Neurocrine Biosciences Sees 44% Q1 Sales Growth and Plans $2.9B Soleno Deal
Neurocrine Biosciences posted net income of $197.9 million and adjusted EPS of $1.94 in Q1, surpassing estimates. Total revenue reached $814.5 million, up 42% year-over-year, while net product sales rose 44% to $811 million, and the company agreed to acquire Soleno Therapeutics for $2.9 billion to close in Q2.
1. Q1 Financial Highlights
Neurocrine reported Q1 net income of $197.9 million, or $1.91 per share GAAP ($1.94 non-GAAP), exceeding estimates, on total revenue of $814.5 million, up 42% from $572.6 million a year earlier.
2. Net Product Sales Growth
Net product sales reached $811.0 million, a 44% increase driven by INGREZZA’s $656.9 million in sales, up 20% year-over-year, and CRENESSITY’s $153.3 million, reflecting strong patient demand and approximately 80% reimbursement rates.
3. Soleno Acquisition Overview
The company entered a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, valuing the deal at $2.9 billion, expected to close in Q2 2026 and adding VYKAT XR for Prader-Willi syndrome to its rare disease portfolio.
4. Pipeline and Guidance
During the quarter Neurocrine initiated a Phase 2 clinical trial for NBI-1117570 in adults with schizophrenia and a Phase 1 study for NBIP-2118 in obesity, and reaffirmed full-year INGREZZA net sales guidance of $2.7 to $2.8 billion.