In This Article:
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Total Revenue: Reported at $515.3 million for Q1 2024, up from $420.4 million in Q1 2023, surpassing estimates of $511.97 million.
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Net Income: Shifted to a GAAP net income of $43.4 million in Q1 2024 from a net loss of $76.6 million in Q1 2023, below the estimated net income of $107.36 million.
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Earnings Per Share (EPS): GAAP EPS improved to $0.42, up from a loss of $0.79 per share in Q1 2023, falling short of the estimated EPS of $1.01.
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INGREZZA Net Product Sales: Increased by 23% year-over-year to $506 million in Q1 2024, driving revenue growth.
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Research and Development (R&D) Expenses: Rose to $159.4 million in Q1 2024 from $139.5 million in Q1 2023, reflecting continued investment in clinical and preclinical portfolios.
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Cash Reserves: Ended Q1 2024 with $1.911 billion in cash, cash equivalents, and marketable securities, an increase from $1.719 billion at the end of 2023.
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2024 Financial Guidance: Reaffirmed net sales guidance for INGREZZA between $2.1 billion and $2.2 billion, with adjusted R&D and SG&A expenses detailed for ongoing and new projects.
On May 1, 2024, Neurocrine Biosciences Inc (NASDAQ:NBIX) released its 8-K filing, unveiling the financial results for the first quarter ended March 31, 2024. The company reported a significant year-over-year revenue increase, with total revenues reaching $515.3 million, compared to $420.4 million in the same period last year. This performance notably exceeds the analyst's revenue estimate of $511.97 million for the quarter.
Company Overview
Neurocrine Biosciences Inc is a pioneering pharmaceutical company focused on developing treatments for neurological and endocrine-related disorders. The company's leading products include INGREZZA for tardive dyskinesia and a robust pipeline featuring potential treatments for conditions such as Parkinson's disease and Tourette syndrome.
Financial and Operational Highlights
The first quarter saw INGREZZA net product sales soar to $506 million, marking a 23% increase from the previous year, driven by strong patient demand. This growth contributed significantly to the company's revenue outperformance. GAAP net income stood at $43.4 million, a notable improvement from a net loss of $76.6 million in Q1 2023. Non-GAAP net income also saw a substantial rise to $124.8 million, reversing a non-GAAP net loss of $49.5 million from the prior year's first quarter.
Research and Development (R&D) expenses were $159.4 million on a GAAP basis and $142.4 million on a non-GAAP basis, reflecting increased investment in the company's expanding clinical portfolio. Selling, General and Administrative (SG&A) expenses were relatively flat year-over-year, with GAAP SG&A at $243.1 million and non-GAAP SG&A at $215.6 million.