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Sep 30, 2024
Neurocrine Biosciences Q3 2024 Earnings Report
Reported third quarter 2024 financial results and raised 2024 INGREZZA sales guidance.
Key Takeaways
Neurocrine Biosciences reported strong third-quarter 2024 results, driven by a 26% year-over-year increase in INGREZZA sales, reaching $613 million. The company has raised its 2024 INGREZZA sales guidance to $2.30 - $2.32 billion and the Board authorized a $300 million share repurchase plan.
INGREZZA third quarter net product sales were $613 million, representing 26% year-over-year growth.
2024 INGREZZA net product sales guidance raised to $2.30 - $2.32 billion.
Board of Directors authorized a $300 million share repurchase plan.
GAAP net income and earnings per share were $130 million and $1.24, respectively.
Revenue by Segment
Forward Guidance
Neurocrine Biosciences raised its 2024 net sales guidance and updated expense guidance range.
Positive Outlook
- INGREZZA Net Product Sales are expected to be between $2,300 million and $2,320 million.
- The company anticipates advancing NBI-1117568 into Phase 3 development in the first half of 2025.
- Continued investment in INGREZZA, including the expansion of the psychiatry and long-term care sales teams in September 2024.
- Pre-launch commercial activities for crinecerfont are underway.
- The Board of Directors authorized a $300 million share repurchase plan.
Challenges Ahead
- GAAP R&D Expense is projected to be between $700 million and $720 million.
- Non-GAAP R&D Expense is projected to be between $635 million and $655 million.
- GAAP SG&A Expense is projected to be between $970 million and $990 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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