Neurocrine Biosciences Inc
neurocrine.comWhat Do They Do?
Sells prescription medicines for movement disorders and adrenal disease to patients, and develops treatments for neurological, psychiatric, endocrine, and immunological disorders.
10-K for FY2025, filed Feb 11, 2026Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with…View ↗
Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea…View ↗
We launched INGREZZA® (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of…View ↗
How Do They Make Money?
Neurocrine sells INGREZZA and CRENESSITY to specialty pharmacy providers and distributors; sales count when customers obtain the medicines. It also earns royalties on AbbVie’s elagolix sales and Tanabe Pharma Corporation’s valbenazine sales.
10-K for FY2025, filed Feb 11, 2026We recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which we…View ↗
We sell INGREZZA® (valbenazine) exclusively in the U.S. through a limited specialty network. Our customers include select specialty…View ↗
Collaboration revenues for all periods presented primarily reflected royalties earned on AbbVie net sales of elagolix and Tanabe Pharma…View ↗
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10-K for FY2025, filed Feb 11, 2026
FY2025 revenue by product or service ↗
$2.9B
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10-K for FY2025, filed Feb 11, 2026
$2.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Net product sales
Sold outright
10-K for FY2025, filed Feb 11, 2026 |
99%
FY2022: 97%
|
Net product sales, FY2025
$2.8B Sources
|
Sold outright |
|
Collaboration revenues
Licensed
|
0.9%
FY2022: 3.2%
|
Collaboration revenues, FY2025
$26.6M Sources
|
Licensed |
Who Are Their Customers?
Neurocrine sells INGREZZA through select specialty pharmacy providers, wholesale distributors, and specialty distributors; CRENESSITY is sold through a single specialty pharmacy provider.
10-K for FY2025, filed Feb 11, 2026We sell INGREZZA exclusively in the U.S. through a limited specialty network. Our customers include select specialty pharmacy providers…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 26 cents into free cash flow.
10-K for FY2025, filed Feb 11, 2026
$619.1MView ↗
10-K for FY2025, filed Feb 11, 2026
$478.6MView ↗
10-K for FY2025, filed Feb 11, 2026
$748.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$144.4MView ↗
- ▲ +34%
- vs $107.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Jul 30, 2026
Raised INGREZZA sales guidance
Raised full-year net sales guidance to $2.825 billion–$2.875 billion, from $2.7 billion–$2.8 billion.
Sources
8-K, filed Jul 30, 2026
Total revenues for the second quarter 2026 were $959 million, compared with $688 million in the prior-year period representing 39%…View ↗
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May 18, 2026
Completed the Soleno Therapeutics acquisition
Added VYKAT XR, a medicine for hyperphagia in Prader-Willi syndrome.
Sources
8-K, filed May 18, 2026
The Company completed the acquisition of Soleno on May 18, 2026, by causing Purchaser to merge with and into Soleno (the “Merger”) pursuant…View ↗
Growing. Revenue grew 2.5x in 4 years, from $1.1B in FY2021 to $2.9B in FY2025, about 26% a year.
CAH treatment
The older report described crinecerfont as in development for CAH; the latest describes CRENESSITY as an approved treatment launched in the U.S.
10-K for FY2022, filed Feb 9, 2023 10-K for FY2025, filed Feb 11, 2026CAH in Adults (crinecerfont – CRF1 Antagonist(3)). We have completed enrollment of the CAHtalyst study, a global, registrational Phase III…View ↗
We launched INGREZZA® (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of…View ↗
Huntington’s chorea The older report described valbenazine as under development for Huntington’s chorea; the latest says INGREZZA is launched for that indication.
Who Do They Compete With?
Competes with Teva Pharmaceuticals Industries
10-K for FY2025, filed Feb 11, 2026INGREZZA competes with AUSTEDO (deutetrabenazine), marketed by Teva Pharmaceuticals Industries, for the treatment of TD in adults and…View ↗
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