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Neurocrine Biosciences Reports First Quarter 2024 Financial Results
INGREZZA® (valbenazine) First Quarter Net Product Sales of $506 Million Representing 23% Year-Over-Year Growth INGREZZA® SPRINKLE (valbenazine) Capsules
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) First Quarter Net Product Sales of $506 Million Representing 23% Year-Over-Year Growth\nINGREZZA® SPRINKLE (valbenazine) Capsules Approved by the U.S. FDA\nCrinecerfont New Drug Applications for the Treatment of Congenital Adrenal Hyperplasia Submitted to the U.S. FDA\nPositive Phase 2 Top-Line Data for NBI-1065845, a Potential First-In-Class AMPA Positive Allosteric Modulator, in Adults with Major Depressive Disorder\nSAN DIEGO, May 1, 2024 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the first quarter ended March 31, 2024 and provided an update on its 2024 financial guidance.\n\n \n \n \n \n \n \n\n \n\"Significant unmet need still exists for the many patients living with tardive dyskinesia as exemplified with INGREZZA's first quarter year-over-year growth of 23%,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"With the recent New Drug Application submissions for crinecerfont, positive Phase 2 results for a potential first-in-class medication in NBI-'845 for major depressive disorder, and the deepest pipeline in our company's history, Neurocrine Biosciences is well positioned to become a leader in neuroscience.\"\nFinancial Highlights\nThree Months Ended\nMarch 31,\n(unaudited, in millions, except per share data)\n2024\n2023\nRevenues:\nNet Product Sales\n$ 509.0\n$ 415.3\nCollaboration Revenue\n6.3\n5.1\nTotal Revenues\n$ 515.3\n$ 420.4\nGAAP Research and Development (R&D)\n$ 159.4\n$ 139.5\nNon-GAAP R&D\n$ 142.4\n$ 125.7\nGAAP Selling, General and Administrative (SG&A)\n$ 243.1\n$ 242.7\nNon-GAAP SG&A\n$ 215.6\n$ 216.6\nGAAP Net Income (Loss)\n$ 43.4\n$ (76.6)\nGAAP Earnings (Loss) Per Share – Diluted\n$ 0.42\n$ (0.79)\nNon-GAAP Net Income (Loss)\n$ 124.8\n$ (49.5)\nNon-GAAP Earnings (Loss) Per Share – Diluted\n$ 1.20\n$ (0.51)\n(unaudited, in millions)\nMarch 31,\n2024\nDecember 31,\n2023\nTotal Cash, Cash Equivalents and Marketable Securities\n$ 1,911.0\n$ 1,719.1\nINGREZZA Net Product Sales Highlights\nINGREZZA first quarter 2024 net product sales were $506 million and grew 23% compared to the first quarter 2023Year-over-year growth driven by strong underlying patient demand and improvement in gross-to-net dynamicsOther Key Financial Highlights\nDifferences in first quarter 2024 GAAP and non-GAAP operating exp...