Summary of Neurocrine Biosciences Conference Call Company Overview - **Company**: Neurocrine Biosciences (NasdaqGS:NBIX) - **Date of Conference**: March 17, 2026 - **Key Speakers**: Kyle Gano (CEO), Todd Tushla (Head of IR) Key Points 1. Financial Performance - **2025 Revenue**: Approximately $2.8 billion, representing a **22% year-over-year growth** [4] - **Ingrezza Revenue**: $2.51 billion in 2025, with a **9% year-over-year growth** and double-digit volume growth [5] - **2026 Revenue Guidance**: Expected to be between **$2.7 billion and $2.8 billion** [11] - **Price Trends**: Anticipated **4%-5% price decline** year-over-year for Ingrezza due to expanded access [12] 2. Product Performance - **Ingrezza**: - Eighth year of commercialization with strong sales performance. - Focus on expanding prescriber base, targeting **30% new prescribers** [6] - Anticipated strong year with **double-digit volume growth** [31] - **CRENESSITY**: - First year of commercial sales generated **$300 million** in revenue, capturing **10% of the CH market** [7] - High reimbursement rates with **80% of dispensed scripts reimbursed** [7] - Focus on educational support for physicians and patients to change the standard of care [8] 3. Pipeline and Future Developments - **Phase 3 Trials**: - Osavampator and direclidine expected to deliver data in **2027** [8] - NBI-570 (M1M4 dual agonist) in schizophrenia and NBI-890 (next-generation VMAT2 inhibitor) in phase 2 trials [9][10] - **Next-Generation VMAT2 Program**: - Focus on long-acting injectable formulations to improve patient compliance [72] - **CRF1 Antagonist (NBIP-1435)**: - In phase 1, moving to phase 2/3 later this year, offering a long-acting injectable option [80] 4. Market Dynamics and Competitive Landscape - **Market Access**: - 70% of TD and HD patients under existing contracts, providing a strong market position [36] - **Competitor Analysis**: - Teva's MFP implementation in 2027 and 2028 may impact pricing strategies [36] - **Regulatory Environment**: - Ongoing negotiations with Medicare plans for 2027, with expectations for adjacent MFP products [37] 5. Strategic Focus - **Execution and Data Delivery**: - Emphasis on executing current strategies and delivering data across phase 2 and phase 3 programs in 2027 [10] - **Sustainable Innovation**: - Commitment to a diversified pipeline and innovation engine to support long-term growth [86] 6. Additional Insights - **Patient Compliance**: - Importance of addressing patient reauthorization processes and maintaining access to prescriptions [44] - **Market Sensitivity**: - Anticipation of emotional responses to new patient start forms, with a focus on consistent growth trends [42] Conclusion Neurocrine Biosciences is positioned for continued growth with a strong financial profile, a diversified product portfolio, and a robust pipeline of upcoming clinical data. The company is focused on execution and market access strategies to navigate competitive pressures and regulatory challenges while aiming to enhance patient care through innovative therapies.

Core Insights - Neurocrine Biosciences is advancing a diversified pipeline of first- and best-in-class medicines across therapeutic modalities, including two Phase 3 programs targeting major depressive disorder and schizophrenia, with expectations to deliver an approved medicine every two years by the end of the decade [2][4] R&D Strategy - The company has unveiled a transformed R&D engine aimed at delivering at least four new Phase 1 and two Phase 2 programs annually, focusing on genetically or clinically validated mechanisms of action [4] - The R&D strategy is designed to create long-term value and accelerate the delivery of new medicines for patients [3][4] Pipeline Highlights - Osavampator is a potential first-in-class AMPA positive allosteric modulator for major depressive disorder, with topline data from three ongoing Phase 3 studies expected in 2027 [5] - Direclidine is an M4 muscarinic agonist for psychiatric disorders, with topline data from ongoing studies expected in 2027 and 2028 [5] - The pipeline includes next-generation VMAT2 inhibitors and a suite of differentiated assets for better quality weight loss, including a CRF2 agonist expected to enter Phase 1 development in the first half of 2026 [5] Leadership and Vision - The CEO emphasized the company's commitment to developing novel therapies across metabolic diseases, starting with obesity, aiming for superior weight loss while preserving muscle mass [3] - The company has a proven track record in drug development and commercialization, positioning it uniquely to advance its pipeline and create sustained value for stakeholders [3]

Company Strategy & R&D Transformation - Neurocrine Biosciences is positioned as a diversified neuroscience and endocrinology leader aiming for sustainable growth and value creation[12] - The company aims to deliver a new medicine every two years, driven by a redesigned R&D organization[30, 31, 132] - R&D transformation includes a goal to advance 20 development candidates in 5 years, focusing on clinically or genetically validated targets[94, 99, 101] - The company is diversifying its therapeutic areas beyond neurology and psychiatry to include endocrinology and immunology[23, 94, 100] - New modalities, including peptides, antibodies, and gene therapy, now represent approximately 60% of the portfolio across therapeutic areas[105] Neuropsychiatry Pipeline - The neuropsychiatry pipeline is positioned to deliver multiple first- and best-in-class medicines this decade[12] - Osavampator, an AMPA PAM, is in Phase 3 development for Major Depressive Disorder (MDD), with data expected in 2027[23, 59] - Phase 2 SAVITRI study results showed statistically significant improvements in depression severity with osavampator, with an effect size of 0.53 at day 28 and 0.73 at day 56 for the 1mg dose[52, 55] - Direclidine, an M4 agonist, is in Phase 3 development for schizophrenia, with initial topline data expected in 2027[23, 77] - Phase 2 data for direclidine showed a PANSS total score change from baseline of -18.2 at week 6, with a change vs placebo of -7.5 (p=0.011) and an effect size of 0.61[73] Endocrinology Pipeline - The company is leveraging its Corticotropin Releasing Factor (CRF) biology expertise to expand in endocrinology and metabolic disease[12, 137] - NBIP-'2118, a CRF2 agonist, is being developed for obesity, with a Phase 1 study planned for the first half of 2026[159]