Neurocrine Biosciences reported $1 billion in quarterly revenue and outlined an expanding commercial portfolio during its presentation at the Wells Fargo 21st Annual Healthcare Conference on September 9, 2026.
Chief Financial Officer Matt Abernethy said the company is currently valued more like a value stock despite being a growth company, pointing to a $15.75 billion market cap, a P/E ratio of 22.63 and a PEG ratio of 0.22. The balance sheet carries zero debt and approximately $500 million in cash, with a reinvestment rate into research and development of 30% to 35%.
Ingrezza, the VMAT2 inhibitor for tardive dyskinesia, is tracking toward a full-year 2026 sales midpoint of $2.85 billion, representing 13% year-over-year growth. Underlying volume is expected to grow 17%, offset by a 4% price headwind. The drug has been on the market since its 2017 launch and enjoys intellectual property protection through 2038. Formulary coverage now reaches about 70% following prior-year rebate investments, though a competitor's coverage may approach 100%.
Chief Commercial Officer Eric Benevich noted that an estimated 800,000 people in the U.S. live with tardive dyskinesia, but only about 10% are treated with either of the two VMAT2 inhibitors. The VMAT2 prescriber universe grew 30% over the preceding two years, and a sales-force expansion was completed roughly 1.5 quarters ago to better target psychiatry and long-term care settings.
CRENNESITY, the CRF1 antagonist approved in December 2024 as the first-ever medicine for congenital adrenal hyperplasia patients in over 70 years, has reached a quarterly run rate of $750 million—exceeding earlier Street peak estimates of $500 million to $700 million. It has captured about 15% of the prevalent classic CAH patient population, with real-world persistency near 90% at two years.
VYKAT XR, acquired through the Soleno deal for Prader-Willi Syndrome, posted quarterly sales of $94 million and is running at a $400 million run rate. Discontinuation after month 9 is expected at 20% to 25%.
Pricing headwinds loom from Medicare Part D changes: a statutory shift moves the catastrophic coverage rebate from 2% to 5% of wholesale acquisition cost for small biotechs. The net price impact is about 3% globally and roughly 4.5% specifically for Medicare Part D patients, who make up about 65% of the patient base.
Pipeline catalysts are expected through 2028. An R&D Day focused on neurology and immunology is scheduled for early December. Data from three Phase III trials for Osavampator in major depression is anticipated in 2027, while data for Directhedine, a muscarinic agonist for schizophrenia, is expected in both 2027 and 2028.
