Neurocrine Biosciences Inc at Leerink Partners Global Healthcare Conference Summary

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

Question: Marc Goodman - Leerink Partners - Analyst : No, I didn't.

Question: Marc Goodman - Leerink Partners - Analyst : You are one of my favorite stocks, give me a break.

Question: Marc Goodman - Leerink Partners - Analyst : Well, I would say that -- I'd say, first, the INGREZZA conversation is kind of two-fold. It's the -- why is the market a little bit slower this year than we would have expected in general. So that's a your company plus Teva guidance that you both provided. It just seems lighter than what we would have expected, say, three months ago. And second of all, the more micro issue of what happened with respect to your company losing momentum in gaining some of these new patient starts relative to Teva in a market share and what you're going to do to kind of get that back. And I would say, I feel relatively comfortable that you've got the right strategy. I mean this is probably a good forum to kind of talk about both of those things a little bit.

Question: Marc Goodman - Leerink Partners - Analyst : Can you talk a little bit more about that? What happened? What are they doing? What are the payers doing to make it more difficult? Because it's interesting your first guess is always price volume. And you said that pricing would be relatively the same, right, the average selling price. So it's like interesting that you guys are doing something that hurt you on volume without impacting price?

Question: Marc Goodman - Leerink Partners - Analyst : Its there anything that they're doing that's not workable? For instance, if they're asking a couple of extra questions in a different way, and it's a little bit longer. These are still solid.

Question: Marc Goodman - Leerink Partners - Analyst : So then you need to get tactical. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 11, 2025 / 3:20PM, NBIX.OQ - Neurocrine Biosciences Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. And are you feeling about maybe getting more aggressive with contracting, given what's going on? Do you think that makes sense?

Question: Marc Goodman - Leerink Partners - Analyst : Good segue look have talked about.

Question: Marc Goodman - Leerink Partners - Analyst : And what happens with INGREZZA when AUSTEDO actually is IRA earlier? Like how does that play? Talk about that dynamic REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 11, 2025 / 3:20PM, NBIX.OQ - Neurocrine Biosciences Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Let's talk about the first quarter. I guess you started to bring up the one last week. Obviously there's the normal, messiness of the first quarter, but what about just more broadly, new patient starts, the claims data that you were referring to last year? What does that claims data show for January, February if you've seen it, and is there any other comment you want to make about the first quarter? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 11, 2025 / 3:20PM, NBIX.OQ - Neurocrine Biosciences Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Well, I mean, one week is a great deal of revenue given how big the drug is. So it's having one week from one quarter to the next is a big.

Question: Marc Goodman - Leerink Partners - Analyst : That makes sense. Let's switch gears to CRENESSITY. Obviously, very excited to have a second drug, very unique when companies get to finally launch their second drug. It kind of changes the whole dynamic. Talk about how the year is going to progress with CRENESSITY, how we should expect it? Talk about the adult population, the peds population, how you expect kind of the ramp to occur?

Question: Marc Goodman - Leerink Partners - Analyst : Help to quantify the population and then the differences in how you think the adults will get treated versus the kids?

Question: Marc Goodman - Leerink Partners - Analyst : What's the plan for Europe?

Question: Marc Goodman - Leerink Partners - Analyst : But you fully expect you'll be in Europe and you fully expect that to be a real opportunity?

Question: Marc Goodman - Leerink Partners - Analyst : Let's talk about the pipeline a little bit.

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. Well, I think the muscarinic portfolio is kind of probably the biggest focus for people. So I guess the question is the strategy of having an M1, M1/M4 having everything, are they all going to just completely move forward if they're all positive? And just how you're thinking about titrating the spend on at all? And then second part of the question is there's a lot of confusion around like was the quality of the efficacy of 568 good enough to really move forward what I mean. And so it's kind of two questions there.

Question: Marc Goodman - Leerink Partners - Analyst : With different indications.

Question: Marc Goodman - Leerink Partners - Analyst : So is the M1/M4 through the SAD/MAD work yet? Or is it almost done? Will we see the data this year?

Question: Marc Goodman - Leerink Partners - Analyst : Excellent. Excellent. Any last minute comment or last second comment, I should say. We really don't have any more time, but.