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Mar 31, 2024
Neurocrine Biosciences Q1 2024 Earnings Report
Neurocrine Biosciences reported financial results for the first quarter ended March 31, 2024, with INGREZZA net product sales of $506 million, representing 23% year-over-year growth.
Key Takeaways
Neurocrine Biosciences announced its Q1 2024 financial results, highlighted by INGREZZA's net product sales of $506 million, a 23% increase year-over-year. The company also submitted New Drug Applications for crinecerfont and reported positive Phase 2 results for NBI-1065845.
INGREZZA net product sales were $506 million, reflecting a 23% year-over-year growth.
The U.S. FDA approved INGREZZA SPRINKLE capsules.
New Drug Applications for crinecerfont were submitted to the U.S. FDA.
Positive Phase 2 top-line data was reported for NBI-1065845 in adults with major depressive disorder.
Revenue by Segment
Forward Guidance
Neurocrine Biosciences reaffirmed its 2024 net sales guidance for INGREZZA and updated its expense guidance range.
Positive Outlook
- INGREZZA Net Product Sales are expected to be between $2,100 million and $2,200 million.
- GAAP R&D Expense is projected to be between $665 million and $695 million.
- Non-GAAP R&D Expense is expected to range from $600 million to $630 million.
- GAAP and Non-GAAP IPR&D are anticipated to be $6 million.
- GAAP SG&A Expense is guided to be between $920 million and $940 million.
Challenges Ahead
- GAAP R&D guidance includes approximately $34 million expense for development milestones.
- Non-GAAP guidance adjusted primarily to exclude estimated non-cash stock-based compensation expense of $65 million in R&D and $110 million in SG&A.
- Acquired in-process R&D (IPR&D) is included in guidance once significant collaboration and licensing arrangements have been completed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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