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Jun 30
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.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.comCRENESSITY Revenue
CapyFin.com 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.
- CRENESSITY launch costs continue to pressure short-term margins.