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Neurocrine Biosciences (NBIX) investor relations material
Neurocrine Biosciences Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Achieved Q3 2025 net product sales of $790 million, up 28% year-over-year and 16% sequentially, driven by strong performance from INGREZZA and CRENESSITY, with INGREZZA reaching $687 million and CRENESSITY $98 million in Q3. 
- INGREZZA saw record new patient starts and total prescriptions for the third consecutive quarter, reflecting persistent unmet need and effective sales force expansion. 
- CRENESSITY launch continues to exceed expectations, with over 1,600 patients initiated since launch and 80% reimbursement coverage. 
- Robust clinical pipeline with steady progress in Phase III studies for osavampator and direclidine, and multiple early- and mid-stage programs advancing. 
- Expanded sales teams for both products, with a 30% increase in overall sales footprint to accelerate growth. 
Financial highlights
- Q3 2025 total revenues were $794.9 million, up from $622.1 million in Q3 2024, with INGREZZA contributing $687 million and CRENESSITY $98 million. 
- Non-GAAP net income for Q3 2025 was $222.1 million ($2.17 per diluted share), up 20% year-over-year. 
- Year-to-date 2025 revenue grew 19% to $2.06 billion, with non-GAAP net income at $460 million. 
- Cash, cash equivalents, and marketable securities totaled $2.1 billion as of September 30, 2025, with no debt. 
- Q3 benefited from a 14th ordering week, impacting reported sales. 
Outlook and guidance
- Full-year 2025 INGREZZA net sales guidance reaffirmed at $2.5–$2.55 billion, with double-digit volume growth expected. 
- SG&A expenses projected to increase by $150 million in 2026 due to sales force expansion; 2025 non-GAAP SG&A guidance is $1,010–$1,030 million. 
- Full-year 2025 non-GAAP R&D expense guidance is $910–$930 million. 
- Guidance for Q4 implies normalization after the extra week in Q3, with sequential growth expected. 
- Further color on financial outlook to be provided in February 2026. 
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