Neurocrine Revenue Jumps 41% as Product Sales Pass $1 Billion for the First Time

Neurocrine Biosciences reported third-quarter revenue of $1.12 billion on Monday, up 41 percent from a year earlier.

Neurocrine is a San Diego biopharmaceutical company. It reported results for the quarter ended September 30, 2026, after the market close on Monday, November 2.

“Our third quarter performance marks another important milestone in Neurocrine’s evolution, with net product sales exceeding $1 billion for the first time, driven by strong underlying demand across our diversified portfolio of first-in-class medicines,” chief executive Kyle W. Gano said in the release.

A beat against the single consensus frame

Analysts expected revenue of $1.04 billion, according to Zacks consensus estimates. Neurocrine reported $1.12 billion, a surprise of 8.12 percent on that frame, as Zacks calculated it.

Earnings cleared the same bar by more. Zacks put consensus non-GAAP earnings per share at $2.54. Neurocrine reported non-GAAP diluted EPS of $3.29, a surprise of 29.53 percent on that frame.

The consensus comparison sits on the adjusted basis. On the standard GAAP basis, diluted EPS was $1.96. GAAP and non-GAAP are kept apart throughout this story.

INGREZZA also beat its product estimate. The $801 million result compares with a $736.52 million average estimate from seven analysts, about 8.8 percent higher, an article calculation. CRENESSITY's $211 million beat a $200.42 million estimate from seven analysts.

Three products, one of them new to the portfolio

INGREZZA, which treats tardive dyskinesia and Huntington’s chorea, brought in $801 million, up 17 percent from $687 million. The release cites double-digit volume growth, record total and new prescriptions, and high persistency.

CRENESSITY, which treats classic congenital adrenal hyperplasia, brought in $211 million, up 115 percent from $98 million. About 80 percent of dispensed prescriptions were reimbursed, the company said.

VYKAT XR, which treats hyperphagia in Prader-Willi syndrome, brought in $107 million. It has no year-earlier comparison. Neurocrine acquired it with Soleno Therapeutics, in a deal that closed in May 2026.

Other revenues were $4 million, down from $10 million. Net product sales in total passed $1 billion for the first time, as the chief executive's quote above notes.

On the earnings call, management said third-quarter INGREZZA sales included about a $20 million benefit from customer order timing. That benefit is expected to reverse in the fourth quarter. It is included in full-year guidance, according to a TradingKey transcript summary.

Guidance moves up for INGREZZA, down for spending

For the full year, Neurocrine raised INGREZZA net sales guidance to $2.9 billion to $2.93 billion. The prior range was $2.83 billion to $2.88 billion. The midpoint rises about 2.2 percent, an article calculation.

It lowered GAAP SG&A guidance to $1.54 billion to $1.56 billion, from $1.58 billion to $1.6 billion. Non-GAAP SG&A guidance fell to $1.29 billion to $1.31 billion, from $1.33 billion to $1.35 billion.

Research guidance was mostly unchanged. GAAP R&D stays at $1.28 billion to $1.33 billion, and non-GAAP R&D at $1.14 billion to $1.19 billion. Acquired in-process R&D guidance rose to $34 million, from $23 million.

GAAP amortization guidance stays at $85 million to $90 million. Non-GAAP guidance excludes about $58 million of accelerated vesting for Soleno employees. It also excludes about $95 million of acquisition and integration expenses.

The company recorded about $2.2 billion of intellectual property for VYKAT XR in the Soleno deal. That asset will be amortized over about 16 years, the release says.

The two profit lines tell different stories

GAAP net income was $207 million, slightly below $210 million a year earlier. Non-GAAP net income was $347 million, up from $222 million. GAAP diluted EPS was $1.96, against $2.04 a year earlier.

Non-GAAP diluted EPS was $3.29, against $2.17 a year earlier on the same basis. That $2.17 is the release's prior-year adjusted figure. It is not the $2.04 GAAP figure carried in the paragraph above.

Two items explain much of the gap. GAAP results include Soleno acquisition expenses that the non-GAAP results exclude. They also include a $52 million loss from changes in the fair value of equity investments.

A year earlier, that investment line was a $31 million gain. The swing runs the other way this quarter, and it is a non-GAAP adjustment in the release's reconciliation.

Costs rose with the bigger portfolio. GAAP research and development spending was $352 million, up from $250 million, and non-GAAP R&D was $317 million. Development milestone expense inside R&D was $10 million, against $1 million.

GAAP selling, general and administrative spending was $366 million, against $292 million, and non-GAAP SG&A was $327 million. GAAP cost of revenues was $27 million, against $13 million, and non-GAAP cost of revenues was $20 million.

Cash fell as the acquisition closed

Cash, cash equivalents and marketable securities were about $790 million at September 30, 2026. That compares with $2.54 billion at December 31, 2025. The decline of $1.75 billion, an article calculation, followed the Soleno closing in May.

Shares jumped 10.66 percent in after-hours trading on Monday, Capp Notes reported in its Closing Look. That is an after-hours snapshot, not a closing price. The shares had slipped 0.51 percent in the regular session.

What remains unknown

What remains unknown starts with the fourth quarter. The release does not say how much of the raised INGREZZA guide rests on new prescriptions. It also does not break out the Soleno acquisition expenses inside each GAAP line.

Formal 2027 sales guidance is not given in the release. Whether CRENESSITY reimbursement holds near 80 percent is also unstated. So is the pace at which VYKAT XR grows from its first quarters under Neurocrine.

What to watch next

What to watch next is fourth-quarter INGREZZA delivery against the raised guide. That delivery has to absorb the expected reversal of the $20 million order-timing benefit. Prescription growth, not order timing, is the underlying test.

The company hosts an R&D Day in New York on December 15, 2026. Eiry W. Roberts has also rejoined the company as chief medical officer, the release said.

Into 2027, watch for the Phase 3 readout for osavampator in major depressive disorder. The Phase 3 program for direclidine in schizophrenia is the other named readout to track.