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Neurocrine Biosciences, Inc. Stock Price: Quote, Forecast, Splits & News (NBIX)

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Company Profile

New

Neurocrine Biosciences, Inc. Price & Performance (NBIX)

Stock Performance

Updated Mar 19, 8:00 PM UTC

NBIX:NASDAQ

$110.31USD

0.56% · $0.61

After Hours

-0.34% · $0.37

Open

$109.70

High

$110.69

Low

$109.47

Market Cap

$11.00B

P/E Ratio

33.5

Volume

874.01K

Year High

$157.98

Year Low

$105.18

News & Market Insights

Voyager Therapeutics Highlights Investor Events in March
Feb 25, 2025
Voyager Therapeutics has confirmed its participation in two major investor conferences this month. The company will present at the TD Cowen Health Care Conference on March 3 and the Stifel CNS Forum on March 19. Both events will feature fireside chats, with webcasts available on Voyager's website.12
Neurocrine Biosciences Stock Hits 52-Week Low Amid Challenges
Mar 11, 2025
Neurocrine Biosciences' shares dropped to a 52-week low of $110.92, reflecting a 16.26% decline over the past year. Despite strong liquidity and revenue growth, competitive pressures and regulatory challenges weigh on the stock. Analysts suggest the current valuation might present a buying opportunity for long-term investors.34
Phase 1 Study Launched by Neurocrine Biosciences for New Drug
Mar 6, 2025
Neurocrine Biosciences has initiated a Phase 1 trial for its VMAT2 inhibitor, NBI-1140675, aimed at neurological conditions. The announcement follows a 3% stock decline this week amid broader market volatility. The study highlights the company's commitment to advancing its pipeline despite external economic pressures.56

What's Happening

Peers

Earnings

Report Date

Feb 6, 2025

Reported Revenue

627.7M

Avg 1d Change

9.43%

Report Period

Q4 2024

Reported EPS

1.00

Implied Move 1d

6.28%

Transcript

7m 42s

Thank you, and a good Thursday afternoon to everyone. Welcome to Neurocrine Biosciences fourth quarter and full year 2024 earnings call. Joining me today are Kyle Gaino, Chief Executive Officer Matt Abernathy, Chief Financial Officer Eric Benevich, Chief Commercial Officer and Irie Roberts, Chief Medical Officer During our call, we will be making forward looking statements. These statements are subject to certain risks and uncertainties and our actual results may differ materially. I encourage you to review the risk factors discussed in our latest SEC filings We'll go to Q and A after prepared remarks. And as is our custom and with your help, we will try to get to everyone's questions. At this point, I'll turn the call over to Kyle. Thanks, Todd. Good afternoon, everyone. Over the last several years, Neuroprint has evolved meaningfully across our entire enterprise, from research and development to commercialization. Our 2024 results demonstrate positive impacts from this evolution and we are excited to build upon these successes. With four approved medicines coming from our own efforts, we enter 2025 as a fully integrated biopharmaceutical company that is strong, stable and growing. Are prepared to take on industry challenges and capitalize on opportunities to continue to deliver patients and shareholders.

8m 57s

From a commercial perspective, INGREZZA continues to set the standard. Eight years after introducing the first treatment for tardive dyskinesia, we're on track to once again achieve double digit year over year growth this year. While our guidance reflects a moderated growth rate relative to 2024, which was our all time highest growth year, we are focused on all opportunities to continue to maximize its impact on patients. From a big picture perspective, INGREZZA's differentiated profile in TD and HD Korea will enable us to do just that, And Greza has advantages such as unsurpassed efficacy, the absence of complex titration, a novel Sprinkle formulation for patients with difficulty swallowing and advantages in certain sensitive patient populations such as those that are hepatically impaired. This strong clinically differentiated foundation ensures our ability to help many more patients well into the latter part of the next decade. When combined with our expanded and enhanced sales organization, which was rolled out in the last quarter, are now better positioned than ever to meet the needs of approximately ninety percent of the eight hundred thousand tardive dyskinesia patients in The U. S. Who remain currently untreated with the VVAB2 inhibitor, Just as INGREZZA transform is standard of care for TD patients, we anticipate Cronicity will do the same for people living with classical adrenal hyperplasia.

10m 22s

As a reminder, Pranestiti is the first medicine specifically designed and developed for the CH patient community and the first new treatment option in over seventy years. Launching a groundbreaking new treatment is not without challenges, but over time, we believe Cronosity has the potential to be nerve in second blockbuster therapy. Looking at launch cadence, we anticipate anticipate growth for Kinesti will initially be measured but as a first in class, best in class medicine for patients, we are confident in its ramp up and long term growth potential. We look forward to leveraging Ferenity to diversify NERLYNX revenue profile and drive near and long term sales growth. Turning now to research and development. In 2025, we will address new therapeutic areas advanced new modalities, specifically biologics, and improved productivity and ultimately establish the foundation of what we expect to become a sustainable internal R and D engine of innovation. Importantly, we will expect this enhanced productivity to deliver on average a new commercial launch every two years at steady state. Starting this year alone, we anticipate our clinical stage pipeline will grow from 12 to eight eighteen programs by year end which will represent the most broad and robust neuroscience pipeline in the biopharma industry.

11m 35s

Importantly, we will initiate multiple Phase three programs this year with Osevap and MDI-five sixty eight in schizophrenia. Both of which have the potential to further transform neurocognitive and drive significant growth at the end of this decade and into the next. As we entered this year with a strong foundation, Neurocrine is well positioned for sustained near and long term growth and is well on its way to becoming a leading neuroscience company. With that, I'll turn things over to Matt.

12m 5s

Thanks, Kyle. 2024 was a tremendous year for Neurocrine with record sales growth for INGREZZA positive Phase two data for both the Muscular and AMPA programs, and last but not least, the approval and launch of Cronosity.

12m 20s

These achievements In twenty twenty five, we anticipate INGREZZA sales to be $2,500,000,000 to $2,600,000,000 reflecting $250,000,000 of growth at the midpoint of the range. While the guidance range reflects good dollar growth, we saw increased competitive pressure as well as increased utilization management by payers over the course of 2024. This led to a slower growth trajectory heading into 2025. We are taking proactive steps to address this, including efforts to further develop and educate the TD market where still approximately nine of ten TD patients are not currently being treated with [indiscernible] as well as efforts to drive future sales growth.

13m 11s

Growth most notably the recent sales force expansion in Q4 last year which we expect will have a full impact in the second half of twenty twenty five and beyond.

13m 22s

Turning to Cronosity, although not providing an annual guide, we do want to provide a few thoughts as you develop your financial models for 2025. We expect Cronessity to be a blockbuster medicine but early revenues are expected to be measured primarily due to three factors. First, the delayed timing of reimbursement for a new rare disease product. Second, the frequency of patient flow into offices and third, the trialing that will naturally occur as clinicians obtain real world experience with the novel medicine like Pranesevi. One additional note on Pronesi.

14m 3s

We did recognize $2,000,000 in net sales in Q4 for initial bottle orders from our pharmacy partner in late December. To close, a few comments on our investment profile.

14m 16s

We continue to align our operating expenses with our top two capital allocation priorities, which are number one, drive revenue growth and number two, advance our R and D programs.

14m 29s

Our 2025 SG and A operating expense reflects a year of investment behind the Cornesity launch and also the expanded INGREZZA sales force. For R and D, the increased investment in 2025 aligns with our previous guide reflecting the initiation of our two major psychiatry programs, advancing into Phase three with Neurocrine now fully funding [indiscernible] [indiscernible] Please note we included $60,000,000 of development miles in R and D including $35,000,000 for Takeda.

15m 6s

And $15,000,000 for Nexera associated with the initiation of [indiscernible] If other future development milestones are achieved, we will update our OpEx guide as appropriate. With that, I now hand the call over to Eric Benevich, our Chief Commercial Officer.

15m 24s

Eric? Thanks Matt. 2025 marks an important year of transformation and execution for our commercial With the recent launch of Cronestity, we have the opportunity to raise the standard of care for the congenital adrenal hyperplasia community.

15m 43s

And to add an important second growth driver to Neurocrine's commercial portfolio.

15m 48s

Before I provide further insight on Krinesity, I want to take a moment to highlight that 2024 was an all time record growth year for INGREZZA. Increasing annual sales by approximately $475,000,000 driven by increased volume, continued strong compliance, and improvement in gross to net dynamics. Even with this record performance, as Matt highlighted, we still have a tremendous opportunity ahead for our INGREZZA franchise. With approximately eight hundred thousand people in The U. S. Suffering from TD, and less than ten percent of them currently being treated with DMAT-two inhibitors.

16m 26s

We foresee substantial growth potential in the years to come. With last year's investment to expand the sales force, ongoing healthcare provider disease state education and direct to We expect continued growth in 2025 across psychiatry, neurology, and long term care segments of our business. Notably, healthcare provider turnover remains particularly high in psychiatry and long term care settings. Therefore, as in prior years, our commercial and medical teams continue to address the high unmet medical need for education and to motivate healthcare providers to screen, diagnose and treat TD in Huntington's Korea patients. Our 2025 InbresoNet sales guidance range of $2,500,000,000 to $2,600,000,000 contemplates the continuing growth of the V met two class across tardive dyskinesia and Huntington's Korea, and takes into account key external factors like the increasingly complex payer environment and competitive dynamics. Looking beyond 2025, with INGREZZA's differentiated product profile, and expanded and talented team, and thirteen remaining years of exclusivity We expect to maintain our position as the leader in the VMAT2 market while we continue to develop the next generation of BMAT-two inhibitors. So now turning to Cronosity. We were delighted with the early FDA approval in mid December and the broad labeling for this first in class and first in disease medicine.

18m

Following approval, there is a significant level of enthusiasm excitement across the endocrinology provider and CAH patient family communities.

18m 10s

Even though FDA approval came right before the holidays, we were pleased to receive 11 new patient start forms in the less than two full weeks before exiting 2024.

18m 21s

As a brand new medicine, Cronosity is starting out as a non formulary drug across all health plans. Therefore, in the early phase of the launch, we expect the majority of patients starting will initially be dispensed non reimbursed prescriptions via our quick start program to get them going on treatment while reimbursement is being secured. For each patient, our team, together with our specialty, pharmacy partner, PantherRx Rare, We'll work through their insurance company's process to secure reimbursement and transition them to commercial product. Ultimately, we expect Cronestity to be broadly reimbursed with the majority of patients paying $12 or less per month out of pocket.

19m 5s

Long term success with Perenicity will be driven by our ability to reach educate the CAH community on this breakthrough medicine. We know from our experience with INGREZZA that this effort can take some time. There are no shortcuts when it comes to building new markets.

19m 21s

Our field teams have a considerable number of appointments and programs booked in the coming months to educate endocrinologists on this exciting new medicine. We've long said Chronicity has all the hallmarks of our next blockbuster opportunity. It won't happen overnight, but we couldn't be more excited about its potential. All in all, we're pleased with the receptivity Charnestiti from the CH community and excited about the prospects to improve the standard of care for people living with classic congenital adrenal hyperplasia.

19m 53s

So with that, I'll now hand it over to my colleague, Doctor. Irie Roberts.

19m 59s

Thanks, Eric, and good afternoon to everyone.

20m 2s

When I joined Europe, INGREZZA had just received approval for the treatment of tardive dyskinesia, and our pipeline featured just three programs Over time, we have transformed into a vastly different organization today and I could not be more proud of the significant progress we've made. Since 2018, perhaps there is no program more emblematic at this transformation than Cronacity, We were extremely pleased with the outcome of the FDA approval process and final labeling for Cronosity. Many thanks to the regulatory, clinical development and all other cross functional team members who successfully steered the program through development from start to finish. With a strong label that includes impressive [indiscernible] from the adult and pediatric registrational studies Cornesiby has the opportunity to transform the treatment paradigm for patients with classic congenital adrenal hyperplasia.

21m 8s

For over seventy years prior to Cronestity's approval, the only available treatment for CAH patients was lifelong treatment with glucocorticoids. Usually at high super physiologic doses. This fundamentally flawed approach was the only option for patients and their doctors until Clonestiti. Kornesidy is the first and only a approved nonsteroidal treatment for classic CAH that enables independent control of ACTH and androgens creating the opportunity for endocrinologists to work with patients and their families to reduce glucocorticoid dose to more physiologic replacement levels. Since approval, our medical affairs field teams have been highly engaged with the endocrinology community conducting extensive educational programs to support launch. Meanwhile, our clinical development effort continues to generate valuable longer term data from the ongoing open label extension studies in adults and pediatrics and to work towards the generation of clinical data in patients younger than four years old.

22m 24s

In parallel, our health outcomes teams are focused on generating supporting the value proposition of kinesity as an effective treatment for patients with CAH. I will reiterate early feedback from KOLs and advocacy groups has been encouraging. As we bring this new treatment option to patients with great needs who are looking for a better choice. Turning to late stage programs. Neurocrine Phase III pipeline is also set to transform this year as we initiate multiple registrational studies starting with ossabamfetor, our AMPA potentiator, for the adjunctive treatment of major depressive disorder in adults Last week, we announced the initiation of the first of three registrational studies of osuvamphetor in MDD. The remaining two Phase three studies will initiate in the months ahead. Separately, we will also initiate the registration program for 68, our M4 selective ophosteric agonist, the treatment of schizophrenia Following the recent successful end of Phase two meeting with the FDA, The positive Phase two results from last year's proof of concept study give us the confidence and conviction to rapidly advance this molecule in into Phase three studies as well as to initiate a Phase two study in bipolar mania in the second half of this year Meanwhile, our early stage Mascarin portfolio is progressing through healthy volunteer Phase one studies.

24m 8s

And notably, we anticipate initiating a Phase two study for the dual M1M4 agonist NBI-five 70, acute psychosis the second half of this year, The early stage pipeline continues to expand also with several programs set to advance into Phase one studies this year, most recently with NBI-three 55, a selective dual NAA1.2, 1.6 antagonist in collaboration with Xenon Pharmaceuticals, as a potential treatment for epilepsy, which initiated earlier this week. We also anticipate the Phase one study of NDI-six 75 an internally developed next generation BMAT2 inhibitor to begin this quarter as well. Furthermore, our Chief Scientific Officer, Jude Donya and his team have made tremendous progress with our preclinical portfolio of internally developed large molecules. Including peptides, antibodies and gene therapies As these molecules progress through GLP tox in the coming months, If successful, they set us up very well later this year and into 2026. In closing, we've built what we believe to be one of the broadest and deepest neuroscience focused pipelines in the [indiscernible] With that, I'll hand the call back to Kyle.

25m 42s

Kyle?

25m 44s

Thanks, Ari. Operator, I think we're ready to take questions now. [indiscernible] And we'll take our first question from Phil Nadeau with TD Cowen. Your line is open.

26m 10s

Good afternoon. Thanks for taking our question. You've been very clear that you expect a measured launch for Kinesiti in terms of revenue during the first half of this year. We've also guided to giving new start forms as you did today There's a very vigorous debate among investors as to what is a good trajectory of NuStar Forms and what isn't. We're curious if you'd willing to provide any of Neurocrine's perspective on what pace of new start forms we should anticipate through the first half of this year and into the second half of [indiscernible] Yes. Thanks, Phil. This is Eric. So first off, just really pleased that we got an early approval last year late last year and at a great, very broad label. To work with. And obviously, it gave us an opportunity So those as we had said earlier this year at the JPMorgan conference, we would be providing updates each quarter on the prior quarters treatment forms that have come in and that 11 represents just a few working days frankly before the turn of the year. We're really pleased with the early launch dynamics here. Really excited about the feedback that we're getting.

27m 27s

From providers. And I'm not going to comment specifically on what constitutes a good ramp But so far, so good and I'd say more than good. In terms of the freneticity launch dynamics.

27m 42s

Just a reminder, this is the first new medicine for these patients in over seventy years. So thinking about what the adoption curve might look like Phil it's really I think everybody is wanting to know what that would look like.

27m 58s

But as Eric said, receptivity has been incredibly strong so far and I think you probably sense that in all the market checks that you and the other investor So far so good, but we're early in the launch and not going to claim a victory yet and we'll share more detail in May.

28m 18s

Thanks for taking our question.

28m 22s

We'll move next to Paul Matteis with Stifel. Your line is open.

28m 30s

Hey, thanks so much. Appreciate the question. Can you expound upon this impressive guidance? I I feel like looking at our model, I'm really confused because you grew 26%, the guide is less than 10% sequentially, And I know historic you guys have given conservative guidance. You've done a great job of beating it. But I'm just concerned, are you trying to send us a greater message here that this market is actually sort of changing going into 2025? Like what are you seeing during the quarter? And I'm wondering if the Street is just getting something here given that I think consensus is above the high end. Yes, I'll tackle that Paul. So first of all, I want to reiterate that it's amazing that seven years after the launch, that we had a record growth here for INGREZZA in 2024 and we're really proud about that. And as I mentioned in my prepared remarks, our 2025 guidance of $2,500,000,000 to $2,600,000,000 reflects continued growth of the VMAT2 category and external factors such as an increasingly complex payer environment and competitive dynamics we're taking proactive steps to address the competition including our recently expanded sales team MDTC And historically, we've done really well in terms of access to reimburse and we're going to continue to provide excellent support to our customers in order to maximize their access to INGREZZA going forward.

29m 55s

With INGREZZA's differentiated product profile and expanded and talented team, a long runway of exclusivity and less than 10% of PD patients currently being treated with VMAT-two inhibitors, we really expect to see continued strong growth for INGREZZA in 2025 and beyond. Maybe just to add Paul, this is Kyle. We did have our sales force expansion in Q4 which always causes some disruption and we expect that to pick up steam and help us into 2025 as we get longer into the year and certainly in subsequent years But on the growth potential, I think that we're ever more bullish on the opportunity starting with the differentiation over our other competitor in the space, the deuterium tetrabenazine starting with the first dose being efficacious dose, efficacy profile that we have the ability to present a new formulation for patients that have difficulty swallowing and advantages in certain patient populations, in particular those with hepatic impairment, all the reasons to believe that continued growth in the product over time We appreciate there are some headwinds moving into this year. Some of them having to do with us and the sales force expansion. But we're ever more excited about the opportunity that remains here in the vast majority of patients still aren't being treated with the BMAT-two inhibitor.

31m 20s

And we'll move next to Tazeen Ahmad Bank of America. Your line is open. Great. Thank you for taking my question Can you talk about general expectations for 1Q twenty twenty five maybe comparing them to prior 1Qs, which was part of seasonality.

31m 43s

Guess I'm more curious about it this year just given that expectations potentially for lowered revenue per script this year relative to 2024, should we be thinking that you could have a decline in quarter on quarter revenue this year? Thanks.

31m 59s

Yes. Thanks, Tazeem. So I can't comment on the specifics of our inter quarter performance, but typically this is a challenging time of the year. Due to the need to get our many continuing patients reauthorized the refills in a timely manner and And our teams are really busy executing their plans and working with their ACP customers and with the dispensing pharmacies to minimize any treatment gaps and of course retain patients. As you know, Q1 is the quarter each year with the biggest growth to net impact due to commercial co pay contribution and it sets incremental rebate agreements kicking in I'll be able to provide a little bit more color on Q1 performance when we get to the Q1 earnings call. But this is typical for us to be working through all of these payer related issues and it's something that we've got better at each year. Over the course of the launch. So to be clear, Sazeen, you mentioned net revenue per script year over year. I would just say that embedded in our guidance is an assumption that net revenue per script in 2025 is going to be very similar to what we saw in 2024.

33m 10s

But sequentially, there is that headwind moving from Q4 into Q1, which is around 3%, call it, this year.

33m 19s

The other item that I just flagged is that I am keeping an eye on ordering patterns way that the calendar sets itself up at the end of the quarter, there may be a little bit of noise It's all obviously very hard to predict.

33m 33s

How folks will order and we obviously don't influence that but we flag it for you just in case it causes noise at the end of the quarter. But with large net itself out through the rest of the year and wouldn't be unique to Neurocrine. So a lot of moving parts here.

33m 49s

I think our focus remains for TD is to just get more diagnosis, get new patients being generated in our sales force is very hungry to be able to help in that regard.

34m 6s

Who knows next? To Akash Tewari with Jefferies. Your line is open.

34m 13s

Hi, thanks so much. A quick one on INGREZZA and then on INGREZZA.

34m 17s

Should we expect that sixtyforty market share split holding up given the involving payer share loss versus Teva's guide. And then, your teams talked about physicians will likely need to see patients in person before prescribing them crinicity. Some of our KOL work has suggested otherwise how many of your new patients starts are done actually with telehealth and how do you see that dynamic evolving over time? Thank you.

34m 45s

Maybe I'll start with the Embrazza question. What we've seen over the past couple of years is great overall growth in the category. It appears that both brands are doing quite well here. I think what we will see and expect moving forward is that we continue to be the market leader and lean on the profile that we have with INGREZZA, which we think is quite differentiating On the Kinesis, our Kinesis piece, I'll let Eric chime in on that one.

35m 10s

Yes.

35m 10s

Certainly, I do think there are some endocrinologists that are prepared or comfortable to prescribe pernescity remotely or virtually without [indiscernible] But all the work that we've done leading up to the launch indicates that the majority of endocrinologists are going to want to see their patient first and have that conversation with them in person before they recommend treatment with Brnicity. And given the fact that it's a new medication with a totally new mechanism of action, It's understandable. And then over time, I think as doctors get more experience, they'll get more comfortable and potentially start to initiate treatment without a patient visit corresponding. We'll move next to Cory Kasimov with Evercore.

36m 3s

Your line is open.

36m 6s

Good afternoon guys. Thanks for taking the question. Wondering if you could provide additional detail on payer traction with Quinestity kind of feedback thus far and how long you expect the free drug program might last? Thank you.

36m 21s

Yes.

36m 23s

So [indiscernible] a system in place to make sure that when patients get prescribed for anesthetie that they can get on treatment pretty quickly.

36m 33s

Coming out of the gate here with this launch, Pernessiti is a brand new medicine it's not on any formularies yet. So the process is to go through a formulary exceptions process for each and every patient. In order to get people started while reimbursement is being secured, we do have a fast start program which after about a week, if the prescription claim hasn't been approved yet by the health plan, We'll ship free product to them to get them started. And the expectation is that early in the launch, most patients will require a month or possibly two months of free goods before they're able to transition over to reimbursed product. In terms of feedback from the health plans, it's early days yet.

37m 20s

What we're seeing is that, as expected, many of these patients are going on to the free goods program initially. But we have had some patients that have had their prescription claims reimbursed pretty quickly and they've been able to start on commercial product right from the get go.

37m 40s

So far so good. And as I said before, we're really pleased with the feedback that we're hearing from endocrinologists and feedback from the CEH community, and we're confident in our ability to get Furnessity reimbursed and to make sure that it's accessible and affordable We estimate that majority of patients will pay less than $12 per month.

38m 4s

And Corey, just an example, we had a great win even yesterday. One of the major plans came out with the coverage policy that was very [indiscernible] terms of what it would require between being over the age of four, being confirmed diagnosed with CAH And so I do think the plans understand The disease The team is doing a really good job educating those plans and so far I'd say that things are positive. But we're only five weeks into launch.

38m 37s

So a lot still to go, but early signs are very positive. That's helpful. Thank you.

38m 46s

We'll move next to David Amsellem with Piper Sandler. Your line is open.

38m 54s

Thanks. So you cited utilization management related to INGREZZA. Can you elaborate on what that's looking like and how does that tie into your competitors' behavior vis a vis payers? In other words, is your competitor getting more aggressive with payers in terms of positioning on plans? Thanks.

39m 17s

Yes. So, obviously, Access in affordability are really high priorities for us at Neurocrine. And historically, we've done really well with high prescription dispense rates and most patients paying less than $10 out of pocket. Per month. [indiscernible] in terms of utilization management, that's something that evolves over the course of time. And what we saw especially in the second half of last year, was that some of the plans were starting to tighten up their utilization management [indiscernible] changing the PA criteria [indiscernible] And so ultimately, we need to stay on top of [indiscernible] payer environment and how plans are managing INGREZZA on a plan by plan basis. We have a pretty sophisticated infrastructure to make sure that that we're really maximizing access for our patients. We have field reimbursement We utilize all the data that we have to make sure And I should say that we also have a really good pharmacy network. In place. So, as I said in my prepared remarks, it's a complex payer environment. Payers continue to evolve in terms of how they're managing specialty drugs. And that's something that we expect to see going forward and that's a factor in our guidance.

40m 50s

We'll move next to Anupam Rama with JPMorgan.

40m 54s

Your line is open.

40m 57s

Hi. Thanks so much for taking the question. This is actually Malcolm Cunha on for Adipam, So with regard to the INGREZZA guidance, can you talk a little bit about the levers of growth amongst the segments Are you expecting outsized growth from any one of the three segments?

41m 13s

Yes. Malcolm, AD, this is Kyle. I'll start question. We generally see the greatest growth still continue to come from the psychiatry segment.

41m 22s

I think we also see good investment, a return on investment from our expansion in LTC over the past couple of years. And see that being a larger portion of the business as well. In combination with work and efforts in the neurology space. I think largely still the growth opportunity remains in psychiatry. You know some of the the headwinds there. Still involve telemedicine, the turnover in the offices and the best way to tackle those is through keeping TD top of mind in those different groups that are using those different aspects of telemedicine and the NPPs as well. And the way to look at breaking through that is through having greater frequency of interaction and that's where the sales force comes in for us. So in terms of growth overall in psychiatry, but it will come across the board in the segments that we're looking at in psychiatry. LTC and neurology.

42m 21s

Great.

42m 22s

Thank you.

42m 25s

We'll move next to Chris Shibutani with Goldman Sachs. Your line is open.

42m 33s

Thank you. Maybe if I could move to the operating expense side of the equation, particularly with the guidance. Now thinking about how with INGREZZA, over the course of the several years, you did have periods where you reassessed reinvested at [indiscernible] How confident are you in terms of the current thinking about INGREZZA? And then reflecting upon what the potential will be in a market that obviously has some should we think about your confidence and potential need to adjust either up or down or in some other way Thank you.

43m 12s

Yes. I think it's very clear within this space that the number one driver of shareholder value is revenue growth. That's exactly where we've been putting our money over the last five years in those periodic reassessments of INGREZZA that you referred to whether it was sales force expansion or direct to consumer advertising and then more recently another sales force expansion. So from an investment perspective, just over the last three years, you've seen us show tremendous SG and A leverage.

43m 44s

Going from the mid 50% of revenue in SG and A all the way down to the low 40%. So the investment that you see this year in both Cornesity and the expanded sales force it's going to be a little bit less leverage coming out of that. But the expectation is that when we look at '26 and beyond, We aren't sitting here today thinking that we're going to need a significant increase or change in infrastructure required to support both brands. Cronacity in and of itself being a rare disease And the nature of the patient population, we expect this to be extremely profitable quite quickly. But that's something that will show up from a P and L leverage perspective as you think about 2026.

44m 39s

We'll move next to Mark Goodman with Leerink Partners. Your line is open.

44m 45s

Yes. Matt, with your comments on ordering patterns, are you suggesting that April may have been helped by inventory? Did inventories change in your expecting maybe first quarter for that to reverse And then I guess my question really is for Irene to talk about the M1M4, the five seventy molecule that you're pushing forward. Can you just describe the characteristics of that product and how you expect it to be differentiated from the one that's on the market today? Thanks.

45m 16s

Yes, I'll cover the ordering pattern question. Really it's more of a Q1 phenomenon. The nature of our business, our wholesalers largely order on a Monday, products delivered on Tuesday, and that's when revenue is recognized typically. So when you just look at the calendar setup, for the first quarter, only have 12 Tuesdays and then you have 14 Tuesdays that pop up in September. So it nets itself out throughout the course of the year. We don't do anything to dictate the timing of orders. This may not become an issue but I know it's something that I just flagged. Just in case there is noise around timing of orders, because of the nature of just how the calendar falls. So nothing associated with Q4 that I would mention, Mark.

46m 6s

And then, Irene, would you like to answer the question?

46m 10s

Yes. Hi, Mark. Thanks for the question. Happy to answer that. As we said in the prerecorded remarks, we actually still completing the Phase one evaluation of the five seventy M1M4 molecule in that Phase one evaluation in healthy subjects. We have an opportunity to profile the pharmacology associated with both M4 pharmacology and M1 And whilst I can say that we were very confident and pleased with the results that we saw in schizophrenia in our Phase two study for five sixty eight. Through the M4 selective agonist. There's obviously potential for a dual agonist to add additional potential benefit in areas such as cognition through the M1 effect. And so for that reason, we're very keen to take that molecule forward in the second half of this year to test it in a Phase two study of schizophrenia as well. Are there obvious differences versus Karuna's drug?

47m 13s

Corona's drug is a pan muscarinic agonist. And so it not only hits M1 and M4, but also the other mascorinic subtype from M2, M3 and M5. And that's the reason why the peripheral trophium has to be added to the cobenthe molecule in order to manage the potential side effects associated with the off target M2, M3 and M5 effects. So we do not hit M2 M3 or M5. And so we would anticipate there'd be differences for a selective M1, M4. And as I said, when we complete the Phase one and go into our Phase two study later this year, we'll be able to talk more about what we're anticipating and hoping to see. We'll move next to Jeff Hung with Morgan Stanley. Your line is open.

48m 11s

Thanks for taking my question.

48m 13s

Can you talk about the feedback that you heard from the end of Phase two meetings for ozivampitor and five sixty eight?

48m 18s

And for May, was there any concern by the agency on lack of dose response or the benefit we're seeing with the [indiscernible] Thanks. Ari, you want to take that one? Yes.

48m 31s

Thank you.

48m 32s

We were very happy with the end of Phase two meeting for both Oso Amphitore and for five sixty eight. And I think we got alignment and guidance from the agency for both of those interactions. That was support of the registration program as we designed it. And defined it, support of the dose selection and particularly as you asked around five sixty eight. Now there's complete support for moving forward with the twenty milligram dose into the Phase three program.

49m 1s

We also got alignment on the endpoints that we were using and the nature of the whole registration plan. So our focus right now is on moving to implement those programs We already initiated the ossavamfetol Phase three acute study and we are moving towards initiating the five sixty eight study in the very near future as well. [indiscernible] We'll move next to Brian Skorney with Baird. Your line is open.

49m 38s

Hi.

49m 39s

This is Charlie Moore on for Brian.

49m 41s

Thanks for taking our question.

49m 43s

So we were just wondering looking earlier in the pipeline, about your Friedreich's ataxia gene therapy collaboration with Voyager. And it would just be great to get some color on how you think it could differentiate from current clinical stage gene therapies one dual and one targeting cardiac tissue as well as if that's still on track to initiate first in human trials this year? Thanks.

50m 10s

And maybe I'll take this question and I'll let Irene fill in the gaps for this. We're really excited about the FA program that we have with Voyager something that we've been working on for several years as a part of our collaboration. We've gone through first and second generation capsids that allow us to deliver free tax into targeted tissues. What we have and the approach here that's so exciting is that patients have the opportunity to have an IV administered gene therapy that delivers Fritaxin to the Cardi Bao So the cornerstone symptoms of the disease, either the movement component or heart disease, cardiovascular outcomes, would be addressed by our gene therapy in a standalone treatment. So very excited about that. We are on track for graduating this program from preclinical to clinical development later this year. Great. Thanks so much.

51m 10s

My apologies. We'll move next to Mohit Bansal with Wells Fargo. Your line is open.

51m 17s

Hey, thank you for taking my question.

51m 20s

And sorry for keeping staying on INGREZZA here.

51m 24s

So I look at the fourth quarter number and if I just straight line it, it looks like your low end of the guidance assumes just flat line using fourth quarter. So is there something massively changing in your contracting or the pricing dynamic? It doesn't seem like that on your comments. So can you help us understand that? And then also are you expecting or modeling any benefit of Salesforce expansion here because that would mean second quarter second half bump, but that doesn't seem to be part of the guidance here.

52m 3s

Yes. On the contracting front, just to be clear, we did enter into some contracts that that have some incremental rebate but it pretty much offsets the annual price increase. So from a year over year perspective, on price, pretty flat, actually a little sequential down maybe Q4. To Q1 as I mentioned earlier. So So I understand the straight line math. There's a lot of variables at play. Including pace of new patient additions, relative to discontinuations, for example, on a much bigger patient base. And so those are normal growing launch dynamics And as we mentioned, with the sales force expansion, we do expect to have nice momentum in the second half of the year. But it's going to take a little bit of time for them to get up to Got it.

53m 2s

We'll move next to Ash Verma with UBS. Your line is open.

53m 9s

Great.

53m 9s

Yes, thanks for taking my question. So just one more on INGREZZA. So do you expect to see more of the utilization management headwind in 2025 on the Medicare Part D plans. We've heard Part D plans are moving branded drugs lower because they have the catastrophic coverage and with that burden going up, they need to make up the dollars elsewhere?

53m 31s

If you can comment on that, that would be great.

53m 33s

Thanks. Yes. So a quick comment. We don't expect to see any significant changes in terms of our coverage in 2025 versus 2024.

53m 46s

And certainly, we're looking and monitoring closely with happening with the first wave of medicines that have been negotiated and the impact potentially on other drugs in those classes. But so far, we're not seeing any major shifts And the other thing I'd point out is that because we are a designated small manufacturer, we get the phase in benefit on the contribution to the catastrophic phase. So as does our competitors. So there's no no one that's advantaged in that regard with Evitiemetuplatz.

54m 28s

We'll move next to Sumant Kulkarni with Canaccord. Your line is open. Good afternoon. Thanks for taking my question. It's another one on INGOZA.

54m 37s

The product has been on the market for some time now. Comments suggest there's still some way to go on penetration in the tardive dyskinesia market. But we seem to be at a point every few quarters when the debate around the growth trajectory around INGREZZA seems to then you kind of grow out of that by beating your initial numbers. So to help settle this uncertainty or debate somewhat, your latest philosophy on offering any detail on what you think eventual peak sales potential for INGREZZA might be in The U. S? [indiscernible] Kyle and I were talking about this earlier this week that original models for INGREZZA were peak sales of $500,000,000 And here we are in 2024 having grown almost $500,000,000 year over year with the market now being close to $4,000,000,000 So we're not going to give a peak potential, but what we do see as we've as Eric has alluded to that still nine out of ten patients with dyskinesia are not currently being treated with the BMAT2 inhibitor. So we do anticipate there's significant demand out there And as you've said, there are ebbs and flows in the market development process for Tardev dyskinesia.

55m 55s

Some are pretty clear to understand, others less clear. But we do feel like there's a lot of growth trajectory ahead. And maybe just to add to that part of our discussion that we had is the one of the really unique aspects of tardite dyskinesia is that we believe the underlying prevalence continues to grow at a rate that it exceeds the growth rate of the general population. So getting your hands around market size and value is something that's dynamic. The antipsychotic that's multiples above the growth rate of the general population. So that's why you saw us increase our prevalence number late last year. And that's something that we'll continue to revisit on an annual basis. But we're ever more surprised as we get into the market and learn more about it of how large it can be. And how much work there is still ahead for us. But with that work, a lot more opportunity and we're quite thankful to be in a situation where we have thirteen more years of market at XSUVI to help build the market. Thanks. Move next to Myles Minter with William Blair.

57m 8s

Your line is open.

57m 11s

Maybe one for Irene, just back on May. You haven't completed the Phase one yet. [indiscernible] Just curious as to your decision to move in adults experiencing schizophrenia or acute psychosis and not Alzheimer's disease psychosis. Does that mean you're still contemplating that indication? Or is it maybe that you're seeing something on tolerability side for that molecule that you want to go into adult first prior to the elderly population? Thanks very much.

57m 41s

Yes, happy to take that. I think obviously, we have experience with five sixty eight for the M4 selective in the acute cycle setting in adults, which makes it a pretty straightforward choice to evaluate five seventy in that patient population as well. With respect [indiscernible] And as we continue to generate data, you may well see us going into different indications beyond that initial psychosis study.

58m 14s

I think Myles too, this is Kyle. The interesting thing about the muskrenics as we discussed is that there's still a lot to learn about this as a target [indiscernible] And fortunately, we have a number of molecules that allow us to compare and contrast the pharmacologies that we have And one way to do that is look at a dual pharmacology in the same patient population and see type of outcomes you can get from a selective and direct agonist that we have in May. So there's a lot of value, a lot of opportunities here across the molecules that we have and knowing that we can't do everything at the same time, We like the approach that we have here with five sixty eight going into bipolar mania and then dual going into schizophrenia.

58m 59s

Makes sense. Thanks.

59m 2s

We'll take our next question from Laura Chico with Wedbush Securities.

59m 7s

Your line is open. Good afternoon. I'm sorry, just one clarification for me. With respect to the field force expansion, and I guess I'm trying to relate this back to the 25 guidance here.

59m 19s

Wondering whether you're going to see the biggest benefit from driving new patient starts? Is this the channel expansion or increasing adherence I guess I'm just trying to understand where the field force impact is most likely to be felt any commentary there? Thanks.

59m 36s

Yes. A couple of things I'd point out with regards to the sales force expansion and our experience from prior expansions. First of all, and I think we we alluded to it earlier, When you hire essentially a new team or expand your existing team, and you deploy them, it takes some time for them to come up with speed and to get their strides, so to speak. And so we do expect to see the majority of the impact from the expanded team as we go into the second half of the year Second thing is, in terms of what's the benefit of the team, it's primarily in driving new patient starts. They do a lot of education. They're able to increase our reach and also increase our presence in existing practices. Driving recognition and diagnosis and of course initiation with INGREZZA The two areas that we expanded our team into were And as Kyle mentioned earlier, psychiatry continues to be the segment that has the largest patient potential and is still fast growing. And we recognize that we hadn't really increased our foot [indiscernible] since going back to I think it was 2018 So ultimately, We do see the opportunity to expand our footprint in both psychiatry and LTC.

1h 1m 6s

Those teams are relatively brand new. And we do expect to see the benefit of having that expanded presence especially in the second half of the year.

1h 1m 14s

Thank you.

1h 1m 20s

We'll move next to Ami Fadia Your line is open. Hi, good evening. Thanks for squeezing me in. I have two very quick questions. Firstly, just a follow-up on all the questions around the INGREZZA guidance.

1h 1m 38s

It certainly seems quite conservative given all the other comments around the trends, but it sounds like you're taking a conservative view keeping in mind kind of the increased hurdles with regards to prior ops If you can comment if that's kind of what's driving this conservatism or if we are missing something there? And then just with regards to the 11 patient forms for Clonicity, you give us some color around where these patients are being treated? And something about kind of what was the trigger for prescribing the drug to these patients? Were they sort of on very high corticosteroids or were they sort of not well controlled on their current treatments? Any color would be helpful. Thank you.

1h 2m 29s

Yes. On the INGREZZA piece, we've commented previously, I think that there are a number of variables that play out towards the end of twenty twenty four that reads on our thoughts on 2025. Competitive pressures there with our competitor in this space with their XR formulation getting to a once a day type of medicine after a complex titration regimen We've also seen the competitive pressures there on the payer front But I don't want to discount also something that we talked about the disruption of our own sales force expansion in Q4. These are things that we saw play out over the course of the second half of next year or last year, excuse me, And we think that will still be a factor for here for us as we start 2025. But I don't want to dwell too much on the headwinds that we have here also want to call out all the things that we think that will benefit us here into 2025 in subsequent years and I've touched on these already. But really, that sales force expansion that caused that disruption in Q4 will start playing dividends this year and certainly label to lean on that heavily in subsequent years as well.

1h 3m 37s

And then our differentiated product across things like efficacy, dosing regimen, other formulations for patients with difficulties. So these are all things that will play out with this upside sales force and allow us to do quite nicely over time. So we balance both of these things in terms of our guidance We are seeing growth this year. It's not going to be as the guidance suggests, as large that was in 2024, which was our largest growth year ever, but we still see significant growth here in this year and certainly in the following future years as well. Yes. And let me just quickly comment on on sort of what we're seeing in terms of the treatment forms coming in and the diversity of the patients. So So obviously, we've done work leading up to the launch. Our expectation is that adoption will be probably earlier or faster in the pediatric segment. We expect that we'll also see more rapid adoption in the centers of excellence. However, early on with a relatively small sample size, so to speak, What we are seeing is treatment forms are coming in from community endocrinologists from endocrinologists that are part of teaching hospitals or CH clinics we're seeing patients getting started that are pediatric patients.

1h 5m 7s

We're seeing adult patients getting started So really it's very diverse and across the board. And as I said before, just really excited about the momentum and the trajectory that we're on here. It's early days yet and it's Matt said, there's still a lot of people that we need to reach and a lot of work that we need to do. But I think that the fact that we had invested in the D State education, that we had teams in the field, in the second half of last year and we were well prepared for an early approval. Has really set us up for success this year and beyond with Firdessity.

1h 5m 45s

Thank you.

1h 5m 48s

We'll move next to Uwe Ih with Mizuho. Your line is open.

1h 5m 58s

So on questions on INGREZZA, Quick one on 4Q. Was there significant or any volume growth in the quarter from Q3 to Q4?

1h 6m 11s

And Quickly on the guidance as well. Does the guidance assume benefits from the sales force expansion, just wanted to make sure we're clear on that.

1h 6m 25s

And thirdly, if I can, could you maybe just help us think how to perhaps think about the INGREZZA sales post 2027 after I guess after the price negotiation for Oostado. Go ahead.

1h 6m 47s

Yes, I think the answer to to your questions are are yes, we have included the sales force expansion in our guidance range. Obviously, at the high end of the range, it's contributing at a a quicker pace And so I would just say that the answer to your first two questions are [indiscernible] In regards to what happens post 2027, that's something as Eric mentioned, keeping our eyes out looking to see what is happening in the space with other similarly situated product categories. But at the end of the day, for us, our main focus right now is growing the TD market growing the presence of Aggrezza There's going to be a whole lot of uncertainty, I'm sure, through the whole through the whole IRA implementation. Hard to predict. But what we can control is ensuring that patients who have TB get diagnosed and getting opportunity to take aggressive Okay.

1h 7m 57s

Thank you. We'll take our next question from Brian Abrams with RBC Capital Markets.

1h 8m 7s

Your line is open.

1h 8m 9s

Hi. This is Joe on for Brian. Thank you for taking our question. So So related to the earlier question on TD market share split, Hi. I believe the market share has been pretty stable over time even after competitor XR launch. I'm just wondering if there's anything more that will drive the changes to the competitive dynamics this year? And how are you thinking about the changes in payer dynamics beyond 2025? Do you believe the complexity and the dynamics will persist?

1h 8m 41s

Yes. So we've always said we have a formidable competitor And they appear to have gained a few share points in 2024 due to the rollout of their extended release formulation of Determine modified tetrabenazine.

1h 8m 58s

As one might expect, But INGREZZA is the leader in the BMAT2 category and we continue to project growth for the class and for INGREZZA, there's, as I mentioned earlier, a lot of headroom with nine out of ten patients with TD as yet undiagnosed and [indiscernible] Currently with BMAT-two inhibitors. So So we certainly are bullish in terms of the long term and near term potential of INGREZZA continue driving that growth. And with thirteen more years of exclusivity, I'm glad that we have that time to do it.

1h 9m 38s

Thinking beyond 2026 and 2027, I mentioned that it's a complex payer environment. And the Inflation Reduction Act makes it even more complex.

1h 9m 49s

But we're going to continue to do what we need to do to make sure that patients have access to INGREZZA this year and in coming years.

1h 9m 58s

And maybe just to add to that as a reminder to everyone, I think we have our remarks, but we do have been given these specified small manufacturer as well as the small biotech exemption. So that's confirmed and we would expect our price negotiation observation event to be in 2029. So to Eric's [indiscernible] we have the opportunity to learn, prepare and adjust to the new world that we're all being over the next couple of years as products are negotiated at CMS and seeing how that affects potential other products in similar categories.

1h 10m 39s

We'll move next to Evan Seagerman with BMO Capital Markets. Your line is open.

1h 10m 47s

Hi, Malcolm Hoffman on for Adam Seagerman. Thanks for taking our question.

1h 10m 51s

Wanted to ask if you could talk about the decision to amend the agreement with Takeda and get worldwide development and commercial rights ex Japan for ozivampitor. This decision driven by increased confidence in pursuing additional indications beyond MDD or was this decision more based on just the profile in MDD alone?

1h 11m 12s

I'll start this. This is Kyle.

1h 11m 14s

I think that we're very excited about the data that we have that came out of the Phase two program and quite frankly so was Takeda.

1h 11m 21s

As we've seen from Takeda over the past several years, they've been making a number of strategic decisions that move them away from kind of classical psychiatric and MDD, osuvamtrol of Amphitor fits squarely in there. And the nature of our collaboration really affected their P and L in terms of their expense profile on a year to year basis. So knowing that they appreciated the data that we have and still like to be involved in this, We both work towards an arrangement where they are able to continue developing this asset in their territory, which is Japan. This particular compound came out of efforts from their Japanese R And D Facility And Quite A Bit Of Pride There And Able To Take This Forward In Their Country. And We'll Continue To Work Together To Develop Ozobamphetor Outside Of Japan with Neurocrine going the line share of the economics. So it's a win win for both companies. We're able to move forward more [indiscernible] being a smaller, non nimble company. And we think that that will ultimately allow us to have the best opportunity to bring this medicine to patients as quickly as we possibly can. So we're excited.

1h 12m 35s

We continue to work with our team there and we'll look to move this into Phase three this year.

1h 12m 43s

Appreciate the color. Thanks guys.

1h 12m 47s

And it does appear that there are no further questions at this time. I would now like to turn it back to Kyle for any additional or closing remarks.

1h 12m 56s

Thank you and thanks everyone for joining the call this afternoon. As you can see, we've got a lot going on here at the company. And we've hit on a number of different points throughout our conversation through our opening remarks about 2025 being a year of execution a year of evolution and it really is and it does start with our efforts on our commercial products INGREZZA and Kinesiti. The goal here is to drive revenue growth and diversification over time. So it's very important to continue to execute on our commercial medicines and make sure that they are brought to patients as quickly and other pieces of execution involve supporting those programs that are in process in our pipeline. We've talked about our Phase three assets, both of Aportor MBI-five sixty eight and MDD in schizophrenia at six point successful or respectively. And that's just the tip of the iceberg. We have programs in Phase two, coming on board from our Muscarinic portfolio we have data readouts that span Phase II and Phase III MDD and the adjunctive treatment of schizophrenia. As well as the dyskinesia associated with cerebral palsy. A couple of Phase I starts this quarter and then the fund begins.

1h 14m 6s

The real concept of diversified and sustainable portfolio with our R and D transformation and bringing new products that are in the space of peptides antibodies and gene therapy Those are all things that become reality in the second half of this year.

1h 14m 24s

So we're extremely excited about sharing this news with you as we move forward into 2025. And meeting you all at the healthcare conferences throughout the course of the year.

1h 14m 37s

This does conclude today's program. Thank you for your participation.

1h 14m 46s

Goodbye.

Key Insights

INGREZZA Sales Growth: Neurocrine anticipates INGREZZA sales in 2025 to range between $2.5 billion and $2.6 billion, reflecting $250 million growth at the midpoint. Despite competitive pressures and payer challenges, the company remains optimistic about long-term growth due to INGREZZA's differentiated profile and expanded sales force.
Cronesity Launch: The newly launched Cronesity, a treatment for congenital adrenal hyperplasia, is expected to become a blockbuster drug. Early revenues are projected to be measured due to reimbursement delays and trialing by clinicians, but long-term growth potential is strong.
Pipeline Expansion: Neurocrine plans to grow its clinical-stage pipeline from 12 to 18 programs by the end of 2025. Multiple Phase III programs will be initiated, including treatments for schizophrenia and major depressive disorder, with the goal of achieving a new commercial launch every two years.
R&D Investments: Increased R&D spending in 2025 will support the initiation of major psychiatry programs and other pipeline advancements. The company aims to establish a sustainable internal R&D engine focusing on biologics and innovative therapies.
Strategic Focus: Neurocrine is focused on driving revenue growth through its commercial products while advancing its robust neuroscience pipeline. The company remains confident in its ability to navigate payer dynamics and competitive pressures, leveraging its strong product profiles and market exclusivity.

Recent Transcripts

2024 marked record growth for Neurocrine Biosciences, with promising launches and pipeline expansion.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$1B	$1.1B	$1.5B	$1.9B	$2.4B
Cost of Revenue	$10M	$14M	$23M	$40M	$34M
Gross Profit	$1B	$1.1B	$1.5B	$1.8B	$2.3B
Gross Profit %	99%	99%	98%	98%	99%
R&D Expenses	$275M	$328M	$464M	$565M	$731M

2020

2021

2022

2023

2024

Revenue

$1B

$1.1B

$1.5B

$1.9B

$2.4B

Cost of Revenue

$10M

$14M

$23M

$40M

$34M

Gross Profit

$1B

$1.1B

$1.5B

$1.8B

$2.3B

Gross Profit %

99%

98%

99%

R&D Expenses

$275M

$328M

$464M

$565M

$731M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	$407M	$90M	$155M	$250M	$341M
Dep. & Amort.	$8.6M	$11M	$16M	$21M	-$2.7M
Def. Tax	-$311M	$4.3M	$19M	-$57M	-$123M
Stock Comp.	$100M	$134M	$173M	$194M	$196M
Chg. in WC	-$38M	$17M	-$67M	$28M	$0

2020

2021

2022

2023

2024

Net Income

$407M

$90M

$155M

$250M

$341M

Dep. & Amort.

$8.6M

$11M

$16M

$21M

-$2.7M

Def. Tax

-$311M

$4.3M

$19M

-$57M

-$123M

Stock Comp.

$100M

$134M

$173M

$194M

$196M

Chg. in WC

-$38M

$17M

-$67M

$28M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$801M	$341M	$263M	$251M	$233M
ST Investments	$614M	$371M	$726M	$781M	$843M
Cash & ST Inv.	$801M	$711M	$989M	$1B	$1.1B
Receivables	$157M	$186M	$350M	$439M	$479M
Inventory	$28M	$31M	$35M	$38M	$57M

2020

2021

2022

2023

2024

Cash

$801M

$341M

$263M

$251M

$233M

ST Investments

$614M

$371M

$726M

$781M

$843M

Cash & ST Inv.

$801M

$711M

$989M

$1B

$1.1B

Receivables

$157M

$186M

$350M

$439M

$479M

Inventory

$28M

$31M

$35M

$38M

$57M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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News & Market InsightsNews & Market Insights
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RelatedRelated
EarningsEarnings
Income StatementIncome Statement
Cash FlowCash Flow
Balance SheetBalance Sheet

Earnings

Report Date

Feb 6, 2025

Reported Revenue

627.7M

Avg 1d Change

9.43%

Report Period

Q4 2024

Reported EPS

1.00

Implied Move 1d

6.28%

Transcript

7m 42s

8m 57s

10m 22s

11m 35s

12m 5s

12m 20s

13m 11s

Growth most notably the recent sales force expansion in Q4 last year which we expect will have a full impact in the second half of twenty twenty five and beyond.

13m 22s

14m 3s

We did recognize $2,000,000 in net sales in Q4 for initial bottle orders from our pharmacy partner in late December. To close, a few comments on our investment profile.

14m 16s

We continue to align our operating expenses with our top two capital allocation priorities, which are number one, drive revenue growth and number two, advance our R and D programs.

14m 29s

15m 6s

15m 24s

15m 43s

And to add an important second growth driver to Neurocrine's commercial portfolio.

15m 48s

16m 26s

18m

Following approval, there is a significant level of enthusiasm excitement across the endocrinology provider and CAH patient family communities.

18m 10s

Even though FDA approval came right before the holidays, we were pleased to receive 11 new patient start forms in the less than two full weeks before exiting 2024.

18m 21s

19m 5s

19m 21s

19m 53s

So with that, I'll now hand it over to my colleague, Doctor. Irie Roberts.

19m 59s

Thanks, Eric, and good afternoon to everyone.

20m 2s

21m 8s

22m 24s

24m 8s

25m 42s

Kyle?

25m 44s

Thanks, Ari. Operator, I think we're ready to take questions now. [indiscernible] And we'll take our first question from Phil Nadeau with TD Cowen. Your line is open.

26m 10s

27m 27s

From providers. And I'm not going to comment specifically on what constitutes a good ramp But so far, so good and I'd say more than good. In terms of the freneticity launch dynamics.

27m 42s

27m 58s

28m 18s

Thanks for taking our question.

28m 22s

We'll move next to Paul Matteis with Stifel. Your line is open.

28m 30s

29m 55s

31m 20s

31m 43s

31m 59s

33m 10s

But sequentially, there is that headwind moving from Q4 into Q1, which is around 3%, call it, this year.

33m 19s

33m 33s

33m 49s

I think our focus remains for TD is to just get more diagnosis, get new patients being generated in our sales force is very hungry to be able to help in that regard.

34m 6s

Who knows next? To Akash Tewari with Jefferies. Your line is open.

34m 13s

Hi, thanks so much. A quick one on INGREZZA and then on INGREZZA.

34m 17s

34m 45s

35m 10s

Yes.

35m 10s

36m 3s

Your line is open.

36m 6s

36m 21s

Yes.

36m 23s

So [indiscernible] a system in place to make sure that when patients get prescribed for anesthetie that they can get on treatment pretty quickly.

36m 33s

37m 20s

37m 40s

38m 4s

38m 37s

So a lot still to go, but early signs are very positive. That's helpful. Thank you.

38m 46s

We'll move next to David Amsellem with Piper Sandler. Your line is open.

38m 54s

39m 17s

40m 50s

We'll move next to Anupam Rama with JPMorgan.

40m 54s

Your line is open.

40m 57s

41m 13s

Yes. Malcolm, AD, this is Kyle. I'll start question. We generally see the greatest growth still continue to come from the psychiatry segment.

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Great.

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Thank you.

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We'll move next to Chris Shibutani with Goldman Sachs. Your line is open.

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We'll move next to Mark Goodman with Leerink Partners. Your line is open.

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And then, Irene, would you like to answer the question?

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Thanks for taking my question.

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Can you talk about the feedback that you heard from the end of Phase two meetings for ozivampitor and five sixty eight?

48m 18s

And for May, was there any concern by the agency on lack of dose response or the benefit we're seeing with the [indiscernible] Thanks. Ari, you want to take that one? Yes.

48m 31s

Thank you.

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Hi.

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This is Charlie Moore on for Brian.

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Thanks for taking our question.

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My apologies. We'll move next to Mohit Bansal with Wells Fargo. Your line is open.

51m 17s

Hey, thank you for taking my question.

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And sorry for keeping staying on INGREZZA here.

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We'll move next to Ash Verma with UBS. Your line is open.

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Great.

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If you can comment on that, that would be great.

53m 33s

Thanks. Yes. So a quick comment. We don't expect to see any significant changes in terms of our coverage in 2025 versus 2024.

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We'll move next to Sumant Kulkarni with Canaccord. Your line is open. Good afternoon. Thanks for taking my question. It's another one on INGOZA.

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Your line is open.

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Makes sense. Thanks.

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We'll take our next question from Laura Chico with Wedbush Securities.

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Your line is open. Good afternoon. I'm sorry, just one clarification for me. With respect to the field force expansion, and I guess I'm trying to relate this back to the 25 guidance here.

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1h 1m 6s

Those teams are relatively brand new. And we do expect to see the benefit of having that expanded presence especially in the second half of the year.

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Thank you.

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Thank you.

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We'll move next to Uwe Ih with Mizuho. Your line is open.

1h 5m 58s

So on questions on INGREZZA, Quick one on 4Q. Was there significant or any volume growth in the quarter from Q3 to Q4?

1h 6m 11s

And Quickly on the guidance as well. Does the guidance assume benefits from the sales force expansion, just wanted to make sure we're clear on that.

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And thirdly, if I can, could you maybe just help us think how to perhaps think about the INGREZZA sales post 2027 after I guess after the price negotiation for Oostado. Go ahead.

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Thank you. We'll take our next question from Brian Abrams with RBC Capital Markets.

1h 8m 7s

Your line is open.

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Thinking beyond 2026 and 2027, I mentioned that it's a complex payer environment. And the Inflation Reduction Act makes it even more complex.

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But we're going to continue to do what we need to do to make sure that patients have access to INGREZZA this year and in coming years.

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We'll move next to Evan Seagerman with BMO Capital Markets. Your line is open.

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Hi, Malcolm Hoffman on for Adam Seagerman. Thanks for taking our question.

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I'll start this. This is Kyle.

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I think that we're very excited about the data that we have that came out of the Phase two program and quite frankly so was Takeda.

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We continue to work with our team there and we'll look to move this into Phase three this year.

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Appreciate the color. Thanks guys.

1h 12m 47s

And it does appear that there are no further questions at this time. I would now like to turn it back to Kyle for any additional or closing remarks.

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So we're extremely excited about sharing this news with you as we move forward into 2025. And meeting you all at the healthcare conferences throughout the course of the year.

1h 14m 37s

This does conclude today's program. Thank you for your participation.

1h 14m 46s

Goodbye.

Key Insights

INGREZZA Sales Growth: Neurocrine anticipates INGREZZA sales in 2025 to range between $2.5 billion and $2.6 billion, reflecting $250 million growth at the midpoint. Despite competitive pressures and payer challenges, the company remains optimistic about long-term growth due to INGREZZA's differentiated profile and expanded sales force.
Cronesity Launch: The newly launched Cronesity, a treatment for congenital adrenal hyperplasia, is expected to become a blockbuster drug. Early revenues are projected to be measured due to reimbursement delays and trialing by clinicians, but long-term growth potential is strong.
Pipeline Expansion: Neurocrine plans to grow its clinical-stage pipeline from 12 to 18 programs by the end of 2025. Multiple Phase III programs will be initiated, including treatments for schizophrenia and major depressive disorder, with the goal of achieving a new commercial launch every two years.
R&D Investments: Increased R&D spending in 2025 will support the initiation of major psychiatry programs and other pipeline advancements. The company aims to establish a sustainable internal R&D engine focusing on biologics and innovative therapies.
Strategic Focus: Neurocrine is focused on driving revenue growth through its commercial products while advancing its robust neuroscience pipeline. The company remains confident in its ability to navigate payer dynamics and competitive pressures, leveraging its strong product profiles and market exclusivity.

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