Neurocrine(US:NBIX)2026-02-11 22:32Financial Data and Key Metrics Changes - Neurocrine's total product sales grew to over $2.8 billion, representing a 22% year-over-year growth, driven by INGREZZA and the successful launch of CRENESSITY [11][12] - INGREZZA generated just over $2.5 billion in revenue, up 9% year-over-year, with expectations of sales in the range of $2.7 billion to $2.8 billion in 2026, indicating approximately 10% growth [11][12] - The company's cash position increased by approximately $700 million, from $1.8 billion at the end of 2024 to $2.5 billion at the end of 2025, reflecting strong operating performance [14] Business Line Data and Key Metrics Changes - INGREZZA's performance continues to impress, with record levels of new and total prescriptions, supported by strategic investments in access and sales force expansion [5][11] - CRENESSITY achieved over $300 million in net product sales in its first full year, with prescriptions covering over 10% of the classic congenital adrenal hyperplasia patient population [12][13] - The company expects double-digit volume-driven growth for INGREZZA, supported by continued demand from patients not currently taking a VMAT2 inhibitor [6][11] Market Data and Key Metrics Changes - Approximately 10% of the classic CAH population in the U.S. has been prescribed CRENESSITY, with the potential for further growth as the company expands its reach beyond endocrinologists [22][82] - The market for VMAT2 inhibitors, including INGREZZA, remains underpenetrated, with only about 10% of the prevalent TD population currently taking a VMAT2 inhibitor [23] Company Strategy and Development Direction - Neurocrine aims to lead the VMAT2 category by leveraging its experience with INGREZZA to advance next-generation VMAT2 inhibitors [8] - The company is focused on expanding its pipeline, with late-stage programs in neuropsychiatry and ongoing investments in R&D to support future growth [9][27] - The strategy includes expanding the CRENESSITY sales force and leveraging technology to identify and engage potential prescribers [21][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and momentum entering 2026, with expectations for continued growth and successful execution of its strategies [10][16] - The management team highlighted the importance of ongoing education for prescribers and patients regarding the benefits of CRENESSITY and the limitations of existing treatments [88] Other Important Information - The company achieved its phase I through phase III objectives for the first time in 2025, marking it as the most productive clinical year in its history [9] - Neurocrine's R&D expenses are expected to increase in 2026 due to investments in phase III programs, with a focus on delivering one new medicine every two years at steady state [15][47] Q&A Session Summary Question: Insights on CRENESSITY's early performance and patient dynamics - Management noted that while they are not providing specific guidance for CRENESSITY, they anticipate steady new patient additions and a strong growth year based on positive feedback and demand dynamics [34][51] Question: Impact of receptor occupancy data on future VMAT2 inhibitors - The management highlighted that INGREZZA demonstrated nearly double the VMAT2 target occupancy compared to Austedo XR, indicating superior efficacy, which will inform the development of next-generation VMAT2 inhibitors [38] Question: Barriers to further adoption of CRENESSITY - Management identified lack of knowledge among endocrinologists as a barrier and emphasized the importance of educational efforts to inform prescribers about the benefits of CRENESSITY over traditional glucocorticoid treatments [86]