Neurocrine Biosciences Reports Second Quarter 2025 Financial Results
Rhea-AI Summary
Neurocrine Biosciences (NASDAQ:NBIX) reported strong Q2 2025 financial results with total net product sales of $682 million, representing 17% year-over-year growth. INGREZZA achieved Q2 net product sales of $624 million, while CRENESSITY contributed $53 million with 664 new patient enrollment start forms.
The company narrowed its 2025 INGREZZA net product sales guidance to $2.5-$2.55 billion from $2.5-$2.6 billion. Q2 GAAP net income was $107.5 million ($1.06 per share), compared to $65 million ($0.63 per share) in Q2 2024. The company maintains a strong balance sheet with $1.8 billion in cash and marketable securities.
Key developments include initiating Phase 3 trials for NBI-'568 in schizophrenia and advancing the pipeline in neuropsychiatry. The company has repurchased $168 million of common stock under its $500 million share repurchase program.
Positive
- Total net product sales grew 17% year-over-year to $682 million
- INGREZZA Q2 sales reached $624 million with 15% sequential growth
- CRENESSITY launch showing strong demand with $53 million in Q2 sales
- Strong balance sheet with $1.8 billion in cash and marketable securities
- Expanded INGREZZA Medicare coverage to approximately 70% of beneficiaries
- 76% reimbursement coverage achieved for CRENESSITY dispensed scripts
Negative
- Phase 3 study of valbenazine for schizophrenia did not meet primary endpoint
- INGREZZA guidance narrowed downward at the top end from $2.6B to $2.55B
- Lower net price due to expanded access affecting INGREZZA revenue
- Increased operating expenses from R&D and SG&A investments impacting margins
News Market Reaction
On the day this news was published, NBIX declined 6.24%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.8% during that session. Argus tracked a trough of -2.4% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $901M from the company's valuation, bringing the market cap to $13.53B at that time. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Achieved Total Net Product Sales of
INGREZZA® (valbenazine) Second-Quarter 2025 Net Product Sales of
CRENESSITY® (crinecerfont) Second-Quarter 2025 Net Product Sales of
with 664 Total New Patient Enrollment Start Forms
"As we begin our transition into a new chapter of growth and diversification for Neurocrine, we're pleased with our second quarter commercial performance across tardive dyskinesia, Huntington's chorea, and now, classic congenital adrenal hyperplasia," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "Although still early in our launch, the demand for CRENESSITY remains robust, underscoring the significant unmet need for a novel treatment option for patients with CAH."
Dr. Gano added, "With revenue contributions from both INGREZZA and CRENESSITY along with our strong balance sheet, we are well-positioned to advance and expand our neuropsychiatry pipeline, including our ongoing registrational programs in major depressive disorder with osavampator and in schizophrenia with NBI-'568, our selective M4 muscarinic agonist."
Net Product Sales Highlights
- INGREZZA net product sales for the second-quarter 2025 were
$624 million 15% sequential growth over the first quarter of 2025 and8% growth year-over-year. The return to volume growth was driven by strong patient demand and, following first quarter performance, a new quarterly record in new prescriptions (NRx). - In Q3, expanded formulary access for INGREZZA, further enhancing coverage from Q2 expansion to now include approximately
70% of tardive dyskinesia and Huntington's disease Medicare beneficiaries to support long-term growth. - INGREZZA 2025 net product sales guidance narrowed from
$2.5 $2.6 billion $2.5 $2.55 billion - CRENESSITY net product sales for the second-quarter 2025 were
$53 million 76% reimbursement coverage for dispensed scripts. Through the first half of 2025, there were 1,077 total new patient enrollment forms.
Recent Clinical and Corporate Developments
- Initiated Phase 3 registrational program for NBI-'568, an oral muscarinic M4 selective orthosteric agonist, as a potential treatment for adults with schizophrenia.
- Presented one-year data showing sustained efficacy of CRENESSITY in Adult Patients and improvements in weight-related effects of glucocorticoid treatment at ENDO 2025.
- Announced the Phase 3 study of valbenazine for the adjunctive treatment of schizophrenia did not meet the primary endpoint. Consistent trends favoring valbenazine were observed across key study measures, including a statistically significant effect in the positive symptom domain of the Positive and Negative Symptoms Scale (PANSS). Safety and tolerability remained consistent with valbenazine's established profile. Insights from the study will help inform the development of Neurocrine's next-generation vesicular monoamine transporter 2 (VMAT2) inhibitors. Full results will be published at a later date.
- Initiated the Phase 1 study of NBIP-1435, a long-acting corticotropin-releasing factor type 1 (CRF-1) receptor antagonist administered as a subcutaneous injection for the potential treatment of congenital adrenal hyperplasia.
- Company to host R&D Day in
San Diego on December 16, 2025.
Second Quarter 2025 Financial Results
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(unaudited, in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Revenues: | |||||||
INGREZZA Net Product Sales | $ 624.4 | $ 579.5 | $ 1,169.6 | $ 1,085.5 | |||
CRENESSITY Net Product Sales | 53.2 | — | 67.7 | — | |||
Other Revenues | 9.9 | 10.7 | 22.8 | 20.0 | |||
Total Revenues | $ 687.5 | $ 590.2 | $ 1,260.1 | $ 1,105.5 | |||
GAAP Research and Development (R&D) | $ 244.3 | $ 191.1 | $ 507.5 | $ 350.5 | |||
Non-GAAP R&D | $ 222.7 | $ 175.3 | $ 462.9 | $ 317.7 | |||
GAAP Selling, General, and Administrative (SG&A) | $ 286.3 | $ 242.0 | $ 562.8 | $ 485.1 | |||
Non-GAAP SG&A | $ 254.6 | $ 200.7 | $ 499.9 | $ 416.3 | |||
GAAP Net Income | $ 107.5 | $ 65.0 | $ 115.4 | $ 108.4 | |||
GAAP Earnings Per Share – Diluted | $ 1.06 | $ 0.63 | $ 1.13 | $ 1.04 | |||
Non-GAAP Net Income | $ 166.2 | $ 168.9 | $ 237.8 | $ 293.7 | |||
Non-GAAP Earnings Per Share – Diluted | $ 1.65 | $ 1.63 | $ 2.34 | $ 2.83 | |||
| |||||||
(unaudited, in millions) | June 30, 2025 | December 31, 2024 | |||||
Total Cash, Cash Equivalents, and Marketable Securities | $ 1,849.4 | $ 1,815.6 | |||||
- Differences in second quarter 2025 GAAP and Non-GAAP operating expenses compared with second 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 in major depressive disorder (MDD) and muscarinic franchise including
$15 million - Increased SG&A expense including incremental investment in CRENESSITY related headcount and launch activities and continued investment in INGREZZA, including the expansion of the psychiatry and long-term care sales teams in September 2024.
- Increased R&D expense in support of an expanded and advancing pre-clinical and clinical portfolio including investments in osavampator in major depressive disorder (MDD) and muscarinic franchise including
- Second quarter 2025 GAAP net income and earnings per share were
$108 million $1.06 $65 million $0.63 - Second quarter 2025 Non-GAAP net income and earnings per share were
$166 million $1.65 $169 million $1.63 - Differences in second quarter 2025 GAAP and Non-GAAP net income compared with second quarter 2024 were primarily driven by:
- Higher net product sales
- Increased operating expenses in support of expanding and advancing R&D portfolio, incremental investment in CRENESSITY launch activities, and continued investment in INGREZZA, including the expansion of the psychiatry and long-term care sales teams in September 2024
- Second quarter 2025 includes
$15 million $27 million - Second quarter 2025 includes
$7 million $20 million - Second quarter 2024 includes
$50 million - Second quarter 2024 includes
$14 million
- On February 21, 2025, the Company announced a new share repurchase program to repurchase up to
$500 million $168 million $18 million $332 million - At June 30, 2025, the Company had cash, cash equivalents, and marketable securities totaling approximately
$1.8 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.
Updated Full Year 2025 Financial Guidance
Range | |||
(in millions) | Low | High | |
INGREZZA Net Product Sales 1 | $ 2,500 | $ 2,550 | |
| |||
GAAP R&D Expense 2 | $ 960 | $ 1,010 | |
Non-GAAP R&D Expense 2, 3 | $ 890 | $ 940 | |
| |||
GAAP SG&A Expense 4 | $ 1,135 | $ 1,155 | |
Non-GAAP SG&A Expense 3, 4 | $ 980 | $ 1,000 | |
- 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 initiation of Phase 3 programs for osavampator in MDD and NBI-568 in schizophrenia. R&D guidance includes
$60 million - Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of approximately
$85 million $115 million - SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and the launch of CRENESSITY.
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 800-225-9448 (US) or 203-518-9708 (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 neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering and developing life-changing treatments for patients with under-addressed neuropsychiatric, neurological, and neuroendocrine 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: 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 CRENESSITY; our financial and operating performance, including our future revenues, expenses, or profits; our collaborative partnerships; 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; and other risks described in our periodic reports filed with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 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
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Revenues: | |||||||
Net product sales | $ 682.0 | $ 583.8 | $ 1,245.7 | $ 1,092.8 | |||
Collaboration revenue | 5.5 | 6.4 | 14.4 | 12.7 | |||
Total revenues | 687.5 | 590.2 | 1,260.1 | 1,105.5 | |||
Operating expenses: | |||||||
Cost of revenues | 11.3 | 9.2 | 20.5 | 16.7 | |||
Research and development | 244.3 | 191.1 | 507.5 | 350.5 | |||
Acquired in-process research and development | — | 2.5 | 0.1 | 8.5 | |||
Selling, general, and administrative | 286.3 | 242.0 | 562.8 | 485.1 | |||
Total operating expenses | 541.9 | 444.8 | 1,090.9 | 860.8 | |||
Operating income | 145.6 | 145.4 | 169.2 | 244.7 | |||
Other income (expense): | |||||||
Unrealized loss on equity investments | (6.7) | (19.9) | (37.3) | (18.3) | |||
Charges associated with convertible senior notes | — | (49.7) | — | (138.4) | |||
Investment income and other, net | 20.6 | 22.8 | 42.3 | 45.1 | |||
Total other income (expense), net | 13.9 | (46.8) | 5.0 | (111.6) | |||
Income before provision for income taxes | 159.5 | 98.6 | 174.2 | 133.1 | |||
Provision for income taxes | 52.0 | 33.6 | 58.8 | 24.7 | |||
Net income | $ 107.5 | $ 65.0 | $ 115.4 | $ 108.4 | |||
| |||||||
Earnings per share, basic | $ 1.09 | $ 0.64 | $ 1.16 | $ 1.08 | |||
Earnings per share, diluted | $ 1.06 | $ 0.63 | $ 1.13 | $ 1.04 | |||
Weighted average common shares outstanding, basic | 99.0 | 100.8 | 99.3 | 100.3 | |||
Weighted average common shares outstanding, diluted | 101.0 | 103.9 | 101.8 | 103.8 | |||
TABLE 2
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
| |||
(in millions) | June 30, 2025 | December 31, 2024 | |
Cash, cash equivalents, and marketable securities | $ 975.6 | $ 1,076.1 | |
Other current assets | 773.3 | 648.6 | |
Total current assets | 1,748.9 | 1,724.7 | |
Deferred tax assets | 536.8 | 485.7 | |
Marketable securities | 873.8 | 739.5 | |
Right-of-use assets | 492.3 | 509.4 | |
Equity investments | 87.5 | 124.8 | |
Property and equipment, net | 91.7 | 82.6 | |
Intangible assets, net | 37.2 | 36.5 | |
Other noncurrent assets | 21.6 | 15.5 | |
Total assets | $ 3,889.8 | $ 3,718.7 | |
| |||
Current liabilities | $ 546.3 | $ 507.7 | |
Noncurrent operating lease liabilities | 439.1 | 455.1 | |
Other noncurrent liabilities | 210.1 | 166.2 | |
Stockholders' equity | 2,694.3 | 2,589.7 | |
Total liabilities and stockholders' equity | $ 3,889.8 | $ 3,718.7 | |
TABLE 3
NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (unaudited)
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
GAAP net income 1 | $ 107.5 | $ 65.0 | $ 115.4 | $ 108.4 | |||
Adjustments: | |||||||
Stock-based compensation expense - R&D | 21.6 | 15.8 | 44.6 | 32.8 | |||
Stock-based compensation expense - SG&A | 31.2 | 27.3 | 61.0 | 54.8 | |||
Charges associated with convertible senior notes 2 | — | 49.7 | — | 138.4 | |||
Vacated legacy campus facility costs, net of sublease income 3 | 0.5 | 14.0 | 1.9 | 14.0 | |||
Non-cash amortization related to acquired intangible assets | 1.0 | 0.9 | 2.0 | 1.8 | |||
Changes in fair values of equity investments 4 | 6.7 | 19.9 | 37.3 | 18.3 | |||
Other | 0.3 | 0.1 | 0.4 | 0.3 | |||
Income tax effect related to reconciling items 5 | (2.6) | (23.8) | (24.8) | (75.1) | |||
Non-GAAP net income 1 | $ 166.2 | $ 168.9 | $ 237.8 | $ 293.7 | |||
| |||||||
Diluted earnings per share: | |||||||
GAAP | $ 1.06 | $ 0.63 | $ 1.13 | $ 1.04 | |||
Non-GAAP | $ 1.65 | $ 1.63 | $ 2.34 | $ 2.83 | |||
| |||||||
1. Includes the following expenses:
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Milestones (R&D) | $ 15.1 | $ 26.5 | $ 60.5 | $ 32.6 | |||
IPR&D | $ — | $ 2.5 | $ 0.1 | $ 8.5 | |||
2. | Reflects charges associated with the settlement of convertible senior notes conversions. |
3. | 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. |
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 associated with charges associated with convertible senior notes and non-cash stock-based compensation. |
TABLE 4
NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP cost of revenues | $ 11.3 | $ 9.2 | $ 20.5 | $ 16.7 | |||
Adjustments: | |||||||
Non-cash amortization related to acquired intangible assets | 1.0 | 0.9 | 2.0 | 1.8 | |||
Non-GAAP cost of revenues | $ 10.3 | $ 8.3 | $ 18.5 | $ 14.9 | |||
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP R&D | $ 244.3 | $ 191.1 | $ 507.5 | $ 350.5 | |||
Adjustments: | |||||||
Stock-based compensation expense | 21.6 | 15.8 | 44.6 | 32.8 | |||
Non-GAAP R&D | $ 222.7 | $ 175.3 | $ 462.9 | $ 317.7 | |||
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP SG&A | $ 286.3 | $ 242.0 | $ 562.8 | $ 485.1 | |||
Adjustments: | |||||||
Stock-based compensation expense | 31.2 | 27.3 | 61.0 | 54.8 | |||
Vacated legacy campus facility costs, net of sublease income | 0.5 | 14.0 | 1.9 | 14.0 | |||
Non-GAAP SG&A | $ 254.6 | $ 200.7 | $ 499.9 | $ 416.3 | |||
| |||||||
Three Months Ended | Six Months Ended | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
GAAP other income (expense), net | $ 13.9 | $ (46.8) | $ 5.0 | $ (111.6) | |||
Adjustments: | |||||||
Charges associated with convertible senior notes | — | 49.7 | — | 138.4 | |||
Changes in fair values of equity investments | 6.7 | 19.9 | 37.3 | 18.3 | |||
Other | 0.3 | 0.1 | 0.4 | 0.3 | |||
Non-GAAP other income, net | $ 20.9 | $ 22.9 | $ 42.7 | $ 45.4 | |||
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SOURCE Neurocrine Biosciences, Inc.
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