Business
Neurocrine Biosciences Reports Second Quarter 2023 Financial Results and Raises 2023 INGREZZA Sales Guidance
INGREZZA® (valbenazine) Second Quarter Net Product Sales of $440 Million Representing 26% Year-Over-Year Growth INGREZZA® (valbenazine) 2023 Net Product Sales
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) Second Quarter Net Product Sales of $440 Million Representing 26% Year-Over-Year Growth\nINGREZZA® (valbenazine) 2023 Net Product Sales Guidance Raised to $1.77 - $1.82 Billion\nSAN DIEGO, Aug. 1, 2023 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the second quarter ended June 30, 2023 and raised net sales guidance for INGREZZA in 2023.\n\n \n \n \n \n \n \n\n \n\"INGREZZA's performance reflects the significant benefit the medicine is providing to patients with tardive dyskinesia enabling us to raise guidance once again,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"Operationally, we are set up well in the second half of 2023 with growing INGREZZA sales, a PDUFA for valbenazine to treat chorea associated with Huntington's disease, and meaningful progress with our muscarinic programs. Importantly, we remain on-track for four pipeline read-outs in the fourth quarter, including the Phase 3 studies of crinecerfont for the treatment of pediatric and adult congenital adrenal hyperplasia.\"\nThree Months Ended\nJune 30,\nSix Months Ended\nJune 30,\n(unaudited, in millions, except per share data)\n2023\n2022\n2023\n2022\nRevenues:\nNet Product Sales\n$ 446.3\n$ 352.0\n$ 861.6\n$ 657.0\nCollaboration Revenue\n6.4\n26.2\n11.5\n31.8\nTotal Revenues\n$ 452.7\n$ 378.2\n$ 873.1\n$ 688.8\nGAAP Research and Development (R&D)\n$ 145.8\n$ 135.9\n$ 285.3\n$ 238.1\nNon-GAAP R&D\n$ 122.0\n$ 119.7\n$ 247.7\n$ 209.4\nGAAP Selling, General and Administrative (SG&A)\n$ 221.8\n$ 182.8\n$ 464.5\n$ 383.5\nNon-GAAP SG&A\n$ 177.1\n$ 149.5\n$ 393.7\n$ 325.7\nGAAP Net Income (Loss)\n$ 95.5\n$ (16.9)\n$ 18.9\n$ (3.0)\nGAAP Earnings (Loss) Per Share – Diluted\n$ 0.95\n$ (0.18)\n$ 0.19\n$ (0.03)\nNon-GAAP Net Income\n$ 125.7\n$ 82.1\n$ 76.2\n$ 111.8\nNon-GAAP Earnings Per Share – Diluted\n$ 1.25\n$ 0.84\n$ 0.76\n$ 1.14\n(unaudited, in millions)\nJune 30,\n2023\nDecember 31,\n2022\nTotal Cash, Cash Equivalents and Marketable Securities\n$ 1,319.3\n$ 1,288.7\n \nSecond Quarter INGREZZA Net Product Sales Highlights:\nINGREZZA second quarter 2023 net product sales were $440 million and grew 26% vs. the second quarter 2022 driven by prescription demandRecord number of new patients received therapy during the second quarter of 2023Second Quarter Financial ...