Neurocrine(US:NBIX)2025-11-18 13:02Neurocrine 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.