Neurocrine Biosciences, Inc. reported significant financial performance for the second quarter of 2025, with total revenues reaching $687.5 million, a 16.5% increase from $590.2 million in the same period of 2024. This growth was primarily driven by net product sales of $682.0 million, which included $624.4 million from INGREZZA and $53.2 million from CRENESSITY, the latter being a new product launched in December 2024. The company’s net income for the quarter was $107.5 million, compared to $65.0 million in the prior year, resulting in earnings per share of $1.09, up from $0.64.
In terms of operational changes, Neurocrine experienced a notable increase in research and development expenses, which rose to $244.3 million from $191.1 million year-over-year. This increase reflects the company's commitment to advancing its clinical pipeline, including ongoing Phase 3 studies for NBI-1117568 and osavampator. Additionally, selling, general, and administrative expenses also increased to $286.3 million from $242.0 million, attributed to investments in the commercial organization and the launch activities for CRENESSITY.
The company’s balance sheet showed total assets of $3.89 billion as of June 30, 2025, up from $3.72 billion at the end of 2024. Current assets increased to $1.75 billion, driven by higher accounts receivable of $595.7 million, reflecting strong sales performance. Total liabilities also rose to $1.20 billion, with current liabilities increasing to $546.3 million. Stockholders' equity improved to $2.69 billion, bolstered by retained earnings of $84.5 million, compared to $29.2 million at the end of 2024.
Neurocrine's strategic initiatives included the launch of a new share repurchase program, allowing for the repurchase of up to $500 million of common stock, with $167.7 million already utilized in the first half of 2025. The company also expanded its formulary access for INGREZZA, enhancing coverage for approximately 70% of Medicare beneficiaries. Looking ahead, Neurocrine remains focused on maximizing the potential of its existing products while advancing its clinical pipeline, with expectations of continued revenue growth driven by strong demand for INGREZZA and the successful commercialization of CRENESSITY.
About NEUROCRINE BIOSCIENCES INC
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