Neurocrine Biosciences Q2 2025: Revenue $687.5M up 16.5% YoY; valbenazine Phase 3 schizophrenia miss

NEUROCRINE BIOSCIENCES INC

2025-Q2 EPS reported $1.13 revenue$1,260,100,000

Total revenue $687.5M; INGREZZA $624.4M (+8% YoY), CRENESSITY $53.2M (launch year).
GAAP diluted EPS $1.06 (vs $0.63 Q2 2024); Non-GAAP diluted EPS $1.65 (vs $1.63).
INGREZZA 2025 net product sales guidance narrowed to $2.50-2.55B from $2.50-2.60B.
CRENESSITY: 664 new patient enrollment start forms in Q2; 76% reimbursement coverage for dispensed scripts.
Phase 3 study of valbenazine for adjunctive schizophrenia did not meet primary endpoint; safety consistent.

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