Neurocrine(US:NBIX) Prnewswire·2024-08-01 11:00Core Insights - Neurocrine Biosciences reported second quarter net product sales of INGREZZA® (valbenazine) at $580 million, reflecting a 32% year-over-year growth driven by strong patient demand and improved gross-to-net dynamics [3][4] - The company raised its 2024 net product sales guidance for INGREZZA to a range of $2.25 billion to $2.3 billion [7] - Recent developments include positive Phase 2 data for NBI-1065845 and FDA's Priority Review for crinecerfont, indicating ongoing progress in the company's pipeline [2][5] Financial Highlights - Total revenues for the second quarter of 2024 were $590.2 million, compared to $452.7 million in the same period of 2023 [3][4] - GAAP net income for the second quarter was $65 million, down from $95.5 million year-over-year, while Non-GAAP net income increased to $168.9 million from $125.7 million [4][17] - The company had cash, cash equivalents, and marketable securities totaling approximately $1.7 billion as of June 30, 2024 [4][16] Research and Development - Increased R&D expenses in the second quarter of 2024 were attributed to investments in an expanded clinical portfolio, including muscarinic compounds and gene therapy programs [4][12] - The company initiated several Phase 1 and Phase 2 studies for new investigational compounds targeting major depressive disorder and other neurological conditions [6][10] Leadership Changes - Kevin Gorman, Ph.D., announced his planned retirement as CEO on October 11, 2024, with Kyle Gano, Ph.D., set to succeed him [5][11] Pipeline Developments - The company is advancing multiple compounds in its pipeline, with key milestones expected in the coming quarters, including top-line data for NBI-1117568 in schizophrenia and NBI-1070770 in major depressive disorder [8][10]