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Neurocrine Biosciences Delivers Impressive Q4 2024 Results

On February 6, 2025, Neurocrine Biosciences, Inc. (NASDAQ: NBIX) announced its financial results for the fourth quarter and full year ending December 31, 2024. The company reported net product sales of $615 million for the fourth quarter, and an impressive $2.3 billion for the entire fiscal year, reflecting a remarkable year-over-year growth rate of 23% and 26% respectively. This growth can be attributed predominantly to the strong demand for INGREZZA® (valbenazine), a key product used for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.

Dr. Kyle W. Gano, CEO of Neurocrine Biosciences, expressed pride in the company’s achievements, highlighting the successful operation and financial gains due to INGREZZA. He also emphasized the successful launch of CRENESSITY™ (crinecerfont), a novel treatment for classic congenital adrenal hyperplasia (CAH), which marks the first significant advancement in this area in over 70 years.

Financial Highlights at a Glance

In the fourth quarter of 2024:

• - Net Product Sales: $621.2 million
• - Collaboration Revenue: $6.5 million
• - Total Revenues: $627.7 million

In the fiscal year 2024:

• - Net Product Sales: $2.3 billion
• - Collaboration Revenue: $24.7 million
• - Total Revenues: $2.355 billion

Gross to net dynamics also improved, significantly influencing the sales figures positively. Additionally, during this quarter, CRENESSITY recorded net product sales of $2 million, which reflects early pharmacy orders following its FDA approval in December 2024.

Cost and Net Income Analysis

Comparatively, the increase in Research and Development (R&D) expenditure has been prominent, amounting to $185.6 million, an increase from $137.5 million in the previous year. This was driven by investments in expanding their portfolio, particularly with ongoing projects such as the Phase 3 development of Osavampator for major depressive disorder and NBI-568 for schizophrenia.

The Selling, General, and Administrative expenses (SGA) also rose to $287.8 million, primarily due to enhanced investments gearing up for the launch of CRENESSITY and support for INGREZZA.

Despite the increasing costs, Neurocrine reported a net income of $103.1 million for the fourth quarter, exhibiting resilience compared to previous periods where it stood at $147.7 million. Identical trends can be observed in non-GAAP measures where net income reached $173.4 million.

Anticipations and 2025 Financial Guidance

Neurocrine’s revenue outlook for fiscal year 2025 remains robust, estimating net product sales for INGREZZA to reach between $2.5 - $2.6 billion. The anticipated financial activities will focus on the continuing development and commercialization of their current product lines, particularly targeting enhancements in their operating divisions related to R&D and SGA.

The company plans to sustain $960 to $1,010 million in GAAP R&D expenses, while SGA expenses are projected to be between $1,110 to $1,130 million. This forecast reinforces Neurocrine’s strategy of investing heavily in clinical developments and market strategies.

Conclusion

Neurocrine Biosciences continues to assert itself in the biopharmaceutical industry through innovative treatments and robust sales growth. The recent financial results illustrate a solid foundation for growth. With promising prospects in 2025, Neurocrine is well-positioned for success by focusing on its next wave of therapies and product development initiatives, aiming to improve patient outcomes in the neuroscience sector.