Earnings call transcript: Neurocrine Biosciences Q2 2025 earnings beat expectations

Neurocrine Biosciences Inc (NBIX) reported robust financial results for the second quarter of 2025, significantly surpassing analysts’ expectations. The company reported earnings per share (EPS) of $1.65, a substantial increase over the forecasted $0.96, representing a surprise of 71.88%. Revenue reached $687.5 million, exceeding the forecast of $653.32 million by 5.23%. Following the announcement, Neurocrine’s stock rose by 1.92% to $135.69 in aftermarket trading. According to InvestingPro data, the company maintains a "GREAT" financial health score of 3.45, with particularly strong profitability metrics.

Key Takeaways

• Neurocrine’s EPS of $1.65 significantly beat the forecast of $0.96.
• Revenue grew to $687.5 million, surpassing expectations by 5.23%.
• INGREZZA sales reached $624 million, with an 8% year-over-year increase.
• Stock price increased by 1.92% in aftermarket trading.
• The company refined its INGREZZA sales guidance to $2.5-2.55 billion.

Company Performance

Neurocrine Biosciences demonstrated strong performance in Q2 2025, with net product sales reaching $682 million, marking a 17% year-over-year growth. The company continues to lead the market in the VMAT2 inhibitor class, with INGREZZA sales contributing significantly to its revenue. The growth in Cronicity (KRONESTIV) sales, which tripled from the first quarter, also highlights Neurocrine’s successful expansion into new markets.

Financial Highlights

• Revenue: $687.5 million, up 5.23% from forecasts
• Earnings per share: $1.65, beating forecast by 71.88%
• INGREZZA sales: $624 million, 8% year-over-year growth
• Cronicity sales: $53 million, tripling from Q1

Earnings vs. Forecast

Neurocrine’s actual EPS of $1.65 exceeded the forecasted $0.96, resulting in a 71.88% surprise. This significant beat reflects the company’s strong market position and successful product performance. Revenue also surpassed expectations by 5.23%, driven by robust sales of INGREZZA and Cronicity.

Market Reaction

Following the earnings announcement, Neurocrine’s stock rose by 1.92% to $135.69 in aftermarket trading. This positive market reaction indicates investor confidence in the company’s performance and future prospects. The stock’s movement is notable given its position within the 52-week range of $84.23 to $157.98. With a market capitalization of $13.48 billion and a P/E ratio of 44.68, InvestingPro analysis suggests the stock is currently trading above its Fair Value. The stock’s low beta of 0.24 indicates relatively low volatility compared to the broader market.

Outlook & Guidance

Neurocrine refined its INGREZZA net sales guidance to $2.5-2.55 billion, reflecting strong demand and market share expansion. The company also anticipates top-line data for osavampatore in 2027 and NBI-568 data in 2027-2028, indicating a promising pipeline and long-term growth potential.

Executive Commentary

CEO Kyle Gano emphasized the company’s transition driven by revenue growth and diversity, stating, "We’re seeing a transition of the company to one by both revenue growth and diversity." He also highlighted the company’s patient-centric approach, saying, "Putting patients at the center isn’t just a guiding principle. It’s what drives meaningful progress."

Risks and Challenges

• Inflation Reduction Act implications from 2027-2029
• Potential market saturation in key areas
• Macroeconomic pressures affecting healthcare spending
• Regulatory challenges in expanding new treatments
• Competitive pressures in the neuroscience and psychiatry markets

Q&A

During the earnings call, analysts inquired about the dynamics of the Cronicity launch, Medicare contracting strategy, and the potential for muscarinic agonists. The company addressed concerns regarding the Inflation Reduction Act’s pricing implications and its impact on future revenue streams.

Full transcript - Neurocrine Biosciences Inc (NBIX) Q2 2025:

Conference Operator: Good day, everyone, and welcome to today’s Neurocrine Biosciences Second Quarter twenty twenty five Results Conference. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. Please note this call may be recorded and I will be standing by if you should need any assistance.

It is now my pleasure to turn the conference over to Vice President of Investor Relations, Todd Tuchla. Please go ahead, sir.

Todd Tuchla, Vice President of Investor Relations, Neurocrine Biosciences: Thank you, and happy Wednesday, everyone. Welcome to Neurocrine Biosciences’ second quarter twenty twenty five earnings call. With me today are Kyle Gano, Chief Executive Officer Matt Abernathy, Chief Financial Officer Eric Benavits, Chief Commercial Officer Ivy Roberts and for one first time as Chief Medical Officer, Sanjay Kipani. During today’s call, we will be making forward looking statements. These statements are subject to certain risks and uncertainties, and our actual results may differ materially.

I encourage you

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: to review the risk factors discussed in our latest SEC filings. After prepared remarks, we will jump into Q and A. I now turn the call over to Kyle. Thank you, Todd. Good afternoon, everyone.

We were especially pleased with our standout second quarter that delivered high double digit growth, which showcased our diversified revenue profile and highlighted the organization’s ongoing evolution. From a commercial perspective, our INGREZZA based business continues to post solid growth, and we are excited by the strong early performance of Prinectity. For INGREZZA, our strategic investments to enhance payer access led to another record of new patient starts in TRx for the quarter, further strengthening our leadership in the vMAT2 class. We remain confident that these market access initiatives will continue to drive long term growth for the INGREZZA franchise. For KRONESTIV, we once again outperformed internal expectations.

To date, KRONESTIV has been well received by both patients and prescribers, underscoring the significant unmet needs within the classical congenital adrenal hyperplasia community. With a strong product profile across efficacy, safety and tolerability, we believe KRONESTI is well positioned to become the standard of care for patients with classical PH and has all the attributes to be NurOpen’s second commercial blockbuster. Coming off a successful ENDO conference this month, I’m reminded of how far we’ve come. In fact, it was back in March 2015 at ENDO that we presented proof of concept data in CH with a TRF receptor antagonist. This year, over a decade later, I had the opportunity to meet directly with clinicians in the field, which gave me an even deeper appreciation for the impact we are making for CH patients and for the importance of the work we do every day at Neurocrine.

Putting patients at the center isn’t just a guiding principle. It’s what drives meaningful progress. It goes without saying we’re deeply grateful to the patients, their caregivers and families, and investigators who made this progress possible in partnership with the Neurocrine team. We look forward to our continued collaboration. Turning to the clinical pipeline.

We believe we have one of the industry’s deepest diversified neuroscience focused pipelines. I would like to welcome Sanjay Teswani, who officially joined us in June as our Chief Medical Officer. He joins Neurocrine at an exciting time as we have initiated multiple Phase III programs within a single calendar year with both ocevampatore and NVA-five sixty eight enrolling patients in registrational studies. At our upcoming R and D Day on December 16, we look forward to sharing additional data from both programs as well as our perspective on the psychiatry portfolio and progress in our R and D transformation. On the preclinical front, our R and D engine led by Chief Scientific Officer, Jude Onia, is advancing internally discovered biologics candidates towards the clinic, which further diversifies our mechanistic approach to address a broad range of diseases aligned with our expertise and strategic focus.

Overall, I’m pleased with our performance in the first half of the year. Looking ahead, sustained revenue contribution from both INGREZZA and now KRINESTY will enable us to further invest in advancing and expanding our pipeline and importantly, helping more patients than ever before and solidifying Neurocrine’s position as a leading neurology focused enterprise. With that, I will turn the call over to Matt. Thank you, Kyle, and good afternoon, everyone. Neurocrine’s evolution into a multiproduct growth company was underscored by $682,000,000 in net product sales during the second quarter, representing 17% year over year growth.

We expect the profile of both Cranesiti and INGREZZA to drive meaningful revenue growth and generate significant cash flow over the coming year, positioning Neurocrine to become a leading CNS company. Cranesity grew sequentially from $15,000,000 in Q1 twenty twenty five to $53,000,000 in Q2 twenty twenty five, reflecting strong early adoption by CAH patients and clinicians eager for better treatment options. Although only six months into launch, we are quite encouraged by what we’re seeing in terms of steady new patient starts. Greater than 75% of all dispense prescriptions being reimbursed and overall positive anecdotal feedback on product performance. As Eric says, so far so great, and kudos to everyone involved in this launch.

Shifting to INGREZZA. We delivered 624,000,000 in second quarter sales, including another record number of new patient starts, reflecting the fruits of the sales force expansion, our DTC campaign, and early positive signs from our investment in expanded access. Importantly, on both NRx and TRx front, we are seeing prescription market share gains in the 2025. While we expect to gain volume share for the remainder of 2025, dollar share will be impacted in the near term due to contracting. These are intentional investments that position INGREZZA for continued volume and sales growth as well as market share gains over the coming years.

Given current performance and considering market access investments for the remainder of the year, we’ve refined the INGREZZA net sales guidance range to 2.5 to $2,550,000,000 which accounts for anticipated double digit volume gains, partially offset by higher near term growth and net impact. Overall, INGREZZA is well positioned for continued growth heading into 2020 A few financial comments. Our capital allocation priorities remain intact, drive revenue growth, advance our R and D programs, enable business development, and return capital to shareholders. Our progress in the 2025 reflect these priorities with the strong launch of Cranesiti, continued INGREZZA growth and the initiation of our two Phase III programs for osavampatore in MDD and muscarinic schizophrenia trials. We have increased SG and A GAAP and non GAAP operating expense guidance by $25,000,000 to support continued Frenicity and INGREZZA sales growth, and we expect SG and A leverage throughout the 2025.

With $1,800,000,000 in cash and a strong balance sheet, we are well positioned to support our commercial and clinical development strategies for continued growth. With that, I’ll now hand the call over to Eric Benavitsch, our Chief Commercial Officer. Eric? Thanks, Matt. Q2 was a quarter of continued strong execution of our INGREZZA growth strategy.

Our strategic investments in the INGREZZA franchise over the past year are yielding tangible results. These investments, such as last year’s sales force expansion, enhanced marketing initiatives, and increased contracting for Medicare formulary coverage, combined with strong efforts from our commercial and medical teams, led to a record number of new patient starts and total prescriptions for the quarter. In fact, this was the second quarter in a row of all time high new patient starts. Q two sales of 624,000,000 represented 15% sequential growth and year over year sales growth of 8%. In addition, we saw continued prescription VMAT two market share gains in q two.

In q two and again in early q three, as Matt noted, we contracted to further expand Medicare formulary coverage for INGREZZA. We now have formulary coverage for approximately seventy percent of Medicare beneficiary lives in the TD market. These incremental rebate agreements were midyear adds to key formularies outside of the regular bid cycle. They substantially improve our coverage and will make it easier for patients and providers to start or reinitiating rest of therapy going forward. The formulary adds in q two and q three represent approximately a 25 increase in coverage in just two quarters and embodies the stellar work done by our market access team.

We acknowledge that these rebate agreements encompass prescriptions for all current INGREZZA patients insured under those plans, not just the new incremental patients. So we saw an impact on our gross to net, which somewhat offset our strong volume growth. However, we believe that over time, these Medicare formulary investments will allow us to grow our volume and share faster than we otherwise would. With less than half of the estimated eight hundred thousand TD patients as yet diagnosed and approximately thirteen more years of exclusivity, we believe these sales, marketing and access investments position the INGREZZA franchise well for growth in the years to come. Now turning to Crinesity.

The launch is off to a strong start with early results surpassing our internal expectations. In q two, we received 664 new treatment forms, and over a thousand have come in since we launched in late December. This was an important milestone for our franchise. Q two net sales were 53,000,000, more than triple our q one sales, and over 75% of all dispense prescriptions in the quarter were reimbursed. Clearly, we’re building strong momentum with this launch.

To date, we’ve seen widespread adoption across both pediatric and adult patients with a slight trend towards pediatric after two full quarters on the market. Furthermore, we’ve seen prescriptions written by a range of CAH health care providers, including those practicing at multidisciplinary centers of excellence, pediatric endocrinologists, and community based adult endocrinologists. Given the early stage of the launch, most individual prescribers have only initiated treatment for one or two patients so far, which is to be expected. Now let me share a little color on the launch. Earlier in July, our commercial and medical teams had a strong showing at the Endocrine Society Annual Meeting in San Francisco, where we presented 16 posters, including long term Prinectity efficacy and tolerability data and weight related outcomes.

Attendance

Conference Operator: at

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: our commercial and medical booth as well as our sponsored symposia was very good. Feedback from endocrinologists who have already treated patients with Cranestiti was quite positive, and the interest level was high amongst those who have yet haven’t yet had a chance to prescribe. With two full quarters complete, Cranescity’s performance continues to trend very positively. We have all the right ingredients here for our future blockbuster, high unmet need, strong efficacy and safety data, a broad and favorable label, and highly dedicated teams who put CAH patients’ needs first. Once again, I’d like to thank our commercial and medical teams for driving strong results for both INGREZZA and Proneciti in q two.

And with that, for the first time ever, I’ll hand the call over to my new colleague, doctor Sanjay Kaswani, our chief medical officer. Thanks, Eric, and good afternoon, everyone. Before I begin, I want to express how enthusiastic I am to join Carl and Neurocrine team as chief medical officer. I’d also like to acknowledge my predecessor, doctor I Roberts, for her remarkable leadership and a significant clinical advancements accomplished during her tenure. I’m grateful that I will continue to support us as a strategic adviser through the end of next year.

Now on to the clinical update. The registrational studies for both of the respiratory and major depressive disorder and NBI five six eight in schizophrenia are progressing well. Indeed, we have screened the first patient in our second phase three study in schizophrenia four, five, six, eight. And all the phase three studies, as well as the open label studies for five, six, eight and osavampirchol are up and running. And we anticipate top line data readouts for osavampirchol in 2027 and a bit late for the five six eight in the 2027, 2028 time frame.

Regarding data readouts this year, we disclosed in May that for the adjunctive treatment of schizophrenia, albenzene did not meet the primary endpoint of improvement in the positive and negative syndrome scale or PAM. Recall, this study was designed as a learning opportunity for our next generation dMAT two follow-up programs and has indeed provided valuable insights. Notably, we observed numerical separation and improvements in the valbenazine arm compared to placebo as well as physically significant improvement in positive symptoms. We look forward to sharing the full study results at an upcoming scientific meeting. Continuing with valbenazine, top line results from our phase three study for the treatment of dyskinetic cerebral palsy will read out in q four of this year.

In addition, the phase two proof of concept and dose finding study for MDI seven seventy are NMDA and r two b negative allosteric modulator. Will also read out top line data in q four. With a positive readout, these data could pave the way for a confirmatory phase two study or the initiation of a phase three trial. Turning to our new program, last month, we announced initiation of the phase one study for NVIT fourteen thirty five, a long acting corticotropin releasing factor one receptor antagonist, administered subcutaneously for the potential treatment of congenital adrenal hyperplasia. This program marks the first investigational peptide from our internal pipeline to advance into the clinic.

It’s also the first of what we anticipate to be many biological compounds advancing from chief scientific officer Jude Onia’s research division. Regarding our early stage muscarinic programs, we remain on track to initiate the phase two study of NBI five seventy, our dual m one, m four selected agonist for the treatment of schizophrenia. We also expect to report phase one results later this year for both NBI five six seven, our m one preferring dual agonist, and NBI five six nine, our m four preferring dual agonist. I look forward to engaging with many of you over the coming months ahead in advance of our r and d day at Neurocrine campus in San Diego on December 16. With that, I’ll hand the call back to Kyle.

Thanks, Sanjay. I think we’re ready for questions now.

Conference Operator: Thank you. At this time, if you would like to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue at any time by pressing star two. We ask that you limit yourself to one question so that we may take as many questions as possible. And our first question comes from Tazeen Ahmad with Bank of America.

Hi, guys. Good afternoon. Thanks for taking my question. So mine, I think, is gonna be for Matt. Matt, we know that you’re super detail oriented.

But taking that into account, you’re narrowing the top end of guidance by $50,000,000 and you’ve still got half of the year left. And, you know, I fully appreciate the comments that you made about having midyear ads and improving access on Medicare. But I guess how are you triangulating that level of

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: As you mentioned, I am detail oriented. And so I never like to have anything changed throughout the year, but that’s not the case of our business. It’s very dynamic. And on the pricing front, we had assumed a flat pricing coming into the year based upon the contracting in place. But throughout this year, we’ve been able to pull forward actually some major prod programs from in contracting from 2026 into 2025.

So from a pricing perspective, we went from flattish pricing expectations to, call it, negative 5% price decline for the year. And so I think that that should help triangulate where the guidance range is at. From a volume perspective, kudos to the team. Record numbers of TRx, record numbers of new patients, double digit volume growth. So on the volume side, everything is going well for us as well as in the marketplace.

This adjustment down on the top end really comes back to a change in assumptions around pricing.

Conference Operator: We’ll move to our next question from Phil Nadeau with TD

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Good morning or good afternoon. Thanks for taking our question. Congrats on the

Todd Tuchla, Vice President of Investor Relations, Neurocrine Biosciences: Chronicity number. It does seem to be launching much more quickly than most of us had anticipated. Can you talk about the dynamics you’re encountering at the clinics? In particular, were there any boluses of patients headed to clinic during the quarter? Any reason why we shouldn’t extrapolate the growth we saw in q two to to future quarters?

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Are there

Todd Tuchla, Vice President of Investor Relations, Neurocrine Biosciences: any other dynamics that we should consider as we try to digest the big number you just put up and and hope that portends for future quarters? Thanks.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yes. Hi, Phil. So I’ll comment and maybe Eiry has some additional commentary here. But before the launch and after Q1, we had sort of guided towards what we call the measured launch. And the reasons for that were primarily around patient flow through the practices.

We know that, adult patients usually only see their endocrinologists once maybe twice a year, pediatric patients two or three times a year. And endocrinologists had indicated to us that they intended to offer chronicity treatment as patients flow through. Those dynamics haven’t really changed. We’re still seeing that patients are being initiated subsequent to a to an in person visit. That being said, you know, we have seen strong adoption.

Obviously, we feel really good about the the pace of of patient starts, and and it’s building over time. Certainly, I think it’s a function of our ability to reach the endocrinologists and to get the word out within the patient and and family communities. So, you know, kinda getting back to this concept of a bolus. No. It’s it’s not really a bolus or, you know, patients that were necessarily waiting, for Cranesiti because for the most part, people weren’t aware of it prior to its approval.

But we have seen what I would describe as very steady and consistent adoption. And certainly, we view the activity that we have at Endo as sort of another booster for us in terms of being able to accelerate that awareness within the endocrinology community.

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: Hi, Phil. Thanks. The only thing I’d add there is I mean, I do think we have a lot of interest and excitement out there in the community, and we certainly felt that during our participation in ENDO. And that comes from both the clinicians and also the patients. We heard from several of the clinicians that we work with on the medical side that they were receiving a lot of questions from patients and requests from patients to get in and get the opportunity to talk about crone cronephity.

Certainly, the other place you think of a bolus is if there was one coming from the clinical trial environment. And as as you know, we signaled that we were shutting down the adult open label trial, and those patients are steadily moving on to commercial chronicity. So it isn’t a bolus effect there either. And, obviously, we still have our pediatric open label extension trial going, which is gonna provide us with longer term clinical data that we think will be very important.

Conference Operator: We will move next to Paul Matias with Stifel.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hey. Congrats on the great progress with Sanofi. Thanks for taking my question. I was wondering if you can share any data or metrics or early quality of color on how concentrated prescribing has been at this point. If we look at some other rare disease launches that have had a great start, but maybe tapers off after a bit, it feels like there can be this sort of CoE academic dynamic and then the patient acquisition effort increases over time as you have to go to the community.

So how do you think CAH stacks up with these sort of treatment dynamics and what you’re seeing with Prinectity? Yes, Paul. So certainly, we’re very excited about the adoption that we’re seeing. Prior to the launch and subsequently, our estimate has been that if you think about sort of three segments of endocrinology prescribers, we’ve got our centers of excellence that are accredited, and then there are others that are not accredited by the Cares Foundation. Overall, you know, we we estimate that around 15% or so of the total CH patient population flows through a small number of those centers.

Let’s call it, 20 or less. And then, you know, an important segment is also the pediatric endocrinologist. There’s a little over a thousand of them out there. They care, you know, for, all of these pediatric patients and even some of the young adults. And then there’s the community endocrinologists.

And that’s where, you know, as we say, the the tail gets long. Ultimately, though, this isn’t a super concentrated patient population. You know, somewhere north of 20,000, we estimate, in The U. S. And most of the adult community endocrinologists, if they have PH in their practice, they have one or two patients.

And so in my prepared remarks, I commented that most of the prescribers so far have written for one or two patients. And in some instances, that’s all they have. But certainly, we see a lot of HCPs that have yet to prescribe. And in those centers of excellence, there’s still a lot of room for growth in terms So it’s still early days yet.

We’re two quarters in. We’re pleased with the the trajectory of the launch. But, you know, for the most part, this isn’t a super concentrated patient population.

Conference Operator: Hi, Paul. The only thing

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: I’d add there is that I think we are hearing that given the breadth of the label and the efficacy and tolerability data that was generated for Coneste that the ease of starting the therapy is helping ensure that it isn’t something that is requiring that center of excellence presence in order to be able to get patients onto the medication.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Sorry. This is an exciting one. So the last bad year from the team. When you look at how steady the new patient additions were without throughout the quarter, I mean, was very consistent within pretty tight range week by week. So I think if we would have had some inflection or some bolus effect, I don’t think you’d see the steadiness in terms of overall adoption and new scripts written each week.

So kudos to the team for for finding these patients and getting them help and then also for reimbursement team, to be able to have above 75%, of scripts reimbursed, at this point. Just quite a, accomplishment.

Conference Operator: We’ll go next to Corey Tasimov with Evercore.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hey. Good afternoon, guys. Thanks for taking the question. Wanted to follow-up on Eiry’s earlier comment on the adult OLE program and patients rolling from that over to commercial products. Are you able to provide any more granularity there in terms of percentage of patients that have moved over?

Whether you would expect the rest to follow through? Are there any nuances in this process that would perhaps prevent them from doing so? Thank you. Hi, Corey. So we’re talking about less than 40 patients here.

And you’re going to see some of those we saw some fall into Q2 and some fall into Q3. So in the context of over six hundred patient starts in the quarter, pretty de minimis in terms of the overall landscape of what we’re seeing with Cranesiti.

Conference Operator: We’ll go next to Jay Olson with Oppenheimer.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Oh, hey. Congrats on the Cranesity launch success, and thank you for providing this update. I wanted to thank Eiry for her substantial contributions and wish her all the best. And I also wanted to welcome Sanjay. So congratulations on joining the team.

And could you please share with us some of the key findings that you learned from your due diligence that attracted you to Neurocrine? Thank you. Nice to meet you, Jay. Yeah. I’m super excited to join Kyle and the Neurocrine team.

Yeah. I’d also like to acknowledge Eiry, who’s sitting just beside me, for her terrific leadership. Yeah. In terms of some of the reasons I joined, I thought the company was really the transformational stage evolving from primarily a small molecule to product company to potentially a multiple modality company targeting multiple therapeutic areas with multiple products. So the potential here to positively impact the lives of many patients and their families who are suffering with unmet need is a major source of motivation for me.

With respect to the portfolio, my perspective is that the late phase psychiatry portfolio has a high quality of success. I think they’re essentially validated targets. And I’m also really excited by our large early phase portfolio, which largely comprises large molecules such as bispecifics, antibody drug conjugates, and peptides with many of these programs having transformational potential. And as Carl mentioned, we’ll discuss some of this at our r and d day later this year. So I think that Miracle Groove has walked the talk with respect to substantial r and d investment.

So thank you for the question.

Conference Operator: We’ll go next to Brian Abrahams with RBC Capital Markets.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: I’m curious if you could talk about what’s geared your decision to contract INGREZZA midyear. How long these contracts we should think about these contracts generally being in place for? And should we not expect now additional contracting shortly after the new IRA price is established for your competitor? Brian, is Kyle. You probably heard from me when I stepped into the role, a lot more conversation about looking at maximizing, access for patients.

I think it’s something that is important to me and the company, and it’s always been a north star for us to do that for patients. We think that’s in their best interest in terms of offering options for their care. I also think it provides a great deal of flexibility for us, moving into the new era of IRA that starts next year with the first round of 10, that goes through their their price negotiation. As you know, with the contracting process, this starts well advanced of the year that you’re looking to actually observe your your new price, if you will. And our contracting efforts that we outlined here were actually started initiated with the mindset that that we begin in 2026.

And, obviously, when you start the year in these discussions, you don’t know where they’re gonna go, but we got them to a good place for ’26 and the opportunity to accelerate or pull them forward into 2025. So you saw some of the efforts there result into an advantage for us starting in q two and then another one that has played out for the start here in q three. So that’s where we are today on this. I think that’s part and parcel of where we landed on narrowing the band of our guidance to 2,500,000,000.0 to $2,550,000,000 But I do want to go back to a point that Matt started earlier in the call. What we saw here in q two, was a second quarter of new record, new prescriptions as well as total prescriptions, and that led led to a market share increase in the brand prescriptions as well as total prescriptions.

That doesn’t happen by chance eight years in the commercialization. It really is a function of sound business fundamentals, and this is across our sales force expansion that started later late last year through the marketing initiatives that we outlined for this year and the market access advantages that we now have. So you pair those together with a very strong demand in the patient segment within TD, and we’re seeing the uptick in the volume that we think is very important for our business this year in terms of new patient starts, but even more important in 2026. We’re gonna start off on day one on a good foot and really have a strong year. So I think that gives you a nice feel for our contracting process and thoughts here for this year in ’26.

Conference Operator: Oh, my next

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: question is from Rama.

Conference Operator: I’m sorry. Please go ahead.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. I I think, Brian, you were also wanting some clarification around any additional contracting that we would expect to take place and just do wanna build on what Kyle said in that, you know, we believe this sets us up really well for 2026. So sitting here right now, I do not expect or or believe there’s gonna be any major contract signed that would segregate pricing further from how we’re exiting 2025. So sitting here right now, we would expect very similar pricing into 2026 based upon the amount of coverage that we have. But we’ll, of course, update everybody if that were to change.

Conference Operator: We’ll go next to Anupam Rama with JPMorgan.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hey, guys. Thanks so much for taking the question, and congrats on the KRONECZIE launch. Quickly on the valbenazine schizophrenia update, what are you learning from that study on VMAT2 mechanism in schizophrenia, target population considerations or trial design considerations as you look to the next gen bMAT two? Thanks so much. Yeah.

I think it’s as you’ve mentioned, important to understand that that study in ATS was a learning opportunity for us, specifically for our VMAT to follow on program. So what we saw was essentially some positive efficacy signal in the positive scale within the PANSS score. And so I think that will be very helpful in terms of understanding the target patient population for the other programs that are following valbenazine. But I don’t know, Ira, if you wanna mention some of it.

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: Yeah. No. Happy to. Nice to talk to you, Anupam. I think the first thing to say was it was a a well designed, a well controlled, large study.

So, actually, I think we were very pleased with the level of the data and information we were able to get out of the study. So that was a good thing. Secondly, I think it’s really helpful that it confirmed in a larger population of 400 patients the safety and tolerability profile that that we knew was there for valbenazine, but it’s good to see it in these more acutely unwell individuals. We obviously beyond the the PANSS positive score and the PANSS total score, we’re able to look at a whole series of, you know, the sub scores and additional quality of life functional measures and other things of that sort. And what I’ll say is that there were some interesting signals in there across the sub scores that we will intend to publish on in due course over the next the next few months.

And we’ll obviously use that knowledge as well to inform the next generation of vMAT two inhibitors in terms of choice of patient population, indications, and other elements.

Conference Operator: We’ll move next to Brian Skorney with Baird.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Good afternoon, everyone, and thank you for taking the question. Also on for Neste, congrats on a really strong quarter. Was hoping you could maybe give us a little more detail on the derivation of that picker. Is there any inventory dynamic in this quarter? And can you disclose the number of billed prescriptions represented here?

It just seems hard to calculate more than like 2,000 TRx in the quarter given the patient’s heart forms and reimbursement numbers you gave us, which puts the net TRx somewhere in the, you know, high 20,000 range. I guess, are we in the right ballpark with those numbers? And how do you think about pricing going forward both on sort of gross to net and mix of adult and pediatrics? Yes, Brian. On the inventory front, because I’ve seen some notes on this.

But on the inventory front, what we had in the quarter was a build of around $5,000,000 So that’s just reflective of growth in the channel as the scripts continue to grow. As we’ve said before, very consistent demand throughout the quarter, very good job from our pharmacy getting patients ultimately on therapy and gross to net so far has largely been on the heels of of co pay assistance as well as some distribution fees and costs. And like we’ve said, I haven’t been at a place of contracting yet. So good job to the team so far.

Conference Operator: We’ll go next to Yatin Suneja with Guggenheim Partners.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hey, guys. Thank you for taking my question. I have a question regarding the the IRA implication. If you can just maybe talk about what how do you envision the the access to ship out? I mean, what would be the end goal?

Will you seek access at Parity once we know the negotiated price? I’m just curious, you know, if you can outline that dynamic for us the best you can and also, you know, your expectations on how, you know, is that a one drop will be mandated versus the other? Thank you so much. Yes. This is Kyle.

I’ll start a response here. I’ll I’ll ask Eric to fill in any holes in my my my answer here. I think for IRA, I mean, there’s a couple pieces here that I would point you to. There’s our own IRA moment in 2029. That’s when our negotiated price is enacted.

And then there’s our competitor in the space with duteroid tetrabenazine in 2027. And if you wanted to speak to the near term, events, with our competitor, I think we start with we acknowledge we don’t have all the answers what’s gonna happen due during an IRA. I don’t think anyone does. So I think if we all acknowledge that piece, it’s a good place to to land on. In 2025, we’re gonna see what happens with other brands in the same categories where medicines are negotiated.

So I think we’ll have some learnings there. And then the therapies I’d point out is, you know, our goal here is to maximize the number of patients on INGREZZA as part of our maximizing our access strategy here. And I think that’s important to point out because INGREZZA is incredibly sticky. Patients, when they start INGREZZA, they tend to stay on it. So when it comes to 2027 and years between that and our own IP moment in 2029, we are talking about the new patients primarily.

And we think that we’re on a good footing here with the differentiation that we offer for INGREZZA relative to our competitor in the space when they go through their IP moments. Maybe I’ll stop there. Eric, anything to add? Yeah. Just wanna reinforce that I think we’re all gonna learn together in 2026 in terms of how health plans are managing various classes where there’s one or more negotiated products.

And certainly, our our overall strategy from from an access perspective is to have broad access and and parity. And, over time, we’ve been very successful with that. Obviously, you know, we commented that in 2024, we started to see some tightening of of access in terms of health plans starting to reject more claims and so on. This wasn’t specific to INGREZZA. This was more of a broader industry trend, and that’s, you know, carried forward into 2025.

Frankly, that’s one of the reasons that we’ve invested in access because, you know, we believe it’s it’s very important to make it as easy as possible for providers and patients to get on on product. And, certainly, this these increased investments that have led to a higher proportion of of covered lives in Medicare sets us up well for 2026 and beyond. So, you know, we’re we’re going to very carefully monitor the environment, but ultimately, the goals don’t change. We wanna help patients. We wanna make it available.

And how we go about doing that is probably going to evolve over time. Hi, Jess. Are you there?

Conference Operator: Hi. You

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: heard me. Hi, Amy.

Conference Operator: Hi, Jess. Good morning. I I

Sanjay Kaswani, Chief Medical Officer, Neurocrine Biosciences: couldn’t okay. Great. Thanks for taking my question. A question on pregnancy. Can you give us a sense of the penetration across the different segments of the market from a physician perspective that you’ve talked about?

And you mentioned that at present, mostly physicians have one or two patients on treatment, and that is likely to evolve over time. How long do you anticipate physicians, you know, sort of limit to maybe, you know, a handful of patients before they feel like they have enough experience with the treatment to start to expand that? Thank you.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. So I’ll I’ll kinda go back to some of my prepared remarks. You know, we we recently crossed an important threshold of having over a thousand interactives submitted a treatment form submitted into our into our patient hub. And most endocrinologists have only that have treated have only treated one or two patients so far. And the reality is, as I mentioned earlier, this is sort of Most of the adult endocrinologists that they have any classic CEH patients in their practice, they might have one or two.

So in some instances, they’ve treated all the patients that they have. However, you know, especially within pediatric endocrinology and and in the centers of excellence, there’s still a lot of untreated patients. And so we have a long way to go, frankly, in terms of adoption. It’s still two quarters into into a launch. And there’s certainly endocrinologists have yet that we have yet to meet with and to walk through the clinical data and the labeling.

So I would say, you know, if you want to try and doc calculate how many prescribers there are, certainly looking at the number of treatment forms coming in and sort of that ratio where most of only one or two, you can get a sense that it’s less than that total number. But ultimately, I think that we’ll see how things evolve as we move further into the launch and we continue to raise the awareness of, not only the availability, but of the benefits of Prinectity.

Conference Operator: We’ll go next to Corinne Johnson with Goldman Sachs. Good afternoon, everyone. I wanted to ask on the reimbursement process from here. When you anticipate transitioning to more of a formulary driven process, and how do you anticipate that could impact net pricing on Cranesiti?

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. Let me let me tackle that. So at launch, Cranesiti was a non formulary drug everywhere. And our expectation is that in some instances, health plans will decide to do a formulary review and, you know, often they’ll add it to formulary. But given that it’s a class of one, it’s more likely that in many instances, they won’t bother to do a formulary review when it will remain as a non formulary product.

That doesn’t mean that it’s not covered. And certainly, we’re very pleased with the, the rate of reimbursement that we’re seeing. Our expectation, coming out of the gate with the approval was that in most instances, patients would need to go on to our free goods program for a month or possibly longer before getting their, prescription claim approved and then transitioning over to commercial, commercially reimbursed product. The reality is that, we’ve been pleasantly surprised that the, fast rate of approvals for these claims, most patients don’t need to go on free goods. And that’s the, statistic that over three quarters of all the expenses, both in q one and in q two, have been reimbursed product.

So, just to set expectations, I don’t know that we’re ever going to be in a place where, you know, we’ll provide, formulary coverage statistics because, in many instances, health plans will continue to reimburse as a non formulary product, given the size and scope of this category.

Conference Operator: We’ll go next to Danielle Brill with Truist. Hi, guys. Good afternoon.

Sanjay Kaswani, Chief Medical Officer, Neurocrine Biosciences: Thanks for the question. You mentioned that some of the, data that you presented at endo, and I was just curious about some of the feedback that you received there from the prescribing community, specifically as it relates to, like, the change in glucocorticoid dose at one year remaining relatively flat for twenty four weeks and how we should think about that. And then same thing on the insulin resistance data that you presented. It seems like we don’t see further benefits beyond twelve months. Is there anything to read into there or why might that be?

And then at any point in time, will we see any additional clinical data such as bone age data or other benefits from lowering steroid doses? Thank you.

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: Hi. Hi. It’s Ira here. I’ll address the last bit first. Yes.

We do have ongoing open label trials for concede both in adults and pediatrics. The adult patients being outside The United States, pediatrics being worldwide. And our intent is to continue to publish over the long haul from those studies because we do believe that those longer term clinical data are absolutely critical. Just as a reminder, this was the first time that we had presented one year data from our registrational program. And the first time we’ve really been able to concentrate on those clinical outcomes that are so important to patients and to clinicians.

And just, again, by means of kind of reminding everyone, you know, the the impact of crinecerfont directly, crinecerty, is to have a direct impact in lowering androgens. And so we’re interested in understanding the long term impact of controlling those androgens over twelve months period and even beyond. And then secondly, as a result of that reduction in 17 o HP, ACTH, and androgen levels that we’re able to achieve directly with cronecety, we are able to reduce the steroid dosing in these patients from the super physiologic doses that are required to control the disease in the absence of chronicity. Going into the release of data from this program, he had said, and this is supported broadly, that any reduction in steroid dose was beneficial to patients over a lifetime. And I think that is in fact what is playing out.

What we saw in the one year data was a consistent a small, modest effect, but a consistent effect across many metabolic parameters including weight, Homer IR, the insulin resistance that you referred to. And, you know, that is a clinically beneficial change that we saw there that results in a a potential for improved outcomes over a lifetime for those patients. So it’s extremely important. We also saw changes in scores such as her two hirsutism scores in in females, which are important in terms of looking at the direct androgen effect. So in with the release of all those data, I will say that the the response from the community was actually very positive.

Clinicians were very interested and excited in the data. Looking forward to obviously continuing to follow those data over time, but it’s a really good start from our point of view in terms of how we’re able to serve patients.

Conference Operator: We’ll go next to Mel Het Vanzal with Wells Fargo. Your line is open. Please go ahead or check your mute button.

Todd Tuchla, Vice President of Investor Relations, Neurocrine Biosciences: I guess we’ll catch Mohit on the flip side. Can we go to the next one, Jeff?

Conference Operator: We will go next to Ash Verma with UBS.

Sanjay Kaswani, Chief Medical Officer, Neurocrine Biosciences: Hi. Thanks for taking my question. Just a quick one on kind of the commentary that you made. So I don’t know how to use reimbursement for a six month or a six month or one year basis. And then when clinic is up for reauthorization for these patients, would that require steroid dose reduction based on what you can terminate now?

Thanks.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. So if I understand your question correctly, it’s related to reauthorization. You know, what are we seeing in terms of the authorized number of bills and and timing for the authorization and what kind of criteria are required. For the most part, you know, what we’re seeing is patients either getting an offer six prescriptions, bills authorized initially or 12. That seems to be the pattern generally.

And, for the most part, plans have that if they have published their, approval criteria, they haven’t necessarily published a reauthorization criteria. But, typically, what we’re seeing now is sort of that first early cohort of patients that might have gotten on to commercial product early in the launch that are getting reauthorized. Generally, it’s the it’s the provider, affirming that they’re benefiting from treatment. So we’re not seeing any, hard and fast, thresholds of of, GC dose or GC dose change or, you know, needing to provide labs, related to the ACTH for the androgens. So for the most part, the reauthorization process has been going about as smoothly as the initial authorization process.

Conference Operator: We’ll go next to David Amsellem with Piper Sandler.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Thanks. So I had a question on the muscarinic in the pipeline, the M1 and M4 agonist five seventy. I’m sure you’re watching Bristol’s work with Kobenti with significant interest. And what I wanted to ask is, to the extent that ADEPT-two study in Alzheimer’s psychosis reads out favorably later this year, how does that play into your development plans potentially to get more aggressive with the advancement of five seventy, say, in AD psychosis or potentially other indications? I know you have the schizophrenia study enrolling, but how are you thinking about that more expansively just given its mechanism and that it’s preceded by another m one, m four that’s on the market?

Thank you. Alright. Great. Yeah. So we are watching Kobenzi data with interest.

Although, we have quite a robust muscarinic portfolio. So we have a number of m one preferring as well as m four preferring agonist, and as you mentioned, a dual m one m four five seven zero. So we have a number of choices in terms of which ones we take to various indications. Indeed, AD psychosis is a really important indication for the field, and we are interested in that. It may be with five seven zero, but we have other muscarinic agonist, which actually may be better suited for that rather elderly population because potentially, there’s a superior safety profile associated with it.

Are there any more questions? Any more?

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: No. I think that was well said. And I just to pick up on what Sanjay said at the end, I think one of the things that, obviously, we’re watching the Covenpy data very closely. But, you know, we do believe that the direct agonist approach here without the need for an add back, particularly in that older population, could provide an opportunity for differentiation if we were to go forward.

Conference Operator: We’ll go next to Mark Goodman with Leerink Partners.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. Matt, just to confirm this negative 5% INGREZZA ASP comment for the year. Is this a full year impact? Because I’m kind of assuming that the second half is lower than the first half for ASP. So when you say there’s no change for ASP in 2026, are you referring to the full year ASP?

Are you pulling to where you actually are kind of ending the year, which is lower than kind of the average for the year, if you understand my question? Yes. Regarding the 2026 traject the trajectory comment, how we’re exiting the year in 2025 would be what you would expect to continue into 2026. So appreciate that clarification. In addition to that, on the the net price comment for the year for 2025, the negative 5% price, as you mentioned, it’s more concentrated in the second half of the year.

So that was a full year commentary. So is safe to assume that price headwind is a bit more in the second half as compared to the first half. But with that said, I think you take a step back and you look at the volume gains that we expect to have, and it’s just an incredible market and feel like we’re really well positioned with these formularies to continue to grow and build the market.

Conference Operator: We’ll go next to Miles Minter with William Blair.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Can you just remind us of the discontinuation rate for KRONECIDY and the one year open label extension for the pediatric and the adult studies, I mean, that still probably the best proxy we have for the annualized retention rates on KRONECIDY in the real world? Or there are other case, like, if we have to consider for retention basis? Thanks very much.

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: Yeah. I’m hi, Miles. I think the first thing to say is that we were very favorably surprised, I guess, at how well tolerated and how safe Pronecety was across the adult and pediatric population. That’s the first thing to say. We had just a very small number of patients discontinued during the course of the program, and more than ninety five percent of the patients roll over from both the pediatric and the adult program into the open label extension.

Many of those patients have now been on study for greater than three years, and we still continue to see very low discontinuation rates and the continued improvement in in in the outcome for those patients.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: So it’s still early in the launch cycle for Cranesiti, and we’re watching that, of course, over these first six months. But that’s a key variable as we think about what’s the long term potential of Cranesiti. And that’s something I think we’re going to know a lot more here in the second half of this year as well as then into the first half of next year. Do you see patients getting blood draws and understanding glucocorticoid titration? But from a safety and tolerability perspective, as Eiry said, three years of patients on therapy, we have a lot to believe in, in terms of high levels of adherence.

Yes. One last point to make in terms of the difference between real world and and clinical trial experiences. You know, typically, in in the real world with the medicine, affordability and coverage can impact persistency. We’re seeing really, really good coverage, and we and we, you know, believe that, chronicity is very affordable for patients, you know, between, the co pay buy down and the other programs that we have. So we don’t expect insurance to be a barrier to persistency.

Conference Operator: We’ll go next to David Huang with Deutsche Bank.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Congrats on the quarter, and thanks for taking my questions. So first, I just wanted to ask in terms of INGREZZA. So a competitor, the tab that I reported this morning, I believe they raised their guidance for their product, Fetto, for the year. Is there anything to maybe read into that as pertain to the relative growth of INGREZZA versus your competitor this past quarter and market share in terms of dollars? And then just quickly on CAH, I think you talked about twenty ks prevalent patients in The U.

S. Do we have a sense of what percentage is regularly followed in clinics maybe from things like medical claims data? Thanks a lot. Yes. This is Kyle.

I’ll take your first question. When it comes to our competitor in the space, we don’t really speak to the dynamics of their marketplace and what they’re looking at. I think from the perspective of INGREZZA, I’m extremely encouraged by the volume growth that we saw this quarter. And I do want to reiterate, we increased our market share on both new to brand as well as total prescriptions. And so I think that we’re really happy with the performance in the first half of this year.

You combine that with our initiatives that we put in place starting the year with our additional market access, and we are looking forward to a strong second half as well. So I think I’ll leave that there for the time being. And then on the Kinessi side of things, Eric, do want to comment on that? Yes. I just want to reiterate that our estimate is greater than twenty thousand patients in The U.

S. And the reason that it’s an estimate and not a firm number is that some of these patients there first of all, there is no specific ICD 10 diagnosis code for classic CAH. There is a CAH diagnosis code, but that encompasses both classic and non classic patients. And if you look at the medical literature for every classic CAH patients, there’s three or possibly four non classic patients. So, you know, we have had to triangulate, either doing a thorough medical, literature and claims data and so on to to get at that number.

Some of these patients don’t have the the CAH diagnosis code at all, for various reasons. And so, you know, we feel like that twenty thousand number in The U. S. Is is a good estimate for the overall prevalent population, subset of them that are more easily findable, I guess, is the way I would put it. And certainly, there are, you know, that are under the care of an endocrinologist, for example.

But there are are certainly a cohort of classic patients that are not under the care of an endocrinologist, and they’re probably being seen by internal medicine, family medicine, or even OB GYN. So it you know, we we will learn more about this market as we get deeper into the launch.

Conference Operator: We’ll go next to Sumant Kulkarni with Canaccord.

Matt Abernathy, Chief Financial Officer, Neurocrine Biosciences: Yes. And thanks for taking my question, which is science based, but could have significant strategic and stock stock implications. You have several years of internal experience in CRF one receptor antagonist. Corticotropin is involved in stress response, and there’s some intriguing external preclinical data on binge eating and this approach. Now that you’ve presented one year data on weight related effects of conicity at endo, what are your thoughts on using this approach specifically for weight loss, especially as you have a longer acting version in the works which could help in compliance in that setting?

Ira Roberts, Strategic Adviser/Former Chief Medical Officer, Neurocrine Biosciences: Yeah. We’re truly very encouraged by the data that we saw from the one year readout recently at endo for chronicity. And as you can probably imagine, we have a wealth of knowledge about c r f one antagonism and c r f biology here at Neurocrine. So as we go forward, we’ve been considering a broad range of potential indications. And, also, obviously, we have a breadth of other research projects in our pipeline that may well seek to address some of those, challenging disease areas moving forward.

Conference Operator: We’ll go next to Sean Lammen with Morgan Stanley.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hi. This is Michael Riyadh on for Sean Lammen. Thank you for taking our question. For INGREZZA, could you comment on the current volume split between the neurology, psychiatry and long term care channel? And regarding the double digit volume growth you expect this year, could you provide any more color on respective contributions to that volume growth from the respective channels?

Yes. I mean, what we saw was strong growth really across all three of the business segments. Overall, accounts for about 60 or so percent of our volume and 65% maybe. And then the balance is split, you know, between the other two segments pretty evenly. But all of them are growing at approximately the same rate.

So we’re really pleased with the overall growth trajectory for the franchise.

Conference Operator: We’ll go next to Laura Chico with Wedbush Securities. Thanks very much for taking the question. On Carnicity, I wanted to dive into a little bit more about the cadence of prescribing and kind of just clarifying one, have the majority of patients transitioned from studies to paid for status at this point? And two, as we’re thinking about increasing breadth of prescribing, I guess, is there kind of an upper limit as to how many patients, physicians are going to be able to manage on Trinacity? I guess, is there any capacity constraints that you can share?

Thank you.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah. We don’t see any capacity constraints in terms of of managing patients on Trinacity. It fits right into how they’re already being cared for, and we have a really good pharmacy partner to help with that. And and so I I’ll I’ll leave it there.

Conference Operator: I’m gonna

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: take our final call. Laura Laura, I forgot to mention. In regards to clinical trial patients, as I said earlier on the call, it’s less than 40 patients, and you could assume half of them came on board in Q2 and the other half are going to come on board in Q3. So it’s pretty de minimis in terms of overall new patients that are being added to therapy.

Conference Operator: And we’ll move to our final question from Evan Seigerman with BMO Capital Markets.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hi, Thank you so much for taking my question.

Todd Tuchla, Vice President of Investor Relations, Neurocrine Biosciences: I wanted to

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: touch on some of the thinking behind moving five six eight, excuse me, into Phase three. I know that Phase two trial is going see a dose response. Can you walk me through what you were able to look and get in the data to give you confidence in moving to this longer Phase two program? Thank you so much. Well, I think we’ve discussed the the merits of moving five six eight into phase three.

I I will mention here we do have an I and n name, so I wanted to give a shout out to the team for us for this meeting of dereclidine. So stay tuned on that. We’ll be able to put that in future, correspondence and releases, out there. I think, again, I’ll refer back to our phase two commentary around the totality of the data that we have. All doses worked in our phase two And for the dose that we selected for phase three, we hit the primary endpoint with all the secondary endpoints as well.

Very attractive profile overall from a efficacy, safety, and tolerability profile. We think that will differentiate quite nicely if we’re able to reproduce those results in Phase III relative to cobenci out there today.

Conference Operator: And that will conclude the Q and A session for today. I’ll turn the program back Kyle Gano for any additional or closing remarks.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Thanks, Jess. Thank you all for your thoughtful questions and engaging discussion this afternoon. We cover a lot of ground, in particular, across our commercial portfolio and our pipeline. And I hope you’re seeing a transition of the company to one by both revenue growth and diversity, as I say, revenue diversity, moving forward with both INGREZZA and Cranefity. Look forward to connecting at upcoming health care conferences and certainly in our r and d day on December 16.

So thanks again for joining. Talk to you soon.

Conference Operator: Thank you. Ladies and gentlemen, that will conclude today’s call. We thank you for your participation. You may disconnect at this time.

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