Neurocrine Biosciences (NBIX) recently held its Q2 2025 earnings call, revealing a mix of positive and negative developments that could influence the company's future stock performance.
**Bullish Points:**
- The company reported net product sales of $682 million, reflecting a 17% year-over-year growth.
- INGREZZA sales reached $624 million, showing a 15% sequential growth and an 8% year-over-year increase.
- Cranesiti sales surged to $53 million, more than tripling from $15 million in the first quarter.
- Over 75% of dispensed prescriptions for Cranesiti were reimbursed, indicating strong market acceptance.
- INGREZZA now enjoys approximately 70% formulary coverage of Medicare lives in the tardive dyskinesia market.
- The company updated its INGREZZA net sales guidance range to $2.5 billion-$2.55 billion for 2025.
- Neurocrine maintains a robust cash position of $1.8 billion as of Q2 2025.
- Both osavampitor (MDD) and NBI-568 (schizophrenia) are progressing with phase three registrational studies.
- The first patient was dosed for NBI-1435 in congenital adrenal hyperplasia, with a phase one study initiated.
- INGREZZA achieved record new patient starts for the second consecutive quarter, and Cranesiti's prescriber base is expanding across various medical specialties.
**Bearish Points:**
- INGREZZA is facing pricing headwinds, with expectations shifting from flat to an approximate 5% price decline for 2025.
- The gross-to-net impact on INGREZZA is partially offsetting its strong volume growth in Q2 2025.
- The company increased its SG&A expense guidance by $25 million to support ongoing commercial growth initiatives, which could impact profitability.
- Valbenazine did not meet the primary endpoint for the PANSS total score in the adjunctive treatment of schizophrenia study, which may affect future development plans.
For more information about Neurocrine Biosciences' earnings call, you can read the relevant news: Neurocrine (NBIX) Q2 2025 Earnings Call Transcript
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