Neurocrine Biosciences Q1 2024 Financial Results
Neurocrine Biosciences, Inc., headquartered in San Diego, has announced its financial results for the first quarter of 2024, ending March 31, 2024. The company reported significant growth and several key developments that position it strongly in the neuroscience sector.
Financial Performance and Highlights
Neurocrine Biosciences achieved impressive net product sales for its flagship treatment, INGREZZA® (valbenazine). The first quarter sales totaled $506 million, reflecting a 23% increase compared to the same period in 2023. This growth indicates robust patient demand and favorable changes in gross-to-net dynamics.
The first quarter of 2024 also saw notable differences in GAAP and non-GAAP operating expenses compared to the previous year. Increased research and development (R&D) expenses supported expanding and advancing clinical portfolios, including investments in muscarinic compounds, gene therapy programs, and second-generation VMAT2 inhibitors. Another key factor was the flat selling, general, and administrative (SG&A) expenses, which encompassed continued investment in INGREZZA and additional investments related to crinecerfont.
Financially, the company reported a GAAP net income of $43 million, translating to earnings per share of $0.42. This is a stark contrast to the GAAP net loss of $77 million, with a loss per share of $0.79 in the first quarter of 2023. On a non-GAAP basis, the first quarter 2024 net income was $125 million with earnings per share of $1.20, compared to a non-GAAP net loss of $50 million and a loss per share of $0.51 in the first quarter of 2023. The improvement was driven by higher sales of INGREZZA and an improved operating margin.
As of March 31, 2024, Neurocrine Biosciences held approximately $1.9 billion in cash, cash equivalents, and marketable securities.
Recent Developments
Several significant developments occurred in the first quarter of 2024. In January, the company opted to settle convertible senior notes due in May 2024 in cash. In April, Neurocrine Biosciences reported positive Phase 2 top-line data for its potential first-in-class AMPA positive allosteric modulator, NBI-1065845, intended for treating major depressive disorder. This study demonstrated statistically significant improvements in the Montgomery Åsberg Depression Rating Scale (MADRS) at both Day 28 and Day 56.
Additionally, the company submitted two New Drug Applications (NDAs) to the U.S. FDA for crinecerfont, aimed at treating both adult and pediatric patients with classic congenital adrenal hyperplasia. Also in April, the U.S. FDA approved INGREZZA SPRINKLE, a new oral granules formulation of INGREZZA capsules.
Strategic Outlook
Neurocrine Biosciences reaffirmed its 2024 net sales guidance and updated its expense guidance. The company is poised to hold a live conference call and webcast to discuss these developments further.
About Neurocrine Biosciences
Neurocrine Biosciences is dedicated to addressing significant unmet needs in the treatment of neurological, neuroendocrine, and neuropsychiatric disorders. The company's diverse portfolio includes FDA-approved treatments for various conditions such as tardive dyskinesia and Huntington's disease-related chorea. Furthermore, Neurocrine Biosciences has a robust pipeline with multiple compounds in mid-to-late-stage clinical development.
Conclusion
With robust financial growth, strategic advancements in its pipeline, and significant recent approvals, Neurocrine Biosciences is positioned strongly for continued leadership in the field of neuroscience. The company remains committed to developing and delivering transformative treatments for patients with critical, unmet medical needs.
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