Neurocrine Biosciences (NBIX) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached $2.36B, up 25% year-over-year, driven by INGREZZA sales and new product launches, including the approval and launch of CRENESSITY/Crinecerfont.

• INGREZZA net product sales grew 26% to $2.31B in 2024, with Q4 sales up 23% year-over-year to $615M.

• Entering 2025 as a fully integrated, growing biopharma with four approved medicines and a robust pipeline, including multiple late-stage studies for osavampator and NBI-568.

• CEO transition: Kyle W. Gano succeeded Kevin Gorman.

• Focused on maximizing INGREZZA's potential and establishing CRENESSITY/Crinecerfont as a second blockbuster.

Financial highlights

• Non-GAAP net income rose 68% to $656M in 2024; diluted non-GAAP EPS was $6.33, up from $3.86 in 2023.

• Cash and investments at year-end totaled $1.8B, after $609M in outflows for note settlement and share repurchase.

• Non-GAAP R&D expense increased to $662M and SG&A to $863M in 2024, reflecting portfolio expansion and launch investments.

• Crinecerfont/CRENESSITY recognized $2M in Q4 net sales from initial bottle/pharmacy orders.

• 2025 INGREZZA sales guidance: $2.5–$2.6B, reflecting continued growth in TD and HD chorea markets.

Outlook and guidance

• 2025 non-GAAP R&D expense expected at $890M–$940M; non-GAAP SG&A at $955M–$975M.

• Guidance reflects continued investment in pipeline and commercial initiatives for INGREZZA and CRENESSITY/Crinecerfont.

• Crinecerfont early revenues expected to be measured due to reimbursement delays and patient flow, with most initial patients receiving non-reimbursed prescriptions via Quick Start.

• Sales force expansion expected to drive impact in the second half of 2025 and beyond.

• Key 2025 milestones: CRENESSITY/Crinecerfont launch, multiple Phase 3 and Phase 2 study initiations and readouts, and R&D Day in H2 2025.