Neurocrine Biosciences – Strong Q1 Sales Growth and Diverse Product Portfolio

Neurocrine Biosciences, Inc. has recently released its 10-Q report, revealing a diverse portfolio of pharmaceutical products and ongoing clinical development programs. The company's FDA-approved treatments include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease, ALKINDI for adrenal insufficiency, and Orilissa tablets for endometriosis. In the first quarter of 2024, Neurocrine reported net product sales of $509.0 million, compared to $415.3 million in the same period last year, primarily driven by increased INGREZZA net product sales. The company also reported $6.3 million in total collaboration revenues for the same period, reflecting royalty revenue earned on AbbVie net sales of elagolix and MTPC net sales of DYSVAL.

In terms of operating expenses, Neurocrine Biosciences reported $159.4 million in total research and development costs for the first quarter of 2024, compared to $139.5 million in the same period last year. The increase primarily reflected higher investment in preclinical development programs and expenses incurred for product candidates in Phase II registrational studies. The company recognized $6.0 million of Acquired In-Process Research and Development (IPR&D) expense in connection with the payment of the upfront fee pursuant to its collaboration with Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

Neurocrine Biosciences reported a net income of $43.4 million for the first quarter of 2024, compared to a net loss of $76.6 million in the same period last year. The change in net income primarily reflected increased INGREZZA net product sales and decreased IPR&D expense in connection with the company's collaborations, partially offset by expense recognized in connection with the bifurcation of the embedded conversion option of the convertible senior notes and increased investment in its expanded clinical portfolio.

As of March 31, 2024, Neurocrine Biosciences reported total cash, cash equivalents, and marketable securities of $1,911.0 million, with total working capital of $1,086.1 million. The company believes that its existing capital resources, funds generated by anticipated INGREZZA net product sales, and investment income will be sufficient to satisfy its current and projected funding requirements for at least the next 12 months.

Today the company's shares have moved 3.0% to a price of $141.65. For more information, read the company's full 10-Q submission here.

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