Neurocrine Biosciences Q3 2023 Earnings Report
Key Takeaways
Neurocrine Biosciences reported strong Q3 2023 results, driven by a 29% year-over-year growth in INGREZZA sales, which reached $486 million. The company also raised its full-year sales guidance for INGREZZA to $1.82 - $1.84 billion. Positive Phase 3 results were announced for Crinecerfont in congenital adrenal hyperplasia.
INGREZZA third quarter net product sales were $486 million, representing a 29% increase year-over-year.
GAAP net income for the third quarter was $83 million, with earnings per share of $0.82.
Non-GAAP net income for the third quarter was $156 million, with earnings per share of $1.54.
2023 INGREZZA net product sales guidance raised to $1.82 - $1.84 billion.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Forward Guidance
Neurocrine Biosciences provided updated 2023 sales guidance for INGREZZA and operating expense guidance.
Positive Outlook
- INGREZZA Net Product Sales: $1,820 - $1,840 million
- GAAP R&D Expense: $560 - $570 million
- Non-GAAP R&D Expense: $490 - $500 million
- GAAP and Non-GAAP IPR&D: $144 million
- GAAP SG&A Expense: $870 - $890 million
Challenges Ahead
- Non-GAAP SG&A Expense: $740 - $760 million
- Increased R&D expense in support of an expanded and advancing clinical portfolio including preclinical investments in VMAT2, crinecerfont, and our muscarinic compounds
- Increased SG&A expense primarily due to ongoing commercial initiatives supporting INGREZZA growth including the expanded indication to treat chorea associated with Huntington’s disease
- Non-GAAP guidance adjusted primarily to exclude estimated non-cash stock-based compensation expense of $70 million in R&D and $125 million in SG&A.
- IPR&D guidance includes $143.9 million associated with the new strategic collaboration with Voyager.