Neurocrine Biosciences (NBIX) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net product sales of $682 million, up 17% year-over-year, driven by strong performance from INGREZZA and a robust CRENESSITY launch.

• INGREZZA Q2 net sales reached $624 million, up 15% sequentially and 8% year-over-year, with record new patient starts and expanded Medicare coverage.

• CRENESSITY net sales were $53 million in Q2, with over 75% reimbursement coverage and broad adoption across pediatric and adult patients.

• Advanced neuroscience pipeline with initiation of multiple Phase 3 and Phase 1 programs, including NBI-568 (schizophrenia), osavampator (MDD), and NBIP-1435 (CAH).

• Expanded Medicare coverage for INGREZZA and exemption from Medicare Drug Price Negotiation Program until 2027 support long-term growth.

Financial highlights

• Q2 2025 total revenues were $687.5 million, up from $590.2 million in Q2 2024.

• Non-GAAP net income for Q2 2025 was $166.2 million ($1.65 per diluted share); GAAP net income was $107.5 million ($1.06 per share).

• H1 2025 revenues reached $1.26 billion, up from $1.11 billion year-over-year.

• Cash, cash equivalents, and marketable securities totaled $1.85 billion as of June 30, 2025.

• Operating income for Q2 2025 was $145.6 million, nearly flat versus Q2 2024.

Outlook and guidance

• 2025 INGREZZA net sales guidance narrowed to $2.5–$2.55 billion, reflecting double-digit volume growth but a -5% price decline due to contracting and expanded access.

• Full-year 2025 non-GAAP R&D expense expected at $890–$940 million; SG&A at $980–$1,000 million.

• Guidance incorporates milestone expenses for advancing clinical programs and ongoing commercial initiatives.

• Management expects continued revenue growth from INGREZZA and CRENESSITY, with sufficient capital resources for at least the next 12 months.