Neurocrine Biosciences Reports Fourth-Quarter and Full-Year 2025 Financial Results and Provides Financial Expectations for 2026
Rhea-AI Summary
Neurocrine Biosciences (NASDAQ: NBIX) reported Q4 2025 net product sales of $798.3M and full‑year 2025 net product sales of $2.83B, up 29% and 22% YoY. INGREZZA full‑year 2026 net product sales guidance is $2.7–$2.8B. GAAP Q4 net income was $153.7M (EPS $1.48); GAAP FY net income was $478.6M (EPS $4.67). Cash and marketable securities totaled approximately $2.54B at Dec 31, 2025. Company cited increased R&D and SG&A investments to support Phase 3 programs and CRENESSITY launch activities.
Positive
- Total 2025 net product sales +22% YoY to $2.83B
- INGREZZA FY 2026 guidance of $2.7–$2.8B supports revenue visibility
- Cash, cash equivalents, and marketable securities of $2.54B at 12/31/2025
- CRENESSITY 2025 sales $301.2M with >80% fourth‑quarter reimbursement coverage
Negative
- GAAP R&D expense rose to $1,015.7M in 2025 (+39% vs 2024)
- GAAP SG&A expense rose to $1,156.2M in 2025, reflecting launch and commercial investments
- Increased IPR&D and upfront license payments added near‑term expense
Market Reaction
Following this news, NBIX has declined 4.25%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $131.60. This price movement has removed approximately $608M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
NBIX declined 1.37% with mixed peer action: several large peers (UTHR, RDY, TEVA) also down modestly, while VTRS and TAK were up. The momentum scanner did not flag a coordinated sector move, suggesting a stock-specific reaction to earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Q3 2025 earnings | Positive | -1.1% | Strong Q3 sales growth and reaffirmed INGREZZA guidance with solid cash. |
| Jul 30 | Q2 2025 earnings | Positive | -6.2% | Robust Q2 growth, narrowed INGREZZA guidance, and active buyback program. |
| May 05 | Q1 2025 earnings | Positive | +8.4% | Solid Q1 results, CRENESSITY launch progress, and reaffirmed 2025 guidance. |
| Feb 06 | Q4 2024 earnings | Positive | -18.5% | Strong 2024 finish, new CRENESSITY approval, and 2025 guidance initiation. |
| Oct 30 | Q3 2024 earnings | Positive | +7.0% | Strong INGREZZA growth, raised 2024 guidance, and robust cash balance. |
Earnings updates are generally positive but have more often been followed by negative one-day moves, indicating a tendency toward post-earnings pullbacks despite growth.
Recent earnings reports show consistent growth in INGREZZA sales and the ramp of CRENESSITY, with multiple quarters reaffirming or tightening guidance and maintaining a strong cash position above $1.8B. However, three of the last five earnings events saw negative next-day moves despite constructive fundamentals, while two produced strong gains. Today’s full-year 2025 results and 2026 outlook extend this pattern of solid execution and guidance updates within a historically mixed market reaction framework.
Historical Comparison
Across the last five earnings releases, NBIX averaged a -2.09% one-day move, with reactions split between sharp selloffs and strong rallies, framing today’s response within a historically volatile earnings pattern.
Earnings over the past five quarters highlight sustained INGREZZA growth, the commercial ramp of CRENESSITY, rising GAAP profitability, and a consistently strong cash position, while management has repeatedly issued and refined annual sales and expense guidance.
Market Pulse Summary
This announcement details robust Q4 and full-year 2025 performance, with total net product sales of $798.3M for the quarter and $2.83B for the year, plus 2026 INGREZZA guidance of $2.7–$2.8B. It highlights increased R&D and SG&A investment to advance multiple Phase 3 programs and support CRENESSITY’s launch, backed by $2.54B in cash and securities. Investors may track future earnings, guidance updates, and pipeline milestones relative to this elevated spending base.
Key Terms
vesicular monoamine transporter 2 (vmat2) medical
vmat2 medical
non-gaap financial
AI-generated analysis. Not financial advice.
Total Fourth-Quarter and Full-Year 2025 Net Product Sales of
INGREZZA® (valbenazine) Full Year 2026 Net Product Sales Guidance of
"Our 2025 performance reflects the strength and durability of our commercial business and meaningful progress we are making transforming Neurocrine into a broader, more diversified biopharmaceutical company," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "In 2026, we are focused on delivering strong, sustainable growth for INGREZZA and CRENESSITY® (crinecerfont) while advancing our pipeline anchored by Phase 3 programs, including osavampator in major depressive disorder and direclidine in schizophrenia. We expect this building momentum will create value for all stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead."
Net Product Sales Highlights
- Total fourth-quarter and full-year 2025 net product sales were
$798.3 million $2.83 billion 29% and22% growth year-over-year, respectively. - INGREZZA fourth-quarter and full-year 2025 net product sales were
$657.5 million $2.51 billion 7% and9% growth year-over-year, respectively. Results reflected double-digit prescription volume growth in TRx and NRx driven by strong patient demand, partially offset by a lower net price due to new formulary access investments to support long-term growth. - CRENESSITY fourth-quarter and full-year 2025 net product sales were
$135.3 million $301.2 million 80% reimbursement coverage for dispensed scripts in the fourth-quarter.
Recent Clinical and Corporate Developments
- Published a landmark narrative review on FDA-approved vesicular monoamine transporter 2 (VMAT2) inhibitors demonstrating the unique profile of INGREZZA in CNS Spectrums. The review highlighted the distinct profile of INGREZZA, including selective VMAT2 targeting, simplified dosing without required titration and robust clinical data across diverse patient populations and concluded that VMAT2 inhibitors are not clinically interchangeable.
- Presented head-to-head INGREZZA capsules data at the American College of Neuropsychopharmacology 64th Annual Meeting showing a nearly two-fold higher VMAT2 mean target occupancy, consistent with greater potency when compared to AUSTEDO XR (deutetrabenazine) after a single dose. In addition, the lowest approved dose of INGREZZA (40 mg) exhibited higher estimated VMAT2 target occupancy at steady state versus the highest approved dose of AUSTEDO XR (48 mg) at steady state.
- At Neurocrine's R&D Day in December, provided an update on Neurocrine's R&D engine, which remains on track to deliver multiple first- and best-in-class medicines across an industry-leading neuropsychiatry portfolio, including Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia. Neurocrine remains well-positioned for long-term value creation across core therapeutic areas and announced the strategic expansion and diversification of the corticotropin releasing factor (CRF) platform as a foundation for a new class of medicines targeting metabolic diseases, including obesity.
- Announced the initiation of a Phase 2 clinical study of investigational compound NBI-1065890 in adults with tardive dyskinesia (TD). NBI-1065890 is a next-generation, selective inhibitor of VMAT2. Building on nearly 20 years of deep scientific expertise and experience in VMAT2 inhibition, Neurocrine designed NBI-1065890 to potentially deliver a differentiated profile, including the possibility of longer-acting options for the treatment of TD.
Fourth-Quarter and Full-Year 2025 Financial Results
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
(unaudited, in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Revenues: | |||||||
INGREZZA Net Product Sales | $ 657.5 | $ 615.2 | $ 2,513.7 | $ 2,313.5 | |||
CRENESSITY Net Product Sales | 135.3 | 1.7 | 301.2 | 1.7 | |||
Other Revenues | 12.7 | 10.8 | 45.6 | 40.1 | |||
Total Revenues | $ 805.5 | $ 627.7 | $ 2,860.5 | $ 2,355.3 | |||
GAAP Research and Development (R&D) | $ 258.2 | $ 185.6 | $ 1,015.7 | $ 731.1 | |||
Non-GAAP R&D | $ 233.8 | $ 164.4 | $ 924.7 | $ 662.3 | |||
GAAP Selling, General, and Administrative (SG&A) | $ 301.8 | $ 287.8 | $ 1,156.2 | $ 1,007.2 | |||
Non-GAAP SG&A | $ 265.6 | $ 241.6 | $ 1,024.9 | $ 862.5 | |||
GAAP Net Income | $ 153.7 | $ 103.1 | $ 478.6 | $ 341.3 | |||
GAAP Earnings Per Share – Diluted | $ 1.48 | $ 1.00 | $ 4.67 | $ 3.29 | |||
Non-GAAP Net Income | $ 194.6 | $ 173.4 | $ 654.5 | $ 656.3 | |||
Non-GAAP Earnings Per Share – Diluted | $ 1.88 | $ 1.69 | $ 6.39 | $ 6.33 | |||
(unaudited, in millions) | December 31, 2025 | December 31, 2024 | |||||
Total Cash, Cash Equivalents, and Marketable Securities | $ 2,543.4 | $ 1,815.6 | |||||
- Differences in fourth-quarter 2025 GAAP and Non-GAAP operating expenses compared with fourth-quarter 2024 were driven by:
- Increased R&D expense in support of an expanded and advancing pre-clinical and clinical portfolio including investments in osavampator Phase 3 program in major depressive disorder (MDD) and muscarinic franchise, including the direclidine Phase 3 program as a potential treatment for adults with schizophrenia.
- Increased SG&A expense including incremental investment in CRENESSITY launch activities and continued investment in INGREZZA.
- Increased acquired in-process research and development (IPR&D) expense associated with upfront payments for early-stage development candidates license agreements
- Fourth-quarter 2025 GAAP net income and earnings per share were
$153.7 million $1.48 $103.1 million $1.00 - Fourth-quarter 2025 Non-GAAP net income and earnings per share were
$194.6 million $1.88 $173.4 million $1.69 - Differences in fourth-quarter 2025 GAAP and Non-GAAP net income compared with fourth-quarter 2024 were primarily driven by:
- Higher net product sales of
$177.1 million - Increased operating expenses in support of expanding and advancing R&D portfolio, incremental investment in CRENESSITY launch activities, and continued investment in INGREZZA
- Increased IPR&D expense associated with upfront payments for early-stage development candidates license agreements
- Higher net product sales of
- At December 31, 2025, the Company had cash, cash equivalents, and marketable securities totaling approximately
$2.54 billion
A reconciliation of GAAP to Non-GAAP financial results can be found in Table 3 and Table 4 at the end of this news release.
Full-Year 2026 Financial Guidance
Range | |||
(in millions) | Low | High | |
INGREZZA Net Product Sales 1 | $ 2,700 | $ 2,800 | |
GAAP R&D Expense 2 | $ 1,200 | $ 1,250 | |
Non-GAAP R&D Expense 2, 3 | $ 1,110 | $ 1,160 | |
GAAP and Non-GAAP IPR&D 4 | $ 20 | $ 20 | |
GAAP SG&A Expense 5 | $ 1,375 | $ 1,400 | |
Non-GAAP SG&A Expense 3, 5 | $ 1,240 | $ 1,265 | |
- INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington's disease.
- R&D guidance reflects the continued advancement of the Company's pre-clinical and clinical portfolio including the Phase 3 programs for osavampator in MDD and direclidine in schizophrenia, and includes approximately
$25 million - Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of approximately
$90 million $125 million - IPR&D guidance represents completed collaboration and licensing arrangements.
- SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and the launch of CRENESSITY including expansion of sales teams expected to be completed by the end of the first quarter of 2026.
Conference Call and Webcast Today at 4:30 PM Eastern Time
Neurocrine Biosciences will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants can access the live conference call by dialing 800-579-2543 (US) or 785-424-1789 (International) using the conference ID: NBIX. The webcast and accompanying slides can also be accessed at approximately 4:30 p.m. Eastern Time on Neurocrine Biosciences' website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.
About Neurocrine Biosciences
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neuropsychiatric, neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes
NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, YOU DESERVE BRAVE SCIENCE, INGREZZA, and CRENESSITY are registered trademarks of Neurocrine Biosciences, Inc.
Non-GAAP Financial Measures
In addition to the financial results and financial guidance that are provided in accordance with accounting principles generally accepted in
Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: our business strategy, objectives, and future development plans; the benefits to be derived from our products and product candidates; the value our products and/or our product candidates may bring to patients; the continued success of INGREZZA; successfully launching and commercializing CRENESSITY; our financial and operating performance, including our future revenues, expenses, or profits; our collaborative partnerships; clinical and scientific data updates for our products and product candidates, including observations regarding clinical outcomes, safety, and tolerability; expected future clinical and regulatory milestones; and the timing of the initiation and/or completion of our clinical, regulatory, and other development activities and those of our collaboration partners. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements, include but are not limited to the following: risks and uncertainties associated with Neurocrine Biosciences' business and finances in general; risks and uncertainties associated with the commercialization of INGREZZA and CRENESSITY; risks related to the development of our product candidates; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with government and third-party regulatory and/or policy efforts which may, among other things, impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products; risks associated with competition from other therapies or products, including potential generic entrants for our products; risks associated with our ability to manage the growth of our organization; and other risks described in our periodic reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than as required by law.
TABLE 1 | |||||||
Three Months Ended | Twelve Months Ended | ||||||
(in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Revenues: | |||||||
Net product sales | $ 798.3 | $ 621.2 | $ 2,833.9 | $ 2,330.6 | |||
Collaboration revenues | 7.2 | 6.5 | 26.6 | 24.7 | |||
Total revenues | 805.5 | 627.7 | 2,860.5 | 2,355.3 | |||
Operating expenses: | |||||||
Cost of revenues | 17.6 | 9.3 | 52.1 | 34.0 | |||
Research and development | 258.2 | 185.6 | 1,015.7 | 731.1 | |||
Acquired in-process research and development | 17.0 | 3.0 | 17.4 | 12.5 | |||
Selling, general, and administrative | 301.8 | 287.8 | 1,156.2 | 1,007.2 | |||
Total operating expenses | 594.6 | 485.7 | 2,241.4 | 1,784.8 | |||
Operating income | 210.9 | 142.0 | 619.1 | 570.5 | |||
Other income (expense): | |||||||
Unrealized gain (loss) on equity investments | 2.7 | (1.9) | (4.0) | (37.1) | |||
Charges associated with convertible senior notes | — | — | — | (138.4) | |||
Investment income and other, net | 25.8 | 22.5 | 90.3 | 91.0 | |||
Total other income (expense), net | 28.5 | 20.6 | 86.3 | (84.5) | |||
Income before provision for income taxes | 239.4 | 162.6 | 705.4 | 486.0 | |||
Provision for income taxes | 85.7 | 59.5 | 226.8 | 144.7 | |||
Net income | $ 153.7 | $ 103.1 | $ 478.6 | $ 341.3 | |||
Earnings per share, basic | $ 1.54 | $ 1.03 | $ 4.81 | $ 3.40 | |||
Earnings per share, diluted | $ 1.48 | $ 1.00 | $ 4.67 | $ 3.29 | |||
Weighted average common shares outstanding, basic | 99.9 | 100.0 | 99.5 | 100.4 | |||
Weighted average common shares outstanding, diluted | 103.7 | 102.9 | 102.5 | 103.7 | |||
TABLE 2 | |||
(in millions) | December 31, | December 31, | |
Cash, cash equivalents, and marketable securities | $ 1,480.4 | $ 1,076.1 | |
Other current assets | 1,042.3 | 648.6 | |
Total current assets | 2,522.7 | 1,724.7 | |
Deferred tax assets | 320.3 | 485.7 | |
Marketable securities | 1,063.0 | 739.5 | |
Right-of-use assets | 455.4 | 509.4 | |
Equity investments | 120.8 | 124.8 | |
Property and equipment, net | 89.8 | 82.6 | |
Other noncurrent assets | 59.5 | 52.0 | |
Total assets | $ 4,631.5 | $ 3,718.7 | |
Current liabilities | $ 743.4 | $ 507.7 | |
Noncurrent operating lease liabilities | 415.3 | 455.1 | |
Other noncurrent liabilities | 219.7 | 166.2 | |
Stockholders' equity | 3,253.1 | 2,589.7 | |
Total liabilities and stockholders' equity | $ 4,631.5 | $ 3,718.7 | |
TABLE 3 | |||||||
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP operating income 1 | $ 210.9 | $ 142.0 | $ 619.1 | $ 570.5 | |||
Adjustments: | |||||||
Stock-based compensation expense - R&D | 24.4 | 21.2 | 91.0 | 68.8 | |||
Stock-based compensation expense - SG&A | 34.2 | 45.2 | 126.9 | 126.7 | |||
Vacated legacy campus facility costs, net of sublease income 2 | 1.0 | 1.0 | 3.4 | 18.0 | |||
Amortization of acquired intangible assets | 1.1 | 0.9 | 4.1 | 3.6 | |||
Other | 1.0 | — | 1.0 | — | |||
Non-GAAP operating income 1 | $ 272.6 | $ 210.3 | $ 845.5 | $ 787.6 | |||
Three Months Ended | Twelve Months Ended | ||||||
(in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
GAAP net income 1 | $ 153.7 | $ 103.1 | $ 478.6 | $ 341.3 | |||
Adjustments: | |||||||
Stock-based compensation expense - R&D | 24.4 | 21.2 | 91.0 | 68.8 | |||
Stock-based compensation expense - SG&A | 34.2 | 45.2 | 126.9 | 126.7 | |||
Charges associated with convertible senior notes 3 | — | — | — | 138.4 | |||
Vacated legacy campus facility costs, net of sublease income 2 | 1.0 | 1.0 | 3.4 | 18.0 | |||
Amortization of acquired intangible assets | 1.1 | 0.9 | 4.1 | 3.6 | |||
Changes in fair values of equity investments 4 | (2.7) | 1.9 | 4.0 | 37.1 | |||
Other | 0.9 | — | 1.6 | 0.3 | |||
Income tax effect related to reconciling items 5 | (18.0) | 0.1 | (55.1) | (77.9) | |||
Non-GAAP net income 1 | $ 194.6 | $ 173.4 | $ 654.5 | $ 656.3 | |||
Diluted earnings per share: | |||||||
GAAP | $ 1.48 | $ 1.00 | $ 4.67 | $ 3.29 | |||
Non-GAAP | $ 1.88 | $ 1.69 | $ 6.39 | $ 6.33 | |||
1. | Includes the following expenses: |
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Milestones (R&D) | $ 3.9 | $ 0.3 | $ 65.4 | $ 71.7 | |||
Acquired in-process research and development (IPR&D) | $ 17.0 | $ 3.0 | $ 17.4 | $ 12.5 | |||
2. | Reflects impairment charges and other costs associated with our vacated legacy campus facilities, net of sublease income, as we transition to occupy our new campus facility. |
3. | Reflects charges associated with the settlement of convertible senior notes conversions. |
4. | Reflects periodic fluctuations in the fair values of equity investments. |
5. | Estimated income tax effect of Non-GAAP reconciling items are calculated using applicable statutory tax rates, taking into consideration any valuation allowance and adjustments to exclude tax benefits or expenses primarily relating to charges associated with convertible senior notes and non-cash stock-based compensation. |
TABLE 4 | |||||||
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP cost of revenues | $ 17.6 | $ 9.3 | $ 52.1 | $ 34.0 | |||
Adjustments: | |||||||
Amortization of acquired intangible assets | 1.1 | 0.9 | 4.1 | 3.6 | |||
Non-GAAP cost of revenues | $ 16.5 | $ 8.4 | $ 48.0 | $ 30.4 | |||
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP R&D | $ 258.2 | $ 185.6 | $ 1,015.7 | $ 731.1 | |||
Adjustments: | |||||||
Stock-based compensation expense | 24.4 | 21.2 | 91.0 | 68.8 | |||
Non-GAAP R&D | $ 233.8 | $ 164.4 | $ 924.7 | $ 662.3 | |||
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP SG&A | $ 301.8 | $ 287.8 | $ 1,156.2 | $ 1,007.2 | |||
Adjustments: | |||||||
Stock-based compensation expense | 34.2 | 45.2 | 126.9 | 126.7 | |||
Vacated legacy campus facility costs, net of sublease income | 1.0 | 1.0 | 3.4 | 18.0 | |||
Other | 1.0 | — | 1.0 | — | |||
Non-GAAP SG&A | $ 265.6 | $ 241.6 | $ 1,024.9 | $ 862.5 | |||
Three Months Ended | Twelve Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP other income (expense), net | $ 28.5 | $ 20.6 | $ 86.3 | $ (84.5) | |||
Adjustments: | |||||||
Charges associated with convertible senior notes | — | — | — | 138.4 | |||
Changes in fair values of equity investments | (2.7) | 1.9 | 4.0 | 37.1 | |||
Other | (0.1) | — | 0.6 | 0.3 | |||
Non-GAAP other income, net | $ 25.7 | $ 22.5 | $ 90.9 | $ 91.3 | |||
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SOURCE Neurocrine Biosciences, Inc.
FAQ
What were Neurocrine (NBIX) total net product sales for full‑year 2025?
What INGREZZA sales guidance did NBIX provide for full‑year 2026?
How did Neurocrine perform on GAAP earnings in Q4 2025 and full‑year 2025 (NBIX)?
How much cash did Neurocrine (NBIX) report at December 31, 2025?
Why did NBIX R&D and SG&A expenses increase in 2025?
What commercial progress did CRENESSITY make in 2025 for NBIX?
