Neurocrine Biosciences Inc at Canaccord Genuity Growth Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : I'll switch the script a little bit here. I'll start with chronicity with INGREZZA. You've had a really solid start. You mentioned that it beat your own expectations. What do you think the Street or you guys were missing in terms of your ability to beat estimates so easily on this map?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : You mentioned those segments. What do you think the key variable is to keep the momentum going on [on these segments]

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : And how is real-world usage of steroids by patients with classic congenital adrenal hyperplasia affected by use of CRENESSITY. And do you think reimbursers might set up some bar after certain periods of time to see how that steroid usage is tracked?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : So on that note, from a competition standpoint, how are you thinking about what potential competition could come in over the years on CRENESSITY?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : That's a lot of unsurpassed there. On how -- what's the excitement factor around ex-US plans for this product? And what would that mean for Neurocrine as an organization?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : We'll switch now to INGREZZA, which is a multi-blockbuster product. You narrowed your sales outlook for the product this year. What needs to happen for you to meet or beat that number comfortably. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 13, 2025 / 12:00PM, NBIX.OQ - Neurocrine Biosciences Inc at Canaccord Genuity Growth Conference

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : You pave the way for the titer dyskinesia market with your product. Now you have a competitor, Teva with AUSTEDO and AUSTEDO XR. How do you expect the competition to play out once Teva's AUSTEDO and AUSTEDO XR are subject to the Inflation Reduction Act or IRA?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : So just staying on the IRA topic, what examples are you watching to give yourself insight into how a competitor product might behave if your product might behave if a competitor's product is for the same indication as IRA?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : So we have a few minutes and I definitely want to go into the pipeline because you have a lot of products in there. This is probably a sneak preview of what's going to come on December 16. So on NBI-'568, what are your latest thoughts on selective M4 agonists versus the M1/M4 approach and M1/M4 positive allosteric modulator approach?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : Your credit as an organization, you've always run classical dose-finding Phase 2 studies. Now we kind of know what happened with this product in the Phase 2. You went with a 20 mg dose. Could you go with an even lower dose?

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : So on your muscular agonist portfolio, are there any predictions on what you might think might be the highest value indication? And do you have any early thoughts on how your portfolio might work in older patients? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 13, 2025 / 12:00PM, NBIX.OQ - Neurocrine Biosciences Inc at Canaccord Genuity Growth Conference

Question: Sumant Kulkarni - Canaccord Genuity Corp - Analyst : A few seconds, but I do want to touch upon the major depressive disorder market. You have a Phase 2 coming for 770, we've seen what's happened with the Novartis program with their similar approach with the NR2B NAM to discontinue after Phase 2. You have Boehringer product also in Phase 2. You characterize how you view your product in light of those two competitors and also moving to your Phase 3 for or how would you characterize success?