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Sep 30, 2022
Neurocrine Biosciences Q3 2022 Earnings Report
Reported third quarter 2022 financial results and raised 2022 INGREZZA sales guidance.
Key Takeaways
Neurocrine Biosciences reported strong Q3 2022 financial results, with INGREZZA net product sales reaching $376 million, a 31% increase compared to Q3 2021. The company also raised its full-year 2022 INGREZZA sales guidance to $1.4 - $1.425 billion. GAAP net income for the quarter was $69 million, or $0.69 per share, compared to $23 million, or $0.23 per share, in Q3 2021.
INGREZZA net product sales were $376 million, with total prescriptions of approximately 68,600.
Net product sales and TRx grew 31% and 32%, respectively, vs. third quarter of 2021.
Sequential growth was driven by record new patients and continued strength in existing patients’ refill rates.
The company submitted a supplemental New Drug Application (sNDA) of Valbenazine For the Treatment of Chorea in Patients with Huntington Disease Submitted to the U.S. Food and Drug Administration
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
Neurocrine Biosciences updated its 2022 INGREZZA sales guidance and reaffirmed its operating expense guidance.
Positive Outlook
- INGREZZA Net Product Sales are expected to be between $1,400 million and $1,425 million.
- The INGREZZA sales guidance for fiscal 2022 is based on recent trends.
- The INGREZZA sales guidance is based on the anticipated benefit from the recently completed salesforce expansion.
- GAAP R&D guidance includes amounts for milestones that are probable of achievement or have been achieved.
- GAAP R&D guidance includes amounts for in-process research and development once significant collaboration and licensing arrangements have been completed.
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 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.
- Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of $110 million in SG&A.
- The Company expects to begin making cash payments for Federal income tax beginning in the fourth quarter of 2022.