Neurocrine(US:NBIX) Prnewswire·2024-10-30 11:00Core Insights - Neurocrine Biosciences reported third quarter net product sales of INGREZZA® (valbenazine) at $613 million, reflecting a 26% year-over-year growth, driven by strong patient demand and improved gross-to-net dynamics [1][4][6] - The company raised its 2024 net product sales guidance for INGREZZA to a range of $2.30 billion to $2.32 billion [1][8] - A $300 million share repurchase plan has been authorized by the Board, indicating confidence in the company's value creation potential [3][7] Financial Performance - Total revenues for the third quarter 2024 were $622.1 million, compared to $498.8 million in the same quarter of 2023 [4][15] - GAAP net income for the third quarter 2024 was $129.8 million, up from $83.1 million in the third quarter 2023, with diluted earnings per share increasing to $1.24 from $0.82 [6][15] - Non-GAAP net income for the third quarter 2024 was $189.2 million, compared to $156.1 million in the same quarter of 2023, with non-GAAP diluted earnings per share rising to $1.81 from $1.54 [6][18] Research and Development - Increased R&D expenses in the third quarter 2024 were driven by investments in an expanded portfolio, including muscarinic compounds and gene therapy programs, totaling $195 million compared to $142.2 million in the same quarter of 2023 [5][21] - The company achieved development milestones under collaborations with Nxera Pharma and Voyager Therapeutics, contributing to R&D expenses [5][18] Recent Developments - Kyle W. Gano, Ph.D. was appointed as the new CEO effective October 11, 2024 [7] - Positive topline data was announced for the Phase 2 study of NBI-1117568, a potential treatment for schizophrenia, which triggered a $35 million milestone payment [7] - The company plans to advance NBI-1117568 into Phase 3 development in the first half of 2025 [7] Guidance and Future Outlook - The updated guidance for 2024 includes expected net product sales for INGREZZA and increased R&D and SG&A expense ranges [8][9] - GAAP R&D expense guidance is set between $700 million and $720 million, while Non-GAAP R&D expense guidance is between $635 million and $655 million [8] - The company anticipates ongoing commercial initiatives to support INGREZZA growth, including the expansion of sales teams [9]