Neurocrine Tops $1 Billion in Quarterly Product Sales as Revenue Jumps 41.2%; INGREZZA Outlook Raised
Neurocrine Biosciences topped $1 billion in quarterly product sales for the first time, as third-quarter revenue rose 41.2% and the drugmaker raised its full-year sales outlook for its top medicine, INGREZZA.
Total revenue reached $1,122.7 million in the quarter ended Sept. 30, up from $794.9 million a year earlier, according to its 8-K filed Monday. Net product sales were $1,119.0 million.
Adjusted (non-GAAP) earnings jumped 51.6% to $3.29 a share from $2.17. On a GAAP basis, net income slipped to $206.5 million, or $1.96 a share, from $209.5 million, or $2.04, as higher spending and a $52 million loss on equity investments offset the sales gain.
Three products, three growth stories
INGREZZA, the company's tardive dyskinesia and Huntington's chorea treatment, generated $801 million in net sales, up 16.6% from $687 million. Neurocrine said results reflected double-digit volume growth and record prescriptions.
CRENESSITY, its treatment for classic congenital adrenal hyperplasia, more than doubled to $211 million from $98 million, a 115.3% increase. VYKAT XR, the Prader-Willi syndrome drug added through the Soleno Therapeutics acquisition that closed in May 2026, contributed $107 million.
"Our third quarter performance marks another important milestone in Neurocrine's evolution, with net product sales exceeding $1 billion for the first time," CEO Kyle Gano said in the release.
Guidance moves
Neurocrine raised its 2026 INGREZZA net sales guidance to $2.9 billion to $2.925 billion, up from $2.825 billion to $2.875 billion.
It also lowered its expense outlook. GAAP selling, general and administrative expense guidance fell to $1,540 million to $1,560 million from $1,575 million to $1,600 million, and the non-GAAP range fell to $1,290 million to $1,310 million from $1,325 million to $1,350 million. Research and development guidance was unchanged at $1,275 million to $1,325 million on a GAAP basis.
Spending and pipeline
GAAP R&D expense rose to $351.8 million from $250.0 million, which the company tied to Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia. Neurocrine said 2027 will bring Phase 3 readouts for both.
The company also started a Phase 1 study of NBIP-'1968, an investigational triple agonist for obesity, and a Phase 2 study of NBI-'567 for cognitive impairment in Alzheimer's disease. It plans an R&D Day in New York on Dec. 15.
Cash, cash equivalents and marketable securities totaled $790 million at Sept. 30, down from $2,543 million at the end of 2025.
By the numbers
- $1,122.7 million revenue, up 41.2%
- $3.29 non-GAAP EPS, up from $2.17
- $1.96 GAAP EPS, down from $2.04
- $801 million INGREZZA sales, up 16.6%
- $2.9 billion to $2.925 billion raised INGREZZA 2026 guidance
Sources
- Neurocrine Biosciences Form 8-K with third-quarter 2026 results, filed Nov. 2, 2026 (accession 0000914475-26-000053)
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