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Neurocrine Biosciences Reports Fourth Quarter and Fiscal 2023 Financial Results and Provides Financial Expectations for 2024
INGREZZA® (valbenazine) Fourth Quarter and Full Year 2023 Net Product Sales of $500 Million and $1.84 Billion, Representing Year-over-Year Growth of 25% and
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) Fourth Quarter and Full Year 2023 Net Product Sales of $500 Million and $1.84 Billion, Representing Year-over-Year Growth of 25% and 29% Respectively\nINGREZZA® (valbenazine) Full Year 2024 Net Product Sales Guidance of $2.1 - $2.2 Billion\nCrinecerfont FDA Regulatory Submission Anticipated in the Second Quarter for the Treatment of Congenital Adrenal Hyperplasia in Adults and Pediatrics\nSAN DIEGO, Feb. 7, 2024 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the fourth quarter and full year ended December 31, 2023 and provided financial guidance for 2024.\n\n \n \n \n \n \n \n\n \n\"I'm exceptionally proud of the progress we made with INGREZZA last year, helping more patients than ever before treat their tardive dyskinesia. In addition, the positive Phase 3 crinecerfont results for the treatment of congenital adrenal hyperplasia opens the door for us to help patients living with a disabling neuroendocrine disorder,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"With a strong foundation in INGREZZA, a potential second important growth driver in crinecerfont, and an advancing pipeline, Neurocrine Biosciences is making significant progress towards becoming a leading neuroscience focused company.\"\nFinancial Highlights\nThree Months Ended\nDecember 31,\nTwelve Months Ended\nDecember 31,\n(unaudited, in millions, except per share data)\n2023\n2022\n2023\n2022\nRevenues:\nNet Product Sales\n$ 507.2\n$ 404.6\n$ 1,860.6\n$ 1,440.9\nCollaboration Revenue\n8.0\n7.4\n26.5\n47.8\nTotal Revenues\n$ 515.2\n$ 412.0\n$ 1,887.1\n$ 1,488.7\nGAAP Research and Development (R&D)\n$ 137.5\n$ 118.0\n$ 565.0\n$ 463.8\nNon-GAAP R&D\n$ 124.3\n$ 103.9\n$ 497.0\n$ 406.1\nGAAP Selling, General and Administrative (SG&A)\n$ 218.9\n$ 182.9\n$ 887.6\n$ 752.7\nNon-GAAP SG&A\n$ 194.0\n$ 151.8\n$ 757.4\n$ 635.6\nGAAP Net Income\n$ 147.7\n$ 89.0\n$ 249.7\n$ 154.5\nGAAP Earnings Per Share – Diluted\n$ 1.44\n$ 0.88\n$ 2.47\n$ 1.56\nNon-GAAP Net Income\n$ 157.7\n$ 124.7\n$ 390.0\n$ 343.2\nNon-GAAP Earnings Per Share – Diluted\n$ 1.54\n$ 1.24\n$ 3.86\n$ 3.47\n(unaudited, in millions)\nDecember 31,\n2023\nDecember 31,\n2022\nTotal Cash, Cash Equivalents and Marketable Securities\n$ 1,719.1\n$ 1,288.7\n \nINGREZZA Net Product Sales Highlights\nINGREZZA fourth...