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Mar 31, 2023
Neurocrine Biosciences Q1 2023 Earnings Report
Reported first quarter financial results, with INGREZZA net product sales of $410 million and reiterated INGREZZA net product sales guidance at $1.67 - $1.77 billion.
Key Takeaways
Neurocrine Biosciences reported a GAAP net loss of $77 million, or $0.79 per share, and a non-GAAP net loss of $50 million, or $0.51 per share. INGREZZA's first quarter net product sales reached $410 million, a 36% increase compared to the first quarter of 2022. The company reiterated its full-year INGREZZA net product sales guidance of $1.67 to $1.77 billion.
INGREZZA first quarter net product sales were $410 million, representing a 36% growth compared to Q1 2022.
The company experienced a record number of new patients receiving therapy during the first quarter of 2023.
First quarter GAAP net loss was $77 million, or $0.79 per share, compared to a net income of $14 million, or $0.14 per share in Q1 2022.
First quarter non-GAAP net loss was $50 million, or $0.51 per share, compared to a net income of $30 million, or $0.30 per share in Q1 2022.
Revenue by Segment
Forward Guidance
Neurocrine Biosciences reiterated its 2023 INGREZZA net product sales guidance of $1.67 billion to $1.77 billion. The company also provided GAAP R&D expense guidance of $550 million to $580 million, GAAP SG&A expense guidance of $850 million to $870 million, and GAAP and Non-GAAP IPR&D of $144 million.
Positive Outlook
- INGREZZA sales guidance for fiscal 2023 reflects expected sales of INGREZZA in tardive dyskinesia only.
- GAAP R&D guidance reflects the progression of the Company’s pipeline including multiple compounds in mid- to late-phase clinical development, meaningful investments in the muscarinic portfolio and expanded pre-clinical research efforts.
- GAAP R&D guidance includes amounts for milestones that are probable of achievement or have been achieved.
- IPR&D guidance reflects acquired in-process research and development once significant collaboration and licensing arrangements have been completed. IPR&D guidance includes $143.9 million associated with the new strategic collaboration with Voyager.
- GAAP SG&A guidance reflects the continued investment in the expanded commercial organization to support INGREZZA and to support the anticipated approval for valbenazine to treat patients with chorea associated with Huntington disease.
Challenges Ahead
Revenue & Expenses
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