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Mar 31, 2022
Neurocrine Biosciences Q1 2022 Earnings Report
Reported financial results for the first quarter ended March 31, 2022 and reiterated financial guidance for 2022.
Key Takeaways
Neurocrine Biosciences reported first quarter net product sales of $303 million for INGREZZA. The company's GAAP net income was $14 million, or $0.14 per share, and non-GAAP net income was $30 million, or $0.30 per share.
INGREZZA's first quarter net product sales were $303 million with total prescriptions (TRx) of approximately 57,600.
Net product sales and TRx grew 32% and 33%, respectively, vs. first quarter of 2021.
The company completed its salesforce expansion in April, establishing separate psychiatry, neurology, and long-term care teams.
Mitsubishi Tanabe Pharma Corporation (MTPC) received Japanese Ministry of Health, Labour and Welfare approval for DYSVAL® (valbenazine) for the treatment of tardive dyskinesia in Japan.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
The company reiterated its 2022 financial guidance for INGREZZA net product sales of $1.25 - $1.35 billion, GAAP R&D expense of $380 - $415 million, Non-GAAP R&D expense of $325 - $360 million, GAAP SG&A expense of $720 - $735 million, and Non-GAAP SG&A expense of $605 - $620 million.
Positive Outlook
- INGREZZA sales guidance for fiscal 2022 reflects approximately 20% year-over-year growth, at the mid-point of the range.
- Sales guidance is based on recent trends.
- Sales guidance is based on an anticipated improving COVID-19 related environment throughout the year.
- Sales guidance is based on benefit from the company's recently completed salesforce expansion during the second half of 2022.
- The company plans to submit a supplemental New Drug Application to the U.S. Food and Drug Administration in the second half of 2022.
Challenges Ahead
- If new COVID-19 related disruptions emerge, the Company’s ability to meet these expectations could be negatively impacted.
- GAAP R&D guidance includes amounts for milestones that are probable of achievement or have been achieved.
- GAAP R&D Guidance includes approximately $7 million of milestone expense for the Xenon collaboration which was achieved in January 2022.
- Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of $60 million in R&D.
- Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of $110 million in SG&A.