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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.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com 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.
- SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and pre-launch commercial activities for crinecerfont.
- These estimates are subject to various risks and uncertainties.