Neurocrine Biosciences (NBIX) Q1 2026 earnings summary

Executive summary

• Q1 2026 net product sales reached $811.0 million–$815 million, up 42%–44% year-over-year, driven by strong demand for INGREZZA and CRENESSITY, both supported by expanded sales teams and robust patient demand.

• INGREZZA net sales were $656.9–$657 million (up 20% YoY), CRENESSITY net sales $153–$153.3 million, both showing high persistency, compliance, and favorable reimbursement.

• Announced definitive agreement to acquire Soleno Therapeutics for $2.9 billion, expected to close in Q2 2026, further strengthening the commercial portfolio.

• Net income for Q1 2026 was $197.9–$201 million, with diluted EPS of $1.91–$1.97, and cash and investments at quarter-end totaled $2.65 billion.

• Advanced multiple clinical programs, including new Phase 1 and 2 studies, and presented new clinical and real-world data for INGREZZA and CRENESSITY.

Financial highlights

• Total Q1 2026 revenues were $811.0–$815 million, up 42%–44% year-over-year.

• Non-GAAP net income was $200.5–$201 million, up 177% year-over-year, with non-GAAP operating income of $226–$226.4 million.

• GAAP net income for Q1 2026 was $197.9–$198 million, with diluted EPS of $1.91–$1.97.

• Cash, cash equivalents, and marketable securities totaled $2.65 billion as of March 31, 2026.

• Gross margin remained strong, with cost of revenues at 1.7% of total revenues.

Outlook and guidance

• 2026 INGREZZA net sales guidance reaffirmed at $2.7–$2.8 billion.

• Full-year 2026 non-GAAP R&D expense expected at $1.11–$1.16 billion; non-GAAP SG&A at $1.24–$1.27 billion.

• Guidance excludes post-close expenses from the Soleno acquisition.

• CRENESSITY expected to achieve blockbuster status, with continued strong adoption and favorable reimbursement.

• Full impact of commercial expansion and additional financial details on the Soleno acquisition to be seen after Q2 2026.