Neurocrine Biosciences (NBIX) Q1 2026 earnings summary

Executive summary

• Net product sales for Q1 2026 reached $811.0 million to $815 million, up 44% year-over-year, driven by strong demand for INGREZZA and CRENESSITY.

• INGREZZA net sales were $656.9 million to $657 million, up 20% year-over-year, with double-digit volume growth and record new patient additions.

• CRENESSITY net sales reached $153.3 million, annualizing over $600 million, with strong persistency, compliance, and favorable reimbursement.

• Announced definitive agreement to acquire Soleno Therapeutics for $2.9 billion, expected to close in Q2 2026, adding VYKAT XR to the portfolio.

• Robust R&D pipeline with multiple new phase I and II programs initiated in 2026 and key data readouts expected in 2027.

Financial highlights

• Total Q1 2026 revenue was $814.5 million to $815 million, up 42–44% year-over-year.

• Net income for Q1 2026 was $197.9 million to $201 million, with diluted EPS of $1.91–$1.97.

• Non-GAAP operating income was $226.4 million, up from $78.8 million in Q1 2025.

• Cash and investments at quarter-end totaled $2.65 billion, supporting ongoing R&D and commercial initiatives.

• Gross margin remained strong, with cost of revenues at 1.7% of total revenues.

Outlook and guidance

• Reaffirmed full-year 2026 INGREZZA net sales guidance of $2.7–$2.8 billion.

• Full-year 2026 non-GAAP R&D expense expected at $1.11–$1.16 billion; SG&A at $1.24–$1.27 billion.

• Guidance excludes post-close expenses from the Soleno acquisition; details to be provided after Q2 close.

• Sufficient liquidity for at least the next 12 months, with plans to optimize capital structure post-acquisition.