Business
Neurocrine Biosciences Reports Second Quarter 2024 Financial Results and Raises 2024 INGREZZA Sales Guidance
INGREZZA® (valbenazine) Second Quarter Net Product Sales of $580 Million Representing 32% Year-Over-Year Growth INGREZZA® (valbenazine) 2024 Net Product Sales
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) Second Quarter Net Product Sales of $580 Million Representing 32% Year-Over-Year Growth\nINGREZZA® (valbenazine) 2024 Net Product Sales Guidance Raised to $2.25 - $2.3 Billion\nTop-Line Phase 2 Data Readouts for NBI-'568 and Luvadaxistat Remain On Track in Q3\nSAN DIEGO, Aug. 1, 2024 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the second quarter ended June 30, 2024 and provided an update on its 2024 financial guidance.\n\n \n \n \n \n \n \n\n \n\"At Neurocrine, we are energized by the tremendous opportunity we see to help many more patients, and we are encouraged by our recent progress, including INGREZZA's continued success in treating tardive dyskinesia and Huntington's disease chorea and the FDA's decision to grant Priority Review for crinecerfont to treat congenital adrenal hyperplasia,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"We are in the process of building our endocrinology team and expanding the INGREZZA salesforce, positioning our company for continued strong growth in the years ahead.\"\nKevin Gorman added, \"As I look ahead to my planned retirement in October, I have never been more confident in Neurocrine's future. I am incredibly proud of all that we have achieved together and excited to see what this team will continue to accomplish for patients under Kyle Gano's leadership.\"\nFinancial Highlights\nThree Months Ended\nJune 30,\nSix Months Ended\nJune 30,\n(unaudited, in millions, except per share data)\n2024\n2023\n2024\n2023\nRevenues:\nNet Product Sales\n$ 583.8\n$ 446.3\n$ 1,092.8\n$ 861.6\nCollaboration Revenue\n6.4\n6.4\n12.7\n11.5\nTotal Revenues\n$ 590.2\n$ 452.7\n$ 1,105.5\n$ 873.1\nGAAP Research and Development (R&D)\n$ 191.1\n$ 145.8\n$ 350.5\n$ 285.3\nNon-GAAP R&D\n$ 175.3\n$ 122.0\n$ 317.7\n$ 247.7\nGAAP Selling, General and Administrative (SG&A)\n$ 242.0\n$ 221.8\n$ 485.1\n$ 464.5\nNon-GAAP SG&A\n$ 200.7\n$ 177.1\n$ 416.3\n$ 393.7\nGAAP Net Income\n$ 65.0\n$ 95.5\n$ 108.4\n$ 18.9\nGAAP Earnings Per Share – Diluted\n$ 0.63\n$ 0.95\n$ 1.04\n$ 0.19\nNon-GAAP Net Income\n$ 168.9\n$ 125.7\n$ 293.7\n$ 76.2\nNon-GAAP Earnings Per Share – Diluted\n$ 1.63\n$ 1.25\n$ 2.83\n$ 0.76\n(unaudited, in millions)\nJune 30,\n2024\nDecember 31,\n2023\nTotal Cash, Cash Equivalents and Marketable Secur...