Neurocrine(US:NBIX)2024-08-01 11:03Financial Performance - INGREZZA (valbenazine) second quarter 2024 net product sales reached $580 million, representing a 32% year-over-year growth[1]. - The company raised its 2024 net product sales guidance for INGREZZA to a range of $2.25 billion to $2.3 billion[1]. - GAAP net income for the second quarter 2024 was $65 million, with diluted earnings per share of $0.63, compared to $96 million and $0.95 in the same quarter of 2023[4]. - Non-GAAP net income for the second quarter 2024 was $169 million, with diluted earnings per share of $1.63, compared to $126 million and $1.25 in the same quarter of 2023[4]. - Net product sales for Q2 2024 reached $583.8 million, a 30.8% increase from $446.3 million in Q2 2023[14]. - Total revenues for the first half of 2024 were $1,105.5 million, up 26.6% from $873.1 million in the same period of 2023[14]. - The company reported a net income of $65.0 million for Q2 2024, down from $95.5 million in Q2 2023, representing a decrease of 31.9%[14]. - Non-GAAP net income for Q2 2024 was $168.9 million, compared to $125.7 million in Q2 2023, indicating a 34.4% increase[16]. Research and Development - The company initiated several Phase 1 and Phase 2 studies for new investigational drugs targeting major depressive disorder and other CNS indications[6][8]. - The company is focused on expanding its pipeline with multiple compounds in mid- to late-phase clinical development across core therapeutic areas[10]. - Research and development expenses for Q2 2024 were $191.1 million, compared to $145.8 million in Q2 2023, reflecting a 31.0% increase[14]. - Non-GAAP R&D expenses for Q2 2024 were $175.3 million, up from $122.0 million in Q2 2023, an increase of 43.7%[18]. Cash and Assets - The company reported cash, cash equivalents, and marketable securities totaling approximately $1.7 billion as of June 30, 2024[4]. - The total assets as of June 30, 2024, were $3,305.0 million, a slight increase from $3,251.4 million at the end of 2023[15]. - The company’s cash, cash equivalents, and marketable securities totaled $1,038.9 million as of June 30, 2024, compared to $1,031.6 million at the end of 2023[15]. Product Development and Sales Strategy - A new sprinkle formulation of INGREZZA was launched for the treatment of adults with tardive dyskinesia and chorea associated with Huntington's disease[7]. - The company plans to expand the INGREZZA salesforce and build its endocrinology team to support growth[2]. - The FDA granted Priority Review for crinecerfont to treat congenital adrenal hyperplasia, with PDUFA target action dates set for December 29 and 30, 2024[6]. Expenses and Financial Metrics - GAAP cost of revenues for Q2 2024 was $9.2 million, down from $11.5 million in Q2 2023, representing a decrease of 20%[17]. - Non-GAAP cost of revenues for Q2 2024 was $8.3 million, compared to $10.6 million in Q2 2023, a decline of 21.7%[17]. - GAAP SG&A expenses for Q2 2024 were $242.0 million, compared to $221.8 million in Q2 2023, a rise of 9.6%[19]. - Non-GAAP SG&A expenses for Q2 2024 were $200.7 million, up from $177.1 million in Q2 2023, an increase of 13.3%[19]. - Stock-based compensation expense in Q2 2024 was $15.8 million, down from $23.8 million in Q2 2023, a decrease of 33.5%[18]. - Charges associated with convertible senior notes in Q2 2024 amounted to $49.7 million, with no charges reported in Q2 2023[20]. Collaborations and Future Outlook - Neurocrine Biosciences is actively pursuing collaborations to enhance its product offerings and market reach[12]. - The company anticipates continued growth driven by the success of its existing products and the advancement of its clinical pipeline[12].