Neurocrine Biosciences, Inc

Neurocrine Biosciences is a U.S.-based biopharmaceutical company focused on neuroscience and related endocrine disorders. It discovers, develops, and commercializes prescription therapies, with a commercial portfolio anchored by INGREZZA for tardive dyskinesia and Huntington’s chorea and CRENESSITY for classic congenital adrenal hyperplasia.

22,6 %

98,2 %

16,7 %

+21,4 %

3.39

3.30

— Neurocrine Biosciences, Inc
%
Commercial neurology products80% Approved therapies sold in the U.S. for movement disorders, primarily INGREZZA.
Rare disease endocrinology10% CRENESSITY for classic congenital adrenal hyperplasia, launched in the U.S. in late 2024.
Collaborative women’s health products5% Elagolix-based products for endometriosis and uterine fibroids commercialized with AbbVie.
Pipeline and R&D programs5% Clinical and preclinical neuroscience assets across psychiatry, neurology, and endocrine disease.

The company sells primarily to specialty pharmacy providers, wholesale distributors, and specialty distributors,...

  • Specialty pharmacy providersprimary

    Dispense INGREZZA and CRENESSITY under tightly managed specialty distribution arrangements.

  • Wholesale and specialty distributorsprimary

    Purchase and distribute INGREZZA in the U.S. through a limited network to support access and control.

  • Neurology and psychiatry prescribersprimary

    Prescribe INGREZZA for tardive dyskinesia and Huntington’s chorea based on efficacy and tolerability.

  • Endocrinology and rare disease prescriberssecondary

    Prescribe CRENESSITY for CAH patients needing a first-in-class treatment option.

  • AbbVie collaboration partnersecondary

    Commercializes elagolix-based women’s health products globally and shares economics under the collaboration.

Neurocrine’s commercial business is overwhelmingly U.S.-centric, with INGREZZA and CRENESSITY sold in the United States...

  • •U.S. is the core market for INGREZZA and CRENESSITY sales
  • •INGREZZA is also marketed in Japan and select Asian markets by partners
  • •AbbVie retains global commercialization rights to elagolix
  • •Commercial operations and sales force are primarily U.S.-based
  • •Single-market concentration increases exposure to U.S. pricing and reimbursement

The company is focused on maximizing INGREZZA’s penetration, scaling CRENESSITY’s launch, and expanding commercial...

01
Maximize INGREZZA growthshort-term

INGREZZA is the main revenue engine and broader penetration supports near-term cash generation.

02
Scale CRENESSITY launchshort-term

CRENESSITY adds a second commercial product and broadens the company beyond one franchise.

03
Advance late-stage pipelinemedium-term

New approvals are needed to diversify revenue and reduce concentration risk.

04
Broaden early-stage modality mixlong-term

A wider scientific platform increases the odds of future differentiated assets.

The business depends heavily on successful commercialization of a small number of products, especially INGREZZA, so any...

high

Product concentration in INGREZZA

A large share of revenue comes from one commercial franchise, so any demand or access issue would materially affect results.

Scope
Commercial revenue and cash flow
Materiality
high
high

Customer concentration

Four customers account for over 90% of gross product sales, increasing counterparty and channel risk.

Scope
Specialty pharmacy and distributor network
Materiality
high
high

Clinical development failure

Pipeline assets may not prove safe or effective, which would reduce future growth options.

Scope
Late-stage and early-stage R&D
Materiality
high
high

Pricing and reimbursement pressure

Government and third-party payors can restrict coverage or pricing, limiting product uptake and margins.

Scope
U.S. commercial products
Materiality
high
medium

Supply chain and third-party supplier dependence

The company relies on limited suppliers and logistics partners for product supply and distribution.

Scope
Manufacturing and fulfillment
Materiality
medium
Revenue recognition and reserves
Affects reported product revenue and gross margin
Collaboration accounting
Affects operating income and comparability
Inventory and launch-related cost treatment
Affects gross margin trajectory
Uncertain tax positions
Can materially affect tax expense in a given period

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: 28/04/2026