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Neurocrine Biosciences Shares Jump After Raising Ingrezza Sales Guidance

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  • Tucked in its Q2 earning releaseNeurocrine Biosciences Inc (NASDAQ: NBIX) said that in August, the Phase 2a study of NBI-827104 in essential tremor did not meet specified endpoints.

  • Based on the totality of data from the Phase 2a study, at this time, the company will not proceed further with the clinical development of NBI-827104 in essential tremors.

  • The FDA has signed off Neurocrine's Investigational New Drug (IND) Application for a Phase 2 trial of NBI-1117568 for schizophrenia.

  • The achievement triggers a $30 million payment to Neurocrine's partner Sosei Heptares.

  • NBI-1117568 is an oral, selective muscarinic M4 receptor agonist in development for treating schizophrenia and other neuropsychiatric disorders.

  • Clinical studies completed to date have shown NBI-1117568 to be generally well tolerated.

  • Q2 sales increased 31% Y/Y to $378.2 million, and Ingrezza product sales were $350 million, with total prescriptions of approximately 64,200.

  • Net product sales and TRx grew 32% and 31%, respectively, vs. the second quarter of 2021.

  • The company raised the FY22 Ingrezza sales outlook to $1.35 billion - $1.4 billion, higher than the $1.25 billion - $1.35 billion expected earlier.

  • Price Action: NBIX shares are up 4.94% at $100.67 during the market session on the last check Friday.

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