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Mar 31, 2020
Neurocrine Biosciences Q1 2020 Earnings Report
Announced financial results for the first quarter ended March 31, 2020 and provided revised full-year 2020 financial expense guidance.
Key Takeaways
Neurocrine Biosciences reported strong first quarter 2020 results with INGREZZA net product sales of $231 million, representing a 69% year-over-year increase. The FDA approved ONGENTYS for Parkinson's disease, triggering a $20 million milestone. The company is in a strong financial position with over $1 billion in cash, cash equivalents and debt securities available-for-sale.
INGREZZA net product sales were $231 million, a 69% year-over-year increase.
ONGENTYS was approved by the FDA for Parkinson's disease, triggering a $20 million milestone.
GAAP net income was $37 million, or $0.39 per share, compared to a net loss of $102 million, or $1.12 per share in Q1 2019.
The company had over $1 billion in cash, cash equivalents and debt securities available-for-sale at the end of the quarter.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
The company provided revised full-year 2020 financial expense guidance.
Positive Outlook
- Increased investment in R&D programs.
- Continued investment in INGREZZA.
- Marketing costs associated with the anticipated launch of ONGENTYS.
- Meaningful investments across early stage programs including Voyager and Xenon collaborations.
- Studies ongoing in three registrational and four mid-stage programs by the end of 2020.
Challenges Ahead
- GAAP-only guidance includes approximately $105 million of share-based compensation.
- GAAP-only guidance includes a $20 million milestone to BIAL connected with the approval of ONGENTYS by the FDA.
- GAAP-only guidance does not include any other potential milestones.
- GAAP-only guidance does not include in-process research and development costs associated with current collaborations.
- GAAP-only guidance does not include in-process research and development costs associated with future business development activities.