Neurocrine Biosciences Inc

Latest Results (14.08.2024):

Revenue Growth

Neurocrine Biosciences Inc. reported total revenues of $590.2 million for the second quarter of 2024, a significant increase from $452.7 million in the same quarter of 2023. This growth was primarily driven by the strong performance of INGREZZA® (valbenazine), which saw net product sales of $580 million, representing a 32% year-over-year increase.

Net Income

For the second quarter of 2024, Neurocrine Biosciences Inc. reported a GAAP net income of $65 million, or $0.63 per diluted share. This is a decrease from the GAAP net income of $95.5 million, or $0.95 per diluted share, reported in the second quarter of 2023. The decline was influenced by various factors, including increased R&D and SG&A expenses.

Non-GAAP Earnings

Neurocrine Biosciences Inc.'s non-GAAP net income for the second quarter of 2024 was $169 million, or $1.63 per diluted share, compared to $126 million, or $1.25 per diluted share, in the same period of 2023. The improvement in non-GAAP earnings was driven by higher INGREZZA net sales and an improved operating margin.

Cash Position

As of June 30, 2024, Neurocrine Biosciences Inc. had cash, cash equivalents, and marketable securities totaling approximately $1.7 billion. This reflects a $309 million payment to fully retire the company's convertible senior notes, ensuring a strong liquidity position moving forward.

Updated Sales Guidance

Neurocrine Biosciences Inc. has raised its 2024 net product sales guidance for INGREZZA to a range of $2.25 billion to $2.3 billion. This updated guidance reflects the company's confidence in the continued strong demand for INGREZZA in treating tardive dyskinesia and Huntington's disease chorea.