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Dec 31, 2021
Neurocrine Biosciences Q4 2021 Earnings Report
Announced its financial results for the fourth quarter and fiscal year ended December 31, 2021 and provided financial guidance for 2022.
Key Takeaways
Neurocrine Biosciences reported Q4 2021 net product sales of $303.5 million, a GAAP net loss of $7.3 million, and a non-GAAP net income of $4.3 million. The company's INGREZZA net product sales reached $1.1 billion for fiscal year 2021. They also provided financial guidance for 2022, including INGREZZA net product sales guidance of $1.25 - $1.35 billion.
INGREZZA fourth quarter and fiscal 2021 net product sales of $301 million and $1.1 billion, respectively.
Fourth quarter 2021 INGREZZA net sales and total prescriptions grew 25% and 32%, respectively, vs. fourth quarter of 2020.
Quarterly growth driven by record number of patients on therapy exiting 2021.
Commercial expansion to better meet the needs of healthcare professionals across diverse sites of care on track for completion by the end of Q1 2022
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Revenue by Segment
INGREZZA Revenue
CapyFin.com Forward Guidance
Neurocrine Biosciences provided financial guidance for fiscal year 2022 including INGREZZA Net Product Sales between $1.25 billion and $1.35 billion. GAAP R&D expense is expected to be between $410 million and $430 million. Non-GAAP R&D expense is expected to be between $350 million and $370 million. GAAP SG&A expense is expected to be between $690 million and $720 million. Non-GAAP SG&A expense is expected to be between $580 million and $610 million.
Positive Outlook
- INGREZZA sales guidance for fiscal 2022 reflects approximately 20% year-over-year growth, at the mid-point of the range.
- Sales growth is based on recent trends and an anticipated improving environment throughout the year.
- Benefit from our previously announced sales force expansion during the second half of 2022.
- GAAP R&D guidance reflects the progression of the Company’s pipeline including 12 mid-to-late-stage clinical studies
- Meaningful investment in the Company’s recent Sosei Heptares collaboration programs.
Challenges Ahead
- If new COVID-19 related disruptions emerge, the Company’s ability to meet these expectations could be negatively impacted.
- GAAP R&D guidance includes amounts for milestones that are probable of achievement or have been achieved
- GAAP R&D Guidance includes approximately $7 million of milestone expense for the Xenon collaboration which was achieved in January 2022.
- GAAP SG&A guidance reflects the increased investment in INGREZZA commercial initiatives including the continuation of the Company’s direct-to-consumer advertising campaign, “TD Spotlight”
- Sales force expansion expected to be completed in the end of the first quarter