Neurocrine Biosciences, Inc. · NASDAQ:NBIX
Neurocrine Biosciences — Q3 2025 Earnings Presentation
48 slides from Neurocrine Biosciences's earnings presentation, Oct 28, 2025
Slide 1: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q3 2025 Earnings Presentation October 28 , 2025
Slide 2: Safe Harbor and Forward-Looking Statements
Safe Harbor and Forward-Looking Statements In addition to historical facts, this presentation contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: the benefits to be derived from our products an
Slide 3: Where Are We Today?
Where Are We Today? Discovered and Developed Four Novel FDA-Approved Therapies Neurocrine Discovered / Developed In the U.S. Deep Expertise in Neuroscience Drug Development Fully-Integrated Organization with R&D and Commercial Capabilities * Growing Blockbuster Commercial Product in INGREZZA with St
Slide 4: Well-Positioned for Sustained & Long-Term Growth
Well-Positioned for Sustained & Long-Term Growth COMMERCIAL* RESEARCH & DEVELOPMENT STRONG FINANCIAL POSITION • Neurology $2.50 - $2.55 Billion • Neuroendocrinology Therapeutic Area 2025 INGREZZA Annual Net • Neuropsychiatry Diversification Sales Guidance Reaffirmed TARDIVE DYSKINESIA AND HUNTINGTON
Slide 5: Our Pipeline Today – 12 Programs
Our Pipeline Today – 12 Programs Modality Key Including 1st Biologic Program NBIP-’1435 Small Molecule Peptide PROGRAM (TARGET) MODALITY THERAPEUTIC AREA INDICATION PHASE 1 PHASE 2 PHASE 3 valbenazine (VMAT2 Inhibitor) Neurology Dyskinetic Cerebral Palsy Inadequate Response to Treatment osavampator
Slide 6: 2025 Q3 Recent Highlights and Key Milestones
2025 Q3 Recent Highlights and Key Milestones Q3 2025 / Recent Highlights 2025 Key Milestones / Activities ▪ Total Neurocrine Net Product Sales of $790M Represents 16% QoQ ▪ INGREZZA Net Sales Guidance Reaffirmed at $2.5 - $2.55 Billion Growth and 28% YoY Growth vs. Q2 2025 and Q3 2024, Respectively
Slide 7: Financials
Financials 15) ) Recaianers
Slide 8: Q3 2025 Financial Summary
Q3 2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item Q3 2025 Q3 2024 Highlights / Comments Revenue $795 $622 Total Net Product Sales of $790M Represents 28% YoY Growth - INGREZZA Net Product Sales $687 $613 INGREZZA Sales of $687M Represents 12% YoY Growth Driven by Strong P
Slide 9: Year-to-Date 2025 Financial Summary
Year-to-Date 2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item YTD 2025 YTD 2024 Highlights / Comments Revenue $2,055 $1,728 - INGREZZA Net Product Sales $1,856 $1,698 YTD 2025 Revenue Growth of 19% vs. YTD 2024 Driven by Increase in INGREZZA and CRENESSITY Sales - CRENESSIT
Slide 10: Reaffirmed Full Year 2025 INGREZZA Guidance and Updated Financial Guidance
Reaffirmed Full Year 2025 INGREZZA Guidance and Updated Financial Guidance 2024 2025 Current Item ($ Millions) Comments Actuals Guidance Range Sales Guidance Reaffirmed Reflecting Double-Digit Volume INGREZZA Net Product Sales1 $2,314 $2,500 - $2,550 Growth Partially Offset by Lower Net Price Due to
Slide 11: Our Medicines, Our Patients
Our Medicines, Our Patients 11 11
Slide 12: INGREZZA
NEUROGRINE INGREZZA (valbenazine) capsules
Slide 13: Substantial Impact on TD Patients and Care Partners
Substantial Impact on TD Patients and Care Partners Movement disorder caused by prolonged use of antipsychotics and anti-nausea medications Uncontrollable, abnormal and repetitive movements >50% of patients experience meaningful emotional, social and psychological impact* Job Performance Low Self-Wo
Slide 14: KINECT-PRO Study Demonstrated INGREZZA Capsules Improved Functionality and Quality of Life
KINECT-PROTM Study Demonstrated INGREZZA Capsules Improved Functionality and Quality of Life in Patients with Tardive Dyskinesia • KINECT-PRO is the First and Only Study to Specifically Evaluate and Demonstrate Patient-Reported Improvement with VMAT2 Inhibitor Treatment on TD Using Multiple Clinical
Slide 15: Nascent Tardive Dyskinesia Market Presents Significant Opportunity
Nascent Tardive Dyskinesia Market Presents Significant Opportunity ESTIMATED TO AFFECT ~800,000 Nearly 9 of 10 TD PATIENTS ARE NOT CURRENTLY people in the U.S. TREATED WITH A VMAT2 INHIBITOR LIKE INGREZZA Source: U.S.Claims Data and 31 Global Scientific Publications; U.S. Tardive Dyskinesia Prevalen
Slide 16: INGREZZA Approved by the FDA for the Treatment of Chorea Associated with Huntington's Disease
INGREZZA® Approved by the FDA for the Treatment of Chorea Associated with Huntington’s Disease INGREZZA Simple once-a-day treatment targeted for symptom control of chorea movements Safety profile consistent with and supported by extensive safety data in tardive dyskinesia In randomized, double-blind
Slide 17: CRENESSITY
ys \ Crenessit ty” (crinecerfont) NEUROCRINE BIOSCIENCES
Slide 18: CRENESSITY Offers Potential to Change Standard of Care
CRENESSITY Offers Potential to Change Standard of Care First New Treatment Available for Classic CAH in 70 Years ABOUT CRENESSITY ABOUT CONGENITAL ADRENAL HYPERPLASIA • Q3 Net Sales of $98M with 540 Total New Patient • Rare and Life-long Genetic Condition that Affects Enrollment Forms ~20,000 Pediat
Slide 19: Neuropsychiatry Pipeline
Neuropsychiatry Pipeline 19
Slide 20: osavampator (AMPA PAM)
osavampator (AMPA PAM) JI G) NEUROCRINE’
Slide 21: osavampator: All Three Phase 3 Registration Enabling Studies for MDD are Recruiting
osavampator* (AMPA PAM): All Three Phase 3 Registration Enabling Studies for the Treatment of MDD are Recruiting Inadequate Response to Treatment osavampator in Major Depressive Disorder (MDD) ~1/3 of the 16 Million+ People in the U.S. Potent First-in-Class AMPA Positive Allosteric Modulator Who Liv
Slide 22: The SAVITRI Study Evaluated The Efficacy and Safety of osavampator vs. Placebo
The SAVITRITM Study Evaluated The Efficacy and Safety of osavampator Compared vs. Placebo in Individuals with MDD • There is significant unmet need for novel antidepressant therapies with improved tolerability, response, and remission rates for MDD • osavampator is an investigational medication with
Slide 23: osavampator Demonstrated Statistically Significant and Clinically Meaningful Improvements in Depression Severity
osavampator Demonstrated Statistically Significant and Clinically Meaningful Improvements in Depression Severity and was Well Tolerated in Adults with MDD Primary (DAY 28) and secondary (DAY 56) efficacy endpoints met −5.0 Response rates at DAY 56: −8.0 −7.6 Placebo 1 mg 3 mg E.S. = 0.39 31.6% 56.4%
Slide 24: osavampator SAVITRI Phase 2 Study Summary Results
TM osavampator* (AMPA PAM) SAVITRI Phase 2 Study Summary Results EFFICACY SAFETY AND TOLERABILITY • Met Primary and Key Secondary Endpoints • osavampator was Generally Well-tolerated • Once-Daily, 1mg Oral Administration of osavampator Produced a Statistically Significant • Most Common Adverse Event
Slide 25: SAVITRI Study Supports Continued Evaluation of osavampator as a Potential First-in-Class Antidepressant
SAVITRITM Study Supports Continued Evaluation of osavampator* as a Potential First-in-Class Antidepressant • Once-daily oral administration of osavampator 1 mg or 3 mg resulted in improvement in MADRS total scores at Day 28 and at Day 56 when compared vs. placebo • Treatment with osavampator 1 mg ac
Slide 26: osavampator Phase 3 Study Design
osavampator* Phase 3 Study Design Simple Trial Design Testing osavampator QD vs. Placebo with 1:1 Randomization All Three Phase 3 Studies of Identical Design Have Initiated SCREENING/ DOUBLE-BLIND BASELINE TREATMENT Option to roll over into open-label, long-term safety Randomized osavampator QD stud
Slide 27: Muscarinic Agonists
Muscarinic Agonists. - JI G) NEUROCRINE’
Slide 28: Muscarinic Platform Includes Multiple Clinical Programs
Muscarinic Platform Includes Multiple Clinical Programs From M1 to M4 Selective Orthosteric Agonists M1 / M4 M1 DUAL Phase 1 Data in 2025 M4 “Cognition” Initiating Phase 2 in Schizophrenia in Q4 2025 “Psychosis” PREFERRING PREFERRING Phase 1 Data in 2025 Phase 1 Data in 2025 NBI-’570 NBI-’567 NBI-’5
Slide 29: direclidine Short-Term Study Design
direclidine* Short-Term Study Design Simple Trial Design Testing 20mg QD vs. Placebo with 1:1 Randomization Phase 3 Programs Enrolling with Top-Line Data Expected in 2027 / 2028 Placebo Adult inpatients Safety with PANSS ≥85 Follow-Up direclidine Treatment: Visit Ages 18-65 20 mg QD Randomize 1:1 (P
Slide 30: Summary of direclidine Positive Phase 2 Topline Results
Summary of direclidine* Positive Phase 2 Topline Results Once-Daily 20mg Dose: Efficacy, Safety, and Tolerability Results Support Advancement to Phase 3 Additional Phase 2 Study Details to be Shared at R&D Day on December 16, 2025 20mg Once-daily Demonstrated Efficacy, Safety and Tolerability Profil
Slide 31: Once-Daily 20mg Dose Demonstrated Clinically Meaningful and Statistically Significant Efficacy
Once-Daily 20mg Dose Demonstrated Clinically Meaningful and Statistically Significant Efficacy at Week 3, 4, 5, and 6 0 20mg QD Efficacy Data PANSS Total Score Change from Baseline LS Mean1 ± SEM -5.7 Week 4 – Week 6 -5 -8.2 -7.7 Week 4 5 6** -9.6 PANSS Total Score -8.4 -10.2 -10 -10.8 -11.5 LS Mean
Slide 32: Once-Daily 20mg Dose Demonstrated Statistically Significant Improvement in Additional Endpoints
Once-Daily 20mg Dose Demonstrated Statistically Significant Improvement in Additional Endpoints \ CGI-S Marder Factor — Positive Marder Factor — Negative Placebo 20mg QD Placebo 20mg QD Placebo 20mg QD Week 6 N=68 N=35 N=68 N=35 N=68 N=35 LS Mean Change from Baseline* -0.5 -1.2 -2.8 -5.8 -1.2 -3.1 L
Slide 33: direclidine Effect Size Comparable to Known Muscarinic Programs and Leading Antipsychotics
direclidine* Effect Size Comparable to Known Muscarinic Programs and Leading Antipsychotics Muscarinic Programs Leading Approved Treatments 0.75 0.61 0.61 0.6 0.56 Effect Size 0.55 0.42 0.41 0.36 0.34 0.3 0.26 125mg / 30mg BID 125mg / 30mg BID 20mg direclidine 125mg / 30mg BID Zyprexa Risperdal Sero
Slide 34: direclidine Was Generally Safe and Well Tolerated at All Doses Studied
direclidine* Was Generally Safe and Well Tolerated at All Doses Studied Treatment-Emergent Adverse Events Occurring in ≥ 5% of All Treated Groups of direclidine Placebo 20mg QD 40mg QD 60mg QD 30mg BID All Treated \ N=70 N=40 N=39 N=34 N=27 N=140 Somnolence 2 (2.9) 5 (12.5) 2 (5.1) 7 (20.6) 1 (3.7)
Slide 35: direclidine is the First and Only Muscarinic M4 Selective Orthosteric Agonist in Clinical Development
direclidine* is the First and Only Muscarinic M4 Selective Orthosteric Agonist in Clinical Development / Phase 3 Studies Type of Requires Endogenous Large Opportunity For direclidine, Subtype Muscarinic Ligand A Novel And Differentiated Asset Selectivity Activation (Acetylcholine) With No Reliance o
Slide 36: NBI-'770 (NMDA NR2B NAM)
NBI-’770 (NMDA NR2B NAM) JI G) NEUROCRINE’
Slide 37: NBI-'770 in Phase 2 Proof-of-Concept Study for Major Depressive Disorder
NBI-’770* in Phase 2 Proof-of-Concept Study for the Treatment of Major Depressive Disorder NBI-’770 (NMDA NR2B Negative Allosteric Modulator) Potent First-in-Class NMDA NR2B NAM Modulator • Oral, Once Daily Antidepressant Effects Mediated via NMDA Pathway • Similar to esketamine, with Potential for
Slide 38: Neurology Pipeline
Neurology. eh, Pipeline fae oe <4 ar ©) ) Brosciences You Des
Slide 39: Neurology Programs in Clinical Development
Neurology Programs in Clinical Development valbenazine* Valbenazine in ATS NBI-’890** RESEARCH and NBI-’675** & DEVELOPMENT NBI-’355**POSITION STRONG FINANCIAL • VMAT2 Inhibitor • Next Generation VMAT2 Inhibitors • Selective Nav1.2 / Nav1.6 Inhibitor • Phase 3 Study in Dyskinetic Cerebral ✓ NBI-’890
Slide 40: R&D Will Deliver A New Medicine Every Two Years
R&D Will Deliver A New Medicine Every Two Years Multimodality Mid-stage pipeline focused on clinically Commitment to R&D innovation engine or genetically validated targets R&D Sustainability Research 4+ Phase 1 Starts Target Level of Productivity Each Year 2+ Phase 2 Starts (On Average) 3+ Phase 3 P
Slide 41: Our Pipeline Tomorrow – 17 Programs
Modality Key Small Molecule Peptide Antibody Gene Therapy Our Pipeline Tomorrow – 17 Programs Study Status Key End of 2025 Current Study Study Initiating P R O G R AM ( T A R G E T ) M O D AL I T Y THERAPEUTIC AREA I N D I C A T I ON PHASE 1 PHASE 2 PHASE 3 valbenazine (VMAT2 Inhibitor) Neurology Dy
Slide 42: Well-Positioned for Sustained & Long-Term Growth
Well-Positioned for Sustained & Long-Term Growth COMMERCIAL* RESEARCH & DEVELOPMENT STRONG FINANCIAL POSITION • Neurology $2.50 - $2.55 Billion • Neuroendocrinology Therapeutic Area 2025 INGREZZA Annual Net • Neuropsychiatry Diversification Sales Guidance Reaffirmed TARDIVE DYSKINESIA AND HUNTINGTON
Slide 43: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 44: Condensed Consolidated Statements of Income
NEUROCRINE’ BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in mittions, except per share data) Revenues: Net product sales Collaboration revenue Total revenues Operating expenses: Cost of revenues Research and development Acquired in-process research and develo
Slide 45: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) NEUROCRINE BIOSCIENCES, INC. (unaudited) Cash, cash equivalents, and marketable securities Other current assets Total current assets Deferred tax assets Marketable securities Right-of-use assets Equity investments Property and equipment, net Intang
Slide 46: Reconciliation of GAAP to Non-GAAP Financial Results
NEUROCRINE’ BIOSCIENCES (EUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS. (unaudited) ‘Three Months Ended ‘Nine Months Ended ‘September 30, September 30, (in millions, except per share data) 2025 2024 2025 2024 GAAP net income! $209.5 $ 1298 $ 3249 $ 238.2 Adjustment
Slide 47: Reconciliation of GAAP to Non-GAAP Expenses
NEUROCRINE’ BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (unaudited) Three Months Ended. Nine Months Ended September 30, September 30, (in miltions) 2025 2024 2025, 2024 GAAP cost of revenues 140 $ 8.0 34.58 24.7 Adjustments: Non-cash amortization related to a
Slide 48: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q3 2025 Earnings Presentation October 28 , 2025
Neurocrine Biosciences — Q3 2025 Earnings Presentation on 6ix