Neurocrine Biosciences Inc at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Maybe just to start, we've got some macro questions. And the first question is with China's rise in biotech innovation, how are you thinking about the competitive position here for Neurocrine? And does it influence your R&D and business development strategy?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful, Kyle. With respect to AI, how is Neurocrine leveraging AI? And how do you think about AI's disruptive potential?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Yes. Wonderful Kyle. And final question before we delve into more detail on Neurocrine specifically. But what's been the most impactful for Neurocrine on the regulatory side? Is it MFN? Is it tariffs? Is it the FDA changes?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Okay, wonderful. Thank you. Maybe jump straight into it. So INGREZZA sales have been a clear area of investor focus as they should have been this year and the competitive dynamics with Teva and AUSTEDO. And then more recently, you lowered the top end of guidance by $50 million. So can you comment on what factors led to a revision? And how do you feel about sales are shaping up for this year?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Marvelous. You touched on the macro questions on the IRA piece. But could you comment generally on your expectations for INGREZZA entering price negations in 2027, potential implementation in 2029? And can you give us a flavor of maybe the price expectations, if you can Kyle?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Sure. And what sort of competitive dynamics should we be thinking about with the other VMAT2 and the potential change in prices? How do you think that might play out?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Sure, sure. Thank you, Kyle. Good answer. Just thinking about volume in the neurology, psychiatry, and the long-term channels, can you talk a little bit about that and where you see the most opportunity or the most growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:45PM, NBIX.OQ - Neurocrine Biosciences Inc at Morgan Stanley Global Healthcare Conference

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful. Thank you. Switching gears to CRENESSITY, so it seems like the launch is going very, very nicely. Significantly beat consensus expectations, and certainly our number at Q2. But any comments on impact of the Quick Start program? What percent of patients are currently on paid drug? And why is the launch going so well?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Great. Great, thank you. And where do you expect the mix will settle between pediatrics and adults? My guess would be that the adult population is a larger data set. But maybe give us some insights or thoughts around that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:45PM, NBIX.OQ - Neurocrine Biosciences Inc at Morgan Stanley Global Healthcare Conference

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Awesome. Thank you, Kyle. And can you comment more generally on your competitive position versus a potential drug from Crinetics coming up, and maybe sort of put the pros and cons of both?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Awesome. Thank you. And you provide rationale for the Phase 1 study of 1435? And what's your goal for the program, and when might we hear more?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Great. Maybe a bit of advertising for you here, but you've got the R&D Day in San Diego in December 16, I believe it is. Can you give us a feel for what we should expect? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:45PM, NBIX.OQ - Neurocrine Biosciences Inc at Morgan Stanley Global Healthcare Conference

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : It is. I have been there before. San Diego, any campus. But Sanjay, how do you think about the differences between M4 selective, and M1/M4 dual selective?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Sure. Thank you. And just to clarify, so the M4 agonist is 568 for bipolar disorder provides some more rationale, and might we see potential for a muscarinic outside of schizophrenia?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful. Moving on to the MDD pipeline but looking at the history and success with the NDA agonist ketamine with Spravato, and then you've got 845 and 770, the program. So we have potential for meaningful commercial opportunity. So you can help us compare and contrast between NDA and AMPA for major depression?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Very, very interesting topic. How is the 845 trial proceeding? And is there any sort of way we can catch the expected Phase 2 top-line data for 770 expected in December, I believe?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful. Just being sort of conscious of time, I want to get to some financial questions. But -- several other programs in your pipeline, but touch on at least one more for the M4 agonist 986. So unlike other muscarinic antipsychotics, this is an M4 block. Can you briefly touch on the M4 blockade and its potential for treating movement disorders? And if you could touch on the history with Artane as having derisked the target?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Sure. Marvelous. Just taking a step back and looking at the investment case, so I sort of covered your stock for not that long now, and sort of been an American for one year or pretend American for one year. But it's sort of coming and looking with a fresh set of eyes, and you've got two marketed products, which are both growing sort of very nicely. You've got a fairly rich pipeline. And looking at consensus, that doesn't seem that there's a lot factored into your pipeline. The stock was mild at around $100 for a while, and it's -- I think most people think it's worth in that $160 to $200 bracket. You're some way there. But just stepping back, you've got that top-line growth, and it seems that you're just trying to get the modeling of the OpEx right. It seems that you're going to be generating quite a lot of cash. I'm just wondering is that the case? Or do you think you've got to get that cash to get some of those R&D programs across the line? Or is it going to be a story of good top line, improving profitability, and then you've got a very rich pipeline on top of that?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful. Great answer, Kyle. Do you feel like you've got the R&D pipeline rightsized at the moment, like we shouldn't be thinking about other business development opportunities necessarily outside the scope of what Neurocrine currently has?

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Wonderful. In the interest of time, one final question and that is, did I not ask something that I should have? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:45PM, NBIX.OQ - Neurocrine Biosciences Inc at Morgan Stanley Global Healthcare Conference

Question: Sean Laaman - Morgan Stanley & Co Ltd - Analyst : Thank you, Kyle. Thank you, Sanjay. Greatly appreciate it.