Neurocrine Q2 INGREZZA sales $350M (+32%), raises FY guidance to $1.35-1.40B; essential tremor Phase 2a fails

NEUROCRINE BIOSCIENCES INC

2022-Q2 EPS reported -$0.03 revenue$688,800,000

GAAP net loss $16.9M ($0.18 loss per diluted share) vs net income $42.3M in Q2 2021, largely due to $70M debt extinguishment loss.
Non-GAAP net income $82.1M ($0.84 EPS) vs $70.1M ($0.72); INGREZZA net product sales $350M, up 32% YoY.
Raised 2022 INGREZZA net product sales guidance to $1.35-1.40B from prior $1.30-1.35B; GAAP R&D guidance $415-450M.
Phase 2a study of NBI-827104 in essential tremor did not meet endpoints; company discontinues development in that indication.
Received $20M milestone from MTPC for DYSVAL launch in Japan; FDA cleared IND for NBI-1117568 (M4 agonist for schizophrenia) Phase 2.

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