Q1 2024 Neurocrine Biosciences Inc Earnings Call Transcript
Key Points
- Neurocrine Biosciences Inc (NBIX) reported robust year-over-year sales growth of 23% with Q1 sales of $506 million.
- The company successfully submitted two New Drug Applications (NDAs) for crinecerfont and received FDA approval for a new INGREZZA formulation.
- Positive Phase II top line results were announced for NBI-845 in adults with major depressive disorder, showing compelling efficacy and tolerability.
- Neurocrine Biosciences Inc (NBIX) has a strong cash position with over $1.9 billion, allowing for strategic capital allocation and shareholder value enhancement.
- The company has a deep and diverse clinical pipeline, including promising developments in treatments for psychiatric and neurological disorders.
- Seasonal payer dynamics and reauthorization requirements impacted refill rates and posed challenges in Q1.
- The company recorded a significant charge of $89 million related to the settlement of convertible notes, impacting financials.
- While INGREZZA continues to grow, the market for Huntington's chorea treatments remains small compared to tardive dyskinesia.
- The company faces intense competition in the neuroscience and psychiatric treatment markets, requiring continuous innovation and investment.
- Regulatory risks and uncertainties remain as new drug applications and clinical trials progress, which could affect future outcomes and market positions.
Good day, everyone, and welcome to Neurocrine Biosciences Reports First Quarter Results. (Operator Instructions) please note this call is being recorded. (Operator Instructions) It is now my pleasure to turn the conference over to Todd Tushla, Vice President of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to Neurocrine Biosciences First Quarter 2024 Earnings Call. With me are Kevin Gorman, Chief Executive Officer; Matt Abernethy, Chief Financial Officer; Eiry Roberts, Chief Medical Officer; Eric Benevich, Chief Commercial Officer; and Kyle Gano, Chief Business Development and Strategy Officer.
We're also joined today by Dr. Jaz Singh, Neurocrine's Vice President of Psychiatry Clinical Development, which includes serving as the program lead for NBI-845, our AMPA potentiator, which recently read out positive Phase II top line results in adults with major depressive disorder.
Jaz has been at Neurocrine since 2020. Prior to joining Neurocrine, Jaz spent 14 years at Johnson & Johnson, where among other things,
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