On February 11, 2026 Neurocrine Biosciences, Inc. (Nasdaq: NBIX) reported its financial results for the fourth quarter ended December 31, 2025.
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"Our 2025 performance reflects the strength and durability of our commercial business and meaningful progress we are making transforming Neurocrine into a broader, more diversified biopharmaceutical company," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "In 2026, we are focused on delivering strong, sustainable growth for INGREZZA and CRENESSITY (crinecerfont) while advancing our pipeline anchored by Phase 3 programs, including osavampator in major depressive disorder and direclidine in schizophrenia. We expect this building momentum will create value for all stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead."
Net Product Sales Highlights
Total fourth-quarter and full-year 2025 net product sales were $798.3 million and $2.83 billion, reflecting 29% and 22% growth year-over-year, respectively.
INGREZZA fourth-quarter and full-year 2025 net product sales were $657.5 million and $2.51 billion, reflecting 7% and 9% growth year-over-year, respectively. Results reflected double-digit prescription volume growth in TRx and NRx driven by strong patient demand, partially offset by a lower net price due to new formulary access investments to support long-term growth.
CRENESSITY fourth-quarter and full-year 2025 net product sales were $135.3 million and $301.2 million, reflecting 431 and 2,048 total new patient enrollment start forms, respectively, driven by strong patient demand with over 80% reimbursement coverage for dispensed scripts in the fourth-quarter.
Recent Clinical and Corporate Developments
Published a landmark narrative review on FDA-approved vesicular monoamine transporter 2 (VMAT2) inhibitors demonstrating the unique profile of INGREZZA in CNS Spectrums. The review highlighted the distinct profile of INGREZZA, including selective VMAT2 targeting, simplified dosing without required titration and robust clinical data across diverse patient populations and concluded that VMAT2 inhibitors are not clinically interchangeable.
Presented head-to-head INGREZZA capsules data at the American College of Neuropsychopharmacology 64th Annual Meeting showing a nearly two-fold higher VMAT2 mean target occupancy, consistent with greater potency when compared to AUSTEDO XR (deutetrabenazine) after a single dose. In addition, the lowest approved dose of INGREZZA (40 mg) exhibited higher estimated VMAT2 target occupancy at steady state versus the highest approved dose of AUSTEDO XR (48 mg) at steady state.
At Neurocrine’s R&D Day in December, provided an update on Neurocrine’s R&D engine, which remains on track to deliver multiple first- and best-in-class medicines across an industry-leading neuropsychiatry portfolio, including Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia. Neurocrine remains well-positioned for long-term value creation across core therapeutic areas and announced the strategic expansion and diversification of the corticotropin releasing factor (CRF) platform as a foundation for a new class of medicines targeting metabolic diseases, including obesity.
Announced the initiation of a Phase 2 clinical study of investigational compound NBI-1065890 in adults with tardive dyskinesia (TD). NBI-1065890 is a next-generation, selective inhibitor of VMAT2. Building on nearly 20 years of deep scientific expertise and experience in VMAT2 inhibition, Neurocrine designed NBI-1065890 to potentially deliver a differentiated profile, including the possibility of longer-acting options for the treatment of TD.
Fourth-Quarter and Full-Year 2025 Financial Results
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(unaudited, in millions, except per share data)
2025
2024
2025
2024
Revenues:
INGREZZA Net Product Sales
$ 657.5
$ 615.2
$ 2,513.7
$ 2,313.5
CRENESSITY Net Product Sales
135.3
1.7
301.2
1.7
Other Revenues
12.7
10.8
45.6
40.1
Total Revenues
$ 805.5
$ 627.7
$ 2,860.5
$ 2,355.3
GAAP Research and Development (R&D)
$ 258.2
$ 185.6
$ 1,015.7
$ 731.1
Non-GAAP R&D
$ 233.8
$ 164.4
$ 924.7
$ 662.3
GAAP Selling, General, and Administrative (SG&A)
$ 301.8
$ 287.8
$ 1,156.2
$ 1,007.2
Non-GAAP SG&A
$ 265.6
$ 241.6
$ 1,024.9
$ 862.5
GAAP Net Income
$ 153.7
$ 103.1
$ 478.6
$ 341.3
GAAP Earnings Per Share – Diluted
$ 1.48
$ 1.00
$ 4.67
$ 3.29
Non-GAAP Net Income
$ 194.6
$ 173.4
$ 654.5
$ 656.3
Non-GAAP Earnings Per Share – Diluted
$ 1.88
$ 1.69
$ 6.39
$ 6.33
(unaudited, in millions)
December 31,
2025
December 31,
2024
Total Cash, Cash Equivalents, and Marketable Securities
$ 2,543.4
$ 1,815.6
Differences in fourth-quarter 2025 GAAP and Non-GAAP operating expenses compared with fourth-quarter 2024 were driven by:
Increased R&D expense in support of an expanded and advancing pre-clinical and clinical portfolio including investments in osavampator Phase 3 program in major depressive disorder (MDD) and muscarinic franchise, including the direclidine Phase 3 program as a potential treatment for adults with schizophrenia.
Increased SG&A expense including incremental investment in CRENESSITY launch activities and continued investment in INGREZZA.
Increased acquired in-process research and development (IPR&D) expense associated with upfront payments for early-stage development candidates license agreements
Fourth-quarter 2025 GAAP net income and earnings per share were $153.7 million and $1.48, respectively, compared with $103.1 million and $1.00, respectively, for fourth-quarter 2024.
Fourth-quarter 2025 Non-GAAP net income and earnings per share were $194.6 million and $1.88, respectively, compared with $173.4 million and $1.69, respectively, for fourth-quarter 2024.
Differences in fourth-quarter 2025 GAAP and Non-GAAP net income compared with fourth-quarter 2024 were primarily driven by:
Higher net product sales of $177.1 million
Increased operating expenses in support of expanding and advancing R&D portfolio, incremental investment in CRENESSITY launch activities, and continued investment in INGREZZA
Increased IPR&D expense associated with upfront payments for early-stage development candidates license agreements
At December 31, 2025, the Company had cash, cash equivalents, and marketable securities totaling approximately $2.54 billion.
A reconciliation of GAAP to Non-GAAP financial results can be found in Table 3 and Table 4 at the end of this news release.
Full-Year 2026 Financial Guidance
Range
(in millions)
Low
High
INGREZZA Net Product Sales 1
$ 2,700
$ 2,800
GAAP R&D Expense 2
$ 1,200
$ 1,250
Non-GAAP R&D Expense 2, 3
$ 1,110
$ 1,160
GAAP and Non-GAAP IPR&D 4
$ 20
$ 20
GAAP SG&A Expense 5
$ 1,375
$ 1,400
Non-GAAP SG&A Expense 3, 5
$ 1,240
$ 1,265
INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington’s disease.
R&D guidance reflects the continued advancement of the Company’s pre-clinical and clinical portfolio including the Phase 3 programs for osavampator in MDD and direclidine in schizophrenia, and includes approximately $25 million of expense for development milestones related to our in-licensed product candidates. Development milestones are included in R&D guidance once achieved or deemed probable to achieve.
Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of approximately $90 million in R&D and $125 million in SG&A, divestiture-related expenses and vacated legacy campus facility costs. Non-cash stock-based compensation expense for performance-based equity awards is included in guidance once the predefined performance-based criteria for vesting is achieved or deemed probable to achieve.
IPR&D guidance represents completed collaboration and licensing arrangements.
SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and the launch of CRENESSITY including expansion of sales teams expected to be completed by the end of the first quarter of 2026.
Conference Call and Webcast Today at 4:30 PM Eastern Time
Neurocrine Biosciences will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants can access the live conference call by dialing 800-579-2543 (US) or 785-424-1789 (International) using the conference ID: NBIX. The webcast and accompanying slides can also be accessed at approximately 4:30 p.m. Eastern Time on Neurocrine Biosciences’ website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.
(Press release, Neurocrine Biosciences, FEB 11, 2026, View Source [SID1234662601])