Neurocrine Biosciences Lifts FY24 INGREZZA Sales View, Plans $300 Mln Buyback; Stock Up - Update

(RTTNews) - Neurocrine Biosciences Inc (NBIX), while reporting higher third-quarter results, on Wednesday raised its outlook for fiscal 2024 net product sales of INGREZZA (valbenazine). Further, the Board authorized $300 million share repurchase plan.

In pre-market activity on the Nasdaq, Neurocrine shares were gaining around 10.2 percent to trade at $128.

Kyle Gano, Chief Executive Officer, said, "With continued INGREZZA growth across the tardive dyskinesia and Huntington's disease chorea indications, FDA Priority Review for crinecerfont in congenital adrenal hyperplasia, a deep neuroscience focused pipeline and a strong balance sheet, we are confident in our ability to help more patients than ever before."

Further, the company said the share repurchase authorization reflects the Board's confidence in its significant value creation potential.

For the year, the company now projects INGREZZA net product sales of $2.30 billion to $2.32 billion, higher than previously expected $2.25 billion to $2.30 billion.

In its third quarter, Neurocrine's earnings totaled $129.8 million or $1.24 per share, higher than last year's $83.1 million or $0.82 per share.

Adjusted earnings were $189.2 million or $1.81 per share for the period, compared to $156.1 million or $1.54 per share last year.

Analysts on average had expected the company to earn $1.50 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 24.7 percent to $622.1 million from $498.8 million last year.

INGREZZA net product sales were $613 million in the quarter, 26 percent higher than last year.

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