Neurocrine Biosciences Reports 3rd Quarter 2022 Financial Results and Raises 2022 INGREZZA Sales Guidance.

SAN DIEGO: Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the third quarter ended September 30, 2022 and raised net sales guidance for INGREZZA in 2022.

"INGREZZA continues to help more and more patients who suffer from tardive dyskinesia. With the submission of the sNDA of valbenazine for the treatment of chorea associated with Huntington Disease, we have the potential to help even more patients with our valbenazine franchise," said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "Our clinical programs continue to progress with multiple data readouts in 2023 including for crinecerfont in congenital adrenal hyperplasia and for NBI-'352 in adult focal onset seizures. Additionally, we recently dosed our first patient in our lead muscarinic program for the treatment of schizophrenia. With a strong commercial and R&D presence, and an attractive financial profile, Neurocrine Biosciences is well positioned to be a leading neuroscience-focused company."

Financial Highlights

Three Months Ended

September 30,

Nine Months Ended

September 30,

(unaudited, in millions, except per share data)

2022

2021

2022

2021

Revenues:

Product sales, net

$ 379.3

$ 288.8

$ 1,036.3

$ 786.6

Collaboration revenue

8.6

7.2

40.4

34.9

Total revenues

$ 387.9

$ 296.0

$ 1,076.7

$ 821.5

GAAP Research and Development (R&D)

$ 107.7

$ 92.7

$ 345.8

$ 240.7

Non-GAAP R&D

$ 92.8

$ 80.7

$ 302.2

$ 204.5

GAAP Selling, General and Administrative (SG&A)

$ 186.3

$ 154.6

$ 569.8

$ 426.8

Non-GAAP SG&A

$ 158.1

$ 129.5

$ 483.8

$ 364.4

GAAP net income

$ 68.5

$ 22.5

$ 65.5

$ 96.9

GAAP earnings per share - diluted

$ 0.69

$ 0.23

$ 0.67

$ 0.99

Non-GAAP net income

$ 106.7

$ 62.6

$ 218.5

$ 181.5

Non-GAAP earnings per share - diluted

$ 1.08

$ 0.64

$ 2.22

$ 1.85

(unaudited, in millions)

September 30,

2022

December 31,

2021

Total cash, cash equivalents and marketable securities

$ 1,162.0

$ 1,272.0

Third Quarter INGREZZA Net Product Sales and Commercial Highlights:

Net product sales were $376 million with total prescriptions (TRx) of approximately 68,600

Net product sales and TRx grew 31% and 32%, respectively, vs. third quarter of 2021

Sequential growth driven by record new patients and continued strength in existing patients' refill rates

Financial Highlights:

Third quarter 2022 GAAP net income and diluted earnings per share of $69 million and $0.69, respectively, compared with $23 million and $0.23, respectively, for third quarter 2021.

Third...