NBIX · Neurocrine Biosciences, Inc.

Neurocrine’s Q1 2026 results reflect robust commercial execution: total net product sales surged 44% YoY to $811.0 million, powered by $656.9 million from INGREZZA (20% YoY growth) and $153.3 million from CRENESSITY (a tenfold increase over Q1 2025’s $14.5 million), underscoring rapid uptake of its second major commercial asset. Management attributed INGREZZA’s growth to double-digit prescription volume gains—driven by record new prescriptions (NRx) and strong treatment persistence—partially offset by lower net pricing. CRENESSITY’s performance reflected ~80% reimbursement rate for dispensed prescriptions, validating payer access. GAAP net income jumped to $197.9 million ($1.91 EPS) from $7.9 million ($0.08), while Non-GAAP net income rose to $200.5 million ($1.94 EPS), aided by a $25.3 million gain on equity investments and a $28.6 million pre-tax gain from the sale of Neurocrine Group Limited—both excluded from Non-GAAP measures. Operating expenses increased meaningfully: GAAP R&D rose to $296.2 million (+12%) and GAAP SG&A to $318.5 million (+15%), reflecting expanded investment in late-stage programs (osavampator in MDD, direclidine in schizophrenia) and commercial team growth. Critically, the company reaffirmed its full-year INGREZZA sales guidance of $2.7–$2.8 billion, signaling confidence in sustained demand despite pricing pressure. The Soleno acquisition—valued at $2.9 billion—strategically extends Neurocrine’s rare disease and endocrinology leadership via VYKAT™ XR for Prader-Willi syndrome, adding a first-in-class asset with near-term regulatory and commercial potential. Combined with clinical advances—including Phase 2 initiation for NBI-1117570 in schizophrenia and Phase 1 for NBIP-’2118 in obesity—the quarter signals accelerated portfolio diversification beyond neurology into metabolic and rare endocrine disorders, reinforcing long-term growth visibility and strategic optionality.