q3 2025 and 1,600 new patient starts from Q1 to Q3, targeting 2,000 by year-end. The launch has exceeded internal expectations, with an 80% reimbursement rate and an annualized revenue run rate of $400 million.
The company's R&D pipeline aims to deliver one new medicine every other year by the end of the decade, with four new phase one starts, two new phase two starts, and three programs in phase three this year. Key programs include Ozevampitor (MDD) in phase three, with data expected in 2027.

Nov 18, 2025, 12:00 PM

Transcript

Neurocrine Reports Strong Q3 Performance and Provides Product Updates

NBIX

Guidance Update

Product Launch

Revenue Acceleration/Inflection

Neurocrine reported Q3 enterprise-wide revenue of $790 million, marking almost 30% year-to-year growth.
Ingrezza generated $687 million in Q3 revenue, a 12% year-to-year increase, and the company reaffirmed its full-year guidance of $2.5-$2.55 billion. A 7% price decline for Ingrezza is expected in the second half of 2025, remaining consistent through 2026, attributed to expanded market access.
The launch of Crinecerfont has surpassed internal expectations, achieving $98 million in Q3 revenue and approximately 1,600 new patient starts year-to-date, with a target of 2,000 by year-end.
The company is focused on a deep R&D pipeline, aiming to deliver one new medicine every other year by the end of the decade, with plans for at least four new phase one starts and two new phase two starts this year.

Nov 18, 2025, 12:00 PM

Transcript

Neurocrine Biosciences Provides Update on Ingrezza Performance, Crinecerfont Launch, and Pipeline Progress

NBIX

Guidance Update

Product Launch

New Projects/Investments

Neurocrine Biosciences reaffirmed its Ingrezza full-year revenue guidance of $2.5-$2.55 billion for 2025, following a strong Q3 performance of $687 million in revenue.
The launch of Crinecerfont (CRENESITY), approved in December 2024, has exceeded expectations, generating $98 million in Q3 revenue and achieving 1,600 new patient starts this year, with a target of 2,000 by year-end.
Ingrezza's expanded market access, now covering over 70% Medicare formulary, involved a 7% price decline in the second half of 2025, which is anticipated to be consistent through 2026, with potential for further incremental rebating in 2027-2028.
The company is advancing a robust R&D pipeline, including Ozevampitor in Phase 3 for Major Depressive Disorder (MDD) with data expected in 2027, and multiple new Phase 1, 2, and 3 program starts in 2025.

Nov 18, 2025, 12:00 PM

Transcript

Neurocrine Biosciences Announces Phase 2 Study of NBI-1070770 Misses Primary Endpoint

NBIX

New Projects/Investments

Neurocrine Biosciences' Phase 2 study evaluating NBI-1070770 for major depressive disorder did not meet the primary endpoint compared to placebo.
The investigational compound, NBI-1070770, was generally well tolerated in the study, which enrolled 73 adult patients.
Despite the primary endpoint not being met, Neurocrine's Chief Medical Officer stated that aspects of the data warrant further exploration to determine appropriate next steps.

Nov 10, 2025, 9:05 PM

Press Release

Voyager Therapeutics Reports Q3 2025 Financial and Operating Results

NBIX

Earnings

Guidance Update

New Projects/Investments

Voyager Therapeutics reported a net loss of $27.9 million for the third quarter of 2025, compared to a net loss of $9.0 million for the same period in 2024. Collaboration revenue decreased to $13.4 million in Q3 2025 from $24.6 million in Q3 2024.
The company ended Q3 2025 with a cash position of $229 million , and expects this to provide a cash runway into 2028.
Key pipeline updates include ongoing dosing for VY7523 and anticipated clinical trial initiation for VY1706 in 2026. Neurocrine Biosciences expects to provide an update on IND filing timelines by the end of 2025 for their FA and GBA1 programs, with potential clinical trial initiations in 2026, triggering a $3 million milestone payment to Voyager in Q4 2025.
Voyager introduced its NeuroShuttle™ discovery program and entered a collaboration with Transition Bio for small molecules targeting ALS and FTD, with potential milestone payments up to $500 million.

Nov 10, 2025, 1:01 PM

Press Release

Xenon Pharmaceuticals Reports Q3 2025 Financial Results and Business Update

NBIX

Earnings

CFO Change

New Projects/Investments

Xenon Pharmaceuticals reported a net loss of $90.9 million for the third quarter ended September 30, 2025, compared to $62.8 million for the same period in 2024.
As of September 30, 2025, the company held $555.3 million in cash, cash equivalents, and marketable securities, anticipating sufficient funds to support operations into 2027.
Patient randomization for the Phase 3 X-TOLE2 study of azetukalner in focal onset seizures (FOS) has been completed, with topline data expected in early 2026.
Tucker Kelly was appointed as Chief Financial Officer, bringing strategic commercial finance experience in anticipation of the azetukalner launch.

Nov 3, 2025, 9:01 PM

Press Release

Neurocrine Biosciences Reports Strong Q3 2025 Results Driven by INGREZZA and CRENESITY Sales

NBIX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Neurocrine Biosciences reported net product sales of $790 million in Q3 2025, marking 28% year-over-year growth.
INGREZZA net sales reached $687 million, achieving a third consecutive quarter of record new patient additions.
CRENESITY net sales grew sequentially from $53 million in Q2 to $98 million in Q3 , with 540 new patients initiating therapy in Q3, totaling over 1,600 patients since launch.
The company announced an additional sales force expansion for both INGREZZA and CRENESITY, anticipating an SG&A expense increase of approximately $150 million in 2026.
Neurocrine Biosciences remains on track with its Phase III clinical studies for osavampator and Directlidine, and is set to achieve its R&D productivity goals for the year.

Oct 28, 2025, 8:30 PM

Transcript

Earnings Transcripts

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