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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.
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Q3 2025 earnings summary28 Oct, 2025

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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Frequently asked questions

Neurocrine Biosciences, Inc. is a biopharmaceutical company specializing in the discovery, development, and commercialization of therapies for neurological, endocrine, and psychiatric disorders. The company focuses on treatments for conditions such as movement disorders, adrenal diseases, and mental health challenges. Neurocrine Biosciences, Inc. is headquartered in San Diego, California, and its shares are listed on the NASDAQ.

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