On August 1, 2024, Neurocrine Biosciences Inc (NBIX, Financial) released its 8-K filing for the second quarter of 2024, showcasing a robust financial performance and an upward revision of its 2024 sales guidance for INGREZZA.
Neurocrine Biosciences Inc is a research-based pharmaceutical company advancing drug candidates in the central nervous system and endocrine-related categories. The company's three late-stage clinical programs include elagolix for women's health, opicapone for Parkinson's patients, and INGREZZA for Tourette syndrome.
Q2 2024 Financial Highlights
Neurocrine Biosciences Inc (NBIX, Financial) reported total revenues of $590.2 million for Q2 2024, a significant increase from $452.7 million in Q2 2023. This growth was primarily driven by the strong performance of INGREZZA, which saw net product sales of $580 million, representing a 32% year-over-year growth.
Despite the impressive revenue growth, the company faced increased operating expenses. GAAP Research and Development (R&D) expenses rose to $191.1 million from $145.8 million in the same period last year, while GAAP Selling, General and Administrative (SG&A) expenses increased to $242.0 million from $221.8 million.
Income Statement and Key Metrics
Neurocrine Biosciences Inc (NBIX, Financial) reported a GAAP net income of $65.0 million, or $0.63 per diluted share, compared to $95.5 million, or $0.95 per diluted share, in Q2 2023. On a Non-GAAP basis, net income was $168.9 million, or $1.63 per diluted share, up from $125.7 million, or $1.25 per diluted share, in the same period last year.
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenues | $590.2 million | $452.7 million |
| GAAP Net Income | $65.0 million | $95.5 million |
| Non-GAAP Net Income | $168.9 million | $125.7 million |
| GAAP EPS (Diluted) | $0.63 | $0.95 |
| Non-GAAP EPS (Diluted) | $1.63 | $1.25 |
Balance Sheet and Cash Flow
As of June 30, 2024, Neurocrine Biosciences Inc (NBIX, Financial) had total cash, cash equivalents, and marketable securities of approximately $1.7 billion, reflecting a $309 million payment to fully retire its convertible senior notes. The company's total assets stood at $3.3 billion, with stockholders' equity of $2.5 billion.
Operational Highlights and Future Outlook
Neurocrine Biosciences Inc (NBIX, Financial) raised its 2024 net product sales guidance for INGREZZA to a range of $2.25 billion to $2.3 billion, reflecting strong underlying patient demand and improved gross-to-net dynamics. The company also announced several key developments, including the FDA's Priority Review for crinecerfont to treat congenital adrenal hyperplasia and positive topline data for the Phase 2 SAVITRI™ study.
“At Neurocrine, we are energized by the tremendous opportunity we see to help many more patients, and we are encouraged by our recent progress, including INGREZZA’s continued success in treating tardive dyskinesia and Huntington’s disease chorea and the FDA’s decision to grant Priority Review for crinecerfont to treat congenital adrenal hyperplasia,” said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences.
Conclusion
Neurocrine Biosciences Inc (NBIX, Financial) has demonstrated strong financial performance in Q2 2024, driven by the success of INGREZZA. The company's strategic investments in R&D and SG&A, along with its robust pipeline, position it well for continued growth. Value investors and potential GuruFocus.com members may find Neurocrine Biosciences Inc (NBIX) an attractive prospect given its solid financials and promising future outlook.
Explore the complete 8-K earnings release (here) from Neurocrine Biosciences Inc for further details.
