Neurocrine Biosciences, Inc. Q2 2025 Earnings Recap

Neurocrine Biosciences reported a robust second quarter in 2025, achieving $682 million in net product sales—a 17% year-over-year increase—highlighted by the strong performance of its new product CRENESSITY alongside continued growth in INGREZZA.

Key Takeaways

• Net product sales reached $682 million, driven by a significant revenue increase from both INGREZZA and the newly launched CRENESSITY, which generated $53 million in its second quarter.
• INGREZZA sales totaled $624 million, reflecting successful market access initiatives, a record number of new patient starts, and sales force expansion.
• CRENESSITY is on track to potentially become a commercial blockbuster, with 75% of dispensed prescriptions being reimbursed and favorable feedback from patients and prescribers.
• Increased guidance for INGREZZA net sales from $2.4 billion to a range of $2.5-$2.55 billion, anticipating double-digit volume growth despite some near-term gross-to-net pressure.
• Strong cash position of $1.8 billion supports ongoing R&D efforts and strategic investments, positioning Neurocrine for continued operational growth.