INGREZZA sales for Q1 stood at $506 million, marking over a 20% year-over-year growth.
Achieved a significant non-GAAP operating leverage improvement of over 1,000 basis points when excluding prior year’s IP R&D investments.
Closed Q1 with over $1.9 billion in cash, reflecting strong cash flow generation.
Completed significant debt reduction efforts, reducing convertible debt from approximately $518 million to $170 million.
Future Guidance
Reaffirms INGREZZA sales guidance and will re-evaluate post-Q2 results.
Continues to prioritize INGREZZA growth, preparation for crinecerfont commercialization, advancement of the internal pipeline, and assessment of external opportunities.
Maintains a capital allocation strategy with a focus on driving shareholder value through growth initiatives and diligent capital management.
Expects to complete the hiring of the endocrinology franchise field teams in the second half of this year in preparation for the potential launch of crinecerfont in 2025.
The company is focusing on treating a larger number of TD and HD patients than ever before, indicating a broadening of their market reach and improved treatment access.
Significant progress is being made in the clinical and regulatory fronts, particularly with the submission of NDAs for crinecerfont and the receipt of FDA approval for a new INGREZZA formulation.
The positive Phase II results of NBI-845 for major depressive disorder signal strong potential for future pipeline success, highlighting Neurocrine’s commitment to addressing unmet needs in neuropsychiatric disorders.
The company is actively preparing for the potential commercialization of crinecerfont in CAH, indicating an expansion of their therapeutic portfolio beyond movement disorders.
Overall sentiment from the earnings call is positive, with a focus on leveraging the company’s strong financial position to drive growth and advance the clinical pipeline.
Notable Quotes
”Neurocrine has never had the opportunity to positively impact so many lives as it has today."
"We’ve had a remarkable week, and it’s only Wednesday morning."
"We are making progress in every aspect of our business, focused on bringing life-changing medicines forward."
"Now we’re constantly prioritizing the funding of our programs based on data."
"The efficacy and tolerability seen in this trial [NBI-845] is very compelling."
"The seasonal payer dynamics…always poses challenges…but the team has managed through these dynamics well once again."
"We’re very proud of the progress we’ve made with INGREZZA over these past 7 years."
"Our primary focus in 2024 is on educating the CAH community…We’re excited about the potential launch of crinecerfont in 2025.”
