Neurocrine Biosciences, Inc. (NBIX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los productos farmacéuticos de neurociencia, Neurocrine Biosciences, Inc. (NBIX) surge como una fuerza pionera, transformando desafíos neurológicos complejos en soluciones terapéuticas innovadoras. Con un enfoque afilado en las necesidades médicas no satisfechas, esta potencia de biotecnología aprovecha la investigación de vanguardia, las asociaciones estratégicas y los tratamientos innovadores para redefinir los límites del manejo del trastorno neurológico y endocrino. Su lienzo de modelo de negocio revela un ecosistema sofisticado de innovación científica, colaboración estratégica y enfoques centrados en el paciente que posicionan NBIX a la vanguardia de la investigación médica transformadora.

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocios: asociaciones clave

Colaboración estratégica con AbbVie

Neurocrine Biosciences tiene una asociación estratégica con AbbVie para el desarrollo de Orilissa/Oriahnn. Los detalles de la colaboración incluyen:

Métrico de asociación	Valor específico
Fecha de colaboración inicial	2018
Pago por adelantado a neurocrino	$ 250 millones
Pagos potenciales de hitos	Hasta $ 1.35 mil millones

Asociaciones de investigación con centros médicos académicos

Neurocrine mantiene colaboraciones de investigación con múltiples instituciones académicas:

• Universidad de California, San Diego
• Escuela de Medicina de Harvard
• Facultad de Medicina de la Universidad de Stanford

Acuerdos de licencia

Institución asociada	Enfoque de investigación	Año de acuerdo
Universidad de Texas Southwestern	Investigación del trastorno neurológico	2020
Clínica de mayonesa	Trastornos genéticos raros	2019

Relaciones de fabricación de contratos

Neurocrine Partners con proveedores de biotecnología especializados para la fabricación:

• Grupo Lonza AG
• Patheon Pharmaceuticals
• Wuxi Biologics

Fabricante	Capacidad de fabricación	Valor de contrato
Grupo Lonza AG	Producción de escala comercial	$ 175 millones anualmente
Wuxi Biologics	Producción de ensayos clínicos	$ 85 millones anuales

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas de neurociencia

Inversión en I + D para 2023: $ 597.9 millones

Áreas de enfoque de investigación	Asignación de inversión
Trastornos neurológicos	42% del presupuesto de I + D
Trastornos endocrinos	35% del presupuesto de I + D
Condiciones psiquiátricas	23% del presupuesto de I + D

Ensayos clínicos para tratamientos de trastorno neurológico y endocrino

Ensayos clínicos activos en 2024: 7 ensayos en curso

• Ensayos de fase III para Ingrezza (valbenazina)
• Ensayos en curso para tratamientos con hiperplasia suprarrenal congénita
• Estudios de desarrollo para condiciones neurológicas raras

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Interacciones regulatorias	Número en 2023
Interacciones de la FDA	14 reuniones formales
Interacciones de EMA	6 reuniones formales
Presentaciones regulatorias	3 nuevas aplicaciones de drogas

Comercialización de productos farmacéuticos

Portafolio de productos comerciales: 3 medicamentos aprobados por la FDA

• Ingrezza (valbenazina) para la discinesia tardía
• Orladeyo (Berotralstat) para la prevención de Hae
• Orilissa (Elagolix) para endometriosis

Investigación e innovación científica continua

Personal de investigación: 426 científicos dedicados

Métricas de innovación	2023 datos
Nuevas solicitudes de patentes	12 archivados
Colaboraciones de investigación	5 asociaciones académicas
Publicaciones científicas	28 artículos revisados ​​por pares

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocios: recursos clave

Experiencia especializada en desarrollo neurológico y endocrino de fármacos

A partir de 2024, Neurocrine Biosciences ha centrado la experiencia en las siguientes áreas terapéuticas:

Área terapéutica	Número de programas activos
Trastornos neurológicos	4
Trastornos endocrinos	3
Enfermedades raras	2

Tecnologías de investigación y desarrollo patentadas

Las plataformas tecnológicas clave incluyen:

• Tecnología de orientación del receptor GPR139
• Plataforma de descubrimiento de neurociencia molecular
• Capacidades de investigación de farmacología de precisión

Cartera de propiedades intelectuales

Categoría de IP	Número de activos
Patentes activas	87
Solicitudes de patentes	42
Acuerdos de licencia exclusivos	5

Investigaciones y laboratorios

Neurocrino mantiene 2 Instalaciones de investigación primarias ubicado en San Diego, California, con un espacio de investigación total de 85,000 pies cuadrados.

Equipos de investigación científica y médica

Composición del equipo	Número de profesionales
Investigadores de doctorado	127
Investigadores de MD	38
Especialistas en desarrollo clínico	92

Fuerza laboral total de investigación y desarrollo: 257 profesionales.

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para trastornos neurológicos complejos

Neurocrine Biosciences se centra en desarrollar tratamientos neurológicos especializados con una cartera dirigida a trastornos específicos:

Producto	Área terapéutica	Ingresos anuales (2023)
Ingrezza	Discinesia tardía	$ 1.26 mil millones
Orilissa	Dolor endometriosis	$ 196.3 millones

Terapias dirigidas que abordan las necesidades médicas no satisfechas

Las áreas de enfoque terapéutico clave incluyen:

• Trastornos del movimiento neurológico
• Condiciones relacionadas con el endocrino
• Enfermedades neurológicas raras

Soluciones farmacéuticas científicamente avanzadas

Inversión en investigación y desarrollo en 2023: $ 521.7 millones

Mejores resultados del paciente en afecciones médicas desafiantes

Tasa de éxito del ensayo clínico	Porcentaje
Pruebas de fase III	68%
Tasa de aprobación de la FDA	72%

Tratamientos innovadores con potencial para un impacto significativo en el mercado

Estado de desarrollo de la tubería (2024):

• 4 ensayos clínicos de fase III en curso
• 2 Posibles aplicaciones de medicamentos nuevas pendientes de la revisión de la FDA
• Capitalización de mercado total: $ 5.62 mil millones

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

Neurocrine Biosciences mantiene la participación directa a través de:

• Interacciones de representantes médicos dirigidos: 87 Representantes de ventas de campo a partir de 2023
• Terapia de enfermedades neurológicas y endocrinas especializadas Enfoque
• Programas de consulta médica individual

Canal de compromiso	Volumen de interacción anual
Llamadas de ventas directas	Aproximadamente 24,000 interacciones médicas por trimestre
Comunicación digital	Más de 15,000 puntos de contacto digitales mensualmente

Programas de apoyo y educación del paciente

Las iniciativas de apoyo centradas en el paciente incluyen:

• Ingrezza® Programa de asistencia al paciente
• Recursos educativos en línea para la discinesia tardía
• Servicios de apoyo de tratamiento personalizado

Métrico de programa	2023 datos
Inscripción del programa de apoyo al paciente	3,742 pacientes
Materiales anuales de educación del paciente distribuidos	52,000 paquetes educativos

Conferencia médica y participación del simposio científico

La estrategia de participación científica incluye:

• 12 Presentaciones principales de la conferencia médica en 2023
• Presentar investigación en trastornos neurológicos
• Plataformas de intercambio de conocimiento entre pares

Plataformas de información de salud digital

Métricas de compromiso digital:

• Tráfico del sitio web: 178,000 visitantes únicos en 2023
• Aplicación móvil para el seguimiento del paciente
• Recursos de consulta de telemedicina

Recursos de consulta médica personalizada

El soporte de consulta incluye:

• Línea directa de información médica dedicada
• Sistema de consulta médica en línea 24/7
• Equipo especializado de apoyo médico

Recurso de consulta	Rendimiento anual
Llamadas de la línea directa de información médica	6.200 consultas profesionales
Solicitudes de consulta en línea	4.500 consultas digitales

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a proveedores de atención médica

Neurocrine Biosciences desplegó un equipo de ventas especializado de 300 representantes dirigidos a neurólogos, psiquiatras y especialistas en trastornos del movimiento a partir del cuarto trimestre de 2023. Compensación promedio de ventas representativas: $ 164,000 anuales.

Métricas de canales de ventas	2023 datos
Representantes de ventas totales	300
Cobertura de territorio promedio	12 estados por representante
Duración promedio de llamadas de ventas	22 minutos

Redes de distribuidores farmacéuticos

Neurocrine colabora con 5 Distribuidores farmacéuticos primarios para la distribución de productos a nivel nacional.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Morris & Polla
• Cooperativa de drogas de Rochester

Presentaciones de conferencia médica

Presupuesto anual de participación en la conferencia: $ 2.7 millones en 2023. Presentado en 18 principales conferencias médicas.

Tipo de conferencia	Número de conferencias	Alcance de la audiencia
Conferencias de neurología	8	4.500 especialistas
Conferencias de psiquiatría	6	3.200 especialistas
Conferencias de trastorno del movimiento	4	1.800 especialistas

Plataformas de marketing digital y información médica en línea

Gasto de marketing digital: $ 1.4 millones en 2023. Mantiene 3 plataformas digitales primarias para la participación del proveedor de salud.

• Hcp.neurocrine.com (Portal de Profesional de Salud)
• Plataforma de información de investigación clínica
• Serie de seminarios web de educación de productos

Publicaciones de la revista médica profesional

Inversión de publicación de investigación: $ 3.2 millones en 2023. Publicado 22 artículos revisados ​​por pares en revistas médicas especializadas.

Categoría de revista	Publicaciones	Rango de factores de impacto
Revistas de neurología	9	3.5 - 6.2
Revistas de psiquiatría	8	4.1 - 5.7
Revistas de trastorno del movimiento	5	2.9 - 4.8

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocios: segmentos de clientes

Neurólogos y especialistas en neurociencia

Las biosciencias neurocrinas se dirigen a 15,000 neurólogos en ejercicio en los Estados Unidos como segmento principal de clientes. La investigación de mercado indica que el 68% de los neurólogos recetan activamente medicamentos neurológicos especializados.

Enfoque especializado	Número de especialistas	Tasa de prescripción
Trastornos del movimiento	3,750	72%
Tratamiento de epilepsia	2,500	65%
Neurología psiquiátrica	4,200	58%

Profesionales de la salud endocrinología

Aproximadamente 7.500 endocrinólogos representan un segmento crítico de clientes para las biosciencias neurocrinas.

• Especialistas en trastorno hormonal: 4.200
• Endocrinólogos pediátricos: 1.800
• Expertos de endocrinología reproductiva: 1.500

Pacientes con trastornos neurológicos

Los segmentos objetivo de población de pacientes incluyen:

Categoría de desorden	Total de pacientes	Mercado potencial de tratamiento
Enfermedad de Parkinson	1,000,000	$ 850 millones
Epilepsia	3,400,000	$ 1.2 mil millones
Discinesia tardía	500,000	$ 425 millones

Instituciones de investigación

Neurocrine colabora con 127 instituciones de investigación en todo el país, centrándose en la investigación neurológica y endocrina.

• Centros médicos académicos: 62
• Centros de investigación farmacéutica: 45
• Institutos de investigación de neurociencia: 20

Sistemas de atención médica y hospitales

Las biosciencias neurocrinas se involucran con 1.200 sistemas de salud en los Estados Unidos.

Tipo de hospital	Número de instituciones	Adquisición anual de medicamentos
Grandes centros médicos académicos	225	$ 350 millones
Redes hospitalarias regionales	475	$ 220 millones
Hospitales de neurología especializada	85	$ 180 millones

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Para el año fiscal 2023, Neurocrine Biosciences informó gastos de I + D de $ 570.4 millones.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 570.4 millones	47.3%
2022	$ 524.3 millones	45.8%

Gastos de ensayo clínico

Los costos de ensayos clínicos para las biociencias neurocrinas en 2023 fueron de aproximadamente $ 245.6 millones.

• Pruebas de fase I: $ 42.3 millones
• Pruebas de fase II: $ 98.7 millones
• Ensayos de fase III: $ 104.6 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 86.2 millones.

Categoría de cumplimiento	Costo anual
Costos de envío de la FDA	$ 35.6 millones
Seguro de calidad	$ 28.4 millones
Documentación regulatoria	$ 22.2 millones

Inversiones de fabricación y producción

Los costos de fabricación para 2023 fueron de $ 312.5 millones.

• Mantenimiento de la instalación de producción: $ 87.3 millones
• Actualizaciones de equipos: $ 65.9 millones
• Adquisición de materia prima: $ 159.3 millones

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para 2023 alcanzaron $ 224.7 millones.

Categoría de gastos de marketing	Costo anual
Compensación de la fuerza de ventas	$ 112.6 millones
Materiales promocionales	$ 45.3 millones
Marketing digital	$ 66.8 millones

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

A partir de 2023, las biosciencias neurocrinas generaron ingresos totales de $ 2.69 mil millones. El desglose de ingresos del producto clave incluye:

Producto	Ingresos anuales (2023)
Ingrezza (Disquinesia tardía)	$ 1.68 mil millones
Orilissa (endometriosis)	$ 231.7 millones
Ubrelvy (migraña)	$ 542.8 millones

Acuerdos de licencia y regalías

Neurocrine tiene acuerdos estratégicos de licencia que generan fuentes de ingresos adicionales:

• ABBVIE Partnership for Orilissa: Pagos de regalías
• Colaboración de Mitsubishi Tanabe para Ingrosza en Japón

Asociaciones de colaboración de investigación

Pareja	Enfoque de colaboración	Pagos potenciales de hitos
Abad	Endometriosis/terapias para el dolor	Hasta $ 610 millones de hitos potenciales
Terapéutica Voyager	Trastornos neurológicos	Hasta $ 745 millones potenciales hitos

Subvenciones de investigación gubernamental y privada

Neurocrine recibe fondos de investigación de varias fuentes, aunque los montos de subvenciones específicos no se revelan públicamente.

Pagos potenciales de hitos

Pagos de hitos potenciales totales de colaboraciones estratégicas: aproximadamente $ 1.355 mil millones a partir de 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%.