Neurocrine(NBIX) - 2025 Q4 - Annual Results

Financial Performance - Total net product sales for Q4 2025 reached $798.3 million, representing a year-over-year growth of 29%[5] - Full-year 2025 net product sales totaled $2.83 billion, reflecting a year-over-year growth of 22%[5] - INGREZZA net product sales for Q4 2025 were $657.5 million, with a year-over-year growth of 7%[5] - CRENESSITY net product sales for Q4 2025 were $135.3 million, driven by 431 new patient enrollments[5] - Total revenues for the three months ended December 31, 2025, were $805.5 million, a 28.4% increase from $627.7 million in the same period of 2024[19] - Net product sales reached $798.3 million for the three months ended December 31, 2025, compared to $621.2 million in the prior year, reflecting a 28.5% growth[19] - Operating income for the twelve months ended December 31, 2025, was $619.1 million, up from $570.5 million in 2024, representing an 8.5% increase[19] - Net income for the three months ended December 31, 2025, was $153.7 million, compared to $103.1 million in the same period of 2024, marking a 48.9% increase[19] Income and Earnings - GAAP net income for Q4 2025 was $153.7 million, compared to $103.1 million in Q4 2024[10] - Non-GAAP net income for Q4 2025 was $194.6 million, up from $173.4 million in Q4 2024[10] - Non-GAAP net income for the twelve months ended December 31, 2025, was $654.5 million, slightly down from $656.3 million in 2024[23] - Diluted earnings per share (GAAP) for the three months ended December 31, 2025, were $1.48, compared to $1.00 in the same period of 2024, representing a 48% increase[23] Cash and Assets - The company had cash, cash equivalents, and marketable securities totaling approximately $2.54 billion as of December 31, 2025[10] - Cash, cash equivalents, and marketable securities totaled $1,480.4 million as of December 31, 2025, up from $1,076.1 million in 2024, indicating a 37.4% increase[21] - Total assets increased to $4,631.5 million as of December 31, 2025, compared to $3,718.7 million in 2024, reflecting a 24.5% growth[21] Expenses - R&D expenses for full-year 2026 are expected to be between $1.2 billion and $1.25 billion[11] - SG&A expenses for full-year 2026 are projected to be between $1.375 billion and $1.4 billion[11] - Research and development expenses for the twelve months ended December 31, 2025, were $1,015.7 million, up from $731.1 million in 2024, a 38.9% increase[19] - Selling, general, and administrative expenses for the twelve months ended December 31, 2025, were $1,156.2 million, compared to $1,007.2 million in 2024, reflecting a 14.8% increase[19] - GAAP cost of revenues for Q4 2025 was $17.6 million, up from $9.3 million in Q4 2024, representing an increase of 89.2%[27] - GAAP SG&A expenses for Q4 2025 were $301.8 million, compared to $287.8 million in Q4 2024, indicating a rise of 4.0%[27] - Non-GAAP R&D expenses for the twelve months ended December 31, 2025, reached $924.7 million, a significant increase from $662.3 million in 2024, reflecting a growth of 39.5%[27] - Non-GAAP SG&A expenses for the twelve months ended December 31, 2025, totaled $1,024.9 million, up from $862.5 million in 2024, marking an increase of 18.8%[27] Other Income and Adjustments - GAAP other income for the twelve months ended December 31, 2025, was $86.3 million, a recovery from a loss of $84.5 million in 2024[27] - Non-GAAP other income for Q4 2025 was $25.7 million, compared to $22.5 million in Q4 2024, showing an increase of 14.2%[27] - The amortization of acquired intangible assets for Q4 2025 was $1.1 million, slightly up from $0.9 million in Q4 2024[27] - Stock-based compensation expense in GAAP R&D for Q4 2025 was $24.4 million, compared to $21.2 million in Q4 2024, reflecting a rise of 15.1%[27] - Charges associated with convertible senior notes were not reported in the current period, contrasting with $138.4 million in the previous year[27] - Changes in fair values of equity investments resulted in a loss of $2.7 million in Q4 2025, compared to a gain of $1.9 million in Q4 2024[27]