Neurocrine Biosciences, Inc.

Neurocrine reported second-quarter total revenue of over $950 million, representing nearly 40% year-over-year growth, and non-GAAP EPS of $2.85. INGREZZA net sales were $716 million, up 15% year over year; CRENESSITY net sales were $184 million; and VYKAT XR pro forma net sales were $94 million, with $54 million recognized by Neurocrine after the May 18 close of the Soleno acquisition. Pro forma total revenues were $998 million for the quarter including full-quarter VYKAT XR sales. The company raised full-year INGREZZA guidance from $2.7 billion to a range of $2.825 billion to $2.875 billion, implying about 13% year-over-year growth at the midpoint. Management also said VYKAT XR is expected to drive sequential quarterly growth exiting 2026.

Kyle W. Gano framed the quarter as evidence that Neurocrine has evolved from a single-product company into a more diversified growth platform with multiple commercial drivers and a stronger pipeline. He emphasized disciplined capital deployment, citing the VYKAT XR acquisition as strategic and financially attractive, and said the company now has the financial strength to keep investing in innovation and business development. His tone was confident and expansive, with repeated references to long-term value creation and multiple 2027 clinical milestones.

Matthew Abernethy focused on the quarter’s revenue momentum, the raised INGREZZA outlook, and the financial impact of the Soleno acquisition. He said the company acquired Soleno for approximately $2.9 billion, financed with cash on hand, ended Q2 with about $500 million in cash and no debt, and expects about $150 million of acquisition-related costs, with $130 million recognized in Q2 and about $20 million of noncash purchase-accounting amortization and inventory step-up. He also noted that VYKAT XR is immediately accretive to non-GAAP earnings and that updated operating expense guidance now reflects acquisition, transaction, integration, and amortization impacts for the rest of 2026.

Analysts focused heavily on INGREZZA pricing and access ahead of 2027/2028 Medicare dynamics, and management said 2026 access is strong with about 70% of Medicare lives covered, while 2027 discussions with payers are ongoing and a clearer read should come later this year. CRENESSITY questions centered on launch durability, prescriber breadth, and the rare subtype reimbursement story; management said the launch remains steady and early, with excellent coverage, high claim approval rates, and about 15% of the addressable patient population on treatment. VYKAT XR questions probed launch momentum, discontinuations, edema management, and ex-U.S. strategy; management said early trends were consistent with diligence, discontinuations are still being worked through from the launch bolus, and Europe is lower priority until the U.S. integration is complete. A later question on the muscarinic franchise drew commentary that dereclidine could stand out on safety, tolerability, and ease of administration versus other approaches.