Neurocrine Biosciences (NBIX) Wells Fargo 21st Annual Healthcare Conference summary

Business performance and product updates

• Achieved $1 billion in quarterly revenue, with multiple commercial products driving growth and financial flexibility.

• Ingrezza expected to reach $2.85 billion in 2026, growing 13% year-over-year, with IP protection until 2038.

• CRENESSITY, approved in December 2024, has a $750 million run rate and strong adoption, exceeding initial sales expectations.

• VYKAT XR, acquired via Soleno, posted $94 million in sales last quarter, with integration underway and sequential growth targeted.

• Zero debt and over $500 million in cash provide significant reinvestment capacity.

Market dynamics and growth strategies

• Ingrezza continues double-digit growth nine years post-launch, with only 10% of the 800,000 US tardive dyskinesia patients treated, indicating substantial market potential.

• Salesforce expansion and direct-to-consumer (DTC) advertising have proven effective in driving new patient starts and prescriptions.

• Access and coverage for Ingrezza expanded to 70%, with ongoing investments in rebating and payer negotiations to maintain growth.

• CRENESSITY’s success attributed to steady new patient adds, high persistency, and efficient reimbursement processes.

• Patient finding for CRENESSITY leverages claims, EMR, and lab data, with a focus on pediatric endocrinologists and community outreach.

Financial outlook and pricing headwinds

• Ingrezza faces statutory and competitive pricing headwinds in 2027, including increased Medicare Part D rebates and modest additional rebates to maintain access.

• Despite these headwinds, volume growth is expected to offset price impacts, supporting continued revenue growth.

• Net price impact for Medicare Part D patients estimated at 4.5%, affecting about 65% of the patient base.

• CRENESSITY maintains a first-mover advantage in CAH, with long-term safety data and a multi-year head start over competitors.

• VYKAT XR integration is progressing, with commercial initiatives aimed at overcoming early discontinuation rates and driving sequential growth.