Neurocrine Biosciences, Inc. (NBIX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de Neuroscience Pharmaceuticals, Neurocrine Biosciences, Inc. (NBIX) émerge comme une force pionnière, transformant des défis neurologiques complexes en solutions thérapeutiques innovantes. Avec un accent accéléré sur les besoins médicaux non satisfaits, cette puissance de biotechnologie exploite des recherches de pointe, des partenariats stratégiques et des traitements révolutionnaires pour redéfinir les limites de la gestion des troubles neurologiques et endocriniens. Leur toile de modèle commercial révèle un écosystème sophistiqué de l'innovation scientifique, de la collaboration stratégique et des approches centrées sur le patient qui positionnent NBIX à la pointe de la recherche médicale transformatrice.

Neurocrine Biosciences, Inc. (NBIX) - Modèle commercial: partenariats clés

Collaboration stratégique avec AbbVie

Neurocrine Biosciences a un partenariat stratégique avec AbbVie pour le développement Orilissa / Oriahn. Les détails de la collaboration comprennent:

Métrique de partenariat	Valeur spécifique
Date de collaboration initiale	2018
Paiement initial à la neurocrine	250 millions de dollars
Paiements de jalons potentiels	Jusqu'à 1,35 milliard de dollars

Partenariats de recherche avec des centres médicaux académiques

Neurocrine maintient des collaborations de recherche avec plusieurs établissements universitaires:

• Université de Californie, San Diego
• École de médecine de Harvard
• École de médecine de l'Université de Stanford

Accords de licence

Institution partenaire	Focus de recherche	Année des accords
Université du Texas Southwestern	Recherche de troubles neurologiques	2020
Clinique de mayo	Troubles génétiques rares	2019

Relations de fabrication contractuelles

Neurocrine s'associe à des fournisseurs de biotechnologie spécialisés pour la fabrication:

• Lonza Group AG
• Patheon Pharmaceuticals
• Biologiques wuxi

Fabricant	Capacité de fabrication	Valeur du contrat
Lonza Group AG	Production d'échelle commerciale	175 millions de dollars par an
Biologiques wuxi	Production d'essais cliniques	85 millions de dollars par an

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments en neurosciences

Investissement dans la R&D pour 2023: 597,9 millions de dollars

Les domaines de recherche sur la recherche	Allocation des investissements
Troubles neurologiques	42% du budget de la R&D
Troubles endocriniens	35% du budget de la R&D
Conditions psychiatriques	23% du budget de la R&D

Essais cliniques pour les traitements des troubles neurologiques et endocriniens

Essais cliniques actifs en 2024: 7 essais en cours

• Essais de phase III pour Ingrezza (valbénazine)
• Essais en cours pour les traitements congénitaux d'hyperplasie surrénalienne
• Études de développement pour des conditions neurologiques rares

Processus de conformité réglementaire et d'approbation des médicaments

Interactions réglementaires	Numéro en 2023
Interactions de la FDA	14 réunions formelles
Interactions EMA	6 réunions officielles
Soumissions réglementaires	3 nouvelles applications de médicament

Commercialisation des produits pharmaceutiques

Portefeuille de produits commerciaux: 3 médicaments approuvés par la FDA

• Ingrezza (valbénazine) pour la dyskinésie tardive
• Orladeyo (Berotralstat) pour la prévention de l'Hae
• Orilissa (Elagolix) pour l'endométriose

Recherche scientifique et innovation en cours

Personnel de recherche: 426 scientifiques dévoués

Métriques d'innovation	2023 données
Nouvelles demandes de brevet	12 déposés
Collaborations de recherche	5 partenariats académiques
Publications scientifiques	28 articles évalués par des pairs

Neurocrine Biosciences, Inc. (NBIX) - Modèle commercial: Ressources clés

Expertise spécialisée de développement des médicaments neurologiques et endocriniens

En 2024, Neurocrine Biosciences a concentré une expertise dans les domaines thérapeutiques suivants:

Zone thérapeutique	Nombre de programmes actifs
Troubles neurologiques	4
Troubles endocriniens	3
Maladies rares	2

Technologies de recherche et développement propriétaires

Les plates-formes technologiques clés comprennent:

• Technologie de ciblage des récepteurs GPR139
• Plate-forme de découverte des neurosciences moléculaires
• Capacités de recherche en pharmacologie de précision

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Brevets actifs	87
Demandes de brevet	42
Accords de licence exclusive	5

Installations de recherche et laboratoires

Neurocrine maintient 2 installations de recherche primaires situé à San Diego, en Californie, avec un espace de recherche total 85 000 pieds carrés.

Équipes de recherche scientifique et médicale

Composition de l'équipe	Nombre de professionnels
Chercheurs de doctorat	127
Chercheurs MD	38
Spécialistes du développement clinique	92

Total de recherche de recherche et développement: 257 professionnels.

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles neurologiques complexes

Les biosciences neurocrines se concentrent sur le développement de traitements neurologiques spécialisés avec un portefeuille ciblant des troubles spécifiques:

Produit	Zone thérapeutique	Revenus annuels (2023)
Ingénit	Dyskinésie tardive	1,26 milliard de dollars
Orilissa	Douleur à l'endométriose	196,3 millions de dollars

Thérapies ciblées répondant aux besoins médicaux non satisfaits

Les principaux domaines de mise au point thérapeutique comprennent:

• Troubles du mouvement neurologique
• Conditions liées à l'endocrine
• Maladies neurologiques rares

Solutions pharmaceutiques scientifiquement avancées

Investissement de recherche et développement en 2023: 521,7 millions de dollars

Amélioration des résultats des patients dans des conditions médicales difficiles

Taux de réussite des essais cliniques	Pourcentage
Essais de phase III	68%
Taux d'approbation de la FDA	72%

Traitements révolutionnaires avec un potentiel d'impact sur le marché significatif

État de développement de pipeline (2024):

• 4 essais cliniques de phase III en cours
• 2 nouvelles applications de médicament potentielles en attente de l'examen de la FDA
• Capitalisation boursière totale: 5,62 milliards de dollars

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Les biosciences neurocrines maintiennent un engagement direct à travers:

• Interactions de représentants médicaux ciblés: 87 représentants des ventes sur le terrain à partir de 2023
• Thérapie neurologique et endocrinienne spécialisée Focus
• Programmes de consultation de médecins en tête-à-tête

Canal de fiançailles	Volume d'interaction annuel
Appels de vente directs	Environ 24 000 interactions des médecins par trimestre
Communication numérique	Plus de 15 000 points de contact numériques mensuellement

Programmes de soutien aux patients et d'éducation

Les initiatives de soutien centrées sur le patient comprennent:

• Programme d'assistance aux patients Ingrezza®
• Ressources éducatives en ligne pour la dyskinésie tardive
• Services de soutien au traitement personnalisés

Métrique du programme	2023 données
Inscription du programme de soutien aux patients	3 742 patients
Matériel d'éducation annuelle des patients distribué	52 000 paquets éducatifs

Conférence médicale et participation au symposium scientifique

La stratégie d'engagement scientifique comprend:

• 12 Présentations majeures de la conférence médicale en 2023
• Présentation de la recherche sur les troubles neurologiques
• Plateformes d'échange de connaissances entre pairs

Plateformes d'information sur la santé numérique

Métriques d'engagement numérique:

• Trafic de site Web: 178 000 visiteurs uniques en 2023
• Application mobile pour le suivi des patients
• Ressources de consultation de télémédecine

Ressources de consultation médicale personnalisées

Le support de consultation comprend:

• Hotline d'informations médicales dédiées
• Système de demande médicale en ligne 24/7
• Équipe de soutien aux médecins spécialisés

Ressource de consultation	Performance annuelle
Appels de hotline d'informations médicales	6 200 demandes professionnelles
Demandes de consultation en ligne	4 500 consultations numériques

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: canaux

Force de vente directe ciblant les prestataires de soins de santé

Neurocrine Biosciences a déployé une équipe de vente spécialisée de 300 représentants ciblant les neurologues, les psychiatres et les spécialistes des troubles du mouvement au quatrième trimestre 2023. Rémunération moyenne des représentants des ventes: 164 000 $ par an.

Métriques du canal de vente	2023 données
Représentants des ventes totales	300
Couverture moyenne du territoire	12 États par représentant
Durée moyenne des appels de vente	22 minutes

Réseaux de distributeurs pharmaceutiques

Neurocrine collabore avec 5 distributeurs pharmaceutiques primaires pour la distribution des produits à l'échelle nationale.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation
• Morris & Dickson
• Rochester Drug Cooperative

Présentations de la conférence médicale

Budget de participation annuelle de la conférence: 2,7 millions de dollars en 2023. Présenté à 18 conférences médicales majeures.

Type de conférence	Nombre de conférences	Poutenir
Conférences de neurologie	8	4 500 spécialistes
Conférences de psychiatrie	6	3 200 spécialistes
Conférences de troubles du mouvement	4	1 800 spécialistes

MARKETING DU MARKETING ET PLATSES D'INFORMATION MÉDICALE EN LIGNE

Dépenses en marketing numérique: 1,4 million de dollars en 2023. Maintient 3 plates-formes numériques principales pour l'engagement des prestataires de soins de santé.

• Hcp.neurocrine.com (portail professionnel de la santé)
• Plateforme d'information sur la recherche clinique
• Série de webinaires d'éducation des produits

Publications de journal médical professionnel

Investissement de publication de recherche: 3,2 millions de dollars en 2023. Publié 22 articles évalués par des pairs dans des revues médicales spécialisées.

Catégorie de journal	Publications	Plage du facteur d'impact
Revues de neurologie	9	3.5 - 6.2
Journaux de psychiatrie	8	4.1 - 5.7
Revues de troubles du mouvement	5	2.9 - 4.8

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: segments de clientèle

Neurologues et spécialistes des neurosciences

Les biosciences neurocrines ciblent 15 000 neurologues pratiquants aux États-Unis en tant que segment de clientèle principal. Les études de marché indiquent que 68% des neurologues prescrivent activement des médicaments neurologiques spécialisés.

Focus spécialisée	Nombre de spécialistes	Taux de prescription
Troubles du mouvement	3,750	72%
Traitement de l'épilepsie	2,500	65%
Neurologie psychiatrique	4,200	58%

Professionnels de la santé en endocrinologie

Environ 7 500 endocrinologues représentent un segment de clientèle critique pour les biosciences neurocrines.

• Spécialistes des troubles hormonaux: 4 200
• Endocrinologues pédiatriques: 1 800
• Experts en endocrinologie de la reproduction: 1 500

Patients souffrant de troubles neurologiques

Les segments cibles de la population de patients comprennent:

Catégorie de troubles	Patients totaux	Marché du traitement potentiel
Maladie de Parkinson	1,000,000	850 millions de dollars
Épilepsie	3,400,000	1,2 milliard de dollars
Dyskinésie tardive	500,000	425 millions de dollars

Institutions de recherche

La neurocrine collabore avec 127 institutions de recherche à l'échelle nationale, en se concentrant sur la recherche neurologique et endocrinienne.

• Centres médicaux académiques: 62
• Centres de recherche pharmaceutique: 45
• Instituts de recherche en neurosciences: 20

Systèmes de soins de santé et hôpitaux

Les biosciences neurocrines s'engagent avec 1 200 systèmes de santé à travers les États-Unis.

Type d'hôpital	Nombre d'institutions	Prochat annuel de médicaments
Grands centres médicaux académiques	225	350 millions de dollars
Réseaux hospitaliers régionaux	475	220 millions de dollars
Hôpitaux de neurologie spécialisés	85	180 millions de dollars

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: Structure des coûts

Investissements approfondis de recherche et développement

Pour l'exercice 2023, Neurocrine Biosciences a déclaré des dépenses de R&D de 570,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage de revenus
2023	570,4 millions de dollars	47.3%
2022	524,3 millions de dollars	45.8%

Dépenses des essais cliniques

Les coûts des essais cliniques pour les biosciences neurocrines en 2023 étaient d'environ 245,6 millions de dollars.

• Essais de phase I: 42,3 millions de dollars
• Essais de phase II: 98,7 millions de dollars
• Essais de phase III: 104,6 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 86,2 millions de dollars.

Catégorie de conformité	Coût annuel
Coûts de soumission de la FDA	35,6 millions de dollars
Assurance qualité	28,4 millions de dollars
Documentation réglementaire	22,2 millions de dollars

Investissements de fabrication et de production

Les coûts de fabrication pour 2023 étaient de 312,5 millions de dollars.

• Entretien des installations de production: 87,3 millions de dollars
• Mises à niveau de l'équipement: 65,9 millions de dollars
• Procurement des matières premières: 159,3 millions de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 ont atteint 224,7 millions de dollars.

Catégorie de dépenses de marketing	Coût annuel
Compensation de la force de vente	112,6 millions de dollars
Matériel promotionnel	45,3 millions de dollars
Marketing numérique	66,8 millions de dollars

Neurocrine Biosciences, Inc. (NBIX) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

En 2023, les biosciences neurocrines ont généré un chiffre d'affaires total de 2,69 milliards de dollars. La répartition des revenus des produits clés comprend:

Produit	Revenus annuels (2023)
Ingrezza (dyskinésie tardive)	1,68 milliard de dollars
Orilissa (endométriose)	231,7 millions de dollars
Ubrelvy (migraine)	542,8 millions de dollars

Accords de licence et de redevance

Neurocrine a des accords de licence stratégique générant des sources de revenus supplémentaires:

• AbbVie Partnership for Orilissa: Payments de redevance
• Mitsubishi Tanabe Collaboration pour Ingrezza au Japon

Partenariats de collaboration de recherche

Partenaire	Focus de la collaboration	Paiements de jalons potentiels
Abbvie	Endométriose / Pain Thérapies	Jusqu'à 610 millions de jalons potentiels
Voyager Therapeutics	Troubles neurologiques	Jusqu'à 745 millions de jalons potentiels

Subventions de recherche gouvernementales et privées

Neurocrine reçoit un financement de recherche de diverses sources, bien que des montants de subventions spécifiques ne soient pas divulgués publiquement.

Paiements de jalons potentiels

Paiements de jalons potentiels totaux provenant de collaborations stratégiques: environ 1,355 milliard de dollars en 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%.