Neurocrine Biosciences, Inc. reported significant financial performance for the fiscal year ending December 31, 2024, with total net product sales reaching $2.33 billion, a 25.2% increase from $1.86 billion in 2023. The primary driver of this growth was the strong demand for INGREZZA, which accounted for the majority of sales, generating $2.31 billion, up from $1.84 billion the previous year. The company also reported a net income of $341.3 million, compared to $249.7 million in 2023, reflecting improved operational efficiency and reduced expenses related to upfront fees and development milestones.
In terms of strategic developments, Neurocrine launched CRENESSITY, a first-in-class treatment for classic congenital adrenal hyperplasia (CAH), in December 2024, following its FDA approval. This launch is expected to enhance the company's portfolio, which already includes FDA-approved treatments for tardive dyskinesia and chorea associated with Huntington's disease. The company also underwent a leadership transition with the retirement of CEO Kevin Gorman and the appointment of Kyle Gano as his successor in October 2024.
Operationally, Neurocrine expanded its sales force to approximately 600 employees, focusing on psychiatry, neurology, long-term care, and rare diseases. The company has also made significant investments in its commercial organization, including the expansion of its psychiatry and long-term care sales teams. The total employee count increased to about 1,800 by the end of 2024, reflecting the company's growth strategy and commitment to enhancing its research and development capabilities.
The filing also highlighted the company's ongoing clinical development programs, including the initiation of Phase 3 studies for osavampator, a potential treatment for major depressive disorder, and NBI-1117568, aimed at treating schizophrenia. Neurocrine's collaboration agreements with partners such as Takeda and AbbVie continue to play a crucial role in its development pipeline, with potential future payments of up to $17.7 billion tied to milestone achievements.
Looking ahead, Neurocrine expressed optimism about its growth trajectory, driven by the successful commercialization of INGREZZA and CRENESSITY, alongside the advancement of its clinical pipeline. However, the company acknowledged potential challenges, including regulatory scrutiny and competition in the biopharmaceutical sector, which could impact its ability to sustain profitability and market share.
About NEUROCRINE BIOSCIENCES INC
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