Beyond the headline.
Inside the numbers.
Ticker Byline
Neurocrine sells medicines for neurological and endocrine conditions. Higher Ingrezza sales expectations and an expanded product portfolio support growth following the completed Soleno acquisition.
Neurocrine Biosciences, Inc. (Nasdaq: NBIX) develops and sells medicines for neurological and endocrine conditions. Ingrezza is its largest product. Crenessity and the acquired Vykat XR have broadened revenue beyond that core medicine.
Amounts are USD millions for the three months ended September 30.
| Results | 2026 | 2025 |
|---|---|---|
| Total revenue | 1,122.7 | 794.9 |
| Ingrezza sales | 801.5 | 686.6 |
| Crenessity sales | 210.8 | 98.1 |
| Vykat XR sales | 106.7 | Not owned |
| Operating income, GAAP | 331.3 | 239.0 |
| Net income, GAAP | 206.5 | 209.5 |
| Adjusted net income | 346.7 | 222.1 |
A pre-tax investment-valuation loss of $52.3 million affected reported earnings, compared with a $30.6 million gain a year earlier. Adjusted earnings remove those valuation changes, stock compensation, specified acquisition-related costs and acquired-asset accounting charges, with tax effects. Research milestones and acquired research expense remain included.
On July 30, Neurocrine raised its 2026 Ingrezza sales forecast to $2.825 billion to $2.875 billion from $2.700 billion to $2.800 billion. On November 2, it raised the range again to $2.900 billion to $2.925 billion.
With $2.175 billion of Ingrezza sales reported through September, that annual range implies approximately $725 million to $750 million in the fourth quarter by our calculation, compared with $801.5 million in the third quarter.
Annual selling and administrative expense guidance fell to $1.540 billion to $1.560 billion from $1.575 billion to $1.600 billion. The adjusted range fell to $1.290 billion to $1.310 billion from $1.325 billion to $1.350 billion. These are changes to the annual forecast; actual quarterly selling and administrative expense rose to $366.3 million from $291.6 million.
Research and development guidance was unchanged. The acquired research expense forecast increased to $34 million from $23 million.
Neurocrine acquired Soleno Therapeutics on May 18 for $53 per share in cash, in a transaction announced at approximately $2.9 billion of equity value. The current quarterly filing records preliminary purchase consideration of $2.830 billion and acquired cash of $471.3 million. Net acquisition cash outflow was $2.359 billion.
Neurocrine's reported second-quarter Vykat sales of $54.3 million cover May 18 to June 30. The July release also supplied an unaudited full-quarter comparison of $94 million, including the period before closing. Third-quarter sales of $106.7 million were about 14% above that full-quarter comparison.
Cash, equivalents and marketable securities totaled $789.7 million at September 30, compared with $481.7 million at June 30. Operating cash flow for the first nine months was $677.4 million, versus $394.3 million a year earlier.
The company drew $600 million under its revolving credit facility in May and repaid it in June. At September 30, no borrowing was outstanding and the facility had $1 billion of capacity.
Future results can test delivery of the higher Ingrezza range, the expense forecast and growth in the acquired medicine's full-quarter sales.
Analysis NBIX
Neurocrine raised its Ingrezza sales target and lowered its selling expense forecast. We calculate the Q4 requirement and compare two full quarters of Vykat sales.