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Jun 30, 2024
Neurocrine Biosciences Q2 2024 Earnings Report
Reported second quarter 2024 financial results and raised 2024 INGREZZA sales guidance.
Key Takeaways
Neurocrine Biosciences reported strong second-quarter results, with INGREZZA net product sales reaching $580 million, a 32% increase year-over-year. The company raised its 2024 INGREZZA net product sales guidance to $2.25 - $2.3 billion.
INGREZZA second quarter net product sales were $580 million, representing 32% year-over-year growth.
2024 Net Product Sales Guidance Raised to $2.25 - $2.3 Billion
Top-Line Phase 2 Data Readouts for NBI-’568 and Luvadaxistat Remain On Track in Q3
GAAP net income and earnings per share were $65 million and $0.63, respectively
Revenue by Segment
Forward Guidance
Neurocrine Biosciences raised its 2024 INGREZZA net product sales guidance and updated its expense guidance range.
Positive Outlook
- INGREZZA Net Product Sales: $2,250 - $2,300 million
- GAAP R&D Expense: $665 - $695 million
- Non-GAAP R&D Expense: $600 - $630 million
- GAAP and Non-GAAP IPR&D: $9 million
- GAAP SG&A Expense: $955 - $975 million
Challenges Ahead
- Non-GAAP SG&A Expense: $830 - $850 million
- GAAP R&D guidance includes $33 million of expense for development milestones
- Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of approximately $65 million in R&D and $110 million in SG&A and $14 million leased office space impairment charge in SG&A.
- SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth including the announced planned expansion of the psychiatry and long-term care sales teams and pre-launch commercial activities for crinecerfont.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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