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Sep 30, 2025
Neurocrine Biosciences Q3 2025 Earnings Report
Neurocrine Biosciences reported strong Q3 2025 results driven by record INGREZZA sales and a successful CRENESSITY launch.
Key Takeaways
Neurocrine delivered a strong Q3 2025 with 28% revenue growth year-over-year. INGREZZA achieved record sales, while CRENESSITY posted impressive early adoption figures. Operating income and profitability also improved significantly.
Total revenue reached $794.9 million, up 28% year-over-year.
INGREZZA sales were $686.6 million, with 12% YoY growth.
CRENESSITY generated $98.1 million in its launch quarter.
GAAP EPS was $2.04; Non-GAAP EPS reached $2.17.
Revenue by Segment
Forward Guidance
Neurocrine reaffirmed INGREZZA guidance and updated full-year spending expectations, citing continued investment in launches and clinical programs.
Positive Outlook
- Full-year INGREZZA sales expected between $2.5B–$2.55B.
- Phase 3 programs advancing for osavampator (MDD) and direclidine (schizophrenia).
- CRENESSITY launch momentum continues with expanding access.
- Strong balance sheet with $2.1B in cash and investments.
- Planned sales force expansion to drive continued growth.
Challenges Ahead
- R&D expense expected to reach up to $1.02B for FY25.
- SG&A guidance raised to $1.14B–$1.16B (GAAP).
- CRENESSITY launch increasing short-term SG&A burden.
- Higher milestone expenses included in R&D forecast.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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