Neurocrine Biosciences (NASDAQ:NBIX) reported second-quarter 2026 revenue of more than $950 million, nearly 40% higher than a year earlier, as sales of INGREZZA and CRENESSITY continued to grow and the company added a partial-quarter contribution from VYKAT XR following its acquisition of Soleno Therapeutics.
Chief Executive Officer Kyle Gano said the company’s three-product commercial portfolio generated record quarterly net product sales exceeding $950 million. He said the performance supports continued investment in the company’s pipeline and strategic business-development opportunities.
INGREZZA Guidance Raised
INGREZZA recorded second-quarter net sales of $716 million, up 15% from the prior-year period. Chief Financial Officer Matt Abernethy attributed the increase to record new patient additions and sustained demand for the treatment.
Based on the performance, Neurocrine raised its full-year 2026 INGREZZA sales guidance to a range of $2.825 billion to $2.875 billion, from its previous range of $2.7 billion to $2.8 billion. The midpoint of the updated range represents approximately 13% year-over-year growth, according to the company.
Gano said approximately 70% of Medicare lives have coverage under contracting completed last year. He said pricing is expected to remain relatively consistent through the second half of 2026, while discussions with payers regarding 2027 access are ongoing.
The company expects continued access for INGREZZA in 2027 and 2028, Gano said, citing its leadership in the VMAT2 inhibitor category and the continued double-digit growth of the broader market for tardive dyskinesia treatments.
CRENESSITY Launch Continues to Expand
CRENESSITY generated $184 million in second-quarter net sales. Neurocrine said approximately 15% of the estimated diagnosed patient population with classic congenital adrenal hyperplasia, or CAH, has now been prescribed the medicine.
Chief Commercial Officer Eric Benevich said the launch continued to show steady new patient starts, high persistence and compliance, favorable reimbursement, and balanced adoption across adult and pediatric patients. The product’s prescriber base has nearly tripled over the past year, he said.
Management said growth has been supported by both new prescribers and additional patient treatment within the existing prescriber base. Benevich noted, however, that many physician practices treat only a small number of CAH patients, making the market “an inch deep and a mile wide.”
At ENDO 2026, Neurocrine presented two-year data from its ongoing CATALYST open-label studies in pediatric and adult patients with classic CAH. Chief Medical Officer Sanjay Keswani said the data showed durable improvements in cardiometabolic outcomes, bone health, quality of life and pediatric growth, along with a favorable long-term safety profile.
Keswani said the company has accumulated more than 35,000 patient-weeks of CRENESSITY exposure. Gano added that the company’s data showed 70% of patients at two years were receiving a physiological dose of glucocorticoids and had physiological androgen concentrations.
VYKAT XR Integration Underway
VYKAT XR, which Neurocrine acquired through its approximately $2.9 billion cash acquisition of Soleno, generated pro forma second-quarter net sales of $94 million. Neurocrine recognized $54 million of those sales from May 18, the date the transaction closed.
Abernethy said new patient demand remained relatively consistent with the first quarter, while discontinuation rates were in line with expectations after an initial group of patients began treatment in 2025. The company expects sequential quarterly growth as it exits 2026 and said it anticipates growth from the fourth quarter and beyond.
Gano said Neurocrine expects discontinuation rates to eventually settle in a range of 25% to 30%, comparable with other orphan-drug products. The company is working to integrate its commercial, medical and patient-support capabilities with the VYKAT XR team and to educate physicians, caregivers and patients on treatment selection, dosing titration and expectations for treatment response.
Neurocrine said it ended the quarter with about $500 million in cash and no debt after financing the Soleno acquisition with cash on hand. The company expects roughly $150 million of acquisition-related costs, including $130 million recognized during the second quarter. GAAP results also included about $20 million in non-cash purchase-accounting amortization and inventory fair-value step-up expenses.
Pipeline Readouts Planned for 2027
Neurocrine reiterated that it expects to report top-line Phase III data for osavampator in major depressive disorder during the second half of 2027. The company also expects the first Phase III readout for direclidine in schizophrenia in the second half of 2027, followed by results from a second Phase III study in 2028.
Keswani described osavampator as an AMPA potentiator that the company believes could offer differentiated efficacy for patients who have not responded adequately to other antidepressants, alongside favorable safety and tolerability. For direclidine, Gano said the company’s selective M4 agonist approach does not require an add-back therapy to mitigate side effects.
Chief Business Officer Samir Siddhanti said Neurocrine has four programs in its muscarinic franchise. In addition to direclidine, the portfolio includes NBI-570 in a Phase II schizophrenia study, NBI-569 in an early Alzheimer’s disease study, and NBI-567, which is expected to enter a Phase II study in Alzheimer’s cognition.
The company also said it expects a signal-seeking Phase I study readout next year for its CRF2 agonist obesity program, including data on weight loss and lean-mass preservation. Neurocrine plans to host a neurology and immunology webinar in early December to provide additional pipeline updates.
About Neurocrine Biosciences (NASDAQ:NBIX)
Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.
The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.
