Neurocrine Biosciences (NBIX) investor relations material

Business transformation and commercial performance

• Transitioned from a single-product to a multi-product company, now generating significant cash flow and diversified revenue streams.

• Achieved over $900 million in Q1 sales, with 45% year-over-year growth and more than $200 million in Non-GAAP net income in Q1.

• Major acquisition of Soleno Therapeutics for $2.9 billion, adding VYKAT XR to the portfolio and expanding the rare endocrine franchise.

• Commercial products INGREZZA, CRENESSITY, and VYKAT XR each address significant unmet needs and have strong initial launches.

• Gross margins exceed 97%, supporting robust reinvestment in R&D at a rate of 30%-35%.

Product and market insights

• INGREZZA, approved in 2017, remains a key growth driver with projected 2025 sales of $2.7–$2.8 billion and mid-teens volume growth.

• CRENESSITY, launched for congenital adrenal hyperplasia, generated $150 million in Q1 sales and has treated about 10% of the CAH patient population.

• VYKAT XR, for Prader-Willi syndrome, achieved $100 million in Q1 sales and has reached 10% of the target patient population in its first year.

• IP protection for INGREZZA extends to 2030, and VYKAT XR’s IP is expected to last into the mid-2040s.

• Market development efforts focus on improving diagnosis rates and patient activation, especially for tardive dyskinesia.

Strategic rationale and financial outlook

• Soleno acquisition was funded almost entirely with cash and is immediately accretive on a Non-GAAP EPS basis.

• Revenue grew from $570 million to $815 million year-over-year, with significant contributions from new products.

• Capital allocation prioritizes top-line growth, R&D investment, and strategic business development.

• Anticipates manageable price pressure on INGREZZA due to the Inflation Reduction Act, with a 25%-34% price impact expected in 2029.

• Maintains flexibility for future acquisitions but is currently focused on organic growth and pipeline development.