Neurocrine Biosciences Q4 2023 Earnings Report
Key Takeaways
Neurocrine Biosciences reported Q4 2023 net product sales of $507.2 million and net income of $147.7 million. INGREZZA net product sales grew 25% compared to Q4 2022, reaching $500 million. The company provided full year 2024 INGREZZA net product sales guidance of $2.1 - $2.2 billion.
INGREZZA fourth quarter net product sales were $500 million, representing a 25% growth compared to the same period in 2022.
GAAP net income for the fourth quarter was $148 million, or $1.44 per share.
Non-GAAP net income for the fourth quarter was $158 million, or $1.54 per share.
The company had approximately $1.7 billion in cash, cash equivalents and marketable securities as of December 31, 2023.
Neurocrine Biosciences
Neurocrine Biosciences
Neurocrine Biosciences Revenue by Segment
Forward Guidance
Neurocrine Biosciences provided full year 2024 financial guidance for INGREZZA net product sales, GAAP R&D expense, Non-GAAP R&D Expense, GAAP SG&A Expense, and Non-GAAP SG&A Expense.
Positive Outlook
- INGREZZA Net Product Sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington’s disease.
- GAAP R&D guidance includes expense for development milestones once determined achievement is deemed probable.
- Acquired in-process research and development expense is included in guidance once significant collaboration and licensing arrangements have been completed.
- Non-GAAP guidance adjusted primarily to exclude estimated non-cash stock-based compensation expense of $75 million in R&D and $100 million in SG&A.
- SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth including the expanded indication to treat chorea associated with Huntington’s disease and pre-launch commercial activities for crinecerfont.