Neurocrine Biosciences (NBIX) TD Cowen 46th Annual Health Care Conference summary

Company overview and commercial performance

• Operating from a position of strength with two commercial value drivers, INGREZZA and CRENESSITY, both with long intellectual property runways.

• INGREZZA continues to show double-digit volume growth, with expectations for this trend to persist in 2026.

• CRENESSITY, approved in December 2024, achieved over $300 million in first-year sales and is on a blockbuster trajectory.

• Financially strong, high-margin, and cash-generative, enabling resilience and strategic capital allocation.

• Proven ability to launch and scale medicines, execute clinical studies, and navigate regulatory approvals.

Market dynamics, risks, and growth drivers

• INGREZZA benefits from a growing tardive dyskinesia (TD) market, robust prescriber base, and sales force expansion.

• IRA (Inflation Reduction Act) poses a headwind, with MFP implementation for INGREZZA in 2029, but is considered manageable.

• CRENESSITY launch shows strong demand and steady new patient additions, with 10% of the patient pool reached in the first year.

• Revenue guidance for INGREZZA anticipates 8%-12% year-over-year growth, with consistent double-digit volume growth.

• CRENESSITY is expected to maintain upward sales trajectory, supported by high compliance and solid reimbursement.

R&D strategy and pipeline outlook

• R&D strategy aims for leadership in CNS, targeting a new molecule launch every other year.

• Diversification into neurology, endocrinology, neuroimmunology, and immunology, with a shift toward disease-modifying therapies.

• Multi-modality approach includes small molecules, peptides, proteins, antibodies, and gene therapy.

• Portfolio balanced with 75% proven biology and strong integration of internal and external innovation; 50% of early-phase pipeline enabled by external partnerships.

• Pipeline includes four molecules in phase II/III/IV, eight in phase I, and six more expected to enter phase I this year.