Neurocrine Biosciences, Inc. · NASDAQ:NBIX
Neurocrine Biosciences — Q4 2025 Earnings Presentation
71 slides from Neurocrine Biosciences's earnings presentation, Feb 11, 2026
Slide 1: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q4 and Year-End 2025 Earnings Presentation February 1 1, 2026
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: our business strategy, objectives, and future d
Slide 3: 2026 Foundational Themes
2026 Foundational Themes 1 Strong & Building Momentum 2 Strategic & Balanced Diversification 3
Slide 4: 2026 Is a Year of Execution Built on Momentum
2026 Is a Year of Execution Built on Strong Enterprise-Wide Momentum and Disciplined Strategic Diversification Commercial Commercial Research Research&&Development Development Strong Strong Financial Financial Position Position • Neurology $2.7 - $2.8 Billion Net Sales *,1 • Psychiatry Therapeutic A
Slide 5: 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 Internal Drug Discovery Research 4+ Phase 1 Starts Target level of Right Modality for the productivity each year Right Target (O
Slide 6: Robust Pipeline Entering 2026
Modality Key: Small Gene Molecule Peptide Antibody Therapy Robust Pipeline Entering 2026 Therapeutic Psychiatry Neurology Endocrinology Area Key: Immunology Smart and Strategic Diversification Study Planned to be Phase 1 Phase 2 Phase 3 Initiated In 2026 NBIB-’223 (Frataxin) NBI-’569* (M1/M4 Agonist
Slide 7: 2025 Highlights and 2026 Key Milestones
2025 Highlights and 2026 Key Milestones 2025 Highlights 2026 Key Milestones / Activities ▪ Total Fourth Quarter and Full-Year Net Product Sales of $798.3M and ▪ Deliver INGREZZA Net Sales Guidance of $2.7 - $2.8B $2.83B Represents YoY Growth of 29% and 22%, Respectively − Reflects Double-Digit Volum
Slide 8: Financials
Financials 15) ) Recaianers
Slide 9: Q4 2025: Strong and Diversified Net Sales Growth
Q4 2025: Strong and Diversified Net Sales Growth $ Millions +29% 900 $785 $793 800 $677 98 135 700 $617 53 2 $560 600 15 500 400 687 658 300 615 624 545 200 100 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 INGREZZA CRENESSITY
Slide 10: 2025 Financial Summary
2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item 2025 2024 Highlights / Comments Revenue $2,861 $2,355 Total Enterprise-Wide Revenue Grew 21% YoY - INGREZZA Net Product Sales $2,514 $2,314 INGREZZA Sales Grew ~9% YoY Growth Driven by Strong Patient Demand Offset by Lower Ne
Slide 11: Q4 2025 Financial Summary
Q4 2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item Q4 2025 Q4 2024 Highlights / Comments Revenue $806 $628 Total Enterprise-Wide Revenue Grew 28% YoY - INGREZZA Net Product Sales $658 $615 INGREZZA Sales Grew ~7% YoY Driven by Strong Patient Demand Offset by Lower Net Pric
Slide 12: 2026 INGREZZA Net Sales and Expense Guidance
2026 INGREZZA Net Sales and Expense Guidance Item ($ Millions) 2025 Actuals 2026 Guidance Range INGREZZA Net Product Sales1 $2,514 $2,700 - $2,800 GAAP R&D Expense2 $1,016 $1,200 - $1,250 Non-GAAP R&D Expense2, 3 $925 $1,110 - $1,160 GAAP and Non-GAAP IPR&D4 $17 $20 GAAP SG&A Expense5 $1,156 $1,375
Slide 13: Our Medicines, Our Patients
Our Medicines, Our Patients 13 13
Slide 14: INGREZZA
NEUROGRINE INGREZZA (valbenazine) capsules
Slide 15: 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 16: 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 17: INGREZZA Approved by the FDA for Chorea
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 18: CRENESSITY
ys \ Crenessit ty” (crinecerfont) NEUROCRINE BIOSCIENCES
Slide 19: 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 • 2025 Net Sales of $301M • Rare and Life-long Genetic Condition that Affects ~20,000 Pediatric and Adult Patients in the U.S. ➢ Refl
Slide 20: Two Year Results From CAHtalyst Studies
Two Year Results From CAHtalystTM Adult and Pediatric Studies Show Durable, Uncompromising Efficacy and Safety of CRENESSITY® Durable, Sustained Clinical Impact Androgen control and substantial steroid reductions enabled by CRENESSITY were sustained through 2 years. CRENESSITY-treated patients exper
Slide 21: CAHtalyst Adult: 70% on Physiologic Steroid Dose
CAHtalystTM Adult: 70% of Participants on Physiologic Steroid Dose* at 2 Years, With a Healthier Cardiometabolic Trajectory % Participants on Physiologic* Steroid Dose Cardiometabolic Clinical Benefits At Baseline 12 Months 18 Months 24 Months • ~40% of overweight/obese 100 participants** lost >5% b
Slide 22: CAHtalyst Pediatric: Reducing Excess ACTH
CAHtalyst Pediatric: Reducing Excess ACTH at the Source to Support Normal Growth and Development Without Compromising Safety ACTH Mean Change From Baseline CRENESSITY acts upstream of ACTH, reducing excess ACTH in systemic circulation 100 Month • Does not block vasopressin-induced ACTH release, whic
Slide 23: CAHtalyst Pediatric: Slowed Bone Age Advancement
CAHtalyst Pediatric: Slowed Bone Age Advancement and Improved Predicted Height With CRENESSITY Increased predicted adult height observed for select participants with up to 2 years of CRENESSITY Example Patient (8-Year Old Male) • Most study participants were pubertal and had limited growth potential
Slide 24: Neuropsychiatry Pipeline
Neuropsychiatry Pipeline 24
Slide 25: Broad Neuropsychiatry Pipeline Driven By Validated Biology
Broad Neuropsychiatry Pipeline Driven By Validated Biology Industry-Leading Neuropsychiatry Pipeline Muscarinic Agonists Glutamate Modulation VMAT2 Inhibitors and Antagonist Osavampator (AMPA PAM) Direclidine (M4 Agonist) INGREZZA® (valbenazine) Major Depressive Disorder Schizophrenia / Bipolar Mani
Slide 26: Osavampator
Osavampator A Potential First-in-Class AMPA Positive Allosteric Modulator 26 26
Slide 27: Current Treatments for MDD Leave Major Unmet Needs
Current Treatments for MDD Leave Major Unmet Needs ~1/3 of 16 Million+ People in the U.S. Who Live with MDD Do Not Respond to Available Antidepressants Efficacy and Durability Safety and Tolerability Cognition and Functioning Low rates of response/remission Need for more tolerable Treatment options
Slide 28: Osavampator Has the Potential to Deliver Ketamine-Like Efficacy
Osavampator Has the Potential to Deliver Ketamine-Like Efficacy with an Improved Safety and Tolerability Profile Ketamine blocks NMDA receptor on pre-synaptic GABAergic inhibitory interneurons to induce a burst of synaptic glutamate release and excite post-synaptic AMPAR Increase in AMPA activity: O
Slide 29: The Phase 2 SAVITRI Study Evaluated Osavampator
The Phase 2 SAVITRITM Study Evaluated the Efficacy and Safety of adjunctive Osavampator vs. Placebo in Individuals with MDD and Inadequate Response to Antidepressants Randomized, double-blind, placebo-controlled study conducted to evaluate osavampator, an investigational, potential first-in-class an
Slide 30: Osavampator Demonstrated Significant Improvements
Osavampator Demonstrated Statistically Significant and Clinically Meaningful Improvements in Depression Severity Phase 2 SAVITRITM Study Results Least Squares Mean Change From Baseline in MADRS for Statistically Significant 1mg Dose LS mean ( SEM) change from baseline 0 Day 28 MADRS Total Score by V
Slide 31: Osavampator Demonstrated Favorable Safety and Tolerability
Osavampator Demonstrated Favorable Safety and Tolerability Osavampator was Generally Well-tolerated No Seizures, Deaths, or Serious Adverse Events Adverse Event Profile for Both Doses of No Psychotomimetic or Dissociative Events osavampator were Comparable to Placebo Discontinuation Rates Were Low O
Slide 32: Phase 3 Studies Test Adjunctive Osavampator
Phase 3 Studies Test Adjunctive Osavampator QD vs. Placebo in MDD with Inadequate Response All Three Phase 3 Studies of Identical Design Enrolling With Data Expected in 2027 SCREENING/ DOUBLE-BLIND BASELINE TREATMENT Option to roll over into open-label, long-term Randomized Osavampator QD (1mg Dose)
Slide 33: Osavampator Phase 3 Clinical Program in Adjunctive MDD
Osavampator* Phase 3 Clinical Program in Adjunctive MDD Study Number of Subjects Topline Data Description per Study Expected Short-Term (Acute) Study #1 Identical Short-Term (Acute) Study #2 Short-Term 200 per Study 2027 Studies Short-Term (Acute) Study #3 Maintenance of Effect Randomized Withdrawal
Slide 34: Industry-Leading Selective Muscarinic Agonist Portfolio
Industry-Leading Selective Muscarinic Agonist Portfolio 34 34
Slide 35: Muscarinic Platform Has Potential to Transform Treatment
Muscarinic Platform Has Potential to Significantly Transform Treatment Paradigm of Multiple CNS-Related Disorders Direclidine NBI-’570 NBI-’569 NBI-’567 Mechanism of Dual M1 / M4 Dual M1 / M4 M1 Preferring M4 Agonist Action Agonist Agonist Agonist 11 – 16 18 – 22 35 – 50 17 – 19 Half Life Hours Hour
Slide 36: Current Treatments for Schizophrenia Leave Major Unmet Needs
Current Treatments for Schizophrenia Leave Major Unmet Needs More than 3 Million People in the U.S. Suffer from Schizophrenia Side Effects More Efficacious Therapies Managing All Symptoms Long-term Use Concerns Treatment Resistance Positive and Negative Symptoms Metabolic Issues / Weight Gain Inadeq
Slide 37: Phase 2 Schizophrenia Study Once-Daily 20mg Direclidine
Phase 2 Schizophrenia Study Once-Daily 20mg Direclidine Demonstrated Clinically Meaningful and Statistically Significant Efficacy at Weeks 3, 4, 5, and 6 0 20mg QD Efficacy Data Week 4 – Week 6 PANSS Total Score Change from Baseline LS Mean1 ± SEM -5 -5.7 PANSS Total Score -8.2 -7.7 -8.4 -9.6 Week 4
Slide 38: Once-Daily 20mg Direclidine Improved Key Endpoints
Once-Daily 20mg Direclidine Demonstrated Statistically Significant Improvement in Key Secondary 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 -
Slide 39: Direclidine Safety and Tolerability Profile
Direclidine Presents a Potential Best-in-Class Safety and Tolerability Profile at All Doses Studied Treatment-Emergent Adverse Events Occurring in ≥ 5% of All Treated Groups of Direclidine 20mg QD 40mg QD 60mg QD 30mg BID All Treated Placebo \ N=40 N=39 N=34 N=27 N=140 N=70 Somnolence 5 (12.5) 2 (5.
Slide 40: Direclidine Positive Phase 2 Topline Results
Direclidine Positive Phase 2 Topline Results Supports Advancement to Phase 3 Results show differentiated efficacy with best-in-class safety and tolerability versus approved therapies Statistically Significant and Clinically Generally Safe and Well-tolerated Meaningful Improvements Across Across All
Slide 41: Direclidine Presents Opportunity for a Safer Treatment Option
Direclidine Presents Opportunity for More Convenient, Safer Treatment Option Type of Muscarinic Subtype Requires Endogenous Activation Selectivity Ligand (Acetylcholine) Large Opportunity For Direclidine, A Novel And Differentiated Asset Direclidine No Direclidine is the First and Only Highly High (
Slide 42: Phase 3 Schizophrenia Studies
Phase 3 Schizophrenia Studies: Simple, Short-Term Trial Design Tests 20mg QD vs. Placebo with 1:1 Randomization Phase 3 Program Enrolling with Initial Topline Data Expected in 2027 Placebo Adult Inpatients with Safety Schizophrenia Follow-Up Direclidine Treatment: Visit Ages 18-65 20 mg QD Randomize
Slide 43: Direclidine Phase 3 Clinical Program in Schizophrenia
Direclidine* Phase 3 Clinical Program in Schizophrenia Study Number of Subjects Topline Data Description Per Study Expected Short-Term (Acute) Study #1 284 2027 Short-Term (Acute) Study #2 284 2028 Randomized Withdrawal 560 2029 Long-Term Safety (Open Label) 800 2031 *Direclidine is Investigational
Slide 44: Next-Generation VMAT2 Follow-On Candidates
Next-Generation VMAT2 Follow-On Candidates 44 44
Slide 45: Next Generation, Internally Developed VMAT2 Inhibitors
Next Generation, Internally Developed VMAT 2 Inhibitors Underscore Continued Innovation in Tardive Dyskinesia Treatment Next-generation compounds LAI unlocks new patient New populations include show increased half-life, populations and treatment patients with: severe psychiatric potency, solubility
Slide 46: Advancing an Industry-Leading Neuropsychiatry Portfolio
Advancing an Industry-Leading Neuropsychiatry Portfolio Stage of Program Mechanism Disease State Development Osavampator AMPA PAM Major Depressive Disorder Phase 3 Schizophrenia Phase 3 Direclidine M4 Agonist Bipolar Mania Phase 2 NBI-’570 Dual M1/M4 Agonist Schizophrenia / LAI Potential Phase 2 NBI
Slide 47: Optimal Design and Execution of Phase 3 Psychiatry Studies
Optimal Design and Execution of Phase 3 Psychiatry Studies Optimizing Optimizing Trial Design Trial Execution 'Simple' Study Design Using Known Sites and Investigators 1:1 Randomization (Placebo:Active) Iterative Blinded Data Analytics Similar # of Sites vs. Phase 2 Study In-House Managed Study, Pai
Slide 48: Endocrinology Strategy & Pipeline
Endocrinology Strategy & Pipeline 48
Slide 49: Founded On a CRF Platform
Founded On a CRF Platform With Over 30 Years of R&D on CRF1 and CRF2 Receptor Drugs for Neuroendocrine and Other Diseases Key Milestones in CRF Science Neurocrine CRF2 Programs 1981 CRF Initiated R&D Strategic Identified Refresh 1993 Human CRFR1 NBIX announces positive Ph2 Results for Urocortin 2 Cl
Slide 50: Endocrinology: Leveraging And Building On Our Foundation
Endocrinology: Leveraging And Building On Our Foundation in CRF Biology Corticotropin Releasing Factor Our Strategy in Endocrinology • Win at CAH and continue to serve CRF1: Foundational / CAH CRF2 (+): Emerging/Growth patients (HPA Dysregulation) (Metabolic Disorder) • Harness over three decades of
Slide 51: CRF2 Agonist Opportunity for Weight Loss
CRF2 Agonist Opportunity for Weight Loss with Functional Muscle Preservation 51 51
Slide 52: CRF2 is an Attractive Target for Metabolic Disease
CRF2 is an Attractive Target for Metabolic Disease • CRF2 is expressed in brain and peripheral tissues; activation drives rebalancing towards metabolic homeostasis. • In various animal models, CRF2 agonists reduce food intake & body weight, build muscle, enhance cardiac function, improve renal funct
Slide 53: NBIP-2118 Product Profile
NBIP-'2118 Product Profile Provides Opportunity for Weight Loss with Functional Muscle Preservation Leverages expertise in CRF biology to deliver a non-incretin with fat-specific weight loss and improved GI tolerability Attribute Profile PK Once weekly subcutaneous injection Tolerability Improved GI
Slide 54: NBIP-2118 Reduces Body Weight in Obese Mice
NBIP-’2118 Reduces Body Weight in Diet-Induced Obese Mice Efficacy equivalent to best-in-class GLP-GIP comparator Cumulative Food Intake Percent Body Weight Change Oral Glucose Tolerance Test NBIP-’2118 = CRF2 agonist DIO mice 16 weeks on HFD 54 54 Test article SC every 3 days for 28 days
Slide 55: NBIP-2118 Preserves Muscle Mass
NBIP-’2118 Preserves Muscle Mass While Driving Robust Fat Loss qNMR Fat Mass Change qNMR Lean Mass Change qNMR Fat and Lean Mass Contributions to Weight Change NBIP-’2118 = CRF2 agonist 55 55
Slide 56: NBIP-2118 On Track to Initiate Phase 1 Study
NBIP-’2118 on Track to Initiate Phase 1 Study in 1H 2026 Predicted Human Plasma Exposure • Novel mechanism with differentiated profile in obesity Predicted (mg/mL) • Pharmacokinetics supports once a week dosing frequency by subcutaneous administration • Solubility compatible with simple autoinjector
Slide 57: CRF2 Agonist + Incretin
CRF2 Agonist + Incretin Preserving Muscle While Driving Maximal Fat Loss 57 57
Slide 58: How We Will Win at CRF2
How We Will Win at CRF2: Combining an Incretin with a CRF2 Agonist Achieves Superior Weight Loss While Preserving Lean Mass and Improved Tolerability Mix-&-Match Co-Formulation Single molecule (conjugate) CRF2 agonist CRF2 agonist Incretin mimetic (TG) + (NBIP-’2118) Incretin mimetic (TG) (NBIP-’211
Slide 59: Mix-&-Match Co-Formulation Enables Flexible Ratio Tuning
Mix-&-Match Co-Formulation Enables Flexible Ratio Tuning To Maximize Weight Loss And Lean Mass Preservation While Optimizing Tolerability Enables easier manufacturing and flexibility for partnership with different compounds Percent Body Weight Change qNMR Day 21 5 Total Body Weight loss (g) 0 -5 Fat
Slide 60: CRF2-Incretin Conjugate Matches GLP-1/GIP Competitor
CRF2-Incretin Conjugate Matches GLP-1/GIP Competitor Weight Loss While Enhancing Lean Mass Enables a Streamlined Development Plan Without the Need for Factorial Phase 2 or 3 Designs Percent Body Weight Change qNMR Day 28 5 Total Body Weight loss (g) 0 -5 Fat Lean -10 100% 85% 100% -15 97% -20 Veh TG
Slide 61: Once-Monthly Best Incretin (TGFc)
Once-Monthly “Best” Incretin (TGFc) Superior Weight Loss With Convenient Dosing Regimen 61 61
Slide 62: TGFc Delivers Superior Weight Loss and Dosing
TGFc Delivers Superior Weight Loss and Convenient, Once Monthly Dosing Enables Better GI Tolerability Given Flat Exposure Prolife TGFc Drives Superior Weight Loss in DIO Mice • Triple agonist (GLP1R, GIPR and GCGR) for maximal efficacy — “optimized” for less glucagon activity 110 % Body weight chang
Slide 63: TGFc Pharmacokinetics Support Once Monthly Dosing
TGFc Pharmacokinetics Support Once Monthly Dosing in Humans Pharmacokinetics in NHP NHP Plasma T1/2 Human Plasma T1/2 Molecule (days) (days) single subcutaneous injection of TGFc TGFc 21 TBD Plasma con. (ng/mL) Tirzepatide 2.3 5 Maritide 10 20 Time (hours) MET-097i Unknown 15-16 Total Fc – includes
Slide 64: Neuroendocrinology Portfolio Addresses Multiple Opportunities
Neuroendocrinology Portfolio Addresses Multiple Opportunities In Obesity Space Provides Flexibility To Pivot Based On Evolving Competitive Landscape And Market Needs Continue to win at CAH and to serve patients Our Strategy in Endocrinology • Harness over three decades of Central strategy focused on
Slide 65: Neurocrine Well-Positioned to Drive Sustainable Growth and Value
Neurocrine Well-Positioned to Drive Sustainable Growth and Value Commercial 2026 New Study Initiations 2027 Study Data Readouts INGREZZA® (valbenazine) • 2025 New Sales of $2.5B 4 New Phase 2 Programs, Including: Phase 3 • Crinecerfont (Pediatric Patients < 4 YR for Classic CAH) • Osavampator (AMPA
Slide 66: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 67: Condensed Consolidated Statements of Income
NEU IROCRINE IENCES NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) Revenues: Net product sales Collaboration revenues Total revenues Operating expenses: Cost of revenues Research and development Acquired in-process research and developme
Slide 68: Condensed Consolidated Balance Sheets
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, December 31, (in millions) 2025 2024 Cash, cash equivalents, and marketable securities $ 1,480.4 $ 1,076.1 Other current assets 1,042.3 648.6 Total current assets 2,522.7 1,724.7 Deferred tax assets 320.3 485
Slide 69: Reconciliation of GAAP to Non-GAAP Financial Results
NEUROCRINE’ BIOSCIENCES GAAP net income ! Milestones (RAD) NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-CAAP FINANCIAL RESULTS (unaudited) Three Monihs Ended Twelve Months Faded ‘Becember St December 028 a0 one GAAP operating income ! Ss 209 S$ 120 5 idl $ Stock-based compensation expe
Slide 70: Reconciliation of GAAP to Non-GAAP Expenses
NEUROCRINE® BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP EXPENSES. (unaudited) ‘Three Months Ended Twelve Months Ended December 31, December 31, x millions) 72025 2024 228 GAAP cost of revenues 176 3 93 21S 340 Adjustments: Amortization of acquired intangible assets 1
Slide 71: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q4 and Year-End 2025 Earnings Presentation February 1 1, 2026
Neurocrine Biosciences — Q4 2025 Earnings Presentation on 6ix