Neurocrine(US:NBIX)2025-07-30 20:04Sales Performance - INGREZZA net product sales totaled $1.2 billion for the first six months of 2025, compared to $1.1 billion for the same period in 2024, reflecting a year-over-year increase of approximately 9.1%[104] - CRENESSITY net product sales reached $67.7 million for the first six months of 2025, following its launch in December 2024[104] - Total net product sales for the first six months of 2025 were $1.2457 billion, up from $1.0928 billion in the same period of 2024, representing a growth of approximately 14.0%[109] Research and Development - The company initiated a Phase 3 clinical study for NBI-1117568, a potential first-in-class treatment for schizophrenia, and for osavampator in major depressive disorder[111] - Research and development expenses for the first six months of 2025 were $507.5 million, compared to $350.5 million in the same period of 2024, indicating a significant increase of approximately 44.8%[114] Expenses - Selling, general, and administrative expenses for the first six months of 2025 were $562.8 million, up from $485.1 million in the same period of 2024, reflecting an increase of approximately 16.0%[123] Share Repurchase and Capital Management - The company repurchased 1.5 million shares under the 2025 Repurchase Program, in addition to completing a $300 million accelerated repurchase program in February 2025[106] - The company repurchased 1.5 million shares for $167.7 million under the 2025 Repurchase Program, leaving $332.3 million remaining[136] Collaboration and Revenue - The company reported collaboration revenues of $14.4 million for the first six months of 2025, compared to $12.7 million in the same period of 2024, marking an increase of approximately 13.4%[110] Income and Taxation - Net income for the second quarter of 2025 was $107.5 million, compared to $65.0 million in the same period of 2024, reflecting increased net product sales of INGREZZA and CRENESSITY[126] - The effective tax rate for the first six months of 2025 was influenced by research activity credits and nondeductible expenses, resulting in a provision for income taxes of $58.8 million compared to $24.7 million in 2024[125] Cash Flow and Financial Position - Total cash, cash equivalents, and marketable securities as of June 30, 2025, were $1,849.4 million, up from $1,815.6 million at the end of 2024[128] - Cash flows from operating activities for the first six months of 2025 were $166.8 million, a decrease from $194.9 million in the same period of 2024[129] - Cash flows from financing activities showed a net outflow of $121.2 million in the first half of 2025, compared to $223.1 million in the same period of 2024[129] - Total working capital as of June 30, 2025, was $1,202.6 million, slightly down from $1,217.0 million at the end of 2024[128] - The company anticipates that existing capital resources and projected net product sales will be sufficient to meet funding requirements for at least the next 12 months[127] Future Commitments - The company may incur potential future payments of up to $14.0 billion upon achieving certain milestones related to collaboration and license agreements[134] Investment Performance - Unrealized losses on equity investments for the second quarter of 2025 were $(6.7) million, compared to $(19.9) million in the same period of 2024[124] Market Access - The company expanded formulary access for INGREZZA to approximately 70% of TD and Huntington's disease Medicare beneficiaries, supporting long-term growth[106] - The company received CMS notification that INGREZZA qualifies for the small biotech exception under the Medicare Drug Price Negotiation Program, providing exemption from selection until 2027[106]