Neurocrine Biosciences (NBIX) RBC Capital Markets Global Healthcare Conference 2025 summary

Business performance and product updates

• INGREZZA guidance for 2024 is $2.5–$2.6 billion, reflecting strong ongoing growth since its 2017 launch.

• Diagnosis rates for tardive dyskinesia have risen from 2% to 40%, but treatment rates remain below 10%, indicating significant growth potential.

• CRENESSITY, approved in December for congenital adrenal hyperplasia, saw over 400 new patient enrollments in Q1, surpassing expectations.

• CRENESSITY’s launch benefited from early disease education and a proactive sales approach, with rapid adoption across both adult and pediatric populations.

• Financial flexibility is strong, with $1.8 billion in cash after retiring $750 million in convertible debt and shares.

Market dynamics and adoption trends

• CRENESSITY’s initial adoption was evenly split between adult and pediatric patients, with a trend toward younger and more female patients over time.

• Most prescribers have written only one prescription so far, reflecting the flow of patients through practices rather than a cautious approach.

• Patient visits drive new prescriptions, as most see their endocrinologist only once or twice a year.

• No Q1 new patient starts for CRENESSITY were from clinical study rollovers; those will transition in Q2 and Q3.

• Open label extension studies show high compliance and persistency, with 95% of primary study patients continuing treatment.

Reimbursement and access

• CRENESSITY launched as a non-formulary drug, but 70% of Q1 fills were commercially reimbursed, exceeding expectations.

• A free goods program ensured patient access during reimbursement approval, but most approvals occurred within a week.

• Coverage policies published so far are reasonable and consistent with labeling, requiring patients to be at least four years old, diagnosed with classic CAH, and on glucocorticoids.