Neurocrine Biosciences Inc Q1 2025 Earnings Call Summary

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

Question: Paul Matteis - Stifel - Analyst : Hey, thanks for taking my questions, and Eiry, congrats. Always good to work with you. Two quick ones. As it relates to INGREZZA, it sounds like the quarter was not as challenging as some feared. I was wondering if you could comment on what you're seeing into 2Q and if you feel like getting back to the prior growth rate at some point is attainable. And then just on CRENESSITY, congrats on the progress. Should we be looking at this 400 number as a bolus and then it can attenuate from here? Or do you feel like it's just the beginning? Thank you.

Question: Paul Matteis - Stifel - Analyst : Thanks, guys.

Question: Tazeen Ahmad - Bank of America - Analyst : Hi, good afternoon. Thanks for taking my question. First, Eiry, great job on everything and good luck on your next chapter. I did want to ask about the share split between what you're seeing now on INGREZZA versus Teva for new-to-treatment TD patients. I don't know if you could share any color on that. And then on CRENESSITY, can you give us a split of what percent of patients, and I'm sorry if I missed it, are kids versus adults in the early innings of usage? Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2025 / 8:30PM, NBIX.OQ - Q1 2025 Neurocrine Biosciences Inc Earnings Call

Question: Philip Nadeau - TD Cowen - Analyst : Good afternoon. Thanks for taking our question. Let us add our congratulations to Eiry on a great career at Neurocrine. Two from us as well. First, on INGREZZA trends. INGREZZA grew 15% from Q1 to Q2 in 2024. Can you give us some sense of what's likely to happen in Q2 of '25? It seems like with one additional Tuesday, at least 8% growth is reasonable. But how are some of the factors that impacted Q1 transitioning into Q2? And what should that do to sales? And then second, just a follow-up -- a brief follow-up question on CRENESSITY. You mentioned that CRENESSITY was relatively seamless from script to fill. Can you give us some sense of the time, which time it takes from prescription being written or an enrollment start being received to when the patient actually gets drug in hand? Thanks.

Question: Philip Nadeau - TD Cowen - Analyst : That's very helpful. Thank you.

Question: Brian Abrams - RBC Capital Markets - Analyst : Hey, guys. Thanks very much for taking my questions. Congrats to Eiry on a great career and -- at Neurocrine, and congrats on the strong CRENESSITY start. Maybe just two quick ones for me on CRENESSITY. Can you provide any more specifics on the proportions of patients being treated at centers of excellence versus community centers and how these doctors are managing the glucocorticoid down titration, whether that differs at all? And then on INGREZZA, as you continue to invest in formulary access, can you give us any more specifics on how to think about contracting cadence going forward and what the pricing trends might look like beyond second quarter of this year? Thanks.

Question: Brian Abrams - RBC Capital Markets - Analyst : Thanks very much.

Question: David Amsellem - Piper Sandler - Analyst : Thanks. Just staying with CRENESSITY, can you talk about the mix between starts in adults versus pediatric and adolescent patients? Bearing in mind that these are early days, but can you talk to which of these patient groups, if any, you're gaining more early traction in? Thank you.

Question: Anupam Rama - J.P. Morgan - Analyst : Hey, guys. Thanks so much for taking my question, and best of luck, Eiry, in everything you pursue going forward. The -- on the INGREZZA and the record number of patient starts, what should we attribute this to in terms of thinking about your share of voice gain relative to AUSTEDO XR? I know you pointed to that as a headwind coming into the year. How do we think about -- have you stabilized your share of voice? Are you -- or were there other factors like TD market expansion or other factors we should be considering? Thanks so much.

Question: Josh Shimmer - Cantor Fitzgerald - Analyst : Thanks so much for taking the questions. A couple of quick ones. Has your contracting for INGREZZA contemplated the AUSTEDO IRA price negotiation implementation? Or will you have to renegotiate as you get closer to that kicking in, in 2027? And then just in terms of this -- the record number of starts, just trying to align that -- your comments, I guess, around last year and early into this year that you didn't really expect your redeployed sales force to start to contribute meaningfully until later this year. Have they -- has that contribution occurred earlier than you expected? Or are you still waiting for a significant inflection from their contributions? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2025 / 8:30PM, NBIX.OQ - Q1 2025 Neurocrine Biosciences Inc Earnings Call

Question: Josh Shimmer - Cantor Fitzgerald - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2025 / 8:30PM, NBIX.OQ - Q1 2025 Neurocrine Biosciences Inc Earnings Call

Question: Jay Olson - Oppenheimer & Co. Inc. - Analyst : Hey, congrats to Eiry for all the amazing achievements that she's accomplished on behalf of patients. We have a question about the JOURNEY study of valbenazine for adjunctive treatment of schizophrenia. ClinicalTrials.gov shows a March 2025 completion date. So should we expect those results any day now? And then as a follow-up, can you talk about the learnings you expect to leverage from the JOURNEY study? How will you apply those learnings to next-gen VMAT2 inhibitors? And what, if any, occasions from the recent failure of Cobenfy in ATS? Thank you.

Question: Jay Olson - Oppenheimer & Co. Inc. - Analyst : No worries. Thank you, Eiry.

Question: Cory Kasimov - Evercore ISI - Analyst : Great. Good afternoon, guys. Let me add my congrats to Eiry on a great run at Neurocrine. So two questions on CRENESSITY for me, one really quick one. Is there any amount of -- is there a material amount of inventory stocking in the first quarter? And then a second question, when could we expect to see longer-term CRENESSITY data from your ongoing Phase III open-label extension? And what endpoints do you believe could be positively impacted by longer-term androgen control? Thank you.

Question: Cory Kasimov - Evercore ISI - Analyst : That's very helpful. Thank you.

Question: Brian Skorney - Baird - Analyst : Good afternoon, everyone. Thank you for taking my question. Eiry, congratulations on your pending retirement. So maybe I'd also love to ask you a question, just from your comments on the '568 Phase III plans. It sounds like you wouldn't necessarily write off an opportunity for '568 in an adjunctive therapy setting. So I'm just wondering, in over commercial light up, if you had a success Phase III study in that setting with Cobenfy failing. Is there a site design that you see that would be worth pursuing for '568. I'm not sure if you think the risperidone, some group analysis is a real factor if there's some other unique design you would think about pursuing. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 05, 2025 / 8:30PM, NBIX.OQ - Q1 2025 Neurocrine Biosciences Inc Earnings Call

Question: Marc Goodman - Leerink Partners - Analyst : Matt, with INGREZZA, you've talked about $5,800 as the ASP that we should be thinking about for this year. Obviously, that number has changed. If you could give us a sense of what the new number is. And then, Eiry, definitely, we'll all miss you. Maybe just a question for you. Excluding '568, can you talk about the rest of the muscarinic portfolio and where we are? Thanks.

Question: Marc Goodman - Leerink Partners - Analyst : Thanks.

Question: Ash Verma - UBS - Analyst : Congrats from my side as well. Just on INGREZZA, maybe can you talk about any pull-through on these new contracting or the Medicare Part D formulary access that you mentioned? When does that happen? Like did that benefit 1Q? Or is that more of a 2Q or later in the year? And just secondly, what was the percentage increase in the sales force footprint, if you can remind us? And when do you expect that benefit to start to accrue? Thanks.

Question: Ash Verma - UBS - Analyst : Yes. Like what was the percentage increase in the sales force footprint? And when do you expect that benefit to start to accrue?

Question: Ash Verma - UBS - Analyst : Thanks.

Question: Myles Minter - William Blair - Analyst : Thanks, and also my congratulations to Eiry as well for a great career there at Neurocrine. Just on osavampator, the two Phase III studies that are listed on clinicaltrials.gov, just wondering about the powering assumptions for those trials given the 200 patients seems on the smaller end from what we've seen from peer studies that have obviously had mixed results. And secondly, I think on Slide 6, it says you've initiated four Phase III studies. What are the other two?

Question: Myles Minter - William Blair - Analyst : Thanks for the questions.

Question: Laura Chico - Wedbush Securities - Analyst : Good afternoon. I just wanted to revisit real quick on the INGREZZA patient numbers, and congrats on the record adds here. I'm not sure if you could also comment a little bit more about persistency and discontinuation rates. I think, Eric, you mentioned the reauthorization was challenging. But are there differences in the duration of treatment depending on the channel from which patients are originating, say, long-term care versus psych? And then separately, I'm just curious with the R&D Day in the second half here, any highlights to share in terms of how is should be thinking about the potential focus of the event? Thank you.