Neurocrine Biosciences Inc. (NASDAQ: NBIX) has released its Q3 2021 financial results in which INGREZZA (valbenazine) net product sales were $287 million with over 52,000 prescriptions.
INGREZZA reported record prescriptions
CEO Kevin Gorman said, “Our third quarter results reflect INGREZZA’s continued growth. With this momentum and increased investment to expand our commercial footprint, we can better serve patients and our customers, and significantly improve diagnosis and treatment rates for people living with tardive dyskinesia. We are prudently investing in our advancing and growing R&D pipeline. With important clinical data readouts expected over the next two years, we are executing well on our strategy to become a leading neuroscience-focused company.”
INGREZZA net products sales for Q3 2021were $287 million driven by record total prescription during the quarter, reflecting high customer demand and enhanced commercial activities. In addition, new prescriptions grew throughout the quarter, hitting a record since March last year. Next year, the company is expanding its commercial organization to create a dedicated field team better to meet healthcare professionals’ needs across various care sites and help patients access effective treatment. As a result, Neurocrine Biosciences reported GAAP net income and diluted EPS of $23 million and 0.23, respectively, relative to a net loss of $58 million or $0.62 per share.
Neurocrine to commence registration studies in 2H 2021
Recently the company announced plans to commence registration studies in 2H 2021with valbenazine for adjunctive treatment for dyskinesia because of cerebral palsy and Schizophrenia treatment. In addition, the European Union gave the company approval for a clinical trial application for NBI-921352 for treating focal-onset seizures. In relation to this approval, Neurocrine paid Xenon a milestone of $10 million, which it expenses as $5.4 million as R&D in Q3 2021 and purchase of another $4.6 million of Xenon shares.
The company expects its combined GAAP R&D and SG&A expenses to be between $855M and $905M, with the guidance range including $10M of milestone and IPR&D expenses.
