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Dec 31, 2020
Neurocrine Biosciences Q4 2020 Earnings Report
Neurocrine Biosciences reported Q4 2020 financial results with total annual revenues growing 33% to over $1 billion and INGREZZA net product sales reaching $993 million.
Key Takeaways
Neurocrine Biosciences announced its Q4 and full-year 2020 financial results, highlighting a non-cash tax benefit of $296 million. INGREZZA net product sales for the fourth quarter were $240 million. The company is planning to initiate eight mid-to-late stage clinical studies in 2021.
Total revenues for the fourth quarter were $247.9 million, compared to $244.1 million for the same period in 2019.
GAAP net income for the fourth quarter was $347.9 million, or $3.58 per share, compared to $34.0 million, or $0.35 per share, for the fourth quarter of 2019.
Non-GAAP net income for the fourth quarter was $88.1 million, or $0.91 per share, compared to $102.2 million, or $1.05 per share, for the fourth quarter of 2019.
INGREZZA net product sales for Q4 2020 were $240 million, a 1% increase compared to Q4 2019.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
Neurocrine Biosciences provided full-year 2021 financial expense guidance, anticipating increased investment in R&D and marketing costs. The company expects combined GAAP R&D and SG&A expenses to be between $800 million and $850 million.
Positive Outlook
- Increased investment in R&D expense, including collaboration programs.
- Planned initiation of eight mid-to-late-stage clinical studies.
- Increased investment in INGREZZA and ONGENTYS marketing costs.
- No federal cash tax is expected in 2021 based upon a net operating loss position of approximately $500 million entering 2021.
- Marketing Authorization with Ministry of Health and Welfare in Japan for Tardive Dyskinesia.
Challenges Ahead
- GAAP-only guidance includes approximately $125 million of share-based compensation.
- GAAP-only guidance does not include any potential milestones or in-process research and development costs associated with current collaborations or future business development activities.
- Potential impact of COVID-19 on business operations.
- Dependence on third parties for development and manufacturing activities.
- Risks that clinical development activities may not be initiated or completed on time or at all.