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1. Company Snapshot

1.a. Company Description

Neurocrine Biosciences, Inc.discovers, develops, and markets pharmaceuticals for neurological, endocrine, and psychiatric disorders.The company's portfolio includes treatments for tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids, as well as clinical programs in various therapeutic areas.


Its lead asset is INGREZZA, a VMAT2 inhibitor for the treatment of tardive dyskinesia.The company's commercial products include ONGENTYS, a catechol-O-methyltransferase inhibitor used as an adjunct therapy to levodopa/DOPA decarboxylase inhibitors for patients with Parkinson's disease; ORILISSA for the management of moderate to severe endometriosis pain in women; and ORIAHNN, a non-surgical oral medication option for the management of heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women.Its product candidates in clinical development include NBI-921352 for treating pediatric patients, as well as adult focal epilepsy indications; and NBI-827104 to treat rare pediatric epilepsy and essential tremor.


The company's products in clinical development also comprise NBI-1065845 for the treatment of major depressive disorder; NBI-1065846 for treating anhedonia in major depressive disorder; and NBI-118568 for the treatment of schizophrenia.It has license and collaboration agreements with Heptares Therapeutics Limited; Takeda Pharmaceutical Company Limited; Idorsia Pharmaceuticals Ltd; Xenon Pharmaceuticals Inc.; Voyager Therapeutics, Inc.; BIAL – Portela & Ca, S.A.; Mitsubishi Tanabe Pharma Corporation; and AbbVie Inc.Neurocrine Biosciences, Inc.


was incorporated in 1992 and is headquartered in San Diego, California.

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1.b. Last Insights on NBIX

Neurocrine Biosciences' recent performance has been positively driven by strong Q3 2025 earnings, with quarterly earnings of $2.04 per share beating estimates. The company's INGREZZA sales and Prenepsi growth have been notable, with INGREZZA contributing 91% to revenue. Several institutional investors have increased their stakes, including Banco Bilbao Vizcaya Argentaria S.A. (3.1%), Capital Fund Management S.A. (15.9%), and Creative Planning (31.6%). Additionally, the company has a promising late-stage neuropsychiatry pipeline and robust cash reserves of $1.8 billion.

1.c. Company Highlights

2. Neurocrine Biosciences' Q3 2025 Earnings: Strong Execution and Growth Momentum

Neurocrine Biosciences reported a robust financial performance in Q3 2025, with net product sales reaching $790 million, a 28% year-over-year growth. The company's EPS came in at $2.04, significantly beating analyst estimates of $1.58. The strong revenue growth was driven by record quarters for both new patient starts and total prescriptions for INGREZZA and CRENESSITY. INGREZZA's net sales reached $687 million, while CRENESSITY grew sequentially from $53 million in Q2 to $98 million in Q3, with 80% of dispensed prescriptions being reimbursed. As Eric Benevich, Chief Commercial Officer, highlighted, the company is seeing strong momentum and growth opportunity for both products.

Publication Date: Nov -02

📋 Highlights
  • Q3 Net Product Sales: hit $790M, a 28% YoY increase, driven by INGREZZA ($687M) and CRENESSITY ($98M, up from $53M in Q2).
  • CRENESSITY Reimbursement: exceeded 80%, with Eric Benevich noting smooth adoption and no major seasonal impacts expected in Q4.
  • Sales Force Expansion: will cost ~$150M in 2026, with a 30% increase in total sales footprint, prioritizing INGREZZA (70% of new hires) and psychiatry-neurology team integration.
  • Strong Cash Position: at $2.1B in cash with no debt, per CFO Matt Abernethy, emphasizing top-line growth and R&D investments over share buybacks.
  • INGREZZA Patient Retention: remains high with single-digit new patient starts (high persistency), and Eric Benevich expects continued double-digit growth in the VMAT2 market through 2026.

INGREZZA's Continued Strong Performance

INGREZZA had a third consecutive quarter of record new patient starts and total prescriptions, resulting in net sales of $687 million. The company's sales force expansion is expected to accelerate the development of the TD market and maximize INGREZZA patient share. The team is also working to combine the existing psychiatry and neurology teams and expand the headcount to better cover these customers. With a 30% increase in overall sales footprint across both products, the company is well-positioned to drive continued growth.

CRENESSITY's Launch Exceeds Expectations

The launch of CRENESSITY continues to exceed expectations, with steady adoption and high persistency rates. The company is seeing good feedback in terms of disease control with androgen reductions and the opportunity to bring down glucocorticoids to more physiologic or near physiologic levels. With reimbursement rates above 80%, the company expects a "pretty darn good level" in terms of gross to net discount in the foreseeable future.

Valuation and Growth Outlook

With a P/E Ratio of 33.26 and an EV/EBITDA of 21.53, the market is pricing in significant growth expectations for Neurocrine Biosciences. Analysts estimate next year's revenue growth at 17.9%, which suggests that the company's strong execution and growth momentum are likely to continue. The company's focus on maximizing patient share and controlling what they can across INGREZZA, combined with the successful launch of CRENESSITY, positions them well for future growth.

Pipeline and R&D Updates

The company is making progress in its clinical programs, including Phase III studies for Osavampator in major depressive disorder and NBI-'770 in major depressive disorder. The upcoming R&D day will provide greater detail into the company's long-term vision. With a strong cash position of $2.1 billion and no debt, Neurocrine Biosciences is well-positioned to prioritize top-line growth and R&D investments, while also exploring business development activities.

3. NewsRoom

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Fisher Asset Management LLC Trims Stock Position in Neurocrine Biosciences, Inc. $NBIX

Dec -04

Source: defenseworld.net

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Neurocrine Biosciences, Inc. (NBIX) Presents at Piper Sandler 37th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

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Capital Fund Management S.A. Grows Holdings in Neurocrine Biosciences, Inc. $NBIX

Nov -28

Source: defenseworld.net

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Creative Planning Raises Position in Neurocrine Biosciences, Inc. $NBIX

Nov -27

Source: defenseworld.net

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Neurocrine Biosciences Announces Publication of Landmark Narrative Review on FDA-Approved VMAT2 Inhibitors Demonstrating Unique Profile of INGREZZA® (valbenazine) Capsules

Nov -20

Source: prnewswire.com

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17 Capital Partners LLC Buys 650 Shares of Neurocrine Biosciences, Inc. $NBIX

Nov -20

Source: defenseworld.net

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A Strong Crenessity Launch And Muscarinic Pipeline Can Propel Neurocrine Biosciences Further

Nov -19

Source: seekingalpha.com

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Neurocrine Biosciences, Inc. (NBIX) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Pharmaceuticals

Expected Growth: 14%

Neurocrine Biosciences' 14% growth in Pharmaceuticals is driven by increasing demand for its novel treatments for neurological and endocrine-related disorders, such as Ingrezza for tardive dyskinesia and Ongentys for Parkinson's disease. Strong sales momentum, expanded product portfolio, and strategic partnerships also contribute to the growth.

7. Detailed Products

Ingrezza (Valbenazine) Capsules

A prescription medicine used to treat adults with tardive dyskinesia (TD).

Ongentys (Opicapone) Capsules

A prescription medicine used to treat Parkinson's disease in patients taking levodopa-based therapy.

Orladeyo (Berotralstat) Capsules

A prescription medicine used to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 12 years and older.

8. Neurocrine Biosciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Neurocrine Biosciences, Inc. has a moderate threat of substitutes due to the presence of alternative treatments for neurological and endocrine-related disorders.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Neurocrine Biosciences, Inc.'s products, which are often prescribed by healthcare professionals.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers for raw materials and services, but the company's dependence on a few key suppliers for certain components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the pharmaceutical industry, including significant research and development costs and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive landscape of the pharmaceutical industry, with multiple companies competing for market share in the neurological and endocrine-related disorder treatment markets.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.10%
Debt Cost 3.95%
Equity Weight 83.90%
Equity Cost 5.34%
WACC 5.11%
Leverage 19.19%

11. Quality Control: Neurocrine Biosciences, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Neurocrine Biosciences

A-Score: 5.8/10

Value: 1.9

Growth: 9.3

Quality: 8.3

Yield: 0.0

Momentum: 8.0

Volatility: 7.0

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Viatris

A-Score: 5.3/10

Value: 8.9

Growth: 2.2

Quality: 3.3

Yield: 7.0

Momentum: 3.0

Volatility: 7.3

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Intra-Cellular Therapies

A-Score: 5.3/10

Value: 6.0

Growth: 7.1

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

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Amneal Pharmaceuticals

A-Score: 4.4/10

Value: 3.9

Growth: 3.7

Quality: 6.0

Yield: 0.0

Momentum: 7.5

Volatility: 5.3

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Lantheus Holdings

A-Score: 4.2/10

Value: 5.8

Growth: 9.0

Quality: 7.9

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

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Stock-Card
Deciphera Pharmaceuticals

A-Score: 3.9/10

Value: 6.2

Growth: 6.1

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

155.51$

Current Price

155.51$

Potential

-0.00%

Expected Cash-Flows