Business
Neurocrine Biosciences Reports First Quarter 2019 Financial Results
SAN DIEGO, April 29, 2019 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended March 31,
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, April 29, 2019 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended March 31, 2019 and provided an update on the launch of INGREZZA® (valbenazine) and its clinical development programs. \n\n \n\"We remain focused on building awareness of tardive dyskinesia and are encouraged by the continued adoption of INGREZZA among healthcare providers and the patient community. Importantly, a record number of new patients started treatment with INGREZZA during the first quarter,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"Within our product pipeline, we remain on track for the NDA submission of opicapone for Parkinson's disease, plan to discuss the registration program for congenital adrenal hyperplasia with the FDA, and look forward to making progress on the Parkinson's disease and Friedreich's ataxia gene therapy programs in collaboration with Voyager Therapeutics. We have laid the foundation to make meaningful strides throughout 2019 and work towards our goal of having three FDA-approved treatments in four indications by 2020.\"\nFinancial Results \nTotal revenue was $138.4 million for the first quarter of 2019, compared to $71.1 million for the same period in 2018. \nTotal revenues were comprised of the following (unaudited, in millions):\nINGREZZA received U.S. Food and Drug Administration (FDA) approval in 2017, becoming the first medicine approved in the United States for the treatment of adults with tardive dyskinesia. ORILISSA® (elagolix) was approved by the FDA for the treatment of endometriosis with associated moderate to severe pain during the third quarter of 2018, with AbbVie sales beginning in August 2018. \nThe Company reported a net loss of $102.1 million, or $1.12 net loss per share, for the first quarter of 2019, compared to $41.8 million, or $0.47 net loss per share, for the same period in 2018. The increase in net loss for the first quarter of 2019 is primarily due to $113.1 million of in-process research and development (IPR&D) in connection with the strategic collaboration with Voyager. This was partially offset by increased INGREZZA net product sales.\nResearch and development (R&D) expenses decreased to $37.7 million for the first quarter of 2019, from $48.9 million for the same period in 2018. T...