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Dec 31, 2025
Neurocrine Biosciences Q4 2025 Earnings Report
Neurocrine Biosciences reported its financial results for the fourth quarter and full year ended December 31, 2025, with significant growth in total net product sales and INGREZZA sales.
Key Takeaways
Neurocrine Biosciences achieved strong financial performance in Q4 2025, with total net product sales reaching $798.3 million, a 29% year-over-year increase. INGREZZA sales were $657.5 million, and CRENESSITY contributed $135.3 million, reflecting robust patient demand.
Total fourth-quarter net product sales were $798.3 million, a 29% year-over-year growth.
INGREZZA net product sales for the fourth quarter were $657.5 million, showing a 7% year-over-year growth.
CRENESSITY net product sales for the fourth quarter were $135.3 million, driven by strong patient demand and over 80% reimbursement coverage.
GAAP diluted earnings per share for the fourth quarter were $1.48, and Non-GAAP diluted earnings per share were $1.88.
Revenue by Segment
Forward Guidance
Neurocrine Biosciences provided full-year 2026 financial guidance, projecting INGREZZA net product sales between $2.7 billion and $2.8 billion, and outlining expected R&D and SG&A expenses.
Positive Outlook
- INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington's disease.
- R&D guidance reflects continued advancement of the Company's pre-clinical and clinical portfolio, including Phase 3 programs for osavampator in MDD and direclidine in schizophrenia.
- Approximately $25 million of expense for development milestones related to in-licensed product candidates is included in R&D guidance.
- SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and the launch of CRENESSITY.
- Expansion of sales teams is expected to be completed by the end of the first quarter of 2026.
Challenges Ahead
- GAAP R&D Expense is projected to be between $1.2 billion and $1.25 billion, indicating significant investment.
- GAAP SG&A Expense is projected to be between $1.375 billion and $1.4 billion, reflecting substantial operational costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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