Neurocrine(US:NBIX)2025-10-28 20:03Financial Performance - INGREZZA net product sales totaled $1.9 billion for the first nine months of 2025, compared to $1.7 billion for the same period in 2024, reflecting a significant increase in demand [101]. - CRENESSITY, launched in December 2024, generated net product sales of $165.8 million in the first nine months of 2025 [101]. - Total net product sales for the first nine months of 2025 reached $2.04 billion, up from $1.71 billion in 2024, indicating a growth of approximately 19% [106]. - Net income for the first nine months of 2025 was $324.9 million, compared to $238.2 million in the same period of 2024, representing a 36.3% increase [123]. - Total collaboration revenues for the first nine months of 2025 were $19.4 million, compared to $18.2 million in 2024, driven by royalties from AbbVie and MTPC [107]. Research and Development - The company initiated two Phase 3 clinical studies for direclidine and osavampator, targeting schizophrenia and major depressive disorder, respectively [108]. - Research and development expenses for the first nine months of 2025 amounted to $757.5 million, an increase from $545.5 million in 2024, primarily due to investments in late-stage programs [111]. Expenses and Costs - Selling, general, and administrative expenses for Q3 2025 were $291.6 million, up from $234.3 million in Q3 2024, reflecting a 24.4% increase [120]. - The cost of revenues for the first nine months of 2025 was $34.5 million, up from $24.7 million in 2024, reflecting increased sales of INGREZZA and CRENESSITY [109]. - The provision for income taxes for Q3 2025 was $82.3 million, up from $60.5 million in Q3 2024, reflecting a 36.5% increase [122]. Cash and Capital Resources - Total cash, cash equivalents, and marketable securities increased to $2,113.3 million as of September 30, 2025, from $1,815.6 million at the end of 2024, a growth of 16.4% [125]. - Cash flows from operating activities for the first nine months of 2025 were $394.3 million, compared to $352.9 million in the same period of 2024, indicating an increase of 11.7% [126]. - Total working capital as of September 30, 2025, was $1,520.4 million, compared to $1,217.0 million at the end of 2024, a rise of 24.9% [125]. - The company anticipates that existing capital resources and projected revenues will be sufficient for at least the next 12 months, but future funding may be required [124]. - Future capital requirements may include potential payments of up to $14.0 billion upon achieving certain milestones in collaboration and license agreements [132]. Shareholder Actions - The company authorized a new share repurchase program of up to $500 million in February 2025, in addition to a completed $300 million program [103]. - The company repurchased 1.5 million shares for $167.7 million under the 2025 Repurchase Program, with $332.3 million remaining for future repurchases [134]. Commercial Strategy - The expansion of the INGREZZA and CRENESSITY sales teams is planned to be completed by the end of Q1 2026 to enhance commercial momentum [104]. - The company received CMS notification that INGREZZA qualifies for the small biotech exception under the Medicare Drug Price Negotiation Program, providing exemption until 2027 [103]. Investment Performance - Unrealized gains on equity investments for Q3 2025 were $30.6 million, compared to a loss of $16.9 million in Q3 2024 [121].