Neurocrine Biosciences (NBIX) Q1 2025 earnings summary

Executive summary

• INGREZZA net product sales reached $545.2M in Q1 2025, up 8% year-over-year, with record new patient starts and expanded Medicare coverage; CRENESSITY launched with $14.5M in Q1 sales and 413 patient enrollment forms, achieving ~70% reimbursement coverage.

• Total Q1 2025 revenue was $573M, reflecting strong initial demand for both products and robust R&D pipeline progress, including multiple Phase 3 initiations in MDD and schizophrenia.

• Net income for Q1 2025 was $7.9M, down from $43.4M in Q1 2024, due to higher R&D and SG&A expenses and equity investment fluctuations.

• Expanded Medicare Part D formulary coverage for INGREZZA, now covering two-thirds of Medicare beneficiaries for TD and Huntington's, and received CMS small biotech exception, deferring price negotiation until 2029.

• Leadership transition: Sanjay Keswani, M.D., appointed Chief Medical Officer effective June 2025, with additional executive changes.

Financial highlights

• Q1 2025 total revenues were $573M, with INGREZZA sales of $545M (up 8% YoY) and CRENESSITY sales of $14.5M.

• GAAP net income was $7.9M ($0.08/share), down from $43.4M ($0.42/share) in Q1 2024; Non-GAAP net income was $71.5M ($0.70/share), down from $124.8M ($1.20/share) YoY.

• R&D expenses rose to $263.2M (GAAP), including $45M in milestone payments; SG&A expenses increased to $276.5M, reflecting commercial expansion and CRENESSITY launch.

• Cash, cash equivalents, and marketable securities totaled $1.76B–$1.8B at quarter-end.

• Completed $300M accelerated share repurchase and repurchased 1.4M shares for $150M under a new $500M buyback program.

Outlook and guidance

• 2025 INGREZZA net product sales guidance reaffirmed at $2.5–$2.6B.

• 2025 GAAP R&D expense guidance: $960–$1,010M; Non-GAAP R&D: $890–$940M; GAAP SG&A: $1,110–$1,130M; Non-GAAP SG&A: $955–$975M.

• Management expects existing capital resources and INGREZZA sales to fund operations for at least 12 months.

• Continued investment in pipeline, commercial infrastructure, and share repurchases, with $350M remaining authorization.

• CRENESSITY launch metrics are trending positively, with further adoption and reimbursement clarity expected.