Neurocrine Biosciences (NasdaqGS:NBIX) FY Conference January 12, 2026 12:45 PM ET Company ParticipantsEric Benevich - Chief Commercial OfficerKyle Gano - CEOMatt Abernathy - CFOSanjay Keswani - CMOConference Call ParticipantsAnupam Rama - Senior Biotech AnalystAnupam RamaAlrighty, let's go ahead and get started. Welcome, everyone, to the 44th Annual J.P. Morgan Healthcare Conference. My name's Anupam Rama. I am one of the Senior Biotech Analysts here at J.P. Morgan. I'm joined by my squad, Ratih Phinney, Pr ...

Neurocrine Biosciences (NasdaqGS:NBIX) 2025 R&D Day December 16, 2025 12:00 PM ET Speaker0Good morning and good afternoon. My name is Todd Tushla. I'm the Vice President of Investor Relations at Neurocrine Biosciences, and on behalf of our entire company, welcome to our 2025 R&D Day. Whether you're here in person, on the webcast, or reading the transcript, we're grateful for your time. We will be making forward-looking statements today to refer you to our latest SEC disclosures. Our speakers for today from ...

Summary of Neurocrine Biosciences FY Conference Call Company Overview - **Company**: Neurocrine Biosciences (NasdaqGS:NBIX) - **Date**: December 02, 2025 - **Key Speakers**: Matt Abernethy (CFO), Eric Benevich (Chief Commercial Officer), Todd Tushla (Director of Investor Relations) Core Industry Insights - The biotech industry has faced significant challenges over the past year, but Neurocrine has executed well despite these difficulties [8][10][26] - The company is focused on helping patients with conditions like tardive dyskinesia and congenital adrenal hyperplasia (CAH) [10][14] Key Products and Financial Performance - **Ingrezza**: - Generated approximately $2.5 billion in revenue this year [11] - Only 10% of patients with tardive dyskinesia are currently treated with VMAT2 inhibitors, indicating substantial growth potential [12][62] - **Crinecerfont**: - Approved for CAH, with no approved treatment options for over 70 years [14] - One year post-launch, the company has reached 10% of the CAH patient population [16][94] Strategic Challenges and Responses - The company is navigating the implications of the Inflation Reduction Act (IRA) and believes it can manage the impact on Ingrezza from 2027 to 2029 [22][61] - Neurocrine aims to increase its market cap beyond $20 billion, currently positioned between $10-$20 billion [26][28] Market Position and Competitive Landscape - The company has a strong cash position of $2 billion with no debt, allowing for potential business development opportunities [28] - The competitive landscape includes recent acquisitions in the psych space, but Neurocrine is focused on internal development and leveraging its commercial infrastructure [56][58] Sales and Marketing Strategy - The company is expanding its sales force to include advanced practice providers, which are now the largest group of prescribers for VMAT2 medications [90][92] - The expansion is driven by double-digit growth in the VMAT2 category, with Ingrezza growing faster than the overall category [89] Future Outlook - The company is optimistic about the continued growth of Ingrezza and Crinecerfont, with plans to maintain formulary coverage and negotiate favorable pricing with Medicare [62][67] - Upcoming R&D day is anticipated to provide further insights into the company's pipeline and strategic direction [108][111] Additional Considerations - The company emphasizes patient-centric approaches and aims to increase awareness and treatment rates for tardive dyskinesia and CAH [62][90] - The management team is committed to maximizing the value of existing products while exploring new opportunities in neuro and endocrine spaces [58][44]

Neurocrine Biosciences Conference Call Summary Company Overview - **Company**: Neurocrine Biosciences (NasdaqGS:NBIX) - **Key Products**: - Ingrezza: Approved for tardive dyskinesia (TD) in 2017 and for chorea associated with Huntington's disease - Crinecerfont: Recently approved for congenital adrenal hyperplasia (CAH) in December 2024 - **R&D Pipeline**: Focus on developing a deep and sustainable research and development pipeline Core Points and Arguments Financial Performance - **Q3 Revenue**: $790 million, representing nearly 30% year-over-year growth and double-digit quarter-to-quarter growth [4][5] - **Ingrezza Revenue**: $687 million in Q3, with 12% year-over-year growth and 10% quarter-to-quarter growth [5][6] - **Full Year Guidance**: Reaffirmed guidance of $2.5-$2.55 billion for the year [5][6] Ingrezza Insights - **Market Potential**: 800,000 patients in the U.S. with 90% not on a VMAT2 inhibitor, indicating significant growth potential [6][20] - **Efficacy**: Ingrezza has best-in-class efficacy and a novel formulation for patients with dysphagia, with intellectual property protection until 2038 [6][7] - **Sales Strategy**: Expansion of the sales force and improved market access have driven new patient starts and market share gains [16][20] Crinecerfont Launch - **Initial Performance**: Exceeded expectations with $98 million in revenue and 540 enrollment forms in Q3 [7][33] - **Patient Adoption**: 1,600 new patient starts in the first year, aiming for 2,000 by year-end, representing 10% of the prevalent population [9][34] - **Reimbursement Success**: High reimbursement rate of 80% for dispensed scripts [7][33] R&D Pipeline and Future Growth - **R&D Goals**: Aim to offer one new medicine every other year by the end of the decade, with a focus on validated targets and expanding capabilities into peptides and biologics [10][11] - **Upcoming Programs**: Multiple phase one and phase two starts planned, with a focus on neuroscience and psychiatry [12][43] Market Dynamics and Competitive Landscape - **Pricing Strategy**: Anticipated price decline of 5-7% for Ingrezza due to market access gains and competitive dynamics [18][27] - **Market Growth**: TD market is growing faster than the general population due to increased use of antipsychotics [25][26] - **Competitor Analysis**: Ingrezza is priced significantly lower than competitors like Austedo, which may impact market share dynamics [30][29] Regulatory and Strategic Considerations - **IRA Impact**: Anticipation of the Inflation Reduction Act (IRA) influencing pricing and access strategies [21][24] - **Formulary Coverage**: Increased Medicare formulary coverage from under 50% to over 70% [20][19] Pipeline Developments - **NBI-770**: Did not meet primary endpoint but showed safety and efficacy signals; next steps are under consideration [42][43] - **Ozevampitor**: Phase three program for major depressive disorder (MDD) showing promising results with a significant effect size [44][45] Additional Important Insights - **Sales Force Expansion**: Investment in expanding the sales team for both Ingrezza and Crinecerfont to drive patient adoption [40][41] - **Data-Driven Approach**: Utilizing machine learning and data analytics to identify potential patients for Crinecerfont [40][41] This summary encapsulates the key points discussed during the Neurocrine Biosciences conference call, highlighting the company's financial performance, product insights, market dynamics, and future growth strategies.