Record Quarterly Net Product Sales
Total net product sales exceeded $800 million for the first time in company history, representing ~44% year-over-year growth (Q1 2026).
Neurocrine
· NBIX
May 5th, 2026
Summary
- Earnings Call Date:
- 2026-05-05
- Change Since:
- +22.95%
- Next Earnings Date:
- 2026-08-04
Earnings Call Sentiment
PositiveThe call conveyed strong commercial momentum and financial performance (record quarterly net product sales, INGREZZA growth of 20% YoY to $657M, Cranesity annualizing >$600M, ~44% overall revenue growth) alongside robust pipeline progress (multiple Phase 1/2 starts in 2026 and key Phase 3 readouts expected in 2027). Minor near-term headwinds were noted, including Q1 gross-to-net pressure for Cranesity, recurring Q1 payer seasonality for INGREZZA, early-stage commercial penetration for Cranesity, and limited disclosure on an in-progress acquisition. Overall, the positive commercial execution, high profitability, and strong R&D momentum materially outweigh the modest operational and timing risks discussed on the call.
Company Guidance
Management reaffirmed 2026 INGREZZA guidance of $2.7–$2.8 billion after a record Q1 in which quarterly net product sales exceeded $800 million (≈44% YoY) and total revenue topped $800 million (>40% YoY); INGREZZA Q1 sales were $657 million (up 20% YoY; ~11% after adjusting for one fewer order week), Cranesity Q1 sales were $153 million and are annualizing at >$600 million, and GAAP and non‑GAAP net income were each about $200 million (non‑GAAP includes $44 million of milestone/IPR&D). Management also guided a non‑GAAP tax rate of ~22–24% for 2026, plans six new Phase 1 and four new Phase 2 starts this year (nine Phase 1s underway with four more to initiate), expects multiple key data readouts in 2027 (e.g., NBIP‑2118/CRF2 obesity, osavapitor in MDD, dereclidine in schizophrenia), and said the Soleno acquisition remains on track to close in Q2 with transaction financial details to be provided on the Q2 call.
INGREZZA Strong Performance and Reaffirmed Guidance
INGREZZA Q1 2026 sales were $657 million, up 20% year-over-year (adjusting for one less order week in Q1 2025, growth ~11%). Company reaffirmed 2026 INGREZZA guidance of $2.7–$2.8 billion.
Cranesity Early Commercial Success
Cranesity (also referenced as Crinesity/Crinesiti) Q1 2026 sales were $153 million and are annualizing at >$600 million. Notable drivers include strong persistency, steady new patient starts, broad prescriber adoption (>1,200 HCPs have prescribed through Q1), and favorable reimbursement dynamics.
Strong Profitability and Cash Generation
Company reported approximately $200 million of net income (reported on both GAAP and non-GAAP bases in Q1). GAAP results included gains from equity investments and the sale of the Diurnal business.
Robust R&D and Pipeline Momentum
The company plans six new Phase 1 and four new Phase 2 programs in 2026; nine Phase 1 programs are currently underway with four additional Phase 1 starts planned in 2026. Key expected readouts include multiple Phase 3 data catalysts in 2027 (e.g., osavampitor in MDD, dereclidine in schizophrenia, NBIP‑2118 in obesity).
Advancing Gene Therapy and Other Early Programs
Friedreich's ataxia gene therapy program moving to the clinic in 2026 with patient-level data expected late 2027 (phase 1b), and NBIP‑2118 (CRF2 obesity candidate) top-line data expected in 2027.
Acquisition of Soleno Therapeutics On Track
Pending acquisition of Soleno Therapeutics (adding iCAT/iCAD XR) is expected to close in Q2 2026; management highlighted Soleno's strong clinical results and successful launch execution and plans to integrate the team to serve Prader‑Willi syndrome patients in the U.S.
Real-World Evidence Supporting INGREZZA
First real-world head-to-head claims data presented showing greater treatment persistence with INGREZZA versus deuterated tetrabenazine, including higher long-term continuation and lower switching over six months.
Favorable Payer and Patient Economics
Approximately 70% of TD and HD Medicare beneficiary lives are covered for INGREZZA; Cranesity out-of-pocket costs reported as very low (often <$10/month, many patients $0), supporting adherence and persistency.
Clinical Trial Retention and Long-Term Data
Cranesity two‑year open-label data showed >80% study retention, ~70% of adults achieved glucocorticoid doses within physiological range and normal androgen levels, with sustained clinical benefits and no new safety signals.
Operator
Please standby, your meeting is about to begin. Hello and welcome everyone joining today's Neurocrine Biosciences, Inc. Q1 2026 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press 1 on your telephone keypad. Please note, this call is being recorded. We are standing by if you should need any assistance.
It is now my pleasure to turn the meeting over to Todd Tushla, Vice President of Investor Relations. Please go ahead.
Todd Tushla
Thank you, and happy Cinco de Mayo to everyone. Welcome to Neurocrine Biosciences, Inc. first quarter 2026 earnings call. Joining me today are Kyle Gano, Chief Executive Officer; Matthew C. Abernethy, Chief Financial Officer; Eric S. Benevich, Chief Commercial Officer; Sanjay Keswani, Chief Medical Officer; and Sameer Sadanti, Vice President of Strategy and Corporate Development. During today's call, we will be making forward-looking statements, including statements containing projections regarding future events, such as the anticipated closing of our acquisition of Solano Therapeutics. These statements are subject to certain risks and uncertainties and our actual results may differ materially.
I encourage you to review the risk factors discussed in our latest SEC filings. In addition, some of the information discussed today includes non-GAAP financial measures that have not been calculated in accordance with U.S. GAAP. Reconciliations of these non-GAAP financial measures to the most directly...
Subscribe to unlock transcripts
Get The Fly Pro 7 days for free