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Jun 30, 2022
Neurocrine Biosciences Q2 2022 Earnings Report
Neurocrine Biosciences reported second quarter 2022 financial results and raised 2022 INGREZZA sales guidance.
Key Takeaways
Neurocrine Biosciences announced its financial results for the second quarter ended June 30, 2022, and raised net sales guidance for INGREZZA in 2022. INGREZZA's strong performance in the first half of the year drove the increased full-year net sales guidance.
Net product sales were $350 million with total prescriptions (TRx) of approximately 64,200.
Net product sales and TRx grew 32% and 31%, respectively, vs. second quarter of 2021.
Second quarter 2022 GAAP net loss and loss per share of $17 million and $0.18, respectively, compared with second quarter 2021 GAAP net income and diluted earnings per share of $42 million and $0.43, respectively.
Second quarter 2022 non-GAAP net income and diluted earnings per share of $82 million and $0.84, respectively, compared with $70 million and $0.72, respectively, for second quarter 2021.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
Neurocrine Biosciences updated 2022 INGREZZA sales and operating expense guidance.
Positive Outlook
- INGREZZA Net Product Sales: $1,350 - $1,400 million
- GAAP R&D expense: $415 - $450 million
- Non-GAAP R&D expense: $360 - $395 million
- GAAP SG&A expense: $720 - $735 million
- Non-GAAP SG&A expense: $605 - $620 million
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 (i) amounts for milestones that are probable of achievement or have been achieved and (ii) amounts for in-process research and development once significant collaboration and licensing arrangements have been completed.
- GAAP R&D guidance includes approximately $40 million of milestone expenses in connection with collaborations.
- Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of $60 million in R&D and $110 million in SG&A.
- Based upon available Federal net operating losses and tax credits, the Company expects to begin making cash payments for Federal income tax beginning in the fourth quarter of 2022.