Neurocrine Biosciences (NBIX) Wells Fargo 21st Annual Healthcare Conference summary

Portfolio and financial position

• Quarterly revenue reached $1B; Ingrezza FY2026 revenue midpoint is $2.85B, up 13% YoY, with IP protection through 2038.

• CRENESSITY reached a $750M run rate, with 15% of the prevalent population on treatment.

• VYKAT XR generated $94M in the latest quarter; integration is underway, with sequential growth targeted as the year closes.

• Financial position: zero debt and $500M in cash and growing after the Soleno acquisition; 30%-35% of cash flows targeted for pipeline reinvestment.

Ingrezza and tardive dyskinesia

• U.S. tardive dyskinesia prevalence is estimated above 800,000, while ~10% of patients are treated with either VMAT2 inhibitor; Q2 set records for new patient starts and prescriptions.

• Momentum is expected to continue into 2027 and beyond; the recent salesforce expansion and continued DTC spending target an underdeveloped, promotionally sensitive market.

• FY2026 outlook includes 13% YoY growth, including a 4% price headwind; underlying volume growth was 17%.

• 2027 pricing headwinds include Medicare Part D catastrophic coverage rebate rising from 2% to 5% of WAC and modest rebates to preserve access; expected volume should more than offset them.

• Ingrezza formulary coverage is ~70% this year and expected to remain similar next year; the goal is parity or near-parity coverage.

CRENESSITY launch and competition

• New patient adds have remained steady after an initial launch bolus; clinical-trial persistence was ~90% at one and two years, with real-world persistence not far below trial results.

• Claims approval has been high and faster than expected, supporting adoption; most of the prevalent population remains untreated, with ~15% on therapy.

• The sales team is ~50 people after a small expansion; near-term focus is improving patient identification rather than further salesforce growth.

• Two-year outcomes data support the treatment’s steroid-sparing profile; management cited a multi-year head start and strong long-term safety data as competitive advantages.

• More than half of current prescriptions are for pediatric patients; safety, clinical benefit and substantial unmet need underpin expectations for continued revenue growth over several years.