Neurocrine(NBIX) - 2024 Q4 - Annual Results

Revenue Performance - INGREZZA (valbenazine) fourth quarter 2024 net product sales were $615 million, representing a year-over-year growth of 23% compared to Q4 2023[6] - Full year 2024 net product sales for INGREZZA reached $2.3 billion, reflecting a 26% increase from $1.86 billion in 2023[6] - Full year 2025 net product sales guidance for INGREZZA is projected to be between $2.5 billion and $2.6 billion[1] - CRENESSITY (crinecerfont) generated $2 million in net product sales in Q4 2024 following its FDA approval in December 2024[6] - Net product sales for Q4 2024 reached $621.2 million, a 22.4% increase from $507.2 million in Q4 2023[18] - Total revenues for Q4 2024 were $627.7 million, up from $515.2 million in Q4 2023[3] - Total revenues for the twelve months ended December 31, 2024, were $2,355.3 million, up 24.7% from $1,887.1 million in 2023[18] Income and Earnings - GAAP net income for Q4 2024 was $103 million, down from $148 million in Q4 2023, with diluted earnings per share of $1.00 compared to $1.44[6] - Non-GAAP net income for Q4 2024 was $173 million, an increase from $158 million in Q4 2023, with diluted earnings per share of $1.69 compared to $1.54[6] - Net income for Q4 2024 was $103.1 million, down from $147.7 million in Q4 2023, resulting in diluted earnings per share of $1.00[18] - Non-GAAP net income for the twelve months ended December 31, 2024, was $656.3 million, compared to $390.0 million in 2023[22] Expenses and Investments - Research and development expenses for Q4 2024 were $185.6 million, a 35% increase compared to $137.5 million in Q4 2023[18] - Operating income for the twelve months ended December 31, 2024, was $570.5 million, significantly higher than $250.9 million in 2023[18] Cash and Assets - As of December 31, 2024, the company had approximately $1.8 billion in cash, cash equivalents, and marketable securities[7] - Cash, cash equivalents, and marketable securities totaled $1,076.1 million as of December 31, 2024, compared to $1,031.6 million in 2023[20] - Total assets increased to $3,718.7 million in 2024, up from $3,251.4 million in 2023[20] - Stockholders' equity rose to $2,589.7 million in 2024, compared to $2,232.0 million in 2023[20] Future Plans - The company plans to initiate Phase 3 programs for osavampator in major depressive disorder and NBI-568 in schizophrenia in the first half of 2025[1] - The company plans to continue focusing on the commercialization of INGREZZA and successfully launching CRENESSITY, with expectations for future revenue growth[15] - The company repurchased approximately 2.0 million shares valued at $240.5 million as part of a $300 million accelerated share repurchase program[6]