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Neurocrine Biosciences
Neurocrine Biosciences (NBIX) investor relations material
Neurocrine Biosciences Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Entered 2026 with the strongest foundation in company history, driven by commercial brand momentum and pipeline diversification.
Achieved Q4 and full-year 2025 net product sales of $798.3M and $2.83B, up 29% and 22% year-over-year, led by INGREZZA and CRENESSITY.
INGREZZA net product sales reached $657.5M in Q4 and $2.51B for 2025, up 7% and 9% year-over-year, with double-digit prescription growth but offset by lower net price.
CRENESSITY net product sales were $135.3M in Q4 and $301.2M for 2025, with strong initial demand, over 80% reimbursement coverage in Q4, and rapid adoption in classic CAH.
Expanded R&D pipeline with multiple new Phase 1, Phase 2, and all Phase 3 registrational studies initiated for key candidates.
Financial highlights
Total product sales exceeded $2.8B in 2025, up 22% year-over-year, with Q4 revenue at $806M, up 28% YoY.
Non-GAAP operating income for 2025 was $846M, with non-GAAP net income of $655M and diluted EPS of $6.39.
Non-GAAP operating margin was approximately 30%, or $850M, including $83M in R&D milestones and IP expense.
Cash and investments increased to $2.54B at year-end 2025, driven by strong free cash flows.
Gross margin remained robust, with cost of revenues at $52.1M on $2.83B net product sales for 2025.
Outlook and guidance
2026 INGREZZA net sales guidance is $2.7–$2.8B, reflecting double-digit volume growth, partially offset by lower net price.
2026 R&D expense guidance: GAAP $1.2B–$1.25B, Non-GAAP $1.11B–$1.16B; SG&A: GAAP $1.375B–$1.4B, Non-GAAP $1.24B–$1.27B.
Net pricing for INGREZZA in 2026 expected to be consistent with late 2025 levels.
No specific 2026 sales guidance for CRENESSITY due to early launch dynamics, but continued strong growth anticipated.
Major phase III program expenses to continue through 2027, with a significant roll-off in 2028.
VMAT2 inhibitor franchise strategy
CRF platform expansion into metabolic diseases
CRENESITY growth drivers beyond Q1 2026?
CRENESITY prescriber depth strategy
INGREZZA's competitive strategy post-2026
How will 2027 data shape pipeline value?
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Next Neurocrine Biosciences earnings date
Q1 20264 May, 2026
Neurocrine Biosciences
Next Neurocrine Biosciences earnings date
Q1 20264 May, 2026
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Frequently asked questions
Neurocrine Biosciences, Inc. is a biopharmaceutical company specializing in the discovery, development, and commercialization of therapies for neurological, endocrine, and psychiatric disorders. The company focuses on treatments for conditions such as movement disorders, adrenal diseases, and mental health challenges. Neurocrine Biosciences, Inc. is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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