The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Phoebe Tan - Jefferies LLC - Analyst
: Great. Thank you for that intro. So starting with INGREZZA, for your full-year guide, you're saying $2.5 billion to $2.55 billion, which implies a low
growth rate quarter over quarter of negative 6% to 1%. Can you talk about the dynamics there in terms of -- I know there was one extra week in
Q3. But just kind of expectations there and the pricing dynamics.
Question: Phoebe Tan - Jefferies LLC - Analyst
: Great. And then just to confirm for Q4 and Q3, there's a 5% negative impact on pricing. And how should we expect that to continue into 2026?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Okay. Great. And can you talk about kind of the dynamics that made you result in increasing access and kind of the pricing impact there?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Great. And do you think that any part of that sort of strategy was kind of anticipation of the IRA and kind of trying to get more patients on to
INGREZZA? And I know that Teva has kind of mentioned on their Q2 -- on their Q3 call that they still keep their long-term guidance for AUSTEDO.
So it kind of seems based on our calculations that the IRA pricing for them is maybe not as impactful as some people might be concerned about.
So any comments on your expectations there and how you expect to kind of be treated through now and through your 2029?
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NOVEMBER 18, 2025 / 12:00PM, NBIX.OQ - Neurocrine Biosciences Inc at Jefferies Global Healthcare Conference
Question: Phoebe Tan - Jefferies LLC - Analyst
: Great. So just two follow-up questions here. So first, is it fair then to assume that for 2026, it's flat sort of pricing? Then 2027, 2028, there's some
incremental decline for INGREZZA?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Okay. Very helpful. And then my second follow-up question was for AUSTEDO. I think something that has kind of going under the radar is the much
more higher price of XR. How much do you think that contributes to their expectations that they continue the long-term growth? And also how
much you think that contributes to the market share dynamics that you see in Q3 and based on full-year guide at around 53% to 55% market share
to INGREZZA?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Okay. Great. Thank you, Kyle. Moving on to CRENESSITY just briefly. Right now, it looks like the launch is outpacing INGREZZA actually at its time
of launch. So I guess, just commentary on how launch is doing and kind of your expectations for patient adds going forward.
Question: Phoebe Tan - Jefferies LLC - Analyst
: So touching on that, do you expect to see sort of a similar dynamic that you see when you increase INGREZZA's sales force? Or too early to say?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Okay. Great. Thank you for that. And quickly before I run out of time, touching on pipeline. Recently, you announced that NBI-'770 didn't meet the
primary endpoint, but you're still looking at next steps. Can you provide some color on kind of what you saw in the data? Is it safety related? And
why -- kind of what you're thinking about for next steps?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Okay. And two last questions or just one. I guess, where do you see '770 versus osavampator in the space for MDD? And then lastly, if you have any
comments on your TransThera deal, and any future thoughts on BD?
Question: Phoebe Tan - Jefferies LLC - Analyst
: Great. Thank you so much.
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