Neurocrine(US:NBIX)2023-05-03 16:02Financial Data and Key Metrics Changes - The company reported Q1 2023 sales of INGREZZA at $410 million, achieving a 36% year-over-year growth with a record number of new patient starts [12][30][10] - The company maintained its SG&A and R&D expense guidance, with an expected step down in SG&A spending for the remainder of the year [31] Business Line Data and Key Metrics Changes - INGREZZA's performance was strong, with record sales and new patient starts, indicating strong adherence and persistence among patients [7][12][30] - The company announced the return of commercialization rights for ONGENTYS to BIAL due to significant commercial challenges in the Parkinson's adjunctive therapeutic category [8][29] Market Data and Key Metrics Changes - Approximately one-third of patients have been diagnosed with tardive dyskinesia (TD), but only about half of those diagnosed are offered treatment with VMAT2 inhibitors [33] - The company is seeing growth across all segments, including psychiatry, neurology, and long-term care (LTC), following the expansion of its sales force [72] Company Strategy and Development Direction - The company is focused on executing its clinical portfolio, with several Phase 2 and Phase 3 readouts expected later in the year, including the PDUFA date for valbenazine for Huntington's disease [9][15] - The company is transitioning towards biologics and large molecules, while maintaining a strong focus on orally active small molecules for psychiatric conditions [53][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum entering Q2, reiterating guidance for 2023 despite potential headwinds from customer order timing [10][12] - The management highlighted the importance of educational efforts to improve diagnosis and treatment rates for TD and plans to apply similar strategies for Crinecerfont in congenital adrenal hyperplasia (CAH) [13][104] Other Important Information - The company is on track for multiple data readouts in Q4 2023, including studies for Crinecerfont and muscarinic agonists [35][128] - The company is preparing for the potential introduction of valbenazine for Huntington's disease chorea, addressing a significant unmet need in the market [88] Q&A Session Summary Question: How do you see the growth of INGREZZA progressing in upcoming quarters? - Management indicated strong fundamentals and momentum entering Q2, with a focus on patient diagnosis and treatment [7][10] Question: Can you comment on the inventory build for INGREZZA? - The inventory build was around $10 million, attributed to timing of customer orders at the end of the quarter [38][48] Question: What is the current split of prescriptions coming from neurologists versus psychiatrists? - The current estimate is an 80-20 split, with slight variations from quarter to quarter [42] Question: What are the expectations for the Crinecerfont studies? - The company is focused on demonstrating a broad range of robust data to support the benefit-risk profile of Crinecerfont [104][119] Question: How is the company addressing the potential for functional unwinding in CAH patients? - The company believes there is significant unmet need and plans to support education and data dissemination to address patient concerns [104][105]