Business
Neurocrine Biosciences Reports Third Quarter 2024 Financial Results and Raises 2024 INGREZZA Sales Guidance
INGREZZA® (valbenazine) Third Quarter Net Product Sales of $613 Million Representing 26% Year-Over-Year Growth INGREZZA® (valbenazine) 2024 Net Product Sales
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) Third Quarter Net Product Sales of $613 Million Representing 26% Year-Over-Year Growth\nINGREZZA® (valbenazine) 2024 Net Product Sales Guidance Raised to $2.30 - $2.32 Billion\nBoard Authorizes $300 Million Share Repurchase Plan \nSAN DIEGO, Oct. 30, 2024 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the third quarter ended September 30, 2024 and provided an update on its 2024 financial guidance.\n\n \n \n \n \n \n \n\n \n\"With continued INGREZZA growth across the tardive dyskinesia and Huntington's disease chorea indications, FDA Priority Review for crinecerfont in congenital adrenal hyperplasia, a deep neuroscience focused pipeline and a strong balance sheet, we are confident in our ability to help more patients than ever before,\" said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences.\nWilliam Rastetter, Chairman of the Board of Directors of Neurocrine Biosciences, said, \"The share repurchase authorization reflects the Board's confidence in Neurocrine's significant value creation potential. Importantly, the new share repurchase authorization preserves our flexibility to drive sustained growth through investments in INGREZZA and the anticipated launch of crinecerfont, while also advancing our diverse pipeline and maintaining our strong balance sheet.\"\nFinancial Highlights\nThree Months Ended\nSeptember 30,\nNine Months Ended\nSeptember 30,\n(unaudited, in millions, except per share data)\n2024\n2023\n2024\n2023\nRevenues:\nNet Product Sales\n$ 616.6\n$ 491.8\n$ 1,709.4\n$ 1,353.4\nCollaboration Revenue\n5.5\n7.0\n18.2\n18.5\nTotal Revenues\n$ 622.1\n$ 498.8\n$ 1,727.6\n$ 1,371.9\nGAAP Research and Development (R&D)\n$ 195.0\n$ 142.2\n$ 545.5\n$ 427.5\nNon-GAAP R&D\n$ 180.2\n$ 125.0\n$ 497.9\n$ 372.7\nGAAP Selling, General, and Administrative (SG&A)\n$ 234.3\n$ 204.2\n$ 719.4\n$ 668.7\nNon-GAAP SG&A\n$ 204.6\n$ 169.7\n$ 620.9\n$ 563.4\nGAAP Net Income\n$ 129.8\n$ 83.1\n$ 238.2\n$ 102.0\nGAAP Earnings Per Share – Diluted\n$ 1.24\n$ 0.82\n$ 2.29\n$ 1.01\nNon-GAAP Net Income\n$ 189.2\n$ 156.1\n$ 482.9\n$ 232.3\nNon-GAAP Earnings Per Share – Diluted\n$ 1.81\n$ 1.54\n$ 4.64\n$ 2.31\n(unaudited, in millions)\nSeptember 30,\n2024\nDecember 31,\n2023\nTotal Cash, Cash Equivalents, and Marketable Securities\n$ 1,871.9\n$ 1,719.1\nIN...