Neurocrine Biosciences, Inc. · NASDAQ:NBIX
Neurocrine Biosciences — Q2 2025 Earnings Presentation
40 slides from Neurocrine Biosciences's earnings presentation, Jul 30, 2025
Slide 1: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q2 2025 Earnings Presentation July 3 0 , 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 Narrowed TARDIVE DYSKINESIA AND HUNTINGTON’S
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 Q2 Recent Highlights and Key Milestones
2025 Q2 Recent Highlights and Key Milestones Q2 2025 / Recent Highlights 2025 Key Milestones / Activities ▪ Total Neurocrine Net Product Sales of $682M Represents 21% QoQ ▪ INGREZZA Net Sales Guidance Narrowed from $2.5 - $2.6 Billion Growth and 17% YoY Growth vs. Q1 2025 and Q2 2024, Respectively t
Slide 7: Q2 2025 Financial Summary
Q2 2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item Q2 2025 Q2 2024 Highlights / Comments Revenue $688 $590 Total Net Product Sales of $682M Represents 17% YoY Growth - INGREZZA Net Product Sales $624 $580 INGREZZA Sales of $624M Represents 8% YoY Growth Driven by Strong Pa
Slide 8: First Half 2025 Financial Summary
First Half 2025 Financial Summary $ Millions, Except Non-GAAP Earnings Per Share Item 1H 2025 1H 2024 Highlights / Comments Revenue $1,260 $1,106 - INGREZZA Net Product Sales $1,170 $1,086 First Half 2025 Revenue Growth of 14% vs. First Half 2024 Driven by Increase in INGREZZA and CRENESSITY Sales -
Slide 9: Updated 2025 Guidance Summary
Updated 2025 Guidance Summary 2024 2025 Previous 2025 Current Item ($ Millions) Comments Actuals Guidance Range Guidance Range Range Narrowed Reflecting Double-Digit Volume Growth INGREZZA Net Product Sales1 $2,314 $2,500 - $2,600 $2,500 - $2,550 Partially Offset by Lower Net Price Due to Expanded A
Slide 10: Our Medicines, Our Patients
Our Medicines, Our Patients 10 10
Slide 11: INGREZZA (valbenazine) capsules
NEUROGRINE INGREZZA (valbenazine) capsules
Slide 12: 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 13: 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 14: 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 15: Crenessity
ys \ Crenessit ty” (crinecerfont) NEUROCRINE BIOSCIENCES
Slide 16: 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 • Q2 Net Sales of $53M with 664 Total New Patient • Rare and Life-long Genetic Condition that Affects Enrollment Forms ~20,000 Pediat
Slide 17: Neuropsychiatry Pipeline
Neuropsychiatry Pipeline 17
Slide 18: Osavampator (AMPA PAM): Currently in Phase 3 Registration Enabling Studies for MDD
Osavampator* (AMPA PAM): Currently in Phase 3 Registration Enabling Studies for the Treatment of MDD 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 Live with MDD D
Slide 19: 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 T REAT M ENT Option to roll over into open-label, long-term safety Randomized Osavampator QD s
Slide 20: 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, Oral Administration of osavampator • Most Common Adverse Events: Headache Produced a Statistically Sign
Slide 21: Muscarinic Platform Includes Multiple Clinical Programs
Muscarinic Platform Includes Multiple Clinical Programs From M1 to M4 Selective Orthosteric Agonists M1 / M4 M1 DUAL Ph. 1 Data in 2025 M4 “Cognition” Initiating Ph. 2 in Schizophrenia in 2H 2025 “Psychosis” PREFERRING PREFERRING Ph. 1 Data in 2025 Ph. 1 Data in 2025 NBI-’570 NBI-’567 NBI-’569 SELEC
Slide 22: NBI-'568 Short-Term Study Design
NBI-’568* Short-Term Study Design Simple Trial Design Testing 20mg QD vs. Placebo with 1:1 Randomization Phase 3 Program Initiated in April 2025 with 2nd Phase 3 Program Initiating in Q3 2025 Placebo Adult inpatients Safety with PANSS ≥85 Follow-Up NBI-’568 Treatment: Visit Ages 18-65 20 mg QD Rando
Slide 23: Summary of NBI-'568 Positive Phase 2 Topline Results
Summary of NBI-’568* 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 Profile S
Slide 24: 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 25: 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 26: NBI-'568 Effect Size Comparable to Known Muscarinic Programs and Leading Antipsychotics
NBI-’568* 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 NBI-568 QD 125mg / 30mg BID Zyprexa Risperdal Seroquel
Slide 27: NBI-'568 Was Generally Safe and Well Tolerated at All Doses Studied
NBI-’568* Was Generally Safe and Well Tolerated at All Doses Studied Treatment-Emergent Adverse Events Occurring in ≥ 5% of NBI-'568 All Treated Group 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) 15 (10.7)
Slide 28: NBI-'568 is the First and Only Muscarinic M4 Selective Orthosteric Agonist in Clinical Development
NBI-’568* is the First and Only Muscarinic M4 Selective Orthosteric Agonist in Clinical Development Type of Requires Endogenous Large Opportunity For NBI-'568, Subtype Muscarinic Ligand A Novel And Differentiated Asset Selectivity Activation (Acetylcholine) With No Reliance on Innate Acetylcholine L
Slide 29: 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 30: Neurology Pipeline
Neurology. eh, Pipeline fae oe <4 ar ©) ) Brosciences You Des
Slide 31: 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 • Ongoing Phase 3 Study in Dyskinetic ✓ NBI-’890 and
Slide 32: 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 33: 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 34: 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 Narrowed TARDIVE DYSKINESIA AND HUNTINGTON’S
Slide 35: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 36: Condensed Consolidated Statements of Income
NEUROCRINE® BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, 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 37: Condensed Consolidated Balance Sheets
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, (in millions) 2025 2024 Cash, cash equivalents. and marketable securities $ 975.6 $ 1,076.1 Other current assets 773.3 648.6 Total current assets 1,748.9 1,724.7 Deferred tax assets 536.8 485.7 Marke
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Results
NEUROCRINE’ BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (unaudited) Three Months Ended. ‘Six Months Ended une 30, June 30, (in milions, except per share data) 2025 2024 2025 2024 GAAP net income ! $ 107.5 $ 65.0 $ 1154 $ 108.4 Adjustments: Stock-base
Slide 39: Reconciliation of GAAP to Non-GAAP Financial Results
NEUROCRINE’ BIOSCIENCES NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (unaudited) Three Months Ended ‘Six Months Ended June 30, June 30, (in millions, except per share data) 2025, 2024 2025 2024 GAAP net income ! S$ 1075 $ 65.0 $ 154 $ 1084 Adjustments: Stock-base
Slide 40: Advancing Life-Changing Discoveries in Neuroscience
Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q2 2025 Earnings Presentation July 3 0 , 2025
Neurocrine Biosciences — Q2 2025 Earnings Presentation on 6ix