Neuren Pharmaceuticals (NEU) H2 2025 earnings summary

Executive summary

• Achieved A$65 million royalty income from DAYBUE in 2025, up 15% year-over-year, and profit after tax of A$30 million.

• Cumulative DAYBUE income since 2023 reached A$510 million; cash and short-term investments at year-end totaled A$296 million.

• Completed A$50 million share buy-back and announced a new buy-back program starting March 2026.

• Advanced NNZ-2591 pipeline with Phase 3 trial initiation in Phelan-McDermid syndrome and expanded indications.

Financial highlights

• 2025 royalty revenue of A$65 million, up from A$56 million in 2024; interest income rose to A$12 million.

• 2024 included one-time revenues: A$80 million sales milestone and A$77 million from Priority Review Voucher sale.

• Foreign currency gain of A$8 million in 2025, compared to a A$7 million loss in 2024.

• R&D expenditure increased to A$36 million, mainly due to Phase 3 trial commencement.

• Net profit after tax was A$30 million, down from A$142 million in 2024 due to absence of one-time items.

Outlook and guidance

• Acadia forecasts 2026 DAYBUE net sales of US$460–490 million, implying Neuren royalties of A$70–77 million.

• Results from Acadia's Japan trial expected Q4 2026/Q1 2027; EU re-examination outcome expected end of Q2 2026.