Financial Data and Key Metrics Changes - Neurocrine's total product sales grew to over $2.8 billion in 2025, representing a 22% year-over-year growth, driven by INGREZZA and the successful launch of CRENESSITY [11][12] - INGREZZA generated over $2.5 billion in revenue, up 9% year-over-year, with expectations of sales in the range of $2.7-$2.8 billion in 2026, reflecting approximately 10% growth [11][12] - The company's cash position increased by approximately $700 million, from $1.8 billion at the end of 2024 to $2.5 billion at the end of 2025, indicating strong operating performance [14] Business Line Data and Key Metrics Changes - INGREZZA's performance continues to impress, with record levels of new and total prescriptions, supported by strategic investments in access and Salesforce expansion [5][11] - CRENESSITY achieved over $300 million in net product sales in its first full year, capturing approximately 10% of the classic congenital adrenal hyperplasia patient population [12][13] - The company expects double-digit volume-driven growth for INGREZZA in 2026, supported by continued demand from patients not currently taking a VMAT2 inhibitor [6][11] Market Data and Key Metrics Changes - Neurocrine estimates that only about 10% of the prevalent tardive dyskinesia (TD) population is currently taking a VMAT2 inhibitor, indicating substantial growth opportunities [23] - The company has reached approximately 10% of the classic CAH population on therapy in the first year, with a focus on expanding beyond the endocrinology prescriber base [22][82] Company Strategy and Development Direction - Neurocrine aims to lead the VMAT2 category by leveraging its experience with INGREZZA and advancing next-generation VMAT2 inhibitors [8] - The company is focused on maximizing its evolving pipeline, with late-stage programs in neuropsychiatry and ongoing investments in R&D and Salesforce expansion [9][15] - Neurocrine plans to deliver one new medicine every two years at steady state, with a strong pipeline and a commitment to patient and shareholder value [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and momentum entering 2026, with expectations for continued growth and successful execution of strategies [5][10] - The management team highlighted the importance of ongoing education for prescribers and patients to drive adoption of CRENESSITY and improve treatment outcomes [88] - There is optimism regarding the potential for CRENESSITY to become a second blockbuster product, similar to INGREZZA, as the company continues to learn from the market dynamics [17][19] Other Important Information - The company is expanding its Salesforce for CRENESSITY to deepen engagement with existing prescribers and reach new potential prescribers [20][77] - Neurocrine is leveraging AI and technology tools to identify and engage providers likely to care for classic CAH patients, enhancing its market reach [21][83] Q&A Session Summary Question: Insights on CRENESSITY's early performance and revenue expectations - Management anticipates steady new patient additions each quarter for CRENESSITY, with a strong growth outlook for year two [34] Question: Implications of receptor occupancy data for INGREZZA - The data showed INGREZZA's superior efficacy compared to Austedo XR, which will inform the development of next-generation VMAT2 inhibitors [38] Question: Patient dynamics and potential seasonality for CRENESSITY - Management noted that it is too early to determine seasonality effects, emphasizing the need for further data collection [44] Question: R&D expense increases and their components - The increase in R&D expenses is primarily due to ongoing phase 3 trials, with minimal investment in earlier-stage programs like obesity [47] Question: Barriers to further adoption of CRENESSITY - The main barrier is a lack of knowledge among endocrinologists about classic CAH and the benefits of CRENESSITY, which the company is addressing through educational efforts [86]

Financial Data and Key Metrics Changes - In 2025, total product sales grew to over $2.8 billion, representing a 22% year-over-year growth, driven by INGREZZA and the successful launch of CRENESSITY [9][10] - INGREZZA generated over $2.5 billion in revenue, up 9% year-over-year, with expectations for 2026 sales in the range of $2.7-$2.8 billion, reflecting approximately 10% growth [9][10] - The company's cash position increased by approximately $700 million, from $1.8 billion at the end of 2024 to $2.5 billion at the end of 2025, indicating strong operating performance [11] Business Line Data and Key Metrics Changes - INGREZZA's performance continues to impress, with record levels of new and total prescriptions, supported by strategic investments in access and Salesforce expansion [3][9] - CRENESSITY achieved over $300 million in net product sales in its first full year, capturing approximately 10% of the classic congenital adrenal hyperplasia patient population [10][15] - The company expects double-digit volume-driven growth for INGREZZA in 2026, supported by an expanded Salesforce and continued demand [10][20] Market Data and Key Metrics Changes - The company estimates that only about 10% of the prevalent tardive dyskinesia (TD) population is currently taking a VMAT2 inhibitor, indicating significant growth potential [20] - For CRENESSITY, the company is focused on expanding its reach beyond endocrinologists to include primary care providers and OB/GYNs, leveraging technology to identify potential prescribers [17][81] Company Strategy and Development Direction - Neurocrine aims to lead the VMAT2 category by advancing next-generation VMAT2 inhibitors and expanding its CRF platform [5][6] - The company is committed to delivering one new medicine every two years at steady state, with a strong pipeline including late-stage neuropsychiatry programs [7][8] - The strategy includes expanding the CRENESSITY sales force and enhancing medical education to improve understanding of classic CAH [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and momentum entering 2026, with expectations for continued growth in both INGREZZA and CRENESSITY [3][13] - The management team highlighted the importance of ongoing investments in R&D and sales to drive future growth, despite not prioritizing near-term profitability [11][12] - Positive feedback from prescribers and stakeholders reinforces the belief that CRENESSITY will become a standard of care for patients with classic CAH [19][86] Other Important Information - The company achieved its phase 1 through phase 3 objectives for the first time in 2025, marking it as the most productive clinical year in its history [7] - The management team emphasized the importance of safety and tolerability in the adoption of CRENESSITY, with a strong retention rate observed in clinical trials [24][66] Q&A Session Summary Question: Insights on CRENESSITY's early performance and patient dynamics - Management indicated that they anticipate steady new patient additions each quarter for CRENESSITY, with a focus on learning from the launch experience [31][41] Question: Impact of receptor occupancy data on future products - The company highlighted the superior efficacy of INGREZZA compared to Austedo XR, which will inform the development of next-generation VMAT2 inhibitors [35] Question: Barriers to further adoption of CRENESSITY - Management noted that lack of knowledge among endocrinologists is a significant barrier, and they are focused on educational efforts to improve understanding of classic CAH and CRENESSITY's benefits [84][86]