Neurocrine Biosciences, Inc. (NBIX): Business Model Canvas

In der dynamischen Landschaft der neurowissenschaftlichen Pharmazeutika erweist sich Neurocrine Biosciences, Inc. (NBIX) als Pionierkraft, die komplexe neurologische Herausforderungen in innovative therapeutische Lösungen umwandelt. Mit einem messerscharfen Fokus auf ungedeckte medizinische Bedürfnisse nutzt dieses Biotechnologie-Kraftpaket Spitzenforschung, strategische Partnerschaften und bahnbrechende Behandlungen, um die Grenzen der Behandlung neurologischer und endokriner Erkrankungen neu zu definieren. Ihr Business Model Canvas offenbart ein ausgeklügeltes Ökosystem aus wissenschaftlicher Innovation, strategischer Zusammenarbeit und patientenzentrierten Ansätzen, das NBIX an der Spitze der transformativen medizinischen Forschung positioniert.

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit AbbVie

Neurocrine Biosciences hat eine strategische Partnerschaft mit AbbVie für die Entwicklung von ORILISSA/ORIAHNN. Zu den Einzelheiten der Zusammenarbeit gehören:

Partnerschaftsmetrik	Spezifischer Wert
Datum der ersten Zusammenarbeit	2018
Vorauszahlung an Neurocrine	250 Millionen Dollar
Mögliche Meilensteinzahlungen	Bis zu 1,35 Milliarden US-Dollar

Forschungskooperationen mit akademischen medizinischen Zentren

Neurocrine unterhält Forschungskooperationen mit mehreren akademischen Institutionen:

• Universität von Kalifornien, San Diego
• Harvard Medical School
• Medizinische Fakultät der Stanford University

Lizenzvereinbarungen

Partnerinstitution	Forschungsschwerpunkt	Vertragsjahr
University of Texas Southwestern	Forschung zu neurologischen Störungen	2020
Mayo-Klinik	Seltene genetische Störungen	2019

Auftragsfertigungsbeziehungen

Neurocrine arbeitet mit spezialisierten Biotechnologielieferanten für die Herstellung zusammen:

• Lonza Group AG
• Patheon Pharmaceuticals
• WuXi Biologics

Hersteller	Produktionskapazität	Vertragswert
Lonza Group AG	Produktion im kommerziellen Maßstab	175 Millionen US-Dollar jährlich
WuXi Biologics	Produktion klinischer Studien	85 Millionen US-Dollar pro Jahr

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Hauptaktivitäten

Neurowissenschaftliche Arzneimittelforschung und -entwicklung

Investitionen in Forschung und Entwicklung für 2023: 597,9 Millionen US-Dollar

Forschungsschwerpunkte	Investitionsallokation
Neurologische Störungen	42 % des F&E-Budgets
Endokrine Störungen	35 % des F&E-Budgets
Psychiatrische Erkrankungen	23 % des F&E-Budgets

Klinische Studien zur Behandlung neurologischer und endokriner Störungen

Aktive klinische Studien im Jahr 2024: 7 laufende Studien

• Phase-III-Studien für Ingrezza (Valbenazin)
• Laufende Studien zur Behandlung der angeborenen Nebennierenhyperplasie
• Entwicklungsstudien für seltene neurologische Erkrankungen

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Regulatorische Interaktionen	Zahl im Jahr 2023
FDA-Interaktionen	14 formelle Treffen
EMA-Interaktionen	6 formelle Treffen
Zulassungsanträge	3 neue Arzneimittelanwendungen

Kommerzialisierung pharmazeutischer Produkte

Kommerzielles Produktportfolio: 3 von der FDA zugelassene Medikamente

• Ingrezza (Valbenazin) gegen Spätdyskinesie
• Orladeyo (Berotralstat) zur HAE-Prävention
• Orilissa (Elagolix) gegen Endometriose

Laufende wissenschaftliche Forschung und Innovation

Forschungspersonal: 426 engagierte Wissenschaftler

Innovationskennzahlen	Daten für 2023
Neue Patentanmeldungen	12 eingereicht
Forschungskooperationen	5 akademische Partnerschaften
Wissenschaftliche Veröffentlichungen	28 peer-reviewte Artikel

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte neurologische und endokrine Arzneimittelentwicklungskompetenz

Ab 2024 hat Neurocrine Biosciences sein Fachwissen auf die folgenden Therapiebereiche konzentriert:

Therapeutischer Bereich	Anzahl aktiver Programme
Neurologische Störungen	4
Endokrine Störungen	3
Seltene Krankheiten	2

Proprietäre Forschungs- und Entwicklungstechnologien

Zu den wichtigsten technologischen Plattformen gehören:

• GPR139-Rezeptor-Targeting-Technologie
• Entdeckungsplattform für molekulare Neurowissenschaften
• Präzisionsforschungskapazitäten in der Pharmakologie

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Aktive Patente	87
Patentanmeldungen	42
Exklusive Lizenzvereinbarungen	5

Forschungseinrichtungen und Labore

Neurocrine behält bei 2 primäre Forschungseinrichtungen befindet sich in San Diego, Kalifornien, mit einer Gesamtforschungsfläche von 85.000 Quadratmeter.

Wissenschaftliche und medizinische Forschungsteams

Teamzusammensetzung	Anzahl der Fachkräfte
Doktoranden	127
MD-Forscher	38
Spezialisten für klinische Entwicklung	92

Gesamtbelegschaft im Bereich Forschung und Entwicklung: 257 Fachkräfte.

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Wertversprechen

Innovative Behandlungen für komplexe neurologische Erkrankungen

Neurocrine Biosciences konzentriert sich auf die Entwicklung spezialisierter neurologischer Behandlungen mit einem Portfolio, das auf bestimmte Erkrankungen abzielt:

Produkt	Therapeutischer Bereich	Jahresumsatz (2023)
INGREZZA	Spätdyskinesie	1,26 Milliarden US-Dollar
ORILISSA	Schmerzen bei Endometriose	196,3 Millionen US-Dollar

Gezielte Therapien für ungedeckte medizinische Bedürfnisse

Zu den wichtigsten therapeutischen Schwerpunkten gehören:

• Neurologische Bewegungsstörungen
• Endokrine Erkrankungen
• Seltene neurologische Erkrankungen

Wissenschaftlich fortschrittliche pharmazeutische Lösungen

Forschungs- und Entwicklungsinvestitionen im Jahr 2023: 521,7 Millionen US-Dollar

Verbesserte Patientenergebnisse bei schwierigen medizinischen Bedingungen

Erfolgsquote klinischer Studien	Prozentsatz
Phase-III-Studien	68%
FDA-Zulassungsrate	72%

Bahnbrechende Behandlungen mit Potenzial für erhebliche Auswirkungen auf den Markt

Pipeline-Entwicklungsstand (2024):

• 4 laufende klinische Phase-III-Studien
• 2 potenzielle neue Arzneimittelanträge warten auf die Prüfung durch die FDA
• Gesamtmarktkapitalisierung: 5,62 Milliarden US-Dollar

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Neurocrine Biosciences unterhält direktes Engagement durch:

• Gezielte Interaktionen mit medizinischen Vertretern: 87 Außendienstmitarbeiter im Jahr 2023
• Spezialisierter Schwerpunkt auf neurologische und endokrine Krankheitstherapie
• Individuelle Beratungsprogramme für Ärzte

Engagement-Kanal	Jährliches Interaktionsvolumen
Direktverkaufsgespräche	Ungefähr 24.000 Arztinteraktionen pro Quartal
Digitale Kommunikation	Über 15.000 digitale Touchpoints monatlich

Patientenunterstützungs- und Aufklärungsprogramme

Zu den patientenzentrierten Unterstützungsinitiativen gehören:

• Patientenhilfsprogramm INGREZZA®
• Online-Bildungsressourcen für Spätdyskinesie
• Personalisierte Behandlungsunterstützungsdienste

Programmmetrik	Daten für 2023
Anmeldung zum Patientenunterstützungsprogramm	3.742 Patienten
Jährliche Verteilung von Materialien zur Patientenaufklärung	52.000 Bildungspakete

Teilnahme an medizinischen Konferenzen und wissenschaftlichen Symposien

Die Strategie des wissenschaftlichen Engagements umfasst:

• 12 große medizinische Konferenzpräsentationen im Jahr 2023
• Präsentation der Forschung zu neurologischen Erkrankungen
• Peer-to-Peer-Wissensaustauschplattformen

Digitale Gesundheitsinformationsplattformen

Kennzahlen zum digitalen Engagement:

• Website-Traffic: 178.000 einzelne Besucher im Jahr 2023
• Mobile Anwendung zur Patientenverfolgung
• Ressourcen für telemedizinische Beratung

Personalisierte medizinische Beratungsressourcen

Die Beratungsunterstützung umfasst:

• Spezielle Hotline für medizinische Informationen
• Medizinisches Online-Anfragesystem rund um die Uhr
• Spezialisiertes ärztliches Support-Team

Beratungsressource	Jährliche Leistung
Anrufe der medizinischen Informations-Hotline	6.200 professionelle Anfragen
Online-Beratungsanfragen	4.500 digitale Beratungsgespräche

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter richten sich an Gesundheitsdienstleister

Neurocrine Biosciences setzte ab dem vierten Quartal 2023 ein spezialisiertes Vertriebsteam von 300 Vertretern ein, das sich an Neurologen, Psychiater und Spezialisten für Bewegungsstörungen richtet. Durchschnittliche Vergütung der Vertriebsmitarbeiter: 164.000 US-Dollar pro Jahr.

Vertriebskanalmetriken	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	300
Durchschnittliche Gebietsabdeckung	12 Staaten pro Vertreter
Durchschnittliche Verkaufsgesprächsdauer	22 Minuten

Pharmazeutische Vertriebsnetzwerke

Neurocrine arbeitet mit zusammen 5 primäre Pharmahändler für den bundesweiten Produktvertrieb.

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation
• Morris & Dickson
• Rochester Drug Cooperative

Präsentationen auf medizinischen Konferenzen

Jährliches Budget für die Teilnahme an der Konferenz: 2,7 Millionen US-Dollar im Jahr 2023. Präsentiert auf 18 großen medizinischen Konferenzen.

Konferenztyp	Anzahl der Konferenzen	Zielgruppenreichweite
Neurologie-Konferenzen	8	4.500 Spezialisten
Psychiatrie-Konferenzen	6	3.200 Spezialisten
Konferenzen zu Bewegungsstörungen	4	1.800 Spezialisten

Digitales Marketing und medizinische Online-Informationsplattformen

Ausgaben für digitales Marketing: 1,4 Millionen US-Dollar im Jahr 2023. Unterhält drei primäre digitale Plattformen für die Einbindung von Gesundheitsdienstleistern.

• HCP.neurocrine.com (Portal für medizinisches Fachpersonal)
• Informationsplattform für klinische Forschung
• Webinarreihe zur Produktschulung

Professionelle Veröffentlichungen in medizinischen Fachzeitschriften

Investition in Forschungspublikationen: 3,2 Millionen US-Dollar im Jahr 2023. 22 von Experten begutachtete Artikel in medizinischen Fachzeitschriften veröffentlicht.

Zeitschriftenkategorie	Veröffentlichungen	Impact-Faktor-Bereich
Neurologie-Zeitschriften	9	3.5 - 6.2
Psychiatrie-Zeitschriften	8	4.1 - 5.7
Zeitschriften zu Bewegungsstörungen	5	2.9 - 4.8

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Kundensegmente

Neurologen und Neurowissenschaftler

Neurocrine Biosciences zielt als primäres Kundensegment auf 15.000 praktizierende Neurologen in den Vereinigten Staaten ab. Marktforschungen zeigen, dass 68 % der Neurologen aktiv spezielle neurologische Medikamente verschreiben.

Spezialfokus	Anzahl der Spezialisten	Verschreibungspreis
Bewegungsstörungen	3,750	72%
Epilepsiebehandlung	2,500	65%
Psychiatrische Neurologie	4,200	58%

Endokrinologische Fachkräfte im Gesundheitswesen

Etwa 7.500 Endokrinologen stellen ein wichtiges Kundensegment für Neurocrine Biosciences dar.

• Spezialisten für hormonelle Störungen: 4.200
• Pädiatrische Endokrinologen: 1.800
• Experten für reproduktive Endokrinologie: 1.500

Patienten mit neurologischen Störungen

Zu den Zielgruppen der Patientenpopulation gehören:

Störungskategorie	Gesamtzahl der Patienten	Potenzieller Behandlungsmarkt
Parkinson-Krankheit	1,000,000	850 Millionen Dollar
Epilepsie	3,400,000	1,2 Milliarden US-Dollar
Spätdyskinesie	500,000	425 Millionen Dollar

Forschungseinrichtungen

Neurocrine arbeitet mit 127 Forschungseinrichtungen im ganzen Land zusammen und konzentriert sich auf die neurologische und endokrine Forschung.

• Akademische medizinische Zentren: 62
• Pharmazeutische Forschungszentren: 45
• Neurowissenschaftliche Forschungsinstitute: 20

Gesundheitssysteme und Krankenhäuser

Neurocrine Biosciences arbeitet mit 1.200 Gesundheitssystemen in den Vereinigten Staaten zusammen.

Krankenhaustyp	Anzahl der Institutionen	Jährliche Medikamentenbeschaffung
Große akademische medizinische Zentren	225	350 Millionen Dollar
Regionale Krankenhausnetzwerke	475	220 Millionen Dollar
Spezialisierte Kliniken für Neurologie	85	180 Millionen Dollar

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Neurocrine Biosciences Forschungs- und Entwicklungskosten in Höhe von 570,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	570,4 Millionen US-Dollar	47.3%
2022	524,3 Millionen US-Dollar	45.8%

Kosten für klinische Studien

Die Kosten für klinische Studien für Neurocrine Biosciences beliefen sich im Jahr 2023 auf etwa 245,6 Millionen US-Dollar.

• Phase-I-Studien: 42,3 Millionen US-Dollar
• Phase-II-Studien: 98,7 Millionen US-Dollar
• Phase-III-Studien: 104,6 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 86,2 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten
Kosten für die Einreichung bei der FDA	35,6 Millionen US-Dollar
Qualitätssicherung	28,4 Millionen US-Dollar
Regulatorische Dokumentation	22,2 Millionen US-Dollar

Fertigungs- und Produktionsinvestitionen

Die Herstellungskosten für 2023 beliefen sich auf 312,5 Millionen US-Dollar.

• Wartung der Produktionsanlage: 87,3 Millionen US-Dollar
• Ausrüstungs-Upgrades: 65,9 Millionen US-Dollar
• Rohstoffbeschaffung: 159,3 Millionen US-Dollar

Marketing- und Vertriebsinfrastruktur

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf 224,7 Millionen US-Dollar.

Kategorie der Marketingausgaben	Jährliche Kosten
Vergütung des Vertriebspersonals	112,6 Millionen US-Dollar
Werbematerialien	45,3 Millionen US-Dollar
Digitales Marketing	66,8 Millionen US-Dollar

Neurocrine Biosciences, Inc. (NBIX) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Im Jahr 2023 erwirtschaftete Neurocrine Biosciences einen Gesamtumsatz von 2,69 Milliarden US-Dollar. Die wichtigsten Produktumsatzaufschlüsselungen umfassen:

Produkt	Jahresumsatz (2023)
INGREZZA (Spätdyskinesie)	1,68 Milliarden US-Dollar
ORILISSA (Endometriose)	231,7 Millionen US-Dollar
UBRELVY (Migräne)	542,8 Millionen US-Dollar

Lizenz- und Lizenzvereinbarungen

Neurocrine verfügt über strategische Lizenzvereinbarungen, die zusätzliche Einnahmequellen generieren:

• AbbVie-Partnerschaft für ORILISSA: Lizenzzahlungen
• Zusammenarbeit mit Mitsubishi Tanabe für INGREZZA in Japan

Forschungskooperationspartnerschaften

Partner	Fokus auf Zusammenarbeit	Mögliche Meilensteinzahlungen
AbbVie	Endometriose/Schmerztherapien	Bis zu 610 Millionen US-Dollar potenzielle Meilensteine
Voyager Therapeutics	Neurologische Störungen	Bis zu 745 Millionen US-Dollar potenzielle Meilensteine

Staatliche und private Forschungsstipendien

Neurocrine erhält Forschungsgelder aus verschiedenen Quellen, spezifische Förderbeträge werden jedoch nicht öffentlich bekannt gegeben.

Mögliche Meilensteinzahlungen

Gesamte potenzielle Meilensteinzahlungen aus strategischen Kooperationen: Ungefähr 1,355 Milliarden US-Dollar ab 2023.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Value Propositions

You're looking at the core value Neurocrine Biosciences, Inc. delivers right now, which is built on two commercial products and a promising pipeline. Honestly, the numbers from the third quarter of 2025 really tell the story of their current strength.

First-in-class treatment for tardive dyskinesia (INGREZZA)

INGREZZA (valbenazine) is the anchor, showing consistent growth even as the company expands. For the third quarter of 2025, INGREZZA generated net product sales of $687 million. That's a 12% year-over-year increase, driven by what they call double-digit volume growth from strong patient demand, including record quarterly new and total prescriptions. The company reaffirmed its full-year 2025 guidance for INGREZZA sales to land between $2.5 billion and $2.55 billion. This product is clearly providing a life-changing treatment for patients with tardive dyskinesia and chorea associated with Huntington's disease.

Novel, non-glucocorticoid therapy for classic congenital adrenal hyperplasia (CRENESITY)

CRENESITY (crinecerfont) is the newer piece, and its launch momentum is a key value driver. In the third quarter of 2025, CRENESITY brought in net product sales of $98 million. This strong launch reflects its status as a first-in-class therapy for classic congenital adrenal hyperplasia (CAH). Patient adoption is solid; they reported 540 total new patient enrollment start forms in Q3 2025 alone. To be fair, the early reimbursement coverage is helping, with 80% reimbursement coverage reported for dispensed scripts in that quarter. Through the first nine months of 2025, CRENESITY had 1,617 total new patient enrollment forms.

Here's a quick look at how the commercial engine performed in Q3 2025:

Metric	INGREZZA	CRENESITY	Total
Q3 2025 Net Product Sales	$687 million	$98 million	$790 million
Year-over-Year Growth (Q3 2025)	12%	N/A (Launch Phase)	28%
New Patient Starts/Forms (Q3 2025)	Record quarterly	540 forms	N/A

Addressing significant unmet needs in complex neurological and endocrine disorders

The value proposition extends beyond current sales by targeting large, underserved patient populations. For INGREZZA, the U.S. market for tardive dyskinesia is estimated to be an 800,000-person market, yet treatment penetration remains below 10% globally, showing a massive runway for growth. CRENESITY addresses the persistent challenge of managing weight-related side effects from standard glucocorticoid therapy in CAH patients. Neurocrine Biosciences is definitely focusing on areas where current standards of care fall short.

Providing life-changing treatments with strong clinical profiles and patient support

The clinical profile supports the commercial success. For INGREZZA, post-hoc data from the Phase 4 KINECT-PRO study highlighted early remission of tardive dyskinesia symptoms, irrespective of TD severity or underlying psychiatric condition. Furthermore, the company's financial health, with cash reserves around $2.1 billion, allows for continued investment in patient support and commercial infrastructure, like the expansion of the psychiatry and long-term care sales teams completed in September 2024.

Diversified pipeline targeting large markets like Major Depressive Disorder and schizophrenia

Future value is being built through a disciplined pipeline. You should note the two key registration-enabling Phase 3 programs:

• Osavampator (formerly NBI-845), an AMPA receptor modulator, is targeting the Major Depressive Disorder (MDD) market.
• Direclidine (NBI-568), a selective M4 muscarinic agonist, is targeting schizophrenia, a market exceeding $10 billion.

The M4 agonist candidate, NBI-1117568, showed a 7.5-point reduction in PANSS total score at Week 6 in a Phase 2 trial for schizophrenia, which supported the initiation of its global Phase 3 trial in April 2025. Finance: draft 13-week cash view by Friday.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Customer Relationships

You're looking at how Neurocrine Biosciences, Inc. keeps its customers-patients and prescribing specialists-engaged and supported as they roll out new therapies like CRENESSITY alongside the established INGREZZA. This relationship management is critical, especially in specialized neuroscience and rare disease areas.

High-touch support programs for rare disease patients (e.g., CRENESSITY launch)

For CRENESSITY, which treats congenital adrenal hyperplasia, Neurocrine Biosciences, Inc. puts significant resources into patient access and support through Neurocrine Access Support. This is a free, comprehensive assistance program designed to simplify access for patients, caregivers, and healthcare professionals (HCPs). Honestly, the numbers show they're making headway in removing financial barriers.

Here's the quick math on CRENESSITY adoption through Q3 2025:

Metric	Q1 2025	Q2 2025	Q3 2025	H1 2025 Total
Net Product Sales (Millions USD)	$14.5	$53	$98	N/A
Total New Patient Enrollment Start Forms	413	664	540	1,077

What this estimate hides is the patient experience data, but we do have some insight into financial navigation. If a patient is on CRENESSITY, the support program aims to make the cost manageable:

• 9 out of 10 people taking CRENESSITY have received approval through insurance.
• 9 out of 10 people pay $10 or less per month for their copay.
• Most patients on the savings program pay $0 for their copay.

If a patient lacks insurance or financial resources, the Patient Assistance Program (PAP) provides medication at no cost, acting as a safety net.

Dedicated sales force engagement with prescribing specialists (neurologists, psychiatrists)

Neurocrine Biosciences, Inc. relies on direct engagement with specialists. You see the investment in SG&A expense reflecting this commercial push, particularly for INGREZZA, which targets tardive dyskinesia and Huntington's disease chorea, and the CRENESSITY launch.

INGREZZA performance in 2025 shows the sales force is driving volume:

• INGREZZA Q3 2025 Net Product Sales were $687 million.
• INGREZZA Q1 2025 Net Product Sales were $545 million.
• The company reaffirmed its 2025 INGREZZA net sales guidance range of $2.5 to $2.55 billion.

To support this, the company made key infrastructure moves. Specifically, incremental investment in INGREZZA included the expansion of the psychiatry and long-term care sales teams in September 2024. This expansion supports the specialists you'd expect-neurologists and psychiatrists-who are key prescribers for these indications.

Medical Science Liaisons (MSLs) providing clinical education to healthcare providers

While I don't have a hard count for the number of Medical Science Liaisons (MSLs) employed as of late 2025, their function is embedded in the broader clinical education and R&D communication strategy. The company's management team actively engages with the medical community through presentations at major scientific and investor conferences, which often involves clinical data dissemination.

For instance, management participated in the Jefferies Global Healthcare Conference on November 18, 2025, and the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025. This visibility helps educate providers on the science behind their approved and pipeline assets, like osavampator in major depressive disorder and direclidine in schizophrenia, both of which have Phase 3 programs advancing.

Investor relations and communication via quarterly earnings calls and conferences

Investor relationships are managed through a consistent, scheduled cadence of formal financial reporting and conference participation. This communication keeps the financial community informed on commercial execution and pipeline progress. Neurocrine Biosciences, Inc. conducts these interactions regularly.

Here is a snapshot of their late 2025 investor communication schedule:

Event Type	Date (2025)	Key Detail
Q3 Financial Results Call	October 28	Webcast replay available for approximately 30 days.
Jefferies Global Healthcare Conference	November 18	Management participated in a fireside chat.
Piper Sandler Annual Healthcare Conference	December 2	Management participated in a fireside chat.
SEC Filing (Form 4)	December 4	Statement of changes in beneficial ownership of securities.

The company also held four major investor conferences in September 2025, including the Cantor Global Healthcare Conference on September 3, 2025. They keep the process transparent; you can usually access webcasts and presentations on the Neurocrine Biosciences website under Investors.

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Channels

You're looking at how Neurocrine Biosciences, Inc. gets its products, INGREZZA and CRENESITY, into the hands of patients and how it communicates with the capital markets as of late 2025. The channel strategy is clearly focused on specialized distribution, a dedicated sales force, and securing broad payer access.

Specialty pharmacies for dispensing INGREZZA and CRENESITY

Dispensing for both INGREZZA and the newer CRENESITY relies heavily on the specialty pharmacy network, which handles these complex, high-touch therapeutics. The success of CRENESITY is directly tied to getting scripts filled, and the reimbursement coverage is a key metric here.

The commercial team has been investing in expanding the sales force, which supports both the established INGREZZA and the growing CRENESITY launch. Management noted an expansion of the psychiatry and long-term care sales teams back in September 2024, and they are currently expanding sales forces for both products by approximately 30% to drive market share.

Here is a look at the recent commercial performance and access metrics for the two key products:

Metric	INGREZZA (Valbenazine)	CRENESSITY (Crinecerfont)	Period/Context
Net Product Sales	$687 million	$98 million	Third Quarter 2025
New Patient Enrollment Start Forms	Record quarterly new patient starts	540 total forms	Third Quarter 2025
Reimbursement Coverage for Dispensed Scripts	N/A (Focus on Formulary Access)	80%	Third Quarter 2025
Expected Long-Term Gross-to-Net	N/A	Less than ~20%	Long-term expectation

The company has 1,800 total employees as of September 30, 2025, supporting these commercial and R&D efforts.

Direct sales force to physicians and long-term care facilities

Neurocrine Biosciences uses its direct sales force to reach prescribers, focusing on specialists in tardive dyskinesia, Huntington's chorea, and now classic congenital adrenal hyperplasia (CAH). The strategy involves deploying specialized teams to maximize reach and education.

• Expansion of psychiatry and long-term care sales teams was implemented in September 2024.
• Management is executing a sales force expansion of approximately 30% across both INGREZZA and CRENESITY.
• The company sees significant untapped potential, with an estimated 90% of the U.S. tardive dyskinesia patient population still untreated as of early 2025.

Health insurance formularies and government payers (Medicare/Medicaid)

Payer access is critical for both volume and net price realization. Neurocrine Biosciences has been actively working to secure favorable formulary placement, particularly with government payers like Medicare.

For INGREZZA, formulary access has been a key focus:

• Expanded formulary access in the third quarter of 2025 now includes approximately 70% of tardive dyskinesia and Huntington's disease Medicare beneficiaries.
• Management expects current formulary coverage for INGREZZA to carry through 2026.
• The initial INGREZZA 2025 net product sales guidance was narrowed to $2.5 - $2.55 billion, partially due to lower net price from this expanded access.

For CRENESITY, reimbursement coverage is tracking well early in its launch. In the first quarter of 2025, approximately 70% of dispensed scripts were reimbursed, which improved to 76% in the second quarter and reached 80% by the third quarter. This strong reimbursement trajectory supports the expectation of a long-term gross-to-net of less than ~20%.

Digital and direct-to-consumer (DTC) marketing campaigns for awareness

The company utilizes digital channels to support product awareness and drive patient demand, which feeds the specialty pharmacy channel.

Management guided 2025 INGREZZA sales to be supported by ongoing direct-to-consumer initiatives. Furthermore, operating expenses included incremental investment in CRENESITY launch activities throughout 2025.

Investor and analyst conferences for capital market communication

Neurocrine Biosciences actively communicates its strategy and performance to the investment community through participation in major industry conferences. This is a direct channel for communicating financial health and strategic direction to analysts and potential investors.

Recent and upcoming participation includes:

• BofA Securities 2025 Health Care Conference on May 13, 2025.
• RBCCM Global Healthcare Conference on May 20, 2025.
• Jefferies Global Healthcare Conference on November 18, 2025.
• Piper Sandler 37th Annual Healthcare Conference on December 2, 2025.

Webcasts for these events are made available on the Neurocrine Biosciences website at www.neurocrine.com.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Customer Segments

You're looking at the core groups Neurocrine Biosciences, Inc. (NBIX) targets with its commercialized products, INGREZZA and CRENESSITY, as of late 2025. This segment defines who pays for and who uses the therapies.

Patients diagnosed with tardive dyskinesia (TD) and Huntington's disease chorea (HDC)

These patients represent the established market for INGREZZA (valbenazine). The demand here is strong, evidenced by the sales figures. INGREZZA generated net product sales of $687 million in the third quarter of 2025, marking a 12% year-over-year growth for that period. Management noted a return to volume growth driven by a record quarterly new patient starts for the drug. The overall market potential remains significant, as TD is estimated to affect at least 800,000 adults in the U.S., with an estimated 60% remaining undiagnosed. For HDC, the condition is estimated to affect approximately 41,000 adults in the U.S..

Here are the key metrics tied to this segment:

• INGREZZA Q3 2025 Net Product Sales: $687 million.
• INGREZZA 2025 Net Product Sales Guidance (narrowed): $2.5 - $2.55 billion.
• Estimated U.S. TD Patient Population: At least 800,000 adults.
• Estimated U.S. HDC Patient Population: Approximately 41,000 adults.

Patients with classic congenital adrenal hyperplasia (CAH)

This segment is served by CRENESSITY (crinecerfont), which launched in December 2024 as a first-in-class treatment. The early adoption is strong, with CRENESSITY contributing $98 million in net product sales in Q3 2025, up from $53 million in Q2 2025. The U.S. patient population for CAH is estimated to be around 30,000 people. The global market for CAH was valued at $478.36 million in 2025.

The adoption rate is tracked through new patient starts:

Metric	Q2 2025 Value	Q3 2025 Value
Net Product Sales	$53 million	$98 million
Total New Patient Enrollment Start Forms	664	540

Psychiatrists and neurologists who treat movement disorders

These are the prescribers who directly influence patient access to INGREZZA. Neurocrine Biosciences has actively built out its commercial infrastructure to reach them. The company deployed expanded INGREZZA psychiatry and long-term care sales teams in September 2024 to accelerate diagnosis and treatment. This focus on the prescriber base is expected to continue, with management projecting an SG&A rise of approximately $150 million in 2026 to support broad sales force expansions for both INGREZZA and CRENESSITY.

Endocrinologists and other specialists treating rare neuroendocrine disorders

This group is the primary target for CRENESSITY. The strong initial uptake suggests effective engagement with this specialist community. For CRENESSITY, nine out of ten individuals taking the drug receive insurance approval, and 90% pay $10 or less monthly out-of-pocket. This favorable patient cost structure is key for driving adherence among this rare disease patient group.

Payers (PBMs, commercial insurers, Medicare) determining formulary access

Payers are critical gatekeepers, directly impacting net realized price and patient access. Neurocrine Biosciences has made strategic moves to secure favorable formulary positions. For INGREZZA, formulary coverage was expanded to include approximately 70% of tardive dyskinesia and Huntington's disease Medicare beneficiaries. This expansion, however, was partially offset by a lower net price, reflecting a trade-off for volume growth. For CRENESSITY, 80% of dispensed scripts were reimbursed in Q3 2025. Furthermore, Neurocrine Biosciences received notification that INGREZZA qualified for the Specified Small Manufacturer Exception related to the Part D redesign of the Inflation Reduction Act.

Here's a look at the access metrics:

• INGREZZA Medicare Coverage (TD/HDC): Approximately 70% of beneficiaries.
• CRENESSITY Reimbursement Coverage (Q3 2025): 80% of dispensed scripts.
• CRENESSITY Patient Out-of-Pocket Cost: 90% pay $10 or less monthly.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Neurocrine Biosciences, Inc. as they push their late-stage pipeline while scaling commercial operations. The cost structure is heavily weighted toward advancing those key clinical assets and supporting the growing sales of INGREZZA and CRENESSITY.

Heavy investment in Research and Development (R&D) for pipeline advancement is a primary driver. This includes the costs associated with running large, registrational trials. For instance, the initiation of the osavampator Phase 3 program in Major Depressive Disorder (MDD) and the NBI-568 Phase 3 program in schizophrenia represent significant near-term cash deployment in R&D.

Selling, General, and Administrative (SG&A) expenses reflect the commercial expansion efforts. This covers the incremental investment for the CRENESSITY launch and the continued investment in the INGREZZA sales force, including the expansion of the psychiatry and long-term care teams that started in September 2024. Honestly, supporting two growing commercial products requires a substantial field force and associated overhead.

Development milestone payments are lumpy but critical components of the cost structure, directly tied to pipeline progression. You saw a significant outlay in the first quarter of 2025. Neurocrine Biosciences recognized $45.4 million in expense for development milestones achieved under collaborations for the three months ended March 31, 2025. This was primarily associated with the initiation of the osavampator Phase 3 program. The planned R&D guidance for the full year 2025 included an expectation of $60 million for development milestones connected to collaborations with Takeda and Nxera that were achieved or deemed probable to achieve.

Clinical trial costs for Phase 3 programs (osavampator, NBI-568) are embedded within R&D. These are the expenses for enrolling patients and running the studies, with top-line data for the osavampator studies anticipated throughout 2027. Manufacturing and Cost of Goods Sold (COGS) are necessary to support the revenue streams from INGREZZA and CRENESSITY, which generated total net product sales of $790 million in the third quarter of 2025.

Here's a look at some of the reported operating expenses and milestones from the second quarter of 2025, which gives you a concrete view of the scale:

Cost Component (GAAP)	Q2 2025 Amount (Millions USD)	Context
Research and Development Expense	$244 million	Support for advancing pipeline, including Phase 3 initiation costs.
Selling, General, and Administrative Expense	$286 million	Commercial initiatives for INGREZZA and CRENESSITY launch.
Development Milestone Expense	$15 million	Expense recognized in Q2 2025, primarily for NBI-568 Phase 3 initiation.
Development Milestone Expense	$45.4 million	Expense recognized in Q1 2025, primarily for osavampator Phase 3 initiation.

When you look at the Non-GAAP adjustments management uses to set operational targets, you see the significant non-cash components that factor into the overall cost base. For instance, the Non-GAAP guidance context from Q3 2025 suggested excluding estimated non-cash stock-based compensation expense of approximately $90 million in R&D and $125 million in SG&A for the remainder of the year. These are defintely large numbers that impact the GAAP P&L but are often excluded for operational cash flow views.

The cost structure is clearly a balance between commercial execution and high-stakes pipeline investment. Finance: draft 13-week cash view by Friday.

Neurocrine Biosciences, Inc. (NBIX) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Neurocrine Biosciences, Inc. as of late 2025. The revenue streams are heavily anchored in their commercial products, with collaboration income providing a steady, albeit smaller, supplement. It's all about prescription volume and market penetration right now, defintely.

The primary drivers are the established INGREZZA and the newer CRENESITY. Here's how the numbers stacked up through the third quarter of 2025, which gives us a solid view of the current run rate.

Revenue Component	Q3 2025 Net Product Sales (Millions USD)	Year-Over-Year Growth (Q3 2025 vs Q3 2024)
INGREZZA (valbenazine) Net Sales	$687 million	12%
CRENESITY (crinecerfont) Net Sales	$98 million	N/A (Launch Phase)
Total Net Product Sales	$790 million	28%

That $790 million in Total Net Product Sales for the third quarter of 2025 shows significant momentum, reflecting a 28% jump compared to the third quarter of 2024. The growth story for INGREZZA is about sustained demand in tardive dyskinesia and chorea associated with Huntington's disease, while CRENESITY is showing a strong launch uptake for classic CAH.

Looking ahead, Neurocrine Biosciences, Inc. has reaffirmed its expectation for the full year 2025:

• Full-year 2025 INGREZZA net sales guidance: $2.5 billion to $2.55 billion.

Beyond the direct product sales, partnership revenue remains a component of the overall top line, often tied to development milestones or royalties from their collaborations. For instance, in the third quarter of 2025, this stream contributed:

• Collaboration and licensing revenue: $5.0 million.
• This figure is part of the total revenues, which reached $794.9 million for Q3 2025.

The CRENESITY launch is also quantified by patient activity, which directly feeds future revenue. For Q3 2025, CRENESITY included 540 total new patient enrollment start forms, with reimbursement coverage for dispensed scripts at 80%.