Neurocrine Biosciences (NBIX) Q4 2025 earnings summary

Executive summary

• Entered 2026 with the strongest foundation in company history, driven by commercial brand momentum and pipeline diversification.

• Achieved Q4 and full-year 2025 net product sales of $798.3M and $2.83B, up 29% and 22% year-over-year, led by INGREZZA and CRENESSITY.

• INGREZZA net product sales reached $657.5M in Q4 and $2.51B for 2025, up 7% and 9% year-over-year, with double-digit prescription growth but offset by lower net price.

• CRENESSITY net product sales were $135.3M in Q4 and $301.2M for 2025, with strong initial demand, over 80% reimbursement coverage in Q4, and rapid adoption in classic CAH.

• Expanded R&D pipeline with multiple new Phase 1, Phase 2, and all Phase 3 registrational studies initiated for key candidates.

Financial highlights

• Total product sales exceeded $2.8B in 2025, up 22% year-over-year, with Q4 revenue at $806M, up 28% YoY.

• Non-GAAP operating income for 2025 was $846M, with non-GAAP net income of $655M and diluted EPS of $6.39.

• Non-GAAP operating margin was approximately 30%, or $850M, including $83M in R&D milestones and IP expense.

• Cash and investments increased to $2.54B at year-end 2025, driven by strong free cash flows.

• Gross margin remained robust, with cost of revenues at $52.1M on $2.83B net product sales for 2025.

Outlook and guidance

• 2026 INGREZZA net sales guidance is $2.7–$2.8B, reflecting double-digit volume growth, partially offset by lower net price.

• 2026 R&D expense guidance: GAAP $1.2B–$1.25B, Non-GAAP $1.11B–$1.16B; SG&A: GAAP $1.375B–$1.4B, Non-GAAP $1.24B–$1.27B.

• Net pricing for INGREZZA in 2026 expected to be consistent with late 2025 levels.

• No specific 2026 sales guidance for CRENESSITY due to early launch dynamics, but continued strong growth anticipated.

• Major phase III program expenses to continue through 2027, with a significant roll-off in 2028.