Neurocrine Q2 2025 slides reveal strong sales growth, pipeline advancements

Introduction & Market Context

Neurocrine Biosciences (NASDAQ:NBIX) delivered a strong second quarter performance, according to its Q2 2025 earnings presentation released on July 30, 2025. The neuroscience-focused company reported significant revenue growth driven by its flagship product INGREZZA and the successful launch of CRENESSITY, while advancing multiple late-stage pipeline candidates. Despite the positive results, NBIX stock experienced a slight dip of 0.45% in premarket trading, though it has gained 43% over the past six months.

The company positions itself as a fully-integrated neuroscience organization with expertise in neurology, neuropsychiatry, neuroendocrinology, and neuroimmunology, having discovered and developed four FDA-approved therapies.

As shown in the following strategic overview, Neurocrine is building its long-term growth strategy on three key pillars:

Quarterly Performance Highlights

Neurocrine reported total net product sales of $682 million for Q2 2025, representing 21% quarter-over-quarter growth and 17% year-over-year growth. INGREZZA, the company’s treatment for tardive dyskinesia and Huntington’s disease chorea, generated $624 million in net product sales, up 15% from Q1 2025 and 8% from Q2 2024. The company highlighted a return to volume growth driven by strong patient demand and a new quarterly record in new prescriptions.

CRENESSITY, Neurocrine’s recently launched treatment for congenital adrenal hyperplasia, contributed $53 million in net product sales during the quarter, with 664 new patient enrollment forms. The company noted that 76% of dispensed scripts were reimbursed, reflecting strong market access.

The following financial summary details the company’s Q2 2025 performance compared to the prior year:

Despite the revenue growth, non-GAAP net income remained relatively flat at $166 million compared to $169 million in Q2 2024, primarily due to increased R&D expenses ($223 million vs. $175 million) and SG&A expenses ($255 million vs. $201 million). Non-GAAP earnings per share increased slightly to $1.65 from $1.63 in the prior year period.

For the first half of 2025, Neurocrine reported total revenue of $1.26 billion, up from $1.11 billion in the first half of 2024, with INGREZZA contributing $1.17 billion and CRENESSITY adding $68 million.

Based on Q2 performance, Neurocrine updated its 2025 guidance as follows:

The company narrowed its INGREZZA net product sales guidance from $2.5-2.6 billion to $2.5-2.55 billion, reflecting double-digit volume growth partially offset by lower net price due to expanded access. SG&A expense guidance was increased by $25 million, while R&D expense guidance remained unchanged.

Pipeline Advancements

Neurocrine’s presentation highlighted significant progress across its neuroscience pipeline, which now includes 12 programs spanning neurology, neuropsychiatry, and neuroendocrinology.

The company’s comprehensive pipeline is shown below:

Two key pipeline assets advanced to Phase 3 during the quarter:

1. Osavampator (AMPA PAM) for the treatment of major depressive disorder (MDD) in adults with inadequate response to treatment. The Phase 2 SAVITRI study met its primary endpoint with statistically significant reduction in MADRS total score at Day 28, and key secondary endpoints at Day 56. The company initiated Phase 3 registrational studies with data readouts expected in 2027.

2. NBI-’568, a selective M4 agonist for schizophrenia, which demonstrated positive Phase 2 results. The once-daily 20mg dose showed statistically significant and clinically meaningful improvements across primary and additional endpoints, with an effect size comparable to leading antipsychotics.

The following chart illustrates the efficacy results from the NBI-’568 Phase 2 study:

Additionally, Neurocrine initiated a Phase 1 study for NBIP-’1435, a long-acting CRF-1 receptor antagonist administered as a subcutaneous injection for the potential treatment of classic congenital adrenal hyperplasia (CAH).

Strategic Initiatives

Neurocrine emphasized its R&D transformation strategy aimed at delivering a new medicine every two years. The company is expanding its pipeline to 17 programs by the end of 2025, with a focus on multimodality approaches including small molecules, peptides, and biologics.

CRENESSITY represents a significant strategic opportunity as the first new treatment for classic CAH in 70 years. The product addresses a rare genetic condition affecting approximately 20,000 patients in the U.S. and has shown strong initial demand with 1,077 total new patient enrollment forms in the first half of 2025.

As shown in the following slide, CRENESSITY offers potential to change the standard of care:

For INGREZZA, Neurocrine highlighted the significant market opportunity in tardive dyskinesia, noting that an estimated 800,000 people in the U.S. are affected by the condition, with nearly 9 out of 10 patients not currently treated with a VMAT2 inhibitor. The company also noted expanded formulary access, now covering approximately 70% of tardive dyskinesia and Huntington’s disease Medicare beneficiaries.

Forward-Looking Statements

Looking ahead, Neurocrine outlined several key milestones for the remainder of 2025:

1. Top-line data expected in Q4 2025 for the Phase 3 study of valbenazine for dyskinetic cerebral palsy and the Phase 2 study of NBI-’770 (NMDA NR2B NAM) for the treatment of major depressive disorder

2. Initiation of Phase 2 studies for NBI-’568 in bipolar mania and NBI-’570 (selective dual M1/M4 agonist) for schizophrenia

3. Phase 1 results for multiple muscarinic agonists: NBI-’567, NBI-’569, and NBI-’570

4. Advancement of additional pre-clinical programs, including biologics, into first-in-human studies

5. R&D Day scheduled for December 16, 2025, at Neurocrine’s corporate headquarters in San Diego, focusing on the neuropsychiatry portfolio and R&D transformation progress

The company reaffirmed its position for sustained and long-term growth based on its commercial success, robust pipeline, and strong financial position with approximately $1.8 billion in cash and investments.

In summary, Neurocrine’s Q2 2025 presentation portrays a company with strong commercial momentum, an advancing pipeline of potential new medicines, and a clear strategy for long-term growth in the neuroscience space.

Full presentation:

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