Neurocrine(US:NBIX)2023-10-31 18:30Financial Data and Key Metrics Changes - INGREZZA net sales for Q3 2023 reached approximately $1.34 billion, reflecting a 29% year-over-year growth, with an updated guidance range of $1.82 billion to $1.84 billion for the full year [83][101] - Non-GAAP diluted earnings per share for the quarter were reported at $1.54, with over $1.5 billion in cash at the end of the quarter [83] Business Line Data and Key Metrics Changes - The diagnosis rate for tardive dyskinesia (TD) has increased from low single digits to around 35% of the prevalent population, indicating significant progress but still leaving about two-thirds of the estimated 600,000 TD patients undiagnosed [85][114] - The initial rollout of INGREZZA for Huntington's disease (HD) Chorea has shown encouraging early feedback, although it is still in the early stages of market introduction [86][104] Market Data and Key Metrics Changes - Approximately 20% of the eligible patient population for VMAT2 inhibitors are currently being treated, with half of the diagnosed patients not receiving any treatment [3][114] - The addressable population for Huntington's disease and Chorea is estimated at around 20,000 to 25,000, with only about 20% currently treated with a VMAT2 inhibitor [125] Company Strategy and Development Direction - The company is focusing on expanding its pipeline and investing in research and development, particularly in areas such as neuroscience, neuropsychiatry, and congenital adrenal hyperplasia (CAH) [2][24] - The upcoming Analyst Day on December 5th will focus on R&D strategy and the burden of disease in CAH, highlighting the potential of crinecerfont as a new standard of care [66][134] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong growth driven by the expanded sales team and ongoing marketing efforts for INGREZZA, particularly in the long-term care segment [93][136] - The company is optimistic about the potential of crinecerfont to change the treatment paradigm for congenital adrenal hyperplasia, with plans for NDA submission next year [130][134] Other Important Information - The company has developed a new INGREZZA sprinkles formulation to cater to patients who have difficulty swallowing capsules, which has been accepted as a new drug application by the FDA [133] - The company is committed to maintaining its leadership in movement disorders and tardive dyskinesia while exploring additional indications for INGREZZA [162][192] Q&A Session Summary Question: Can you discuss the dynamics of the long-term care facility effort and its contribution to revenue? - Management noted that the long-term care segment is growing nicely and is becoming a meaningful contributor to revenue, with the sales team effectively driving diagnosis and treatment [9][185] Question: What are the expectations for the upcoming R&D Day? - The R&D Day will focus on the company's strategy and vision, with no new data expected to be unveiled during the event [66][67] Question: How is the company planning to address the market opportunity for Huntington's disease? - The company is targeting neurology specialists and centers of excellence for Huntington's disease to drive treatment rates, with a focus on both newly diagnosed and previously untreated patients [148][178]