Neurocrine Raised Sales Outlook as Product Portfolio Broadened
Second-quarter revenue rose 39% to $959 million as CRENESSITY sales more than tripled.
Neurocrine Biosciences (NBIX), a neuroscience-focused biopharmaceutical company, reported higher second-quarter sales as CRENESSITY expanded and VYKAT XR joined its portfolio.
The quarter marked a broader product mix for Neurocrine. INGREZZA accounted for about 75% of reported revenue, down from about 81% in the first quarter, while CRENESSITY grew and VYKAT XR contributed sales after the Soleno acquisition closed May 18.
Total revenue increased to $959 million from $688 million a year earlier, though the 39% growth rate slowed from 42% in the first quarter. Revenue rose 17.7% sequentially. GAAP diluted earnings increased to $1.39 a share from $1.06, while non-GAAP diluted earnings rose to $2.85 a share from $1.65.
INGREZZA sales climbed 15% to $716 million, easing from 20% growth in the prior quarter. CRENESSITY sales reached $184 million, up 247% from a year earlier and 20% sequentially, with reimbursement holding at approximately 80% of dispensed prescriptions.
VYKAT XR added $54 million of reported sales from the acquisition closing through quarter-end. Full-quarter pro-forma sales were $94 million, and including that additional period would have lifted Neurocrine's second-quarter revenue to $998 million.
Higher costs limited the operating benefit from the revenue growth. GAAP operating income rose 4.1% to $151.5 million, and operating margin narrowed to 15.8% from 21.2% a year earlier. Research-and-development expense increased 33.7% as Neurocrine invested in Phase 3 programs, while selling, general and administrative expense rose 53.6% amid commercial expansion, VYKAT XR support and acquisition-related costs.
Neurocrine now expects 2026 INGREZZA sales of $2.825 billion to $2.875 billion, raising the midpoint by $100 million. Its updated outlook also raises the midpoints of GAAP R&D spending by $75 million and GAAP SG&A spending by $200 million, incorporating pipeline investment, VYKAT XR support and acquisition expenses.
The $2.9 billion Soleno purchase reduced cash, cash equivalents and marketable securities to approximately $482 million from $2.543 billion at year-end. Neurocrine also expects $85 million to $90 million of acquired-intangible amortization after recognizing approximately $2.2 billion of VYKAT XR intellectual property.