Q2 2026 Neurocrine Biosciences, Inc Earnings Call Transcript
Key Points
- Record Q2 2026 total revenue of over $950 million, up nearly 40% year-over-year, driven by strong performance across INGREZZA, CRENESSITY, and VYKAT XR.
- INGREZZA delivered record quarterly sales of $716 million, up 15% year-over-year, with all-time highs in new patient starts and total prescriptions, leading to raised full-year guidance to $2.825-$2.875 billion.
- CRENESSITY continued its strong launch with $184 million in Q2 sales, steady new patient starts, high persistence, and a prescriber base that has nearly tripled year-over-year, with only 15% of the diagnosed patient population treated.
- VYKAT XR, acquired via Soleno, contributed $54 million in Q2 (pro forma $94 million), with integration progressing well and expectations for sequential growth exiting 2026, positioning it as a potential third blockbuster.
- Pipeline progress remains on track with Phase III readouts for osavampator (MDD) and direclidine (schizophrenia) expected in 2027, and a strong muscarinic franchise with multiple assets in development.
- The company ended Q2 with approximately $500 million in cash and no debt, providing financial flexibility for continued investment and strategic opportunities.
- Positive long-term data presented at ENDO 2026 for CRENESSITY (2-year) and VYKAT XR (3-year) reinforce durability and safety, supporting continued growth.
- INGREZZA continues to outgrow the VMAT2 market, maintaining leadership with strong access (70% of Medicare lives covered) and expectations for continued growth through 2027-2028.
- VYKAT XR sales were roughly flat sequentially, with discontinuations from the initial launch bolus expected to impact Q3, and growth only anticipated to resume in Q4 2026.
- The company faces potential pricing and access pressures from the IRA implementation in 2029, with uncertainty around the impact on INGREZZA's revenue and earnings.
- CRENESSITY's growth is limited by a fragmented market with many prescribers treating only one or two patients, and the company is not yet ready to provide formal guidance.
- The Soleno acquisition incurred approximately $150 million in acquisition-related costs, including $130 million recognized in Q2, impacting near-term GAAP earnings.
- VYKAT XR's ex-US strategy is on hold, with the EMA filing withdrawn, and international expansion is deprioritized until US integration is complete.
- The company faces competitive threats in the CAH market, with a potential competitor's acquisition signaling a large market opportunity, but Neurocrine must defend its position.
- Future launches in large markets (e.g., MDD, schizophrenia) will require significant SG&A investment, potentially leading to earnings variability in 2028-2029.
- The company is still learning about the VYKAT XR market, including managing discontinuations due to edema and other factors, which could impact long-term growth.
(Operator Instructions) Hello, welcome everyone joining today's Neurocrine Biosciences Reports Q2 2026 earnings call. (Operator Instructions) Please note this call is being recorded, and 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.
Happy Thursday, everyone. Welcome to Neurocrine Biosciences' second quarter 2026 earnings call. With me today on the call are Kyle Gano, Chief Executive Officer; Matt Abernethy, Chief Financial Officer; Eric Benevich, Chief Commercial Officer; Sanjay Keswani, Chief Medical Officer; and in his well-deserved new role as Chief Business Officer, Samir Siddhanti.
During today's call, we will be making forward-looking statements. 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
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