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Neurocrine Biosciences Reports Second Quarter 2025 Financial Results

On July 30, 2025, Neurocrine Biosciences, Inc. (Nasdaq: NBIX) released its financial results for the second quarter, which concluded on June 30, 2025. This quarter marks a significant milestone for the company, showcasing robust growth in both revenue and product sales, particularly for its leading treatments, INGREZZA® and CRENESSITY®.

Financial Overview

In Q2 2025, Neurocrine recorded total net product sales of $682 million, reflecting a 17% increase compared to the same period last year. A major contributor to this growth was the net product sales of INGREZZA, which reached $624 million, showing an 8% year-over-year increase. The company has narrowed its revenue guidance for INGREZZA for the full year to $2.5 - $2.55 billion.

In addition to this, CRENESSITY, which focuses on treating classic congenital adrenal hyperplasia (CAH), reported net product sales of $53 million in the second quarter, driven by strong patient demand and significant enrollment numbers.

CEO Commentary

Kyle W. Gano, Ph.D., CEO of Neurocrine Biosciences, expressed optimism about the company's transition into a new growth phase. He emphasized the encouraging commercial performance across various conditions including tardive dyskinesia and Huntington's chorea, along with the successful introduction of CRENESSITY. Dr. Gano remarked, "The demand for CRENESSITY remains robust, underscoring the significant unmet need for a novel treatment option for patients with CAH."

Investments in Research and Development

Neurocrine continues to invest heavily in research and development, with Q2 2025 GAAP R&D expenses amounting to $244.3 million. This increase, compared to previous quarters, supports the company's effort to enhance its clinical pipeline, particularly its ongoing programs for major depressive disorder and schizophrenia. The recent initiation of a Phase 3 program for NBI-'568, an oral muscarinic M4 selective agonist, represents a significant step forward in the treatment of these severe psychiatric conditions.

Additionally, the long-acting corticotropin-releasing factor type 1 receptor antagonist, NBIP-1435, has entered a Phase 1 study, targeting CAH treatments, indicating Neurocrine's commitment to developing innovative therapies.

Clinical Advancements

In recent developments, Neurocrine presented data at the ENDO 2025 conference regarding the sustained effectiveness of CRENESSITY in adult patients, particularly regarding the weight-related side effects associated with glucocorticoid treatment. However, the company also announced that its Phase 3 study involving valbenazine as an adjunctive treatment for schizophrenia did not meet its primary endpoint, although favorable outcomes were observed in several key areas.

Fiscal Position

As of June 30, 2025, Neurocrine's balance sheet remains strong, with cash, cash equivalents, and marketable securities totaling approximately $1.85 billion. This solid financial position enables the company to continue its investment in growth opportunities and pipeline development. Furthermore, the company has a share repurchase program underway, with $168 million of its stock repurchased thus far.

Looking Ahead

Neurocrine has scheduled an RD Day in San Diego on December 16, 2025, to provide further insights into its ongoing projects and future growth strategies. As the company navigates through this pivotal phase, it remains dedicated to addressing the substantial needs of patients suffering from under-treated neuropsychiatric, neurological, and neuroendocrine disorders.

In conclusion, Neurocrine Biosciences' Q2 2025 results highlight a promising trajectory, driven by strong product sales, an expanding pipeline of innovative treatments, and a firm commitment to improving patient outcomes in neuroscience.