Business
Neurocrine Biosciences Reports First Quarter 2022 Financial Results and Reiterates 2022 Financial Guidance
INGREZZA® (valbenazine) First Quarter Net Product Sales of $303 Million INGREZZA® (valbenazine) 2022 Net Product Sales Guidance Reiterated at $1.25 - $1.35
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) First Quarter Net Product Sales of $303 Million\nINGREZZA® (valbenazine) 2022 Net Product Sales Guidance Reiterated at $1.25 - $1.35 Billion\nSAN DIEGO, May 4, 2022 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the first quarter ended March 31, 2022 and reiterated financial guidance for 2022.\n\n \n \n \n \n \n \n\n \n\"INGREZZA's first quarter performance reflects the opportunity we have to help patients living with tardive dyskinesia (TD). We completed our salesforce expansion in April and we now have three dedicated teams across psychiatry, neurology, and long-term care who are focused on improving diagnosis and treatment rates for TD,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"With a growing product in INGREZZA, several mid-to-late-stage clinical data read-outs this year and next, and a strong financial profile, Neurocrine Biosciences continues to establish our position as a leading neuroscience-focused company.\"\nFinancial Highlights\nThree Months Ended\nMarch 31,\n(unaudited, in millions, except per share data)\n2022\n2021\nRevenues:\nProduct sales, net\n$ 305.0\n$ 231.0\nCollaboration revenue\n5.6\n5.6\nTotal revenues\n$ 310.6\n$ 236.6\nGAAP Research and Development (R&D)\n$ 102.2\n$ 73.2\nNon-GAAP R&D\n$ 89.7\n$ 58.2\nGAAP Selling, General and Administrative (SG&A)\n$ 200.7\n$ 129.0\nNon-GAAP SG&A\n$ 176.2\n$ 111.1\nGAAP net income \n$ 13.9\n$ 32.1\nGAAP earnings per share – diluted\n$ 0.14\n$ 0.33\nNon-GAAP net income\n$ 29.7\n$ 48.8\nNon-GAAP earnings per share – diluted\n$ 0.30\n$ 0.50\n(unaudited, in millions)\nMarch 31,\n2022\nDecember 31,\n2021\nTotal cash, cash equivalents and marketable securities\n$ 1,205.9\n$ 1,272.0\nFirst Quarter INGREZZA Net Product Sales and Commercial Highlights:\nNet product sales were $303 million with total prescriptions (TRx) of approximately 57,600Net product sales and TRx grew 32% and 33%, respectively, vs. first quarter of 2021Improved levels of persistence and compliance for existing patients when compared to prior first quarters driven by strong commercial executionRecord number of new patientsIn April 2022, salesforce expansion was completed establishing separate psychiatry, neurology, and long-term care teamsFinancial Highlights:\nFirst quarter 2022 GAAP net inc...