Neurocrine Biosciences Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 February 2026: press release. Guidance figures: 6 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Net product sales up 29% in quarter: Total net product sales were $798.3 million in the fourth quarter and $2.83 billion for 2025. Total revenues were $805.5 million in the quarter, against $627.7 million a year earlier. Source
• INGREZZA sales up 7% in quarter: INGREZZA net product sales were $657.5 million in the fourth quarter, up 7%, and $2.51 billion for 2025, up 9%. The third-quarter release reported $686.6 million. Source
• Volume growth met lower net price: Double-digit growth in TRx and NRx prescription volume was partly offset by a lower net price, which the company attributed to new formulary access investments. Source
• CRENESSITY sales reached $135.3 million: CRENESSITY net product sales were $135.3 million in the fourth quarter and $301.2 million for 2025, against $1.7 million in each prior-year period. Source
• INGREZZA 2026 sales guided to $2.7-2.8B: Full-year 2026 INGREZZA net product sales are guided to $2.7 billion to $2.8 billion, covering tardive dyskinesia and chorea associated with Huntington's disease. Source
• R&D guidance covers Phase 3 programs: GAAP R&D is guided to $1,200 million to $1,250 million and non-GAAP R&D to $1,110 million to $1,160 million, for pipeline work including two Phase 3 programs. Source
• R&D spend rose sharply: GAAP R&D was $258.2 million in the fourth quarter, against $185.6 million, and $1,015.7 million for 2025, against $731.1 million, as the pipeline expanded. Source
• Cash balance rose to $2.54 billion: Cash, cash equivalents and marketable securities were about $2.54 billion at December 31, 2025, up from $2.1 billion at September 30, 2025 and $1.8 billion a year earlier. Source

“Our 2025 performance reflects the strength and durability of our commercial business and meaningful progress we are making transforming Neurocrine into a broader, more diversified biopharmaceutical company,”

Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences

Guidance

What changed from last quarter

• New guidance: Full-year 2026 financial guidance was given for INGREZZA net product sales, GAAP and non-GAAP R&D, IPR&D, and GAAP and non-GAAP SG&A. Source
• New: The company announced expansion of its corticotropin releasing factor (CRF) platform into a new class of medicines targeting metabolic diseases, including obesity. Source
• New: A Phase 2 clinical study of NBI-1065890, a next-generation selective VMAT2 inhibitor, was initiated in adults with tardive dyskinesia. Source

Results for the quarter and year

• Net product sales up 29% in quarter: Total net product sales were $798.3 million in the fourth quarter and $2.83 billion for 2025. Total revenues were $805.5 million in the quarter, against $627.7 million a year earlier. Source
• GAAP net income and EPS rose: GAAP net income was $153.7 million, or $1.48 per diluted share, against $103.1 million and $1.00. Non-GAAP diluted EPS was $1.88, against $1.69 in the prior-year quarter. Source
• Full-year diluted EPS figures: For 2025, GAAP diluted EPS was $4.67 against $3.29, and non-GAAP diluted EPS was $6.39 against $6.33. Full-year total revenues were $2,860.5 million against $2,355.3 million. Source
• Product sales drove net income change: Net income differences were primarily driven by $177.1 million higher net product sales, with higher operating expenses for R&D, CRENESSITY launch activities and INGREZZA. Source

INGREZZA and CRENESSITY sales

• INGREZZA sales up 7% in quarter: INGREZZA net product sales were $657.5 million in the fourth quarter, up 7%, and $2.51 billion for 2025, up 9%. The third-quarter release reported $686.6 million. Source
• Volume growth met lower net price: Double-digit growth in TRx and NRx prescription volume was partly offset by a lower net price, which the company attributed to new formulary access investments. Source
• CRENESSITY sales reached $135.3 million: CRENESSITY net product sales were $135.3 million in the fourth quarter and $301.2 million for 2025, against $1.7 million in each prior-year period. Source
• Reimbursement coverage above 80%: Reimbursement coverage for dispensed CRENESSITY scripts was above 80% in the fourth quarter, the same level the company reported for the third quarter. Source

“while advancing our pipeline anchored by Phase 3 programs, including osavampator in major depressive disorder and direclidine in schizophrenia”

Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences

2026 financial guidance

• INGREZZA 2026 sales guided to $2.7-2.8B: Full-year 2026 INGREZZA net product sales are guided to $2.7 billion to $2.8 billion, covering tardive dyskinesia and chorea associated with Huntington's disease. Source
• R&D guidance covers Phase 3 programs: GAAP R&D is guided to $1,200 million to $1,250 million and non-GAAP R&D to $1,110 million to $1,160 million, for pipeline work including two Phase 3 programs. Source
• Development milestones included in R&D: R&D guidance includes about $25 million of development milestones for in-licensed candidates, counted once achieved or deemed probable. Source
• SG&A and IPR&D guidance set: GAAP SG&A is guided to $1,375 million to $1,400 million and non-GAAP SG&A to $1,240 million to $1,265 million. IPR&D is guided to $20 million. Source
• Stock compensation excluded from non-GAAP: Non-GAAP guidance excludes estimated non-cash stock-based compensation of about $90 million in R&D and $125 million in SG&A, the same amounts as the prior guidance. Source

Operating expense lines

• R&D spend rose sharply: GAAP R&D was $258.2 million in the fourth quarter, against $185.6 million, and $1,015.7 million for 2025, against $731.1 million, as the pipeline expanded. Source
• SG&A rose on launch and INGREZZA: GAAP SG&A was $301.8 million in the fourth quarter, against $287.8 million, and $1,156.2 million for 2025, against $1,007.2 million. Source
• Upfront license payments lifted IPR&D: Acquired in-process R&D was $17.0 million in the fourth quarter, against $3.0 million, reflecting upfront payments under early-stage development candidate licenses. Source
• Non-GAAP expenses exclude listed items: Non-GAAP R&D was $233.8 million and non-GAAP SG&A was $265.6 million in the fourth quarter, after the reconciling items the company lists, including stock-based compensation. Source

“We expect this building momentum will create value for all stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead.”

Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences

Operating income and tax

• Operating income rose in quarter: GAAP operating income was $210.9 million in the fourth quarter, against $142.0 million. Non-GAAP operating income was $272.6 million, against $210.3 million. Source
• Tax provision increased with pre-tax income: Income before taxes was $239.4 million in the fourth quarter, against $162.6 million. The tax provision was $85.7 million, against $59.5 million. Source
• Cost of revenues increased: GAAP cost of revenues was $17.6 million in the fourth quarter, against $9.3 million, and $52.1 million for 2025, against $34.0 million. Source

Cash, assets and share count

• Cash balance rose to $2.54 billion: Cash, cash equivalents and marketable securities were about $2.54 billion at December 31, 2025, up from $2.1 billion at September 30, 2025 and $1.8 billion a year earlier. Source
• Total assets and equity increased: Total assets were $4,631.5 million at December 31, 2025, against $3,718.7 million a year earlier. Stockholders' equity was $3,253.1 million, against $2,589.7 million. Source
• Diluted share count edged up: Diluted weighted average shares were 103.7 million in the fourth quarter, against 102.9 million. For the full year, the figure was 102.5 million, against 103.7 million. Source

Pipeline and strategy

• Two Phase 3 programs anchor pipeline: The company is advancing Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia, which it presents as anchors for its pipeline. Source
• CRF platform expanded to metabolic disease: The company announced expansion of the CRF platform as a foundation for a new class of medicines targeting metabolic diseases, including obesity. Source
• NBI-1065890 enters Phase 2: A Phase 2 study of NBI-1065890 started in adults with tardive dyskinesia. The company said the compound may offer longer-acting options for the condition. Source

Scientific communications

• Review of VMAT2 inhibitors published: A narrative review in CNS Spectrums described INGREZZA's distinct profile, including selective VMAT2 targeting and simplified dosing. It concluded VMAT2 inhibitors are not interchangeable. Source
• Head-to-head data against AUSTEDO XR: Head-to-head capsule data presented at ACNP showed nearly two-fold higher VMAT2 mean target occupancy for INGREZZA than AUSTEDO XR after a single dose. Source
• Steady-state dose comparison presented: At steady state, the lowest approved INGREZZA dose of 40 mg showed higher estimated VMAT2 target occupancy than the highest approved AUSTEDO XR dose of 48 mg. Source

Coming up, as management said on 11 February 2026

• Phase 3 programs to advance in 2026: The company said its 2026 focus includes advancing the Phase 3 programs for osavampator and direclidine. No dates for trial readouts or filings were given. Source

Figures management reported

Earlier plans management reported on

• On track: Management said at the December R&D Day that the R&D engine remains on track to deliver multiple first- and best-in-class medicines. Source
• Not stated: The sales team expansion announced in the prior release is expected to be completed by the end of the first quarter of 2026. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.