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Jun 30, 2025
Neurocrine Biosciences Q2 2025 Earnings Report
Neurocrine Biosciences reported strong Q2 2025 results with double-digit revenue growth led by INGREZZA and a successful early launch of CRENESSITY.
Key Takeaways
Neurocrine delivered $682 million in net product sales in Q2 2025, driven by INGREZZA’s record prescription growth and strong early adoption of CRENESSITY, with solid profitability and increased R&D investment.
INGREZZA posted $624 million in Q2 sales, setting a new quarterly prescription record.
CRENESSITY contributed $53 million in sales and added 664 new patient enrollment forms.
GAAP EPS reached $1.06, while non-GAAP EPS was $1.65.
R&D and SG&A expenses rose to support pipeline expansion and commercial launches.
Revenue by Segment
Forward Guidance
Neurocrine expects continued growth in INGREZZA and momentum in CRENESSITY, while investing heavily in R&D to advance its pipeline.
Positive Outlook
- INGREZZA FY sales guidance narrowed to $2.5–$2.55 billion.
- CRENESSITY continues to show strong early demand with 76% reimbursement coverage.
- Phase 3 programs for osavampator and NBI-568 initiated.
- Q3 formulary access improvements expected to support long-term INGREZZA growth.
- Robust cash position of $1.8 billion supports future investments.
Challenges Ahead
- Higher SG&A and R&D expenses due to launch and development activities.
- Q2 included $15M in milestone expenses affecting R&D cost base.
- Fair value losses on equity investments impacted net income.
- Lower net pricing partially offset INGREZZA volume growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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