Neurocrine Biosciences (NBIX) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Business transformation and growth

• Transitioned from a single-product to a multi-product company with INGREZZA, CRENESSITY, and VYKAT XR, achieving about $1 billion in quarterly sales and significant pipeline expansion from 3 to nearly 20 programs in 3–5 years.

• Pipeline spans psychiatry, neurology, immunology, and endocrinology, with two major phase III programs (osavampator for major depressive disorder and direclidine for schizophrenia) expected to read out in 2025–2028.

• Maintains a strong financial position, enabling continued investment in R&D and commercial growth.

INGREZZA performance and market dynamics

• INGREZZA continues robust growth after nine years on the market, with record new patient starts and total prescriptions in Q2, and exclusivity until 2038.

• Expanded sales force in Q2 2024, contributing to momentum; full impact expected by year-end, with ongoing investments in education and marketing.

• Tardive dyskinesia market remains underpenetrated, with only 10% of diagnosed patients treated; significant headroom for organic growth.

• 2024 guidance midpoint is $2.85 billion, reflecting 13% year-over-year growth despite a 4% price headwind.

Pricing, access, and regulatory outlook

• Maintained strong Medicare coverage, now at 70%, supporting volume growth.

• Faces statutory rebate increases: 2% (2024), 5% (2025–2027), 8% (2028), with additional modest rebates to preserve access.

• IRA negotiation for INGREZZA delayed to 2029, when a 25–34% discount will apply; expects a revenue dip in 2029 but continued profitability.

• Will adjust cost structure and investments as needed, especially if new pipeline assets require commercial build-out.