Neurocrine(NBIX)2025-05-05 20:02Sales Performance - INGREZZA (valbenazine) first-quarter 2025 net product sales reached $545 million, an 8% increase compared to the first quarter of 2024[5] - CRENESSITY (crinecerfont) first-quarter 2025 net product sales were $14.5 million, with 413 total patient enrollment start forms indicating strong initial demand[5] - The company reaffirms 2025 net product sales guidance for INGREZZA in the range of $2.5 billion to $2.6 billion[2] - Total revenues for the first quarter of 2025 were $572.6 million, compared to $515.3 million in the first quarter of 2024[6] - Total revenues for the three months ended March 31, 2025, were $572.6 million, a 11.1% increase from $515.3 million in the same period of 2024[18] - Net product sales increased to $563.7 million, up 10.7% from $509.0 million year-over-year[18] Income and Earnings - GAAP net income for the first quarter of 2025 was $7.9 million, down from $43 million in the same period of 2024[9] - Non-GAAP net income for the first quarter of 2025 was $71.5 million, compared to $124.8 million in the first quarter of 2024[9] - Operating income decreased to $23.6 million, down 76.2% from $99.3 million in the same quarter of 2024[18] - Net income for the quarter was $7.9 million, a decline of 81.8% from $43.4 million in the previous year[18] - Non-GAAP net income was reported at $71.5 million, down 42.7% from $124.8 million in the same quarter of 2024[22] - Diluted earnings per share (EPS) on a GAAP basis was $0.08, compared to $0.42 in the prior year, reflecting an 81.0% decrease[22] Research and Development - The company initiated Phase 3 registrational programs for osavampator in major depressive disorder and NBI-'568 in schizophrenia[7] - Research and development expenses rose significantly to $263.2 million, a 65.1% increase compared to $159.4 million in the prior year[18] - The company plans to invest $960 million to $1.010 billion in GAAP R&D expenses for the full year 2025[10] Financial Position - The company has approximately $1.8 billion in cash, cash equivalents, and marketable securities as of March 31, 2025[9] - Cash, cash equivalents, and marketable securities totaled $943.5 million as of March 31, 2025, down from $1,076.1 million at the end of 2024[20] - Total assets decreased to $3,687.7 million from $3,718.7 million at the end of 2024[20] - Stockholders' equity declined to $2,535.7 million, down from $2,589.7 million at the end of the previous year[20] Share Repurchase - A second share repurchase program was announced to repurchase up to $500 million of outstanding common stock, with $150 million already repurchased as of March 31, 2025[9]