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Mar 31, 2025
Neurocrine Biosciences Q1 2025 Earnings Report
Neurocrine Biosciences reported steady revenue growth with record patient starts for INGREZZA and a strong initial launch of CRENESSITY.
Key Takeaways
Neurocrine Biosciences posted $572.6M in revenue and a GAAP net income of $7.9M in Q1 2025. INGREZZA saw strong demand while CRENESSITY had a successful market entry. Operating income declined due to higher R&D and SG&A spending to support clinical programs and launches.
Revenue by Segment
Forward Guidance
Neurocrine reaffirmed full-year 2025 guidance with continued growth expected from INGREZZA and CRENESSITY, alongside increasing R&D investments.
Positive Outlook
- Reaffirmed INGREZZA net sales guidance of $2.5B–$2.6B.
- CRENESSITY showing early signs of strong uptake.
- Advancement of Phase 3 trials for key pipeline assets.
- Robust cash position of $1.8B.
- Expanded formulary access for INGREZZA improves coverage.
Challenges Ahead
- GAAP net income significantly lower than prior year.
- Higher R&D spending driven by milestone payments.
- SG&A costs increased due to launch activities.
- Negative impact from equity investment value changes.
- EPS dropped from $0.42 to $0.08 YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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