Neurocrine Biosciences (NBIX) Leerink Global Healthcare Conference 2026 summary

Commercial performance and product launches

• INGREZZA is expected to generate $2.7–$2.8 billion in revenue this year, maintaining double-digit growth nine years post-launch.

• CRENESSITY, the first new treatment for congenital adrenal hyperplasia (CAH) in over 70 years, achieved over $300 million in first-year sales and reached 2,000 patients.

• Less than 50% of CRENESSITY's initial patients came from Centers of Excellence, indicating significant untapped potential in both COEs and broader clinical settings.

• Over 1,000 clinicians have prescribed CRENESSITY, with high compliance and persistence rates above 80%.

• Reimbursement for CRENESSITY is strong, with over 80% of prescriptions covered and robust support for patients who need access.

R&D investment and pipeline development

• Approximately 35% of revenue is reinvested into R&D, supporting a robust pipeline.

• Two late-stage phase III trials are underway in schizophrenia and depression, with readouts expected in 2027 and 2028.

• The company is advancing an AMPA potentiator, osavampator, for major depression, following promising phase II data.

• Obesity research is progressing, with a trial starting this year and initial data expected next year; investment remains modest until later-stage trials.

• Multiple small business development deals were completed to expand the early-stage pipeline.

Financial position and capital allocation

• Over $2.5 billion in cash and no debt, with 30% non-GAAP operating income and strong cash flow.

• Capital allocation prioritizes long-term revenue growth and sustainable R&D investment over short-term profitability.

• The company remains highly profitable while investing in sales force expansion and direct-to-consumer advertising.

• Business development focused on smaller, early-stage deals, with flexibility for larger opportunities if they arise.