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Here are 1-3 brief analogies for Neurocrine Biosciences (NBIX):

• Biogen for other specialized neurological conditions. (Both focus on neurological disorders, but with different key therapeutic areas.)
• Vertex Pharmaceuticals, but focused on neurological and endocrine disorders instead of cystic fibrosis. (Both are known for developing highly specialized, high-value treatments for specific conditions.)

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• INGREZZA (valbenazine): A prescription medicine used to treat adults with tardive dyskinesia and chorea associated with Huntington's disease.
• ORILISSA (elagolix): A prescription medicine used for the management of moderate to severe pain associated with endometriosis.
• ORIAHNN (elagolix, estradiol, and norethindrone acetate): A prescription medicine used for the management of heavy menstrual bleeding associated with uterine fibroids.

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• AmerisourceBergen (Symbol: ABC)
• Cardinal Health (Symbol: CAH)
• McKesson (Symbol: MCK)

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Kyle W. Gano, Ph.D. Chief Executive Officer

Dr. Gano joined Neurocrine Biosciences over 23 years ago, starting in market research and analytics. He spent the better part of the last two decades focusing on business and corporate development, becoming Chief Business Development Officer in 2011 and Chief Business Development and Strategy Officer in 2020. In his prior role, Dr. Gano oversaw the company's strategic collaborations across multiple therapeutic areas and played key leadership roles in the development of three FDA-approved medicines: INGREZZA, ORILISSA, and ORIAHNN. He serves on the Board of Directors of California Life Sciences (CLS). Dr. Gano holds a B.S. in Chemistry from the University of Oregon, a B.S. in Biochemistry from the University of Washington, and a Ph.D. in Organic Chemistry and an M.B.A. from the University of California, Los Angeles.

Matthew Abernethy Chief Financial Officer

Mr. Abernethy was appointed Chief Financial Officer in November 2017. He is responsible for leading corporate finance activities, commercial supply chain operations, information technology, investor relations, facilities, and European operations at Neurocrine Biosciences. Mr. Abernethy has over 15 years of experience in the financial sector and investor relations with expertise in the healthcare industry. Prior to joining Neurocrine, he held various positions at Zimmer Biomet from February 2009 to November 2017, including Vice President, Investor Relations and Treasurer and Vice President of Finance for the Americas and Global Product Engines. He began his career with KPMG LLP and is a certified public accountant (inactive). Mr. Abernethy earned a B.S. in Accounting and Business Administration from Grace College and an M.B.A. from the University of Chicago. He also serves on the Board of Directors for The Jacobs and Cushman San Diego Food Bank since 2021 and California Life Sciences and Fate Therapeutics since 2025.

Darin M. Lippoldt Chief Legal Officer

Mr. Lippoldt joined Neurocrine in 2014. In his current position, he oversees all corporate legal matters, intellectual property, and compliance. Before joining Neurocrine, he served as Executive Vice President, General Counsel and Chief Compliance Officer of Volcano Corporation. Prior to that, he was Associate General Counsel at Amylin Pharmaceuticals, Inc. He also previously practiced corporate and securities law with the law firms of Fulbright.

Eric Benevich Chief Commercial Officer

Mr. Benevich is an experienced executive with a demonstrated history of working in the biotechnology industry. He is skilled in Integrated Pharmaceutical Development and Clinical Development across various therapeutic areas, including immunology, endocrinology, and neuroscience. He also has experience in the development of novel Biomarkers and Medical Devices. Mr. Benevich received professional training in pharmacology and medicine from the University of London, UK, and is a Member and Fellow of the Royal College of Physicians of the United Kingdom.

Julie Cooke Chief Human Resources Officer

Julie Cooke serves as the Chief Human Resources Officer for Neurocrine Biosciences.

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1. Revenue Concentration in INGREZZA: A primary risk for Neurocrine Biosciences is its heavy dependence on INGREZZA (valbenazine) for revenue generation. As of Q2 2025, INGREZZA contributed 91% of the company's revenue. This concentration makes NBIX vulnerable to factors such as increased competition, pricing pressures, and the eventual patent expiration of INGREZZA, all of which could significantly impact the company's financial performance.
2. Clinical Pipeline Uncertainty and R&D Setbacks: Neurocrine's long-term growth is largely contingent on the successful development and commercialization of new drugs from its clinical pipeline. The process of bringing new drugs to market is inherently risky, involving potential delays, negative clinical trial results, and regulatory hurdles. Delays or negative outcomes for late-stage candidates like osavampator or NBI-568 could hinder the company's diversification plans and future revenue streams.
3. Pricing Pressures and Reimbursement Risks: The pharmaceutical industry constantly faces pressure from healthcare payers and regulators to control drug costs. Neurocrine Biosciences is exposed to risks associated with pricing pressures and changes in reimbursement policies, which could lead to lower drug prices or restricted access. Such pressures could negatively affect revenue growth and profit margins for its existing and future products.

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Neurocrine Biosciences' main products and their addressable markets are as follows:

• Ingrezza (valbenazine):
  • For Tardive Dyskinesia (TD): The estimated addressable market in the U.S. is approximately 800,000 patients. The global tardive dyskinesia treatment market was valued at USD 3.6 billion in 2023 and is projected to grow to USD 7.08 billion by 2032, with a compound annual growth rate (CAGR) of 7.8% during the forecast period (2025-2032). The global VMAT2 inhibitors market (which includes Ingrezza) was valued at USD 4.6 billion in 2023.
• Crenessity (crinecerfont):
  • For Congenital Adrenal Hyperplasia (CAH): This product is considered a "more than $1 billion peak sales opportunity" globally. The global estimated total addressable market (TAM) for CAH is valued at USD 478.36 million in 2025. Revenue for Crinecerfont is expected to reach an annual total of $466 million by 2034 in the U.S.
• Orilissa (elagolix) and Oriahnn (elagolix, estradiol, and norethindrone acetate): (Neurocrine Biosciences out-licensed global rights to elagolix to AbbVie and receives royalties from net sales of products containing elagolix.)
  • For Uterine Fibroids (Oriahnn): The global uterine fibroid drugs market size was valued at USD 2.63 billion in 2024 and is projected to grow to USD 7.43 billion by 2032, exhibiting a CAGR of 14.03% during the forecast period. In 2024, the market value in North America stood at USD 1.19 billion.
  • For Endometriosis (Orilissa): The addressable market size for endometriosis specifically attributable to Orilissa or for which Neurocrine receives royalties, could not be definitively determined from the provided information.

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Neurocrine Biosciences (NBIX) is positioned for future revenue growth over the next 2-3 years, driven by the continued expansion of its key commercial products, the successful launch of new therapies, and the advancement of its clinical pipeline. The following are key drivers:

1. Sustained Growth of INGREZZA (valbenazine): INGREZZA, approved for Tardive Dyskinesia (TD) and chorea associated with Huntington's disease, continues to be a primary revenue driver. The company reported strong year-over-year growth in INGREZZA sales, with an increased guidance range. A significant market opportunity remains, as an estimated 85% of the 800,000 patients with TD are not yet receiving a VMAT2 inhibitor. Neurocrine Biosciences has completed a salesforce expansion in psychiatry and long-term care, with benefits expected in the first half of 2025, and plans further expansions to accelerate market penetration and maximize patient share.

2. Launch and Uptake of Crinecerfont (CRENESSITY): Crinecerfont, marketed as CRENESSITY, is nearing or has recently achieved approval for congenital adrenal hyperplasia (CAH), a condition that has not seen new treatments in 70 years. Early indicators show strong initial launch and positive receptivity, with analysts increasing price targets based on robust sales. CRENESSITY is projected to surpass $1 billion in peak revenues by 2030, contributing significantly to both near- and long-term growth.

3. Advancement of Late-Stage Pipeline Products: Neurocrine Biosciences is actively progressing multiple compounds through its clinical pipeline, which are expected to contribute to future revenue. The company has initiated Phase 3 registrational programs for Osavampator in Major Depressive Disorder (MDD) and NBI-'568 in Schizophrenia, positioning these as critical for the next phase of growth. Data readouts and program initiations for NBI-'845 and NBI-'568 are anticipated in 2025. Additionally, the company expects one or more late-stage clinical programs to deliver successful top-line data in 2027, expanding its psychiatry portfolio.

4. Expanded Commercial Reach and Market Penetration: Beyond specific product launches, Neurocrine Biosciences is strategically expanding its sales force and commercial operations to enhance market penetration for both existing and new products. The completed and planned salesforce expansions for INGREZZA and CRENESSITY are designed to accelerate market development, increase patient starts, and build a foundation for anticipated future psychiatric medicines. This broader commercial presence is expected to drive increased demand and patient appliance across its therapeutic areas.

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Share Repurchases

• Neurocrine Biosciences authorized a new $500 million share repurchase program in February 2025.
• This new authorization followed the completion of a $300 million accelerated share repurchase program, announced in October 2024 and concluded in early February 2025.
• The company's capital allocation strategy aims to balance investments in commercial products and R&D with returning capital to shareholders.

Share Issuance

• The dollar amount of shares issued by Neurocrine Biosciences increased significantly, reaching $122.1 million in 2024, up from $65.3 million in 2023 and $44.7 million in 2022.
• Annual basic shares outstanding for 2024 were approximately 100 million, marking a 2.76% increase from 2023.

Outbound Investments

• Neurocrine Biosciences expanded its strategic partnership with Voyager Therapeutics, Inc. in 2023, incurring an IPR&D expense of $143.9 million.
• In the first quarter of 2025, a $38 million development milestone was paid to Takeda following the initiation of a Phase 3 program for osavampator.
• Development milestones under collaborations totaled $71.7 million in 2024, in addition to $12.5 million in IPR&D expense for upfront fees.

Capital Expenditures

• Capital expenditures were $28.3 million in 2023, with projections of $38.2 million for 2024 and $37.21 million for 2025.
• These capital expenditures support investments in commercial products like INGREZZA and CRENESSITY, and the advancement of the company's R&D pipeline.