Q2 2024 Neurocrine Biosciences Inc Earnings Call Transcript
Key Points
- Neurocrine Biosciences Inc (NBIX) reported a 32% year-over-year growth in Ingressa sales, reaching $580 million in Q2 2024.
- The company raised its 2024 Ingressa net sales guidance to a range of $2.25 to $2.3 billion, up from the previous range of $2.1 to $2.2 billion.
- Neurocrine Biosciences Inc (NBIX) received priority review for Crenesifon, with a PDUFA date set for late December, indicating potential for a new blockbuster drug.
- The company has a robust preclinical and clinical pipeline, including promising data for its AMPA modulator in major depressive disorder and multiple new compounds entering the clinic.
- Neurocrine Biosciences Inc (NBIX) is expanding its sales force and investing in direct-to-consumer advertising, which has historically shown positive ROI and propelled Ingressa to new levels.
- No new information was provided on the lupivextrastat or NBI568RM trials, as both remain blinded and databases are not locked.
- The company is facing increased SG&A expenses, including a $15 million non-GAAP impairment charge associated with vacating office space.
- Despite the positive outlook, the company is not yet in a position to provide official financial guidance for 2025.
- There is still a significant portion of the target market for Ingressa that remains untapped, with two-thirds of patients with tardive dyskinesia not yet diagnosed.
- The company faces the challenge of navigating the FDA review process for Crenesifon, with no adcom meeting planned but the possibility of one being scheduled.
Good day, everyone, and welcome to today's Neurocrine Biosciences Reports second quarter results. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. Please note, today's call will be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Vice President of Investor Relations, Todd Tushla. Please go ahead.
Thank you, Chloe. Welcome to Neurocrine Biosciences' second quarter 2024 earnings call. With me are Kevin Gorman, our current 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, who on October 14 will become Neurocrine's next CEO. So yes, this will be Kevin's last earnings call, and he plans to share a few closing thoughts following Q&A.
Before we begin, we will be making
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