Neurocrine at Leerink Conference: Navigating Market Dynamics

On Tuesday, 11 March 2025, Neurocrine Biosciences (NASDAQ: NBIX) shared insights at the Leerink Global Healthcare Conference 2025. The company highlighted its strategic initiatives amidst both challenges and opportunities, focusing on its flagship drug INGREZZA and the newly approved KRONESITY. Despite facing market hurdles, Neurocrine remains optimistic about its growth trajectory and pipeline progress.

Key Takeaways

• Neurocrine projects INGREZZA sales between $2.5 billion and $2.6 billion this year.
• The company has a robust cash position of nearly $2 billion.
• KRONESITY is anticipated to become a standard treatment for congenital adrenal hyperplasia (CAH).
• Neurocrine is addressing market growth challenges due to competitor activities and payer dynamics.
• The company is advancing its pipeline with 11 mid-to-late-stage programs.

Financial Results

• Projected sales for INGREZZA are between $2.5 billion and $2.6 billion for the year.
• Neurocrine maintains a strong cash reserve of close to $2 billion.
• A 3% headwind in gross-to-net dynamics is expected sequentially in Q1.
• Q1 revenue may fluctuate due to one less order week and reauthorization processes.

Operational Updates

• INGREZZA’s market growth is slower than anticipated, attributed to Teva’s marketing efforts and increased payer utilization management.
• Neurocrine is enhancing its call frequency to boost new patient starts for INGREZZA.
• The launch of KRONESITY for CAH is underway, with an initial focus on the US market.
• A quick start program for KRONESITY provides free medication during reimbursement negotiations.
• Neurocrine’s salesforce expansion began in October to support these initiatives.

Future Outlook

• Neurocrine aims to maximize patient access to INGREZZA before potential IRA price negotiations in 2029.
• The company is exploring KRONESITY’s expansion into Europe, contingent on reimbursement conditions.
• Advancements in the pipeline include muscarinic programs for schizophrenia and other indications.
• Phase 3 trials for osivampator in major depressive disorder are expected to yield data in 2027.
• A phase 3 trial for the M4 agonist program in schizophrenia is also planned.

Q&A Highlights

• Discussions covered slower market growth for INGREZZA due to competitor and payer dynamics.
• Neurocrine explained payer utilization management tactics, leading to abandoned scripts.
• The potential impact of the IRA on INGREZZA and AUSTEDO was analyzed, with price negotiations expected to start in 2027.
• KRONESITY’s launch strategy involves managing patient flow and reimbursement processes.
• The rationale for advancing the muscarinic portfolio, including the M4 agonist program, was clarified.

For more detailed insights, please refer to the full transcript.

Full transcript - Leerink Global Healthcare Conference 2025:

Mark, Interviewer: Okay. All right. We’re ready to go. For our next session, we have Neurocrine Biosciences, and we’re lucky enough to have Matt Abernathy, who’s the CFO, and Todd Tuschl, who’s the IR. Thank you very much for joining us, guys.

And so, Matt, I’ll let you make a a quick comment before we jump into q and a.

Matt Abernathy, CFO, Neurocrine Biosciences: Yeah. So we’re gonna make forward looking comments as as you can imagine and and appreciate in this environment with direct you to our SEC filings. Mark, it sounded like you said before you said Neurocrine.

Mark, Interviewer: No. I didn’t. And and,

Matt Abernathy, CFO, Neurocrine Biosciences: you know, I I took a little bit of offense to that. And You’re one

Mark, Interviewer: of my favorite stocks. Give me a break. Yeah.

Matt Abernathy, CFO, Neurocrine Biosciences: I mean, we we were talking, earlier about how fortunate it is to have a mega blockbuster like INGREZZA this year alone, dollars 2,500,000,000.0 to $2,600,000,000 in sales. And I know there’s a lot of questions around where is that growth going to in the future, you know, how are we defending competition, you know, how are we thinking about the payer environment. So I’m sure that we’re gonna get into those questions today. But the big aspect with Ingrezza and Todd Tushla, I’ll I’ll I’ll say this about him. He has a little speech that he says, how do you drive shareholder value?

And it’s help more patients. And so for us, the name of the game is to help more patients with tardive dyskinesia, and we really believe that there’s a tremendous market opportunity left to help more patients. The second piece that I’m sure we’ll get into is Kranesety. We got an early Christmas gift. December, we got approval for Kranesety.

It’s the first drug or medicine in over seventy years for these patients, and there’s around twenty thousand patients with congenital adrenal hyperplasia. And just the blessing to be able to have a product to go alongside INGREZZA in this market environment that I think gives us a strong footing. We also have a pipeline, believe it or not. Nobody asked us questions recently about that, but we have 11 mid to late stage programs. The lead programs are number one in AMPA potentiator called osivampator, and that’s being studied in major depressive disorder.

We’re starting our phase three trials as we speak and would expect data sometime in 2026. And then we also have seven. Oh, yeah. Sorry. Thank you for that clarification.

2027. And, we also have a phase three trial that we’ve initiated in, with, with our m four agonist program in schizophrenia. We have tremendous cash position, close to 2,000,000,000 in cash. We’re generating profits. We’re investing heavily in the pipeline to ensure that we can be a leader in neuroscience.

So the last thing I’ll say, there has been a lot of noise around the fourth quarter or sorry, around the first quarter dynamics. And I would just say, you can see that sell side is starting to bring down the numbers in terms of expectations. Q one is always noisy. They go patients go through a reauthorization process. You also have gross to net that you’re dealing with.

But this year, one thing that’s unique is that you have one last order week, that’s going to impact revenue. So revenue is gonna be noisy, but I think the most important aspects that investors can ask and think about and and the most important things I’m looking at are number one, did patients stay on therapy throughout, or did they did they stay on therapy through the reauthorization process? And then second, NREX helping more new patients is the lifeblood of INGREZZA. And I think how is that trending relative to what we saw in the second half of last year really going to tell the tale of how we’re set up and and how we’re performing for the rest of the year. So, you know, hopefully, that gives you a brief background on Neurocrine.

But, Mark, we spent, you know, probably two hours plus two hours, last night at a dinner and and a whole lot of good discussion and really appreciated it. What were your main takeaways from the dinner last night? And how do you think we should flow the conversation from here?

Mark, Interviewer: Well, I would say that, I’d say first, the INGREZZA conversation is kind of twofold. It’s the why is the market a little bit slower this year than we would have expected in general. So that’s a your company plus Teva guidance that you both provided. It just seems lighter than we would have expected, say, three months ago. And second of all, the more micro issue of what happened with respect to your company losing momentum in gaining some of these new patient starts relative to Teva in a market share and what you’re going to do to kind of get that back.

And I would say, I feel relatively comfortable that you’ve got the right strategy. I mean, this is probably a good forum to kind of talk about both of those things a little bit.

Matt Abernathy, CFO, Neurocrine Biosciences: Well, I like hearing that you think we have the right strategy because you know, I think that’s what we’re trying to do. And in in terms of share voice, last year, our competitor won the share voice battle. And I think that’s what caused the trajectory, in the market to be so strong last year is our our competitor had three major initiatives late twenty three, early ’20 ’4 that grow that drove momentum for them as well as the market. The first one is they went from two times per day dosing to a one time per day dosing. They also expanded their sales force significantly for their LAI risperidone, drug, which allowed them to increase overall call frequency.

And then, lastly, they went back on air after a long time off for direct to consumer advertising campaign. So they stoked a whole lot of demand, and they drove some momentum. And we saw in the second some of our our new patient starts started to wane. And I think that was a dynamic that led to slower momentum coming out of of of this year. And so you’ve you fast forward to what does the market growth look like in 2025.

Last year was a record, as you mentioned. Teva now has to grow off that base of those new initiatives that they went on. We obviously had a lower trajectory heading, heading into the year. And the last variable, which, you know, I know came out even in an analyst note today, you know, we did see a bit of payer utilization management in terms of new patients getting on therapy. It seemed as if it was a more difficult process for them to go through to get on to INGREZZA and more likely, AUSTEDO as well.

And as a result of that, that did slow down a bit of, a bit of, the the market development. So what are we doing about it? You know, number one, the the highest correlated activity that Neurocrine has ever seen in terms of bleeding to new patient starts is call frequency. And call frequency matters significantly in this, in this TD market because patients with tardive dyskinesia are going into a psychiatrist office. And rightfully so, a psychiatrist is thinking about the mental health condition, So what our sales reps do is put tardive dyskinesia on the radar for the clinicians, make sure that they’re comfortable making the diagnosis.

And also, are there if a script is being, you know, if if a script is being challenged through the reimbursement process, they’re also there to be able to, you know, help alleviate that stress. So, we have at this point right now, we have never had as much call frequency, in in the the span of the last eight years. So in terms of leading indicators, call frequency matters in a a significant way. The second aspect, that we’re focused on, what are we doing about it, is making sure that clinicians understand the differentiation in terms of, you know, how highly effective, INGREZZA is from an efficacy perspective. It’s selectivity.

And then ultimately, on the forty milligram dose from dose one, you’re at a place where you can have, it’s an efficacious dose. So differentiation is sort of a second stool of activity. And then third is in the area on the payer utilization front, engaging at the pharmacy level, ensuring we understand why scripts are maybe not getting through the entire process and engaging with payers to see if that can alleviate the valve.

Mark, Interviewer: Can you talk a little bit more about that? What what happened? What are they doing? What are the payers doing to make it more difficult? Because it’s interesting, your first guess is always, you know, price volume, and you said that pricing would be relatively the same, right, the average selling price.

So it’s, like, interesting that they’re doing something that would, you know, hurt you on volume without impacting price.

Matt Abernathy, CFO, Neurocrine Biosciences: It’s interesting. Our formulary position in ’24 is is the same or our formulary position in 2025 is the same as what it is in 2024. So no major change in in formulary status. And whether you’re on formulary or off formulary, we saw incremental pressure, in the second half of that last year. And we’ve been very successful, since the beginning with INGREZZA.

We’ve always selectively contracted. Where we thought it made sense, where it helped get new patients through the process at a reasonable rate, we would we would contract. But there leaves a large portion that we weren’t contracted. And so what we what we see in this environment is when a new script gets written by the psychiatrist office, it’s sent to the pharmacy. The pharmacy is then filing for the claim, so they can fill the script.

There seems to be incremental information required that’s never been required before. And our sense is that it’s just, payers adding a bit more complexity to the process to slow things down a bit. And ultimately, because you’re dealing with a psychiatry office that’s not used to handling, you know, prior authorizations at great volume and scale, what we’re finding is it’s not necessarily the INGREZZA patient getting switched to AUSTEDO. What we’re finding is that it’s an abandoned script through the process because it’s become more a bit more difficult. So a lot of our activities and insight right now is trying to figure out how can we ensure that these scripts and the claims that are being worked on them, you know, they’re not just set to the side and ultimately abandoned.

And so that’s a strategy that we don’t have a % figured out. We have some elements that we’re working on right now. But the most important thing for us is if a script is written for INGREZZA, that a patient ultimately gets gets on INGREZZA.

Mark, Interviewer: Is there is there anything that they’re doing that’s not workable? You know, for instance, if they’re asking a couple of extra questions in a different way and it’s a little bit longer, these are still solvable.

Todd Tuschl, IR, Neurocrine Biosciences: That’s what it is. It it’s tactical things to gum up the system and slow down when a new patient gets drug or if it’s abandoned.

Mark, Interviewer: So then you need to get tactical.

Todd Tuschl, IR, Neurocrine Biosciences: Well, we have we have we have reimbursement experts that are on top of it, but it’s just something we saw pick up in the second half of last year and continue into 2025. And I don’t think it’s a coincidence with the IRA in place now that the payers are responding this way.

Mark, Interviewer: Yeah. And how are you feeling about maybe getting more aggressive with contracting given what’s going on? Do you think that makes sense?

Matt Abernathy, CFO, Neurocrine Biosciences: It might. It might make sense, in the right, you know, zip code of from a from a cost perspective. You know, I think it’s the easiest lever people think is you can just contract and everything goes through smoothly. I I don’t think that’s the silver bullet here. And I I think there’s, you know, a lot that we can do even outside of contracting to help, get through this process.

But if we thought that it ultimately made economic sense to contract, I I think we will. Our main focus right now, Mark, is between now and 2029, which is our iPay moment with the with the with the government.

Mark, Interviewer: Good segue. Let’s go ahead and talk about that.

Matt Abernathy, CFO, Neurocrine Biosciences: Yeah. That we have the maximum number of patients on therapy is is possible. So with the IRA, we have the small biotech exemption. And small small biotech exemption puts us at a place where, the earliest we could be selected for negotiation is 2027, and the price would ultimately take effect in 2029. That negotiated price is based upon this really obscure measure.

It’s basically your 2021, call it your net sales price, increased for inflation, you know, for five or six years, and that’s your basis of negotiation with the government. That, discount that we will be negotiated down is thankfully, and thanks to, you know, our good government affairs team, there’s a cap in terms of how much we can actually be taken down from that 2021 non FAMP is what it’s called. And that’s a discount of between 2534%. So we know what the range is of potential discounting from the IRA. And, and so for us, we’re incentivized to get as many patients on on medicine as possible between now and then.

And if you give up a little price along the way, it won’t impact, you know, the floor to to where you ultimately go down. And so that’s our our current strategy in terms of how does that play into contracting. This is such a, you know, a dynamic environment right now. And, and and I’ll just say, we’ve been an adaptable company since the since the launch of INGREZZA, and we’re gonna continue to adapt and, you know, feel like there’s gonna be, you know, a long durable stream of cash flows coming behind, INGREZZA for the next thirteen years.

Mark, Interviewer: And what happens with INGREZZA when AUSTEDO actually is IRAYED earlier? Like, how does that play? Talk about that, you know, dynamic.

Matt Abernathy, CFO, Neurocrine Biosciences: First of all, it’s hard to say with a % assurance, Mark, that you know exactly how it’s gonna play out. But a couple of of interesting pieces is once they’re, I guess, IRA’d, we’ll we’ll call it, once they’re IRA’d in ’27, you know, they’re on all formularies. Their rebates to those plans go away. And so there’s a incentive economic dynamic there that they’re at a low net price, and, you know, the plans are are no longer getting rebates. Significantly.

I think clinicians want choice, and I think that it’s not gonna be the case where, INGREZZA gets written and and it’s, you know, not available. Medicare has done a good job for patients, where a clinician wants the patient, to be on a specific medicine. There’s a very defined process called the coverage determination form process, and patients can ultimately get access to the medicine. And so that’s something we’ve been dealing with over the last seven to nine years whether we’ve been on or off formulary. And so that’s you know, gives us a bit of confidence that we believe that that’s gonna continue to be the the case.

The last comment that I’d I’d make on on this regard is just a reminder, this says a hundred percent specific to new patients. We have seen historically with formulary changes, existing patients on INGREZZA or existing patients on AUSTEDO are largely left alone. Changing therapy for this patient population is something that has not, been seen. So, you know, that’s one other aspect that gives me confidence in, the durability of the Ingressive revenue. Let’s talk about the first quarter.

Mark, Interviewer: I guess you started to bring up the one last week. Obviously, there’s the normal, you know, messiness of the first quarter. But what about just more broadly, new patient starts? You know, the claims data that you were referring to last year, what what does that claims data show for January, February if you’ve seen it? And is there any other comment you wanna make about the first quarter?

Matt Abernathy, CFO, Neurocrine Biosciences: No. Like like I said earlier, it’s gonna be a noisy revenue quarter, and that revenue nets itself out through through the rest of the year. It’s just basically order patterns. And so I I do think the NRx piece is gonna be important, aspect for us to to comment maybe in a bit more granularity than we have in the past, Mark, because of the slowing NRx in the second half of last year. I think what, giving some insight to what we’re seeing in in NRX, in the quarter, you know, really will paint the picture of, are you starting to see the benefit of the Salesforce expansion?

Is that same recipe of call frequency, still working in this market. And then the second aspect just has to do too with the payers. How are they managing, in in this environment? So I think we’ll learn a lot through the first quarter, and, you know, I I would say all of what we’re talking about is, you know, in terms of the first quarter dynamics are included in our, you know, annual guidance. It’s just something we’re just trying to make sure is not a surprising aspect if revenue dollars are are noisy in in q one.

Mark, Interviewer: Well, I mean, one week is a great deal of revenue given how big the drug is. So it’s, you know, flipping one week from one quarter to the next is a big deal. No.

Matt Abernathy, CFO, Neurocrine Biosciences: It’s just the just the, one week one order, it’s Yeah. You know, 88% of revenue for a quarter. Yeah. And you also have the gross to net dynamics that I threw out was about 3% headwind sequentially, and you stack on top of that a little less momentum, going from q four to q one. ’1.

It’s it’s it’s gonna be a bit of a noisy quarter, but, you know, we’re up for the challenge as a company. I I really believe the commercial team is doing a great job and, like I said, engaging with more customers than they ever have before. And if if the recipe is is stays like it has been, you know, we should start seeing the early fruits of that Salesforce expansion. It it was started in October. You should start seeing some benefit in q one, more benefit in q three or q two, and then accelerating growth in the second half of the year.

Mark, Interviewer: That makes sense. Let’s switch gears to Kronesity. Obviously, very excited to have a second drug, very unique when companies get to finally launch their second drug, it kind of changes the whole dynamic. Talk about how the year is going to progress with Kronesity, how we should expect it, talk about the adult population, the the peds population, how you expect, you know, kind of the the the ramp to occur.

Todd Tuschl, IR, Neurocrine Biosciences: Yeah. Well, first, so KRONESTY is our brand new drug to treat congenital adrenal hyperplasia, and there has not been a new therapy for this patient base in seventy years. So the current treatment is with high dose steroids, which everybody understands is bad over the life of treatment. And so as Matt mentioned at the outset, we got approved in December. This has all the hallmarks of a blockbuster product, and we believe it’s gonna be the standard of care treatment for these patients.

We do think it’s gonna be a measured launch though at the beginning for a number of reasons. One is just the normal patient flow of when a pediatric or an adult patient comes in to see their endocrinologist. It’s typically somewhere between one to three times a year. So there’s the flow issue to deal with. There’s reimbursement dynamics that we’re working through, which are not unique to any orphan drug.

So, what we have is a quick start program. So a patient can be prescribed Kranasity, and our reimbursement experts and our pharmacy that supports us, Panther Rx, has a reimbursement expert that works through the adjudication claim over the course of a month. If it’s not figured out by then, there’s another month worth of free drug, while the reimbursement gets worked out. This is the same playbook we used for INGREZZA. And what we saw with INGREZZA back then was it took about six to eight weeks before you got reimbursement all lined up.

So what that will mean is in the back half of the year, you’ll start to see new patient starts, which is what we’re gonna provide on the q one call, line up a little bit more closely with revenue. And then we also have the third point is we have an open label extension that is continuing on, so there’s no bolus of patients that are gonna flip to commercial. And so for the first couple quarters, you’re going to have this measured approach, and then we think you’ll start to see the momentum pick up in the second half of the year and into 2026. But all the feedback that we’re getting internally, all the feedback that you, and your other cell side peers are collecting from Doc Checks, the receptivity of this product has been very positive across endocrinologists, the payer community, the the patient advocacy groups. And as, to quote Eric Benovich when asked, last week how the launch is doing, he said so far so great.

So, it’s early days, but we’re enthusiastic that this lichen Graza is gonna change the standard of care.

Mark, Interviewer: Hope to quantify the the population and then the differences in how you think the adults will get treated versus the kids?

Matt Abernathy, CFO, Neurocrine Biosciences: So we have there’s around twenty thousand to 30 thousand patients on, with, with CAH form. With classic CAH in in The United States. And so, you know, how they’re treated, right now, you have around fifteen percent of those going to centers of excellence, and there’s about 20 centers of excellence across the country. And, you know, essentially, these kids primarily are flying in and and making sure they’re getting getting treatment. The most motivated patient population for a medicine like chronicity, no parent likes putting their kid on high dose steroids and giving them those steroids every single day.

So in terms of motivation to ultimately get treated, a patient a parent is is is going to be talking to their clinician about whether chronicity could could help them control their androgens and then as a result of that, reduce the the steroids. So the the pediatric population is about a third of the, the market, but I would expect it will be, you know, closer to half the sales or or more. So I think that that’s the most motivated to treat patient segment. The second would be, females. Females, especially if they’re interested in in, in being able to have their own child.

You know, I think that that’s something that, you know, is this is gonna be a very, of high interest and and let alone just controlling the male hormones that are being produced in their bodies. I I think that females are going to, to be the second highest motivated group. And then lastly, us stubborn old men, you know, we feel like we’re we’re we’re not gonna get any better. I I do believe that there’s significant benefit in, being able to control androgens and bring down steroids. It’s sort of like smoking.

You know, there is benefit to stop smoking even if you’ve smoked for forty years of your life. So I I I do think that there’s gonna be different segments. All of them can benefit, from it. I think doctor Aukas, a leading thought leader, said based on the clinical data and what he’s seen, his expectation is that eighty percent of the population would benefit from a a medicine like this. What’s the plan for Europe?

We’re still thinking through Europe. Right now, we’ve been very focused on the The US in in terms of of launch. We want to find a way to, to be able to expand access outside of Europe, but some of the complexities of that market plus, you know, the just the primary focus being in The U. S. For now, it’s focused in U.

S, and we’ll keep everybody apprised in Europe.

Mark, Interviewer: But you fully expect you’ll be in Europe, and you fully expect that to be a real opportunity?

Matt Abernathy, CFO, Neurocrine Biosciences: I I would hope, but the reimbursement environment in Europe is also something that you have to fully think about in terms of of of making sure you have the right data to support an adequate price point. So there might be a lag in terms of getting to Europe to make sure that you can get adequate reimbursement, that would would be fair for a specialty medicine like us. And and I I think there’s you know, it’s not unique to to, to chronicity in terms of, you it lagging The US market. But I fully expect Kornesety could be a blockbuster alone easily in The US, and then we’ll figure out where we go with Europe later. Let’s

Mark, Interviewer: talk about the pipeline a little bit.

Todd Tuschl, IR, Neurocrine Biosciences: We do have one.

Mark, Interviewer: Yes, yes, yes. Well, I think the Muscarinic portfolio is kind of probably the biggest focus for people. So I guess the question is the strategy of having an M1, M1, M4, having everything. Are they all going to just completely move forward if they’re all positive and just how you’re thinking about take trading to spend on it all? And then second part of the question is, there’s a lot of confusion around, like, was the quality of the efficacy of five sixty eight good enough to really move forward?

You know what I mean? And so it’s kind of two questions there.

Matt Abernathy, CFO, Neurocrine Biosciences: Well, let me take the efficacy side first. There was noise around dose response associated with our data readout. If you were to ask our medical colleagues, they would say all doses worked. They were all active. You could see, you know, it was engaging the target.

You saw heart rate, you know, increases, and and I think that biomarker helps validate, that they were that it was actually working. We did get agreement with the FDA in terms of dose selection, which will be the lowest dose. In in terms of when how we pick the low dose to begin with, we wanted it to be an efficacious dose. Anytime you’re putting acute psychiatric patient into, you know, essentially an inpatient facility for, you know, many weeks, you wanna make sure you’re giving them a chance to have an efficacious dose. So it wasn’t overly surprising that we had an, a dose that worked from from, from the lowest.

So, we will be going forward with that low dose. It will be a simple trial. My basketball coach used to run a play called KISS, Keep It Simple Stupid, and I think that that’s gonna be the the MO for, the schizophrenia program, one to one randomization, strong site control, making sure that we understand, exactly, what’s going on with with the raters and the quality of the raters and and get a good outcome. I think our competitor, you know, Cerevel and Abi, I think they had a lot of elements to their trial that, you know, led to it being, you know, a failed study, not a failed drug. And I think for us, it gives us a place where we can be second to market, and I I think it’s we’re we’re excited.

So having, the smorgasbord of of options is is a good approach. And I I would just say for for a few reasons. After you get through schizophrenia, where the money is gonna be made off of any of these muscarinic programs is what other indications do you go to next? And you could see, like we’ve announced, our our lead program, our M4 agonist is going into bipolar disorder later this year. As you think about the M1, M4 dual, which is the one we’re we’re most high on going through phase one, we’re gonna start that in schizophrenia, but you could see that go more towards areas, of cognition, in into the future or even having attributes of being able to be developed into a long acting injectable, which would be important in this type of patient population.

So there’s gonna be there’s an environment where you could have two commercial assets. And so we’re learning a lot here.

Mark, Interviewer: It’s still early With different indications?

Matt Abernathy, CFO, Neurocrine Biosciences: With different indications. And, and so I I we’re learning a lot, and we’ll see where the science take us. But if we have a positive study with them for Agnes and and, and schizophrenia, that’s gonna be a real foundation for the psych sales force that we already have in place and gonna be able to continue to leverage or strengthen the psych. So is the m one

Mark, Interviewer: m four, through the SADMAD work yet, or is it almost done? Will we see

Matt Abernathy, CFO, Neurocrine Biosciences: the data this year? It’s I would say we’ve we see it in real time as as it’s going through, and and what we’ve been seeing, we’ve we’ve liked. In terms of will the streets see the data, historically, we’ve not provided a a tremendous amount of of phase one data, but later this year, we are contemplating hosting having an R and D day. Hasn’t been defined yet, but these are the types of things that we would likely highlight between more information on the, osevampitor MDD program as well as some more incremental information on the phase two program for them for and some some things in in the clinic.

Mark, Interviewer: Excellent. Excellent. Any last minute comment or last second comment, I should say? We really don’t have any more time, but Well, no.

Matt Abernathy, CFO, Neurocrine Biosciences: I I I would just say it’s obviously an environment where uncertainty is being punished right now, not just for us, but for for every company. And I understand some of the uncertainty associated with, the tardive dyskinesia market, is is is exaggerated in this type of a market environment. So for us, our heads are down. We’re adapting. We’re gonna make sure we get through this strong.

And to be able to have alongside of that, absolutely a nice setup for us and and the company. And so we’re gonna work hard to execute for our shareholders and appreciate the support along the way, Mark.

Mark, Interviewer: Certainly on a relative basis, I mean, even if the product only grows 10%, Kinesiti grows on top of that, it’s pretty good top line growth.

Matt Abernathy, CFO, Neurocrine Biosciences: So, yeah, we’ll be happy with that.

Mark, Interviewer: Relative to a lot of other companies. So thanks very much for joining us. We appreciate it. Good luck with everything.

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