Neurocrine Biosciences Inc (NBIX) Reports 29% YoY Growth in Q3 2023 Net Product Sales
INGREZZA (valbenazine) Q3 2023 net product sales reached $486 million, a 29% YoY growth.
Neurocrine Biosciences Inc (NASDAQ:NBIX) raised its 2023 net sales guidance for INGREZZA to $1.82 - $1.84 billion.
GAAP net income for Q3 2023 was $83.1 million, compared to $68.5 million in Q3 2022.
As of September 30, 2023, the company had cash, cash equivalents, and marketable securities of approximately $1.5 billion.
On October 31, 2023, Neurocrine Biosciences Inc (NASDAQ:NBIX) announced its financial results for the third quarter ended September 30, 2023. The company reported a 29% year-over-year growth in INGREZZA (valbenazine) net product sales, reaching $486 million. Consequently, the company has raised its 2023 net sales guidance for INGREZZA to $1.82 - $1.84 billion.
Financial Highlights
The company's total revenues for Q3 2023 were $498.8 million, compared to $387.9 million in Q3 2022. GAAP net income for the quarter was $83.1 million, or $0.82 per diluted share, compared to $68.5 million, or $0.69 per diluted share, for the same period in 2022. Non-GAAP net income for Q3 2023 was $156 million, or $1.54 per diluted share, compared to $106.7 million, or $1.08 per diluted share, in Q3 2022.
As of September 30, 2023, Neurocrine Biosciences Inc (NASDAQ:NBIX) had cash, cash equivalents, and marketable securities of approximately $1.5 billion.
Recent Developments
In August 2023, the FDA approved INGREZZA for the treatment of adults with chorea associated with Huntington's disease. In September 2023, the company announced positive top-line data from the Phase 3 CAHtalyst clinical study of crinecerfont in adults and pediatrics with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency (21-OHD).
Updated 2023 INGREZZA Sales Guidance and Operating Expense Guidance
The company raised its INGREZZA net product sales guidance for fiscal 2023 to between $1.82 and $1.84 billion. GAAP R&D expense is expected to be between $560 and $570 million, while non-GAAP R&D expense is projected to be between $490 and $500 million. GAAP SG&A expense is estimated to be between $870 and $890 million, with non-GAAP SG&A expense projected to be between $740 and $760 million.
Neurocrine Biosciences Inc (NASDAQ:NBIX) will hold an Analyst Day in New York City on Tuesday, December 5, 2023, to provide more insight into its R&D portfolio and strategy.
Explore the complete 8-K earnings release (here) from Neurocrine Biosciences Inc for further details.
This article first appeared on GuruFocus.
