Neurocrine Biosciences Clocks 35% Revenue Growth In Q1, Misses On Bottom-Line Performance

Neurocrine Biosciences Inc NBIX reported first-quarter FY23 sales of $420.40 million, up 35.4% year over year, beating the consensus of $409.35 million.
Adjusted EPS loss of $(0.51) missed the consensus of $0.13.
INGREZZA 1Q net product sales were $410 million (+36% Y/Y). Record number of new patients received therapy in Q1.
"We are executing well across our clinical portfolio and anticipate several important milestones in the months ahead including the August 20th PDUFA date for valbenazine for the treatment of chorea associated with Huntington disease", said CEO Kevin Gorman.
"In addition, we remain on-track for top-line data in the second half of this year for several investigational programs, including crinecerfont for the treatment of pediatric and adult congenital adrenal hyperplasia," he added.
At March 31, 2023, the company had cash and equivalents of approximately $1.1 billion.
Guidance: For FY23, Neurocrine reiterated its guidance, with INGREZZA net product sales at $1.67 billion-$1.77 billion.
Price Action: NBIX shares are trading lower by 4.88% at $98.40 during the market session on the last check Wednesday.

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