Neurocrine Biosciences (NBIX) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 net product sales of $790 million, up 28% year-over-year and 16% sequentially, driven by strong performance of INGREZZA and CRENESSITY, with INGREZZA net sales at $687 million and CRENESSITY at $98 million.

• INGREZZA saw record new patient starts and total prescriptions for the third consecutive quarter, reflecting persistent unmet need in tardive dyskinesia and Huntington’s chorea.

• CRENESSITY launch continues to exceed expectations, with over 1,600 patients initiated since launch and 80% reimbursement coverage.

• Expanded sales force for both products to accelerate growth and prepare for future launches in psychiatry and endocrinology.

• Robust clinical pipeline with steady enrollment in Phase III studies for osavampator (major depressive disorder) and direclidine (schizophrenia), and multiple early/mid-stage programs advancing.

Financial highlights

• Q3 2025 total revenues were $794.9 million, up from $622.1 million in Q3 2024, with INGREZZA contributing $687 million and CRENESSITY $98 million.

• Non-GAAP net income for Q3 2025 was $222.1 million ($2.17 per diluted share), up from $189.2 million ($1.81 per diluted share) in Q3 2024.

• Year-to-date 2025 revenue grew 19% to $2.06 billion, with non-GAAP net income at $460 million.

• Cash, cash equivalents, and marketable securities totaled $2.1 billion as of September 30, 2025.

• Working capital increased to $1.52 billion from $1.22 billion at year-end 2024.

Outlook and guidance

• Reaffirmed full-year 2025 INGREZZA net product sales guidance of $2,500–$2,550 million, reflecting double-digit volume growth partially offset by lower net price.

• Full-year 2025 GAAP R&D expense expected to be $1,000–$1,020 million; Non-GAAP R&D expense $910–$930 million.

• Full-year 2025 GAAP SG&A expense expected to be $1,140–$1,160 million; Non-GAAP SG&A expense $1,010–$1,030 million.

• Continued targeted investments in commercial assets and sales force expansion expected to accelerate growth into 2026 and beyond.

• Existing capital resources and anticipated revenues are expected to fund operations and R&D for at least the next 12 months.