Neurocrine(US:NBIX)2025-05-05 20:30Financial Data and Key Metrics Changes - Neurocrine Biosciences reported $545 million in product sales for INGREZZA in Q1 2025, impacted by one less order week and patient reauthorization processes [9] - The company reaffirmed its 2025 sales guidance range for INGREZZA at $2.5 billion to $2.6 billion, factoring in expected acceleration of new patient additions [10][11] - The company has approximately $1.8 billion in cash to support its commercial and clinical development strategies [12] Business Line Data and Key Metrics Changes - INGREZZA achieved record new patient starts in Q1 2025, indicating strong demand despite market challenges [10][14] - KRONESITY generated $15 million in net revenue in its first full quarter of launch, with 70% of dispensers receiving reimbursement [11][19] - The company expanded formulary coverage in Medicare Part D, increasing patient access for INGREZZA [10][16] Market Data and Key Metrics Changes - The payer environment has been influenced by the Inflation Reduction Act, affecting prior authorization processes for both new and continuing patients [16] - Approximately 40% of patients with tardive dyskinesia (TD) have been diagnosed, with less than 10% receiving standard care treatment [15] Company Strategy and Development Direction - The company aims to evolve from a single blockbuster to a multiple blockbuster neuroscience company, focusing on both near and long-term revenue growth [6] - Neurocrine is advancing its R&D portfolio, with ongoing Phase III studies for osevampatore and MBI-568, and plans to expand its muscarinic portfolio into new Phase II studies [7][23] - The leadership transition includes welcoming Dr. Sanjay Keswani as the new Chief Medical Officer [7][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum from record new patient starts and the potential for growth in Q2 and beyond [35][36] - The company is optimistic about the early adoption of KRONESITY and expects continued growth in the pediatric and adolescent segments [19][70] Other Important Information - The company has retired 3.6 million shares over the past two quarters, reflecting a commitment to returning capital to shareholders [12] - The transition of Dr. Eiry Roberts to a strategic advisory role marks a significant change in leadership, with a focus on maintaining the momentum in the company's pipeline [27] Q&A Session Summary Question: What are the expectations for INGREZZA in Q2? - Management noted that Q1 challenges were anticipated, but record new patient starts provide confidence for Q2 growth [34][35] Question: How should KRONESITY's initial numbers be interpreted? - Management indicated that it is too early to define a trend for KRONESITY, but initial adoption has exceeded expectations [37][38] Question: What are the reimbursement dynamics for KRONESITY moving forward? - The company expects some health plans to conduct formal reviews of KRONESITY, but initial reimbursement metrics are favorable [41][44] Question: Can you provide insights on the share split between INGREZZA and Teva? - Management stated that INGREZZA continues to hold the majority share in TD prescriptions, with trends aligning with expectations [48] Question: What is the expected growth for INGREZZA in Q2? - Management anticipates a nice step up in sales due to one additional order week and record new patient starts, despite some gross to net impacts [53][54] Question: What is the timeline for KRONESITY data from ongoing studies? - Management plans to release one-year data on KRONESITY at upcoming medical meetings, with a focus on various clinical endpoints [99]