Earnings call transcript: Neurocrine Q2 2025 shows strong sales growth

Neurocrine Biosciences reported robust financial results for the second quarter of 2025, driven by significant growth in product sales, particularly for its flagship drug, INGREZZA. Despite these gains, the company’s stock saw a slight dip in premarket trading, reflecting mixed investor sentiment amid increased operational costs. According to InvestingPro data, the stock has demonstrated impressive momentum with a 43% gain over the past six months, suggesting strong market confidence in the company’s growth trajectory.

Key Takeaways

• Neurocrine Biosciences achieved a 17% increase in net product sales year-over-year.
• INGREZZA sales rose by 8%, with record new patient starts and increased Medicare coverage.
• The company revised its SG&A guidance upwards by $25 million.
• Stock experienced a minor premarket decline of 0.45%.

Company Performance

Neurocrine Biosciences demonstrated solid performance in Q2 2025, with net product sales reaching $682 million, marking a 17% increase from the previous year. The company’s flagship product, INGREZZA, contributed significantly to this growth, with sales climbing 8% year-over-year. Prenepsi, another key product, also showed strong performance, with sales increasing from $15 million in Q1 2025 to $53 million in Q2 2025.

Financial Highlights

• Net product sales: $682 million (+17% YoY)
• INGREZZA sales: $624 million (+8% YoY)
• Prenepsi sales: $53 million (up from $15 million in Q1 2025)
• Cash on hand: $1.8 billion

Outlook & Guidance

Neurocrine Biosciences has refined its net sales guidance for INGREZZA to between $2.5 billion and $2.55 billion. The company anticipates continued growth for both INGREZZA and Prenepsi, supported by expanded Medicare coverage and strong market adoption. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with analysts setting a consensus high target of $200. The company’s revenue CAGR of 24% over the past five years underscores its strong growth trajectory. Future clinical milestones include the release of top-line data for osavampator in 2027 and NBI-568 data expected between 2027 and 2028.

Executive Commentary

CEO Kyle Gano emphasized the company’s patient-centered approach, stating, "Putting patients at the center isn’t just a guiding principle, it’s what drives meaningful progress." He also highlighted the potential of Prenepsi, noting, "We believe Prenepsi is well positioned to become the standard of care for patients with classical CAH."

Risks and Challenges

• Increased SG&A expenses may impact profitability.
• The potential for increased competition as exclusivity for INGREZZA eventually diminishes.
• Broader market volatility could affect stock performance.

Neurocrine Biosciences remains focused on expanding its neuroscience portfolio, with a planned R&D Day on December 16th to further discuss its pipeline and strategic initiatives.

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

Conference Operator, Call Moderator: Everyone, and welcome to today’s Neurocrine Biosciences Second Quarter 2025 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. You may withdraw yourself from the queue by pressing star two. 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 Tushla. Please go ahead, sir.

Todd Tushla, Vice President of Investor Relations, Neurocrine Biosciences: Thank you, and happy Wednesday, everyone. Welcome to Neurocrine Biosciences Second Quarter 2025 Earnings Call. With me today are Kyle Gano, Chief Executive Officer, Matt Abernethy, Chief Financial Officer, Eric Benevich, Chief Commercial Officer, Eiry Roberts, and for one first time as Chief Medical Officer, Sanjay Keswani. 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 to review the risk factors discussed in our latest SEC filings. After prepared remarks, we will jump into Q&A. I now turn the call over to Kyle.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Thank you, Todd. Good afternoon, everyone. We were especially pleased with our standout second quarter that delivers 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 Prenepsi. For INGREZZA, our strategic investments to enhance payer access led to another record of new patient starts and TRX for the quarter, further strengthening our leadership in the DMAT2 class. We remain confident that these market access initiatives will continue to drive long-term growth for the INGREZZA franchise. For Prenepsi, we once again outperformed internal expectations. Today, Prenepsi 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 Prenepsi is well positioned to become the standard of care for patients with classical CAH and has all the attributes to be Neurocrine Biosciences’ 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 of 2015 at ENDO that we first presented clinical concept data in CAH with a CRF 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 CAH patients and for the importance of the work we do every day at Neurocrine Biosciences. 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 to make this progress possible in partnership with the Neurocrine Biosciences 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 Dr. Sanjay Keswani, who officially joined us in June as our Chief Medical Officer. He joined Neurocrine Biosciences at an exciting time as we have initiated multiple Phase III programs within a single calendar year with both osavampator and NBI-568 enrolling patients in registrational studies. At our upcoming R&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 the R&D transformation.

On the preclinical front, our R&D engine led by Chief Scientific Officer Jude Onyia 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 Prenepsi will enable us to further invest in advancing and expanding our pipeline, and importantly, helping more patients than ever before in solidifying Neurocrine Biosciences’ position as a leading neurology-focused enterprise. With that, I will turn the call over to Matt.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Thank you, Kyle, and good afternoon, everyone. Neurocrine’s evolution into a multi-product growth company was underscored by $682 million in net product sales during the second quarter, representing 17% year-over-year growth. We expect the profile of both Prenepsi and INGREZZA to drive meaningful revenue growth and generate significant cash flow over the coming year, positioning Neurocrine to become a leading CNS company. Prenepsi grew sequentially from $15 million in Q1 2025 to $53 million in Q2 2025, 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 dispensed 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 million in second quarter sales, including another record number of new patient starts, reflecting the fruits of the salesforce expansion, our GTC campaign, and early positive signs from our investment in expanded access. Importantly, on both NRX and CRX front, we are seeing prescription market share gains in the first half of 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 $2.55 billion, which accounts for anticipated double-digit volume gains, partially offset by higher near-term gross to net impact.

Overall, INGREZZA is well positioned for continued growth heading into 2026. A few financial comments. Our capital allocation priorities remain in path to drive revenue growth, advance our R&D programs, enable business development, and return capital to shareholders. Our progress in the first half of 2025 reflects these priorities with the strong launch of Prenepsi, continued INGREZZA growth, and the initiation of our two Phase III programs for osavampator in MDD and muscarinic schizophrenia trials. We have increased SG&A GAAP and non-GAAP operating expense guidance by $25 million to support continued Prenepsi and INGREZZA sales growth, and we expect SG&A leverage throughout the second half of 2025. With $1.8 billion 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 Benevich, our Chief Commercial Officer. Eric?

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: 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 salesforce 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. Q2 sales of $624 million represented 15% sequential growth and year-over-year sales growth of 8%. In addition, we saw continued prescription DMAT2 market share gains in Q2. In Q2, and again in early Q3, as Matt noted, we contracted to further expand Medicare formulary coverage for INGREZZA.

We now have formulary coverage for approximately 70% of Medicare beneficiary lives in the TD market. These incremental rebate agreements were mid-year adds to key formularies outside of the regular business cycle. They substantially improve our coverage and will make it easier for patients and providers to start or reinitiate INGREZZA therapy going forward. The formulary adds in Q2 and Q3 represent approximately a 25-point increase in coverage in just two quarters and embody the stellar work done by our market access team. We acknowledge that these rebate agreements encompass prescriptions for all current and revenue patients insured under those plans, not just the new incremental patients. We saw an impact on our growth 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 800,000 TD patients as yet diagnosed and approximately 13 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 Prenepsi, the launch is off to a strong start with early results surpassing our internal expectations. In Q2, we received 664 new treatment forms, and over 1,000 have come in since the launch in late December. This was an important milestone for our franchise. Q2 net sales were $53 million, more than triple our Q1 sales, and over 75% of all dispensed 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 healthcare 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 Prenepsi efficacy and tolerability data and weight-related outcomes. Attendance at our commercial and medical booths, as well as our sponsor symposia, was very good. Feedback from endocrinologists who have already treated patients with Prenepsi was quite positive, and the interest level was high amongst those who haven’t yet had a chance to prescribe.

With two full quarters complete, Prenepsi’s performance continues to trend very positively. We have all the right ingredients here for a 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 Prenepsi in Q2. With that, for the first time ever, I’ll hand the call over to my new colleague, Dr. Sanjay Keswani, our Chief Medical Officer.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Thanks, Eric, and good afternoon, everyone. Before I begin, I want to express how enthusiastic I am to join the call of the Neurocrine Biosciences team as Chief Medical Officer. I would also like to acknowledge my predecessor, Dr. Eiry Roberts, for her remarkable leadership and the significant clinical advancements accomplished during her tenure. I’m grateful that Eiry will continue to support us as a strategic advisor through the end of next year. Now on to the clinical update. The registrational studies for both osavampator in major depressive disorder and NBI-568 in schizophrenia are progressing well. We have just screened the first patients in our second Phase III study in schizophrenia for NBI-568. All the Phase III studies, as well as the open-label studies for NBI-568 and osavampator, are up and running.

We anticipate top-line data readouts for osavampator in 2027 and a bit later for NBI-568 in the 2027-2028 timeframe. Regarding data readouts this year, we disclosed in May that for the adjunctive treatment of schizophrenia, INGREZZA did not meet the primary endpoint of improvement in the Positive and Negative Syndrome Scale, or PANSS. Recall, this study was designed as a learning opportunity for our next-generation DMAT2 inhibitor follow-on programs and has indeed provided valuable insights. Notably, we observed numerical separation and improvements in the INGREZZA arm compared to placebo, as well as statistically significant improvement in positive symptoms. We look forward to sharing the full study results at an upcoming scientific meeting. Continuing with INGREZZA, top-line results in our Phase III study for the treatment of dyskinetic cerebral palsy will read out in Q4 of this year.

In addition, the Phase II proof of concept and dose-limiting study for NBI-770R, an NMDA NRTB negative allosteric modulator, will also read out top-line data in Q4. With a positive readout, these data could pave the way for a confirmatory Phase II study or the initiation of a Phase III trial. Turning to our new programs, last month we announced the initiation of the Phase I study for NBI-1435A, a long-acting corticotropin-releasing factor 1 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 Onyia’s research division.

Regarding our early-stage muscarinic program, we remain on track to initiate the Phase II study of NBI-570, our dual M1/M4 selective agonist for the treatment of schizophrenia. We also expect to report Phase I results later this year for both NBI-567, our M1-preferring dual agonist, and NBI-569, our M4-preferring dual agonist. I look forward to engaging with many of you over the coming months ahead in advance of our R&D day at Neurocrine Biosciences’ campus in San Diego on December 16th. With that, I’ll hand the call back to Kyle.

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

Conference Operator, Call Moderator: 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. Once again, that is star one to ask a question. We will pause for a moment to allow questions to queue. Our first question comes from Tizine Ahmad with Bank of America.

Hi, guys. Good afternoon. Thanks for taking my question. Mine is going to be for Matt. Matt, we know that you’re super detail-oriented, taking that into account, you’re narrowing the top end of guidance by $50 million, and you’ve still got half of the year left. I fully appreciate the comments that you made about having mid-year adds and improving access on Medicare. I guess, how are you triangulating that level of certainty, and is that number potentially up for future adjustment as the year progresses? Thanks.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, thanks, Tizine. It really comes down to the contracting and where net price was coming into the year. As you mentioned, I am detail-oriented, and I never like to have anything changed throughout the year, but that’s not the case of our business. It’s very dynamic. On the pricing front, we had assumed a flat pricing coming into the year based upon the contracting in place. Throughout this year, we’ve been able to pull forward, actually, some major programs in contracting from 2026 into 2025. From a pricing perspective, we went from flattest pricing expectations to, call it, negative 5% price decline for the year. 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.

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 assumption around pricing.

Conference Operator, Call Moderator: We’ll move to our next question from Phil Nadeau with TD Cowen.

Good morning, or good afternoon. Thanks for taking our question. Congrats on the Prenepsi 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 Prenepsi during the quarter? Any reason why we shouldn’t extrapolate the growth we saw in Q2 to future quarters? Any other dynamics that we should consider as we try to digest the big number you just put up and hope that pertains for future quarters? Thanks.

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: Yeah, hi, Phil. I’ll comment, and maybe Eiry has some additional commentary here. Before the launch and after Q1, we had guided towards what we called a measured launch. The reasons for that were primarily around patient flow through the practices. We know that adult patients usually only see their endocrinologist once, maybe twice a year, and PDAP patients two or three times a year. Endocrinologists had indicated to us that they intended to offer Prenepsi treatment as patients flow through. Those dynamics haven’t really changed. We’re still seeing that patients are being initiated subsequent to an in-person visit. That being said, we have seen strong adoption, obviously. We feel really good about the pace of patient starts, 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 family communities.

Getting back to this concept of a bolus, no, it’s not really a bolus or patients that were necessarily waiting for Prenepsi because, for the most part, people weren’t aware of it prior to its approval. We have seen what I would describe as very steady and consistent adoption. Certainly, we view the activity that we had at INDO as another booster for us in terms of being able to accelerate that awareness within the endocrinology community.

Sanjay Keswani, 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 INDO. 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 Prenepsi. Certainly, the other place we think of a bolus is if there was one coming from the clinical trial environment. As you know, we signaled that we were shutting down the adult open-label trial, and those patients are steadily moving on to commercial Prenepsi, so it isn’t a bolus effect there either.

Obviously, we still have our pediatric open-label extension trial going, which is going to provide us with longer-term clinical data that we think will be very important.

Conference Operator, Call Moderator: We will move next to Paul Matteis with Stifel.

Hey, and congrats on the great progress with Prenepsi. Thanks for taking my question. I was wondering if you could share any data or metrics or at least qualitative power on how concerning for starting to at this point. You know, if we look at some other rare disease launches that have had a great start, but you know maybe tapered 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. How do you think COE stacks up with these sort of treatment dynamics and what you’re seeing with Prenepsi? Thank you.

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: Yeah, Paul. 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, we estimate that around 15% or so of the total CAH patient population flows through a small number of those centers. Let’s call it 20 or less. An important segment is also the pediatric endocrinologists. There’s a little over 1,000 of them out there. They care for all of these pediatric patients and even some of the young adults. Then there’s the community endocrinologists, and that’s where, as we say, the tail gets long. Ultimately, though, this isn’t a super concentrated patient population. Somewhere north of 20,000, we estimate, in the U.S.

Most of the adult community endocrinologists, if they have CAH in their practice, have one or two patients. In my prepared remarks, I commented that most of the prescribers so far have written for one or two patients. In some instances, that’s all they have. Certainly, we see a lot of ACPs that have yet to prescribe, and in those centers of excellence, there’s still a lot of room for growth in terms of adoption. It’s still early days yet. We’re two quarters in. We’re pleased with the trajectory of the launch. For the most part, this isn’t a super concentrated patient population.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Hi, Phil. The only thing 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 Prenepsi, 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.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Doris, this is an exciting launch, still the last out here from the team. When you look at how steady the new patient additions were throughout the quarter, it was very consistent within a pretty tight range week by week. 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. Kudos to the team for finding these patients and getting them help, and also for the reimbursement team to be able to have above 75% of scripts reimbursed at this point. Just quite an accomplishment.

Conference Operator, Call Moderator: Welcome. Next to Cory Kasimov with Evercore.

Hey, Steven. Good afternoon, guys. Thanks for taking the question. Wanted to follow up on Eiry’s earlier comment on the adult LLE program and patients rolling from that over to commercial product. Are you able to provide any more granularity there in terms of % of patients that have moved over and whether you would expect the rest to follow suit? Are there any nuances in this process that would perhaps prevent them from doing so? Thank you.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Hi, Corey. 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. In the context of over 600 patient starts in the quarter, you know, pretty de minimis in terms of the overall landscape of what we’re seeing with Prenepsi.

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

Oh, hey. Congrats on the Prenepsi launch. Success, and thank you for providing this update. I wanted to thank Eiry for her substantial contributions and wish her all the best. I also wanted to welcome Sanjay. Congratulations on joining the team. 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.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Nice to meet you, Jay. Yeah, I’m super excited to join Kyle and the Neurocrine team. I’d also like to acknowledge Eiry, who’s sitting just beside me, for her terrific leadership. In terms of some of the reasons I joined, I thought the company was really at a transformational stage, evolving from primarily a small molecule to product company to potentially a multiple-modality company targeting multiple therapeutic areas with multiple products. The potential here to positively impact the lives of many patients and their families who are suffering with unmet needs is a major source of motivation for me. I would expect the portfolio, my perspective is that the late-phase psychiatry portfolio has a high probability of success. I think a very centrally validated target.

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. As Kyle mentioned, we’ll discuss some of this at our R&D day later this year. I think that Neurocrine has walked the talk with respect to substantial R&D investment. Thank you for the question.

Conference Operator, Call Moderator: We’ll go next to Brian Abrams with RBC Capital Markets.

Hey, good afternoon. Thanks for taking my question. I’m curious if you could talk about what steered your decision to contract INGREZZA mid-year. 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? Thanks.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hi, Brian. This 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. 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 go through their price negotiation. As you know, with the contracting process, this starts slow in advance of the year that you’re looking to actually observe your new price, if you will. Our contracting efforts that we outlined here were actually started, initiated with the mindset that we’d begin in 2026.

Obviously, when you start the year in these discussions, you don’t know where they’re going to go. We got them to a good place for 2026 and the opportunity to accelerate or pull them forward into 2025. You saw some of the efforts there result into an advantage for us starting in Q2, and then another one that has played out for the start here in Q3. 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 $2.5 to $2.55 billion. I do want to go back to a point that Matt started earlier in the call. What we saw here in Q2 was a second quarter of new record new prescriptions as well as total prescriptions, and that led to a market share increase in new RAM prescriptions as well as total prescriptions.

That doesn’t happen by chance eight years into commercialization. It really is a function of sound business fundamentals. This is a crop for our Salesforce expansion that started late last year through the marketing initiatives that we outlined for this year and the market access advantages that we now have. You pair those together with 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 going to start off on day one on a good foot and really have a strong year. I think that gives you a nice feel for our contracting process and thoughts here for this year in 2026.

Conference Operator, Call Moderator: Please go ahead.

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

Conference Operator, Call Moderator: We’ll go next to Anna Pomeran with J.P. Morgan.

Hey, guys. Thanks so much for taking the question and congrats on the Prenepsi launch. Quickly, on the INGREZZA schizophrenia update, what are you learning from that study on DMAT2 mechanism and schizophrenia target population considerations or trial design considerations as you look to the next one’s DMAT2? Thanks so much.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Yeah, I think it’s, as you mentioned, important to understand that that study in ATF was a learning opportunity for us, specifically for our DMAT2 follow-on programs. What we saw was essentially some positives ethically signaled in the positive scale within the TAN score. I think that will be very helpful in terms of understanding the target patient population for the other programs that are following INGREZZA. I don’t know, Eiry, if you want to mention some more bits. No, happy to. It’s nice to talk to you, Anna Pam. I think the first thing to say was it was a well-designed, well-controlled, large study. I think we were very pleased with the level of the data and information we were able to get out of the study. That was a good thing.

I think it’s really helpful that it confirmed in a larger population of 400 patients the safety and tolerability profile that we knew was there for INGREZZA, but it’s good to see it in these more acutely unwell individuals. We obviously, beyond the TAN positive score and the TAN total score, were able to look at a whole series of the sub-scores and additional quality of life functional measures and other things of that sort. 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 few months. We’ll obviously use that knowledge as well to inform the next generation of DMAT2 inhibitors in terms of choice of patient population, indications, and other elements.

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

Hey, good afternoon, everyone, and thank you for taking the question. I was on Prenepsi. Congrats on a really strong quarter. I was hoping you could give us a little more detail on the therapy complex. Is there any inventory dynamic in this quarter? Can you disclose the number of filled prescriptions represented here? It just seems hard to calculate more than like 2,000 TRX in the quarter, given the patient start forms and reimbursement numbers you gave us, which puts the net TRX somewhere in the high 20,000 range. I guess, are we in the right ballpark with those numbers? How do you think about pricing going forward, both on sort of first-to-net and mix of adult and pediatrics plans?

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, Brian. On the inventory front, because I’ve seen some notes on this, on the inventory front, what we had in the quarter was a build-up around $5 million. 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. Growth to net so far has largely been on the heels of co-pay assistance as well as some distribution fees and costs. Like we’ve said, I haven’t been at a place of contracting yet. Good job to the team so far.

Conference Operator, Call Moderator: We’ll go next to Yasin Sinija with Guggenheim Partners.

Hey, guys. Thank you for taking my question. I have a question regarding the IRA notification. If you can just maybe talk about how you envision the access to shake out? What would be the end goal? Would you seek access as therapy once we know the negotiated price? I’m just curious if you can outline that dynamic for us the best you can and also your expectations on how, you know, whether one drug will be mandated versus the other. Thank you so much.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Hi, yes. This is Kyle. I’ll start a response here, and I’ll ask Eric to fill in any holes in my answer here. I think for IRA, there are a couple of pieces here that I would point you to. There’s our own IRA moment in 2029. That’s when our negotiated price is enacted. Then there’s our competitor in this space, which is the way to tetrabenazine in 2027. If you want to just speak to the near-term events with our competitor, we acknowledge we don’t have all the answers to what’s going to happen during an IRA. I don’t think anyone does. If we all acknowledge that piece, it’s a good place to land on. In 2025, we’re going to see what happens with other brands in the same categories where medicines are negotiated. I think we’ll have some learnings there.

The third piece I’d point out is our goal here is to maximize the number of patients on INGREZZA. That’s part of maximizing our access strategy here. I think that’s important to point out because INGREZZA is incredibly sticky. Patients, when they start INGREZZA, tend to stay on it. When it comes to 2027 and years between that and our own IP moment in 2029, we are talking about the new patients primarily. We think that we’re on a good footing here with the differentiation that we offer for INGREZZA relative to our competitor in this space when they go through their IP moments. Maybe I’ll stop there. Eric, anything to add?

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, I just want to reinforce that I think we’re all going to learn together in 2026 in terms of how health plans are managing various classes where there’s one or more negotiated products. Certainly, our overall strategy from an access perspective is to have broad access and parity. Over time, we’ve been very successful with that. Obviously, you know, we commented that in 2024, we started to see some tightening of access in terms of health plans threatening to reject more claims and so on. This wasn’t specific to INGREZZA. This was more of a broader industry trend, and that’s carried forward into 2025. Frankly, that’s one of the reasons that we’ve invested in access because we believe it’s very important to make it as easy as possible for providers and patients to get on product.

Certainly, these increased investments that have led to a higher proportion of covered lives in Medicare, that does help well for 2026 and beyond. You know, we’re going to very carefully monitor the environment, but ultimately, the goals don’t change. We want to help patients. We want to make it available. How we go about doing that is probably going to evolve over time.

Conference Operator, Call Moderator: Can you hear me? I think I hear the button.

Todd Tushla, Vice President of Investor Relations, Neurocrine Biosciences: Hey, Jess. Are you there?

Conference Operator, Call Moderator: Hi, Jess.

Todd Tushla, Vice President of Investor Relations, Neurocrine Biosciences: I think you heard me for a second ago. Hi, Ami.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Hi. Was this still Amy?

Conference Operator, Call Moderator: Hi, Amy.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Okay, great. Thanks for taking my question. A question on Prenepsi. 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? 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 sort of limit to maybe a handful of patients before they feel like they have enough experience with the treatment to start to expand that? Thank you.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah. I’ll kind of go back to some of my prepared remarks. We recently crossed an important threshold of having over 1,000 NRXs submitted, a treatment form submitted into our patient hub. Most endocrinologists that have treated have only treated one or two patients so far. The reality is, as I mentioned earlier, this is sort of a thinly spread population. Most of the adult endocrinologists that have any classic CAH patients in their practice might have one or two. In some instances, they’ve treated all the patients that they have. However, especially within pediatric endocrinology and in those centers of excellence, there’s still a lot of untreated patients. We have a long way to go, frankly, in terms of adoption. It’s still two quarters into a launch. There are certainly endocrinologists that we have yet to meet with and to walk through the clinical data and the labeling.

I would say, if you want to try and calculate how many subscribers there are, certainly looking at the number of treatment forms coming in and sort of that ratio where most have only one or two, you can get a sense that it’s less than that total number. 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 Prenepsi.

Conference Operator, Call Moderator: We’ll go next to Karen 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, how do you anticipate that could impact net pricing on Prenepsi?

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: Yeah, let me tackle that. At launch, Prenepsi was a non-formulary drug everywhere. 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 the formulary. 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, and it will remain as a non-formulary product. That doesn’t mean that it’s not covered. Certainly, we’re very pleased with 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 a commercially reimbursed product.

The reality is that we’ve been pleasantly surprised at the fast rate of approvals for these claims. Most patients don’t need to go on free goods, and thus, the statistic that over 75% of all the dispenses, both in Q1 and in Q2, have been reimbursed product. Just to set expectations, I don’t know that we’re ever going to be in a place where 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 the category.

Conference Operator, Call Moderator: We’ll go next to Danielle Breaux with Truist.

Hi guys. Good afternoon. Thanks for the question. You mentioned some of the data that you presented at INDO, and I was just curious about some of the feedback that you received there from the prescribing community, specifically as it relates to a change in glucocorticoid dose at one year remaining relatively flat versus 24 weeks and how we should think about that. The same thing on the insulin-resistance data that you presented. It seems like we don’t see further benefits beyond 12 months. Is there anything to read into there or why might that be? 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.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Hi, it’s Eiry here. I’ll address the last bit first. Yes, we do have ongoing open-label trials for Prenepsi, both in adults and pediatrics, the adult cases being outside the U.S., pediatrics being worldwide. 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. Just again, by means of kind of reminding everyone, you know the impact of Prenepsi directly is to have a direct impact in lowering androgens. We’re interested in understanding the long-term impact of controlling those androgens over a 12-month period and even beyond.

Secondly, as a result of that reduction in 17OHP, ACTH, and androgen level that we’re able to achieve directly with Prenepsi, we are able to reduce the steroid dosing in these patients from the supraphysiologic doses that are required to control the disease in the absence of Prenepsi. Going into the release of data from this program, we had said, and this was supported broadly, that any reduction in steroid dose was beneficial to patients over a lifetime. I think that is, in fact, what is playing out. What we saw in the one-year data was a consistent, small, modest effect, but a consistent effect across many metabolic parameters, including weight, HOMA-IR, the insulin resistance that you referred to. That is a clinically beneficial change that we saw there that results in a potential for improved outcomes over a lifetime for those patients. It’s extremely important.

We also saw changes in scores such as hirsutism scores in females, which are important in terms of looking at the direct androgen effect. With the release of all of those data, I will say that 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. It’s a really good start from our point of view in terms of how we’re able to serve patients.

Conference Operator, Call Moderator: We’ll go next to Mohit Van Braam with Wells Fargo. Your line is open. Please go ahead or check your mute button.

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

Conference Operator, Call Moderator: We will go next to Atira Ahmed with UBS.

Hi. Thanks for taking my question. Just a quick one on the Prenepsi form that you commented that you need. A lot of these reimbursements are on a 16-to-6-month or 1-year basis. When Prenepsi is up for reauthorization for these patients, would that require a steroid dose reduction based on what you can tell right now? Thanks.

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: Yeah. If I understand your question correctly, it’s related to reauthorization. You know, what are we seeing in terms of the authorized number of fills and timing for reauthorization and what kind of criteria are required? For the most part, you know what we’re seeing is patients either getting 6 prescription fills authorized initially or 12. That seems to be the pattern generally. For the most part, plans have, if they have published their approval criteria, they haven’t necessarily published reauthorization criteria. Typically, what we’re seeing now is sort of that first early cohort of patients that might have gotten onto commercial product early in the launch that are getting reauthorized. Generally, it’s the provider affirming that they’re benefiting from treatment. We’re not seeing any hard and fast thresholds of GC dose or GC dose change or needing to provide labs related to the ACTH or the androgen.

For the most part, the reauthorization process has been going about as smoothly as the initial authorization process.

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

Thank you. I had a question on the muscarinic program in the pipeline, particularly the M1/M4 agonists 570. I’m sure you’re watching recent work with KarXT with significant interest. What I wanted to ask is, to the extent that the ADEPT-2 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 570, say, in Alzheimer’s disease 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 precedented by another M1/M4 that’s on the market? Thank you.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Hi, Corey. Yeah, we are watching Cobenzi’s data with interest. Of note, we have quite a robust muscarinic portfolio. We have a number of M1 preferring as well as M4 preferring agonists, and as you mentioned, a dual M1/M4 570. 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. We are interested in that. It may be with 570, but we have other muscarinic agonists 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? No, I think that was well said. Just to pick up on what Sanjay said at the end there, I think one of the things that obviously we’re watching the Cobenzi data very closely.

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, Call Moderator: We’ll go next to Mark Goodman with Leerink Partners.

Yeah, Matt. Just to confirm, this negative 5% INGREZZA ASP comments for the year, is this a full-year impact? I’m kind of assuming that the second half is lower than the first half for ASPs. When you say there’s no change for ASP in 2026, are you referring to the full-year ASP, or are you referring 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? Thanks.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah. Regarding the 2026, it’s a trajectory comment. How we’re exiting the year in 2025 would be what you would expect to continue into 2026. I appreciate that clarification. In addition to that, on 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. That was a full-year commentary. It is safe to assume that the price headwind is a bit more in the second half as compared to the first half. 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. I feel like we’re really well positioned with these formularies to continue to grow and build the market.

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

Hi. Thanks for taking the question. Can you just remind us of the discontinuation rates for Prenepsi and the one-year open-label extensions for the pediatric and the adult studies? Is that still probably the best proxy we have for the annualized retention rates on Prenepsi in the real world, or are there other KPIs we have to consider for retention prices? Thanks very much.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Yeah. 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 Prenepsi was across the adult and pediatric populations. That’s the first thing to say. We had just a very small number of patients discontinue during the course of the program. More than 95% of the patients rollover 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 the outcome for those patients.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: It is still early in the launch cycle for Prenepsi, and we’re watching that, of course, over these first six months. That is a key variable as we think about what is the long-term potential of Prenepsi. That is something I think we’re going to know a lot more about here in the second half of this year as well as into the first half of next year as you see patients getting the blood draws and understanding glucocorticoid titration. 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.

Eric Benevich, Chief Commercial Officer, Neurocrine Biosciences: Yeah, one last point to make, you know, in terms of the difference between real-world and clinical trial experiences, you know, typically in the real world with the medicine, affordability and coverage can impact persistency. We’re seeing really, really good coverage, and we believe that Prenepsi is very affordable for patients, you know, between the copay buy-down and the other programs that we have. We don’t expect insurance to be a barrier to persistency.

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

Hi there. Congrats on the quarter, and thanks for taking my question. First, I just wanted to ask in terms of INGREZZA, a competitor, I think Teva reported this morning, I believe they raised their value for their product for the year. Is there anything to maybe read into that as pertaining to the relative growth of INGREZZA versus your competitor this past quarter and market share in terms of dollars? Quickly on CAH, I think you talked about 20,000 prevalent patients in the U.S. Do we have a sense of what % is regularly followed in clinics, maybe from things like medical claims data? Thanks a lot.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: Yeah, this is Kyle. I’ll take your first question. When it comes to our competitor in this space, you know, 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. I do want to reiterate, we increased our market share on both new-to-brand as well as total prescriptions. 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, we are looking forward to a strong second half as well. I think I’ll leave that there for the time being. On the Prenepsi side of things, Eric, do you want to comment on that?

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, I just want to reiterate that our estimate is greater than 20,000 patients in the U.S. The reason that it’s an estimate and not a firm number is that some of these patients, first of all, there is no specific ICD-10 diagnosis code for classic CAH. There is a CAH diagnosis code that then encompasses both classic and non-classic patients. If you look at the medical literature, for every classic CAH patient, there’s three or possibly four non-classic patients. We have had to triangulate, either doing a thorough medical literature review, looking at claims data, and so on to get at that number. Some of these patients don’t have the CAH diagnosis code at all for various reasons. We feel like that 20,000 number in the U.S. is a good estimate for the overall prevalent population.

It’s a subset of them that are more easily findable, I guess, is the way I would put it. Certainly, there are, you know, that are under the care of an Endocrinologist, for example. There are certainly a cohort of classic CAH 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. We will learn more about this market as we get deeper into the launch.

Conference Operator, Call Moderator: We’ll go next to Samantha Kokari with Canaccord.

Jasmine, thanks for taking my question, which is science-based, but could have significant studies and stock implications. I just have several years of internal experience in CRF-1 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 Prenepsi at INDO, what are your thoughts on using this approach specifically for weight loss, especially where you have a longer-acting version in the works, which could help in compliance in that setting?

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Yeah, we’re truly very encouraged by the data that we saw from the one-year readout recently at INDO for Prenepsi. As you can probably imagine, we have a wealth of knowledge about CRF-1 antagonism and CRF biology here at Neurocrine Biosciences. As we go forward, we’ve been considering a broad range of potential indications. 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, Call Moderator: We’ll go next to Sean Raymond with Morgan Stanley.

Hi, this is Michael Riyad on for Sean Raymond. 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? Regarding the double-digit volume growth that you expect this year, could you provide any more color on the respective contributions to that volume growth from the respective channels? Thank you.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, I mean, what we saw was strong growth really across all three of the business segments. Overall, psychiatry accounts for about 60% or so of our volume and 65% maybe. The balance is split between the other two segments pretty evenly. All of them are growing at approximately the same rate. We’re really pleased with the overall growth trajectory for the franchise.

Conference Operator, Call Moderator: We’ll go next to Laura Tico with Weber Securities.

Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences: Thanks very much for taking the question. On Prenepsi, I wanted to dive into a little bit more about the cadence of prescribing and just clarifying, one, have the majority of patients transitioned from studies to TABE script status at this point? If we’re thinking about increasing breadth of prescribing, is there kind of an upper limit as to how many patients physicians are going to be able to manage on Prenepsi? Is there any capacity constraints that you can share? Thank you.

Matt Abernethy, Chief Financial Officer, Neurocrine Biosciences: Yeah, we don’t see any capacity constraints in terms of managing patients on Prenepsi if it fits right into how they’re already being cared for. We have a really good pharmacy partner to help with that. I’ll leave it there. Sorry, Laura, I forgot to mention, in regards to our 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. It’s pretty de minimis in terms of overall new patients that are being added to therapy.

Conference Operator, Call Moderator: We will move to our final question from Evan Segerman with BMO Capital Markets.

Hi guys, thank you so much for taking my question. I wanted to talk to Kyle on some of the thinking behind moving NBI-568 into the space through trials and CAH to respond. Can you walk me through what you were able to look at in the data to give you confidence in moving through this larger Phase III program? Thank you so much.

Kyle Gano, Chief Executive Officer, Neurocrine Biosciences: I think we’ve discussed the merits of moving NBI-568 into Phase III. I will mention here we do have an INN name, so I wanted to give a shout out to the team for putting that together for us for this meeting of direct letting. Stay tuned on that. We’ll be able to put that in future correspondence and releases out there. I think, again, I’ll reassure back to our Phase II commentary around the totality of the data that we have. All doses worked in our Phase II, and for the dose that we selected for Phase III, we hit the primary endpoints, all the secondary endpoints as well. Very attractive profile overall from an 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 Prenepsi out there today.

Conference Operator, Call Moderator: That will conclude the Q&A session for today. I’ll turn the program back to 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 covered a lot of ground, in particular across our commercial portfolio and our pipeline. I hope you’re seeing a transition of the company to one defined by both revenue growth and diversity. I should say revenue diversity. Moving

Conference Operator, Call Moderator: forward, both in INGREZZA and CRENESSITY, look forward to connecting at upcoming healthcare conferences and certainly at our R&D day on December 16th. Thanks again for joining. Talk to you soon.

Todd Tushla, Vice President of Investor Relations, Neurocrine Biosciences: 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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