SAN DIEGO - Neurocrine (NASDAQ:NBIX) Biosciences, Inc. (NASDAQ:NBIX) reported a notable increase in its first-quarter financial results, with earnings and revenue surpassing analyst expectations. The positive financial results spurred a 3.24% increase in the company's stock.
The neuroscience-focused biopharmaceutical company announced adjusted earnings per share (EPS) of $1.20 for the quarter, which was $0.13 higher than the consensus estimate of $1.07. Total revenue for the quarter reached $515.3 million, also exceeding the consensus estimate of $512.36 million.
The company's INGREZZA® (valbenazine) net product sales were a significant contributor, reporting $506 million, marking a 23% growth compared to the same quarter last year. This growth was attributed to strong patient demand and improvements in gross-to-net dynamics. Neurocrine Biosciences' Chief Executive Officer, Kevin Gorman, Ph.D., highlighted the continued need for treatments for tardive dyskinesia, expressing confidence in the company's position to lead in neuroscience.
Looking ahead, Neurocrine Biosciences has reaffirmed its guidance for INGREZZA net product sales, projecting between $2,100 million and $2,200 million. This guidance reflects the company's expectations for the product's continued success in treating tardive dyskinesia and chorea associated with Huntington's disease.
The first quarter of 2024 also included significant research and development advancements, with the company submitting New Drug Applications for crinecerfont for the treatment of congenital adrenal hyperplasia and reporting positive Phase 2 data for NBI-1065845 in major depressive disorder. Additionally, the U.S. FDA approved INGREZZA SPRINKLE (valbenazine) capsules, expanding the company's product offerings.
Neurocrine Biosciences ended the quarter with a strong balance sheet, boasting approximately $1.9 billion in cash, cash equivalents, and marketable securities. This financial stability supports the company's continued investment in its diverse pipeline and commitment to addressing unmet medical needs in neurological and neuropsychiatric disorders.
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