Neurocrine Biosciences Inc. NBIX stock is trading higher on Tuesday after the company reported better-than-expected first-quarter 2025 earnings.
The company on Monday reported adjusted EPS of 70 cents, lower than the $1.20 reported a year ago, beating the consensus of 54 cents.
Neurocrine reported sales of $572.6 million compared to $515.3 million a year ago, missing the consensus of $559.3 million.
Ingrezza’s first-quarter 2025 net product sales were $545 million, representing an 8% year-over-year growth, driven by underlying patient demand, including record new patient starts and improved gross-to-net dynamics.
- Expanded formulary access for Ingrezza significantly improved coverage to include two-thirds of tardive dyskinesia (TD) and Huntington’s disease Medicare beneficiaries.
- William Blair writes, “Ingrezza sales for the quarter were more resilient than investors had feared given Part D formulary utilization and Teva Pharmaceutical Industries Ltd’s TEVA Austedo competition.”
Also Read: Neurocrine Biosciences’ Positive Crenessity Physician Survey Turns This Analyst Bullish
Crenessity first-quarter net product sales were $14.5 million and included 413 total patient enrollment start forms, reflecting strong initial patient demand with approximately 70% reimbursement coverage for dispensed scripts.
Guidance: Neurocrine Biosciences reaffirms its 2025 Ingrezza sales guidance of $2.5 billion-$2.6 billion.
Despite headwinds, Ingrezza sales “avoided a big miss,” William Blair analyst Myles R. Minter said in a Tuesday research note.
Minter views Ingrezza as “the gold-standard pharmacotherapy for TD, given its once-daily dosing, no need for long dose titration intervals, and lack of a suicidality and depression FDA black-box warning.” In addition, the company boasts 14 years of potential future patent protection.
“We also view the beat from Crenessity as indicative of a strong sales effort, and although early, we are impressed by the early launch metrics and interest in the orphan disease therapy,” Minter added.
William Blair maintains the Outperform rating.
Other analyst reaction:
- Needham maintains Neurocrine Biosciences with a Buy, raising the price target from $138 to $139.
- Canaccord Genuity maintains Neurocrin with a Buy, raising the price target from $158 to $160.
- UBS keeps the Buy rating for Neurocrine, raising the price target from $137 to $152.
- BMO Capital maintains Neurocrine with a Market Perform, raising the price target from $96 to $115.
- Guggenheim maintains Neurocrine with a Buy, raising the price target from $155 to $165.
Price Action: NBIX stock is up 14% at $125.07 at the last check Tuesday.
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