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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaApproved therapies sold in the U.S. for movement disorders, primarily INGREZZA.
CRENESSITY for classic congenital adrenal hyperplasia, launched in the U.S. in late 2024.
Elagolix-based products for endometriosis and uterine fibroids commercialized with AbbVie.
Clinical and preclinical neuroscience assets across psychiatry, neurology, and endocrine disease.
Tuotteet
Raportoitu · osuus liikevaihdosta- Products99,1 %
- Collaboration Revenue0,9 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The company sells primarily to specialty pharmacy providers, wholesale distributors, and specialty distributors, reflecting a narrow channel model for specialty medicines. Its end customers are patients treated by neurologists, psychiatrists, endocrinologists, and rare-disease specialists, with prescribing driven by chronic disease management and high unmet need. INGREZZA is distributed through a limited specialty network, while CRENESSITY uses a single specialty pharmacy provider because of its rare-disease profile.
Dispense INGREZZA and CRENESSITY under tightly managed specialty distribution arrangements.
Purchase and distribute INGREZZA in the U.S. through a limited network to support access and control.
Prescribe INGREZZA for tardive dyskinesia and Huntington’s chorea based on efficacy and tolerability.
Prescribe CRENESSITY for CAH patients needing a first-in-class treatment option.
Commercializes elagolix-based women’s health products globally and shares economics under the collaboration.
Strategia
The company is focused on maximizing INGREZZA’s penetration, scaling CRENESSITY’s launch, and expanding commercial coverage in neurology, psychiatry, long-term care, and rare disease. At the same time, it is investing in a broader late-stage and early-stage pipeline so future launches can reduce dependence on a small number of products. The strategy combines near-term commercial execution with longer-term pipeline optionality.
INGREZZA is the main revenue engine and broader penetration supports near-term cash generation.
CRENESSITY adds a second commercial product and broadens the company beyond one franchise.
New approvals are needed to diversify revenue and reduce concentration risk.
A wider scientific platform increases the odds of future differentiated assets.
Maantiede
Neurocrine’s commercial business is overwhelmingly U.S.-centric, with INGREZZA and CRENESSITY sold in the United States. Outside the U.S., INGREZZA is marketed in Japan and select Asian markets under partner arrangements, while elagolix rights are retained globally by AbbVie. This makes the company’s direct revenue base highly concentrated in one market, with limited international diversification.
Riskit
The business depends heavily on successful commercialization of a small number of products, especially INGREZZA, so any slowdown in demand, access, or physician adoption would have an outsized impact. It also faces typical biopharma risks around clinical failure, regulatory delay, safety events, supplier dependence, and payer pressure on pricing and reimbursement. Customer concentration is material because a few specialty channel partners represent most gross product sales.
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen
Four customers account for over 90% of gross product sales, increasing counterparty and channel risk.
Kohdistuu: Specialty pharmacy and distributor network
- Clinical development failureVaikutus: KorkeaTodennäköisyys: Kohtalainen
Pipeline assets may not prove safe or effective, which would reduce future growth options.
Kohdistuu: Late-stage and early-stage R&D
- Pricing and reimbursement pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen
Government and third-party payors can restrict coverage or pricing, limiting product uptake and margins.
Kohdistuu: U.S. commercial products
- Product concentration in INGREZZAVaikutus: Korkea
A large share of revenue comes from one commercial franchise, so any demand or access issue would materially affect results.
Kohdistuu: Commercial revenue and cash flow
- Supply chain and third-party supplier dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
The company relies on limited suppliers and logistics partners for product supply and distribution.
Kohdistuu: Manufacturing and fulfillment
Kirjanpito
Harkinnanvaraiset erätNet product sales depend on estimates for rebates, discounts, chargebacks, and returns in specialty pharma channels.
Vaikutus: Affects reported product revenue and gross margin
Milestones and royalties from AbbVie and other partners can create uneven revenue and expense recognition.
Vaikutus: Affects operating income and comparability
CRENESSITY launch changed cost of revenues as pre-approval R&D costs rolled into commercial inventory economics.
Vaikutus: Affects gross margin trajectory
Tax benefits are recognized only when positions are more-likely-than-not to be sustained.
Vaikutus: Can materially affect tax expense in a given period
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Päivitetty: 24.9.2026