Neurocrine Raises 2026 INGREZZA Outlook as Q3 Revenue Rises 41%

Neurocrine Biosciences (Nasdaq: NBIX) raised its full-year 2026 net sales guidance for INGREZZA after third-quarter revenue increased 41% year over year, supported by double-digit volume growth for its largest product and rising contributions from CRENESSITY and newly acquired VYKAT XR.

The biotechnology company now expects 2026 INGREZZA net product sales of $2.9 billion to $2.925 billion, up from its previous range of $2.825 billion to $2.875 billion. The guidance covers sales of the therapy for tardive dyskinesia and chorea associated with Huntington’s disease.

Total third-quarter revenue reached $1.123 billion, compared with $795 million a year earlier. Combined net product sales from INGREZZA, CRENESSITY and VYKAT XR were $1.119 billion, up 43% from $785 million in the prior-year period.

Non-GAAP net income rose 56% to $347 million from $222 million, while diluted non-GAAP earnings per share increased 52% to $3.29 from $2.17. Higher revenue more than offset increased research, development and commercial spending.

Product portfolio broadens growth

INGREZZA remained Neurocrine’s largest product, generating third-quarter net sales of $801 million, up 17% from $687 million a year earlier. The company attributed the increase to double-digit volume growth and record total and new prescriptions.

CRENESSITY net sales more than doubled to $211 million from $98 million. Neurocrine said results reflected steady patient demand, with new patient starts, persistence and reimbursement rates of about 80% remaining consistent with recent quarterly trends. The third-quarter sales level represents an annualized rate of more than $800 million.

VYKAT XR contributed $107 million in its first full quarter under Neurocrine following the May 18 acquisition of Soleno Therapeutics. Neurocrine included VYKAT XR sales from the acquisition’s closing date.

Other revenue declined to $4 million from $10 million in the year-earlier quarter.

Higher investment accompanies portfolio expansion

Non-GAAP research and development expense increased to $317 million from $228 million. Spending supported Neurocrine’s expanding preclinical and clinical portfolio, including the Phase 3 osavampator program in major depressive disorder and the muscarinic franchise, which includes the Phase 3 direclidine program in schizophrenia. Development milestone expense was $10 million, compared with $1 million a year earlier.

Non-GAAP selling, general and administrative expense rose to $327 million from $259 million. The increase primarily reflected continued investment in the commercial organization, including the expansion of the INGREZZA and CRENESSITY sales teams in the first quarter and support for VYKAT XR following the Soleno acquisition.

Neurocrine ended September with $790 million in cash and investments, down from $2.113 billion a year earlier, primarily because of the Soleno transaction.

For the full year, the company maintained its GAAP R&D expense guidance of $1.275 billion to $1.325 billion and non-GAAP R&D guidance of $1.14 billion to $1.19 billion. It lowered projected GAAP SG&A expense to $1.54 billion to $1.56 billion from $1.575 billion to $1.6 billion, while non-GAAP SG&A guidance was reduced to $1.29 billion to $1.31 billion from $1.325 billion to $1.35 billion.

Expected in-process research and development expense increased to $34 million from $23 million. Neurocrine continues to forecast $85 million to $90 million of GAAP amortization expense related to acquired intangible assets. The company recorded approximately $2.2 billion of intellectual property associated with VYKAT XR, which it expects to amortize over 16 years.

Clinical milestones expected in 2027

Neurocrine said it anticipates nine program data readouts in 2027. These include Phase 3 results for osavampator in the second half of the year and direclidine readouts in the second half of 2027 and in 2028. Phase 2 updates are planned for the long-acting injectable VMAT2 inhibitor NBI-’890 in tardive dyskinesia and the CRF1 antagonist NBIP-’1435 in classic congenital adrenal hyperplasia.

The company also expects Phase 1 data from programs targeting obesity, Friedreich’s ataxia, Alzheimer’s disease psychosis, epilepsy and immunology. During 2026, Neurocrine initiated four Phase 2 and three Phase 1 programs, with three additional Phase 1 starts expected. It discontinued development of NBI-’986 for movement disorders and NBI-’188, a CRF1 antagonist.

Neurocrine plans to provide further pipeline details at an R&D event on December 15, 2026.

The company cautioned that its outlook remains subject to commercialization, development, regulatory and competitive risks. The Soleno acquisition also creates integration and execution risks, including uncertainty over whether anticipated benefits will be realized and the pace of VYKAT XR adoption. Other uncertainties include dependence on third parties, possible clinical or regulatory delays, pricing and reimbursement constraints, and potential competition from new therapies or generic products.