Neurocrine(NBIX) - 2025 Q2 - Quarterly Results

Financial Performance - Total net product sales for Q2 2025 reached $682 million, representing a 17% year-over-year growth[1] - INGREZZA net product sales were $624 million, reflecting 15% sequential growth and 8% year-over-year growth[5] - CRENESSITY net product sales for Q2 2025 were $53 million, with 664 new patient enrollment start forms indicating strong demand[5] - Net product sales for Q2 2025 reached $682.0 million, a 16.8% increase from $583.8 million in Q2 2024[18] - Total revenues for the first half of 2025 were $1,260.1 million, up 14.0% from $1,105.5 million in the same period of 2024[18] Income and Earnings - GAAP net income for Q2 2025 was $107.5 million, compared to $65 million in Q2 2024, with diluted earnings per share of $1.06[9] - Non-GAAP net income for Q2 2025 was $166.2 million, slightly down from $168.9 million in Q2 2024, with diluted earnings per share of $1.65[9] - Net income for Q2 2025 was $107.5 million, a 65.4% increase from $65.0 million in Q2 2024[18] - The company reported a diluted earnings per share of $1.06 for Q2 2025, compared to $0.63 in Q2 2024[22] Cash and Assets - Total cash, cash equivalents, and marketable securities as of June 30, 2025, amounted to approximately $1.8 billion[9] - Cash, cash equivalents, and marketable securities totaled $975.6 million as of June 30, 2025, down from $1,076.1 million at the end of 2024[20] - Total assets increased to $3,889.8 million as of June 30, 2025, compared to $3,718.7 million at the end of 2024[20] Guidance and Projections - The company narrowed its 2025 net product sales guidance for INGREZZA to $2.5 - $2.55 billion[5] - R&D expenses for 2025 are guided to be between $960 million and $1.010 billion[10] - SG&A expenses for 2025 are projected to be between $1.135 billion and $1.155 billion, supporting ongoing commercial initiatives[10] Research and Development - The company initiated a Phase 3 registrational program for NBI-'568, targeting schizophrenia treatment[5] - Research and development expenses for Q2 2025 were $244.3 million, compared to $191.1 million in Q2 2024, reflecting a 27.8% increase[18] Strategic Focus and Risks - The company plans to successfully launch CRENESSITY and continue the success of INGREZZA, focusing on future clinical and regulatory milestones[15] - Neurocrine Biosciences is facing risks related to the commercialization of its products and potential adverse regulatory decisions[15]