Neurocrine Biosciences (NBIX) Goldman Sachs 45th Annual Global Healthcare Conference summary

Leadership transition and company strategy

• CEO transition from Kevin Gorman to Kyle Gano, with continuity in strategic direction and business development focus.

• Leadership emphasizes learnings from past launches and ongoing commitment to market education and physician engagement.

• Expansion of commercial infrastructure and sales force planned for 2024 to support growth.

• Continued focus on capital allocation to maximize value from both existing and pipeline assets.

INGREZZA franchise performance and growth

• INGREZZA revenue guidance for 2024 is $2.1–$2.2 billion, with Q1 revenue at $506 million and 23% year-over-year growth.

• Diagnosis rates for tardive dyskinesia have increased from 3% to 30–35% over seven years, but the market remains largely underserved.

• Expansion into long-term care and targeted sales force segmentation have driven growth.

• Branded and unbranded direct-to-consumer advertising have shown strong ROI, supporting continued investment.

• New formulation, INGREZZA SPRINKLE, approved, adding to franchise upside.

Pipeline and R&D highlights

• Crinecerfont for congenital adrenal hyperplasia (CAH) has shown strong phase III data, with NDA submissions in April and potential approval in early 2025.

• Anticipation of an AdCom for crinecerfont, with broad label expected and pricing to be determined post-approval.

• Muscarinic pipeline led by NBI-568 (M4 agonist) with phase II data in schizophrenia expected in Q3 2024.

• Multiple muscarinic assets in development, including M1, M4, and dual agonists, with prioritization based on efficacy and safety profiles.

• Additional programs include NMDA and 2B NAM for major depressive disorder, next-generation VMAT2 inhibitor, and luvadaxistat for cognitive impairment in schizophrenia, with key data readouts expected in 2024.