Neurocrine Biosciences (NBIX) Citi's 2024 Global Healthcare Conference summary

Business overview and leadership transition

• New CEO with 25 years at the company, emphasizing continuity and leveraging historical experience for future growth.

• Focus on expanding Ingrezza and launching crinecerfont, with both near- and long-term value drivers identified.

• Two phase three programs underway for schizophrenia and depression, plus 10 other clinical programs.

• Recent expansion of the sales force to support Ingrezza's growth and capitalize on remaining patent life.

• Capital allocation prioritizes business investment and pipeline growth, with opportunistic share repurchases.

Product performance and growth strategies

• Ingrezza reported $613 million in Q3 revenue, reflecting 25% year-over-year growth, with significant market opportunity remaining.

• 85% of the target patient population remains untreated, supporting continued double-digit growth expectations.

• Expansion strategies include increased sales force, direct-to-consumer campaigns, and exploring AI for patient identification.

• Education and awareness efforts are ongoing to address challenges in diagnosis and treatment adoption.

• Long-term care and new prescriber education are additional focus areas for market penetration.

Pipeline and clinical development

• Crinecerfont is under FDA review and considered a potential blockbuster, expected to diversify revenue.

• NBI-568, an orthosteric M4 agonist, showed promising phase two results in schizophrenia, with plans for a registration program in 2024.

• The phase two trial for NBI-568 demonstrated a strong safety profile and significant efficacy at the 20mg dose.

• Lessons from past clinical setbacks have informed current trial design and execution.

• Ongoing efforts to minimize placebo effects and ensure consistent trial site performance.