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Sep 30, 2023
Neurocrine Biosciences Q3 2023 Earnings Report
Neurocrine Biosciences reported financial results for Q3 2023 and raised 2023 net sales guidance for INGREZZA.
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
Revenue by Segment
INGREZZA Revenue
CapyFin.com 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.