Neurocrine Reports Q4 Beat and Guides Ingrezza Sales to $2.7–2.8B
Neurocrine reported Q4 adjusted EPS of $1.88 versus $1.89 consensus and sales of $805.5M, driven by 29% net product growth with Ingrezza at $657.5M and Crenessity at $135.3M, and guided Ingrezza 2026 sales to $2.70–2.80B. Major catalysts won’t arrive until 2027 Phase III readouts, fueling pricing‐pressure concerns.
1. Q4 Financial Results
Neurocrine delivered adjusted EPS of $1.88 in Q4, just below the $1.89 consensus, and achieved total revenue of $805.5 million, exceeding the $792.5 million forecast by 1.6%. Net product sales rose 29% year-over-year to $798.3 million, reflecting strong prescription demand.
2. Ingrezza and Crenessity Performance
Ingrezza generated $657.5 million in Q4 net product sales and $2.51 billion for full-year 2025, up 7% and 9% year-over-year, respectively, while Crenessity delivered $135.3 million in Q4 and $301.2 million for the full year, driven by new patient enrollments and over 80% reimbursement coverage.
3. 2026 Sales Guidance
Management forecasted Ingrezza product sales of $2.70–2.80 billion for fiscal 2026, implying mid‐single-digit growth on higher volume but lower net price due to formulary access investments. Analysts largely maintained buy ratings with marginal adjustments to price targets.
4. Pipeline Catalyst Timeline
The company’s late-stage pipeline lacks imminent catalysts, with key Phase III readouts in major depressive disorder and schizophrenia not expected until 2027. This timing gap raises concerns about near-term share performance and potential pricing pressure on core products.