Neurocrine Biosciences (NBIX) Leerink Global Healthcare Conference 2026 summary

Commercial performance and product launches

• Two approved products, INGREZZA and CRENESSITY, are driving significant growth, with INGREZZA guided at $2.7–$2.8 billion for the year and CRENESSITY achieving over $300 million in its first year with 2,000 patients on therapy.

• CRENESSITY is the first approved product for congenital adrenal hyperplasia in over 70 years, with strong uptake and high expectations for future growth.

• Less than 50% of CRENESSITY’s initial patients came from centers of excellence, indicating substantial remaining opportunity in both COEs and the broader clinician base.

• Over 1,000 clinicians have prescribed CRENESSITY, with high persistence rates above 80% and strong reimbursement, as more than 80% of prescriptions are reimbursed.

• INGREZZA’s growth is volume-driven, with price expected to be down 4–5% year-over-year, and recent sales force expansion aims to boost new patient generation.

R&D pipeline and investment strategy

• Approximately 35% of revenue is reinvested into R&D, supporting two late-stage phase III trials in schizophrenia and depression, with readouts expected in 2027 and 2028.

• The internal R&D team is ahead of schedule, and the company is targeting a long-term market cap of $30–$50 billion by sustaining a robust pipeline.

• Obesity is a new area of focus, with a trial starting this year and data expected next year; investment will scale with data-driven decisions.

• Business development last year focused on smaller, early-stage deals to expand the development candidate pool, with flexibility for larger deals if opportunities arise.

Financial position and outlook

• Over $2.5 billion in cash, no debt, and 30% non-GAAP operating income, with strong cash flow despite significant R&D and commercial investments.

• The company remains committed to long-term profitability and shareholder value, prioritizing medium-term revenue growth over short-term profit maximization.

• Both blockbuster products are expected to continue driving growth, with CRENESSITY positioned for peak penetration of 30–50% and INGREZZA holding a 55% share of new patients.

• Reimbursement for CRENESSITY is robust, with most patients receiving the drug within 10 days of prescription, and ongoing efforts to increase product awareness among the 8,000 target clinicians.

• INGREZZA’s access through Medicare Part D expanded from 40% to over 70%, and the company expects continued strong access through 2027–2028.