Stock Track | Neurocrine Soars Pre-Market After Raising Guidance, Unveiling Buyback

Stock Track10-30

Shares of Neurocrine Biosciences Inc. (NBIX) surged in pre-market trading on Monday, up 7.58%, after the biopharmaceutical company reported better-than-expected third-quarter results and raised its full-year guidance for its flagship drug INGREZZA.

For the quarter ended September 30, Neurocrine posted earnings of $1.81 per share, surpassing the consensus estimate of $1.51 per share. Revenue jumped 24.7% year-over-year to $622.1 million, beating expectations of $600.6 million.

The strong performance was driven by robust sales of INGREZZA, a treatment for tardive dyskinesia and chorea associated with Huntington's disease. Net product sales of INGREZZA climbed 26% to $613 million in the third quarter.

Buoyed by the impressive results, Neurocrine raised its full-year 2024 net product sales guidance for INGREZZA to a range of $2.30 billion to $2.32 billion, up from its previous forecast.

Additionally, the company announced that its board has authorized a new $300 million share repurchase program, reflecting confidence in its long-term growth prospects. Neurocrine intends to enter into a $300 million accelerated share repurchase transaction in the coming days.

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