Neurocrine Biosciences, Inc. (NBIX): Business Model Canvas [Dec-2025 Updated]

You're digging into Neurocrine Biosciences, Inc.'s (NBIX) engine room, trying to see past the press releases to the actual mechanics driving their growth as of late 2025. Honestly, what we see is a company successfully pivoting from pure R&D to commercial powerhouse, anchored by INGREZZA's projected net sales of $2.5 billion to $2.55 billion for the full year 2025, supported by a healthy balance sheet showing about $1.8 billion in cash as of Q2 2025. This model hinges on maximizing those core neurology/endocrinology products while funding big pipeline swings, like advancing osavampator, all while managing complex partnerships with giants like AbbVie and Takeda; let's break down exactly how these nine building blocks fit together to create shareholder value, so you can map your next move.

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

You're looking at how Neurocrine Biosciences, Inc. structures its external relationships to drive development and commercial success. These aren't just casual handshakes; they involve significant financial triggers and shared risk/reward structures, especially in late 2025.

AbbVie Inc. for commercialization of endometriosis and uterine fibroid treatments

Neurocrine Biosciences, Inc. relies on AbbVie Inc. for the commercial execution of its elagolix-based products in the U.S. market. This relationship is structured around royalty payments based on net sales.

• AbbVie launched ORILISSA® (elagolix tablets) for endometriosis in August 2018.
• AbbVie launched ORIAHNN® (elagolix, estradiol and norethindrone acetate capsules and elagolix capsules) for heavy menstrual bleeding due to uterine fibroids in June 2020.
• Neurocrine Biosciences receives royalties at tiered percentage rates on AbbVie net sales of elagolix.

Takeda Pharmaceutical Company Limited for development programs like osavampator

The collaboration with Takeda Pharmaceutical Company Limited was amended in January 2025 to streamline development for osavampator, a potential first-in-class AMPA positive allosteric modulator (AMPA-PAM) for major depressive disorder (MDD). Under the updated terms, Neurocrine Biosciences controls most of the development and commercialization.

• Neurocrine Biosciences obtained exclusive rights for all indications worldwide, except Japan, where Takeda reacquired exclusive rights.
• Both companies are eligible to receive royalty payments based on respective regional sales.
• Each company is responsible for its own development costs in its respective region.
• Neurocrine Biosciences initiated the Phase 3 program for osavampator in the first half of 2025.
• R&D expense for Neurocrine Biosciences in the first quarter of 2025 included $45 million of development milestone expense, primarily associated with the initiation of the osavampator Phase 3 program.

Nxera Pharma UK Limited and Xenon Pharmaceuticals Inc. for pipeline assets

These partnerships focus on advancing novel assets through clinical development, with milestone payments triggering upon specific achievements.

For the Nxera Pharma UK Limited collaboration, centered on muscarinic agonists from the NxWave™ platform:

• NBI-568 delivered positive Phase 2 results in August 2024, resulting in a US$35 million milestone payment to Nxera Pharma.
• Neurocrine Biosciences reiterated intentions to begin Phase 3 registrational studies for NBI-568 in schizophrenia in the 1H 2025.
• Dosing the first patient in the NBI-568 Phase 3 trial resulted in a US$15 million payment to Nxera Pharma, recognized as revenue in the second quarter of 2025.
• Neurocrine Biosciences expected to initiate a Phase 2 study with NBI-568 in bipolar mania in the 2H 2025.

For the Xenon Pharmaceuticals Inc. agreement, focused on XEN901 (NBI-921352) for epilepsy:

• The initial agreement included an upfront license payment to Xenon Pharmaceuticals of $50 million, comprising $30 million in cash and a $20 million equity investment.
• A regulatory milestone in January 2022 triggered an aggregate payment of $15.0 million to Xenon.

The financial impact of these pipeline collaborations on Neurocrine Biosciences in early 2025 is clear:

Period Ended	Milestone Expense Recognized (Collaboration Related)	Primary Driver/Program
March 31, 2025 (Q1)	$45.4 million	Osavampator Phase 3 Initiation
March 31, 2024 (Q1)	$6.1 million	Collaborations
Three Months Ended Q2 2025	$15 million	Development Milestones Under Collaborations (Nxera NBI-568 Phase 3 Dosing)

Specialty pharmacies and distributors for drug fulfillment and logistics

Neurocrine Biosciences utilizes a network of specialty pharmacies and distributors to ensure patient access to its commercial products, INGREZZA and CRENESSITY. While specific contract values aren't public, the scale of commercial operations implies significant logistical partnership volume.

• INGREZZA 2025 net product sales guidance was set between $2.5 billion and $2.55 billion as of mid-2025.
• INGREZZA Q2 2025 net product sales were $624 million.
• CRENESSITY generated $15 million in net revenue in its first quarter of launch (Q1 2025).
• As of Q3 2025, expanded formulary access for INGREZZA covered approximately 70% of tardive dyskinesia and Huntington's disease Medicare beneficiaries.

Academic research institutions for clinical trial execution and defintely discovery

The execution of Neurocrine Biosciences' clinical programs, including the registrational trials for osavampator and NBI-568, requires engagement with academic research institutions to serve as clinical trial sites. This is a standard operational component for late-stage pharmaceutical development.

• The Phase 3 registrational program for osavampator is currently active and enrolling as of September 2025.
• The Phase 3 study for NBI-568 in schizophrenia is expected to enroll approximately 280 patients globally.

Finance: review Q3 2025 distribution spend against Q2 2025 actuals by Wednesday.

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

You're looking at the core engine driving Neurocrine Biosciences, Inc.'s value right now, which is heavily weighted on commercial execution and pipeline advancement. The numbers from late 2025 defintely show a dual-product focus supporting significant R&D reinvestment.

Commercialization and marketing of INGREZZA and CRENESITY

The commercial engine is running hot, with both products contributing substantially to the top line as of the third quarter of 2025. Total net product sales hit $790 million for Q3 2025, which is a 28% year-over-year growth rate.

INGREZZA remains the primary revenue driver, bringing in $687 million in net product sales for Q3 2025, reflecting 12% year-over-year growth. CRENESITY, still early in its launch cycle, contributed $98 million in Q3 2025, up from $53 million in Q2 2025. Management is supporting this growth by expanding sales teams by approximately ~30% for both products.

Metric	INGREZZA (Q3 2025)	CRENESITY (Q3 2025)
Net Product Sales	$687 million	$98 million
Year-over-Year Growth	12%	N/A (Launch Phase)
New Patient Start Forms (Q3)	Record quarterly new starts	540

The full fiscal year 2025 consensus sales estimate stands at $2.85 billion, with INGREZZA guidance narrowed to $2.5 - $2.55 billion as of Q2 2025.

Advancing late-stage clinical trials for osavampator (MDD) and NBI-568 (schizophrenia)

Advancing the pipeline is a major activity, funded by the strong commercial performance. Research and development expenses for the twelve months ending September 30, 2025, totaled $0.943B, marking a 38.08% increase year-over-year. The Q1 2025 GAAP R&D expense was $263.2 million.

For osavampator in major depressive disorder (MDD), the Phase 3 registrational program kicked off in January 2025. This program is comprised of five studies that are currently active and enrolling patients. This followed positive top-line data from the Phase 2 SAVITRI study.

For NBI-568 in schizophrenia, the initiation of the Phase 3 program was associated with a $15 million development milestone expense paid to Nxera in the second quarter of 2025.

• Osavampator Phase 3 Program Size: Five active and enrolling studies.
• NBI-568 Phase 3 Initiation Milestone Payment (Q2 2025): $15 million.
• Total R&D Guidance for Development Milestones (Full Year 2025): $60 million.

Internal neuroscience drug discovery and preclinical development

The company maintains activity across earlier stages of development to fuel future growth beyond the current late-stage assets. This work is supported by a strong balance sheet, with cash, cash equivalents, and marketable securities at approximately $2.1 billion as of September 30, 2025.

The current pre-clinical and clinical portfolio includes:

• 4 Phase I trials.
• 2 Phase II trials.

Managing regulatory submissions and intellectual property protection

Managing the complex intellectual property landscape is tied directly to the collaboration agreements that trigger milestone payments. The company recognized $15 million in development milestone expenses in Q2 2025 related to the initiation of the NBI-568 Phase 3 program under its collaboration with Nxera. Furthermore, Neurocrine Biosciences recognized $45.4 million in development milestone expense in Q1 2025 associated with the initiation of the osavampator Phase 3 program with Takeda.

Expanding formulary access and reimbursement coverage for key products

Securing favorable payer terms is critical for maximizing net sales realization. CRENESITY showed rapid progress in this area.

Product	Metric	Value/Status (as of Q3 2025)
CRENESITY	Reimbursement Coverage for Dispensed Scripts	80%
CRENESITY	Total Patients Since Launch	>1,600
INGREZZA	Medicare Beneficiary Coverage (TD/HD)	Approximately 70%
INGREZZA	Formulary Parity Outlook	Maintained through 2026

The gross-to-net for CRENESITY is reported as low, around ~20%, indicating strong realized pricing relative to list price.

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

The Key Resources for Neurocrine Biosciences, Inc. as of late 2025 are centered on its intellectual property, financial strength, specialized human capital, and commercial infrastructure supporting its growing product portfolio.

Flagship product INGREZZA (valbenazine) intellectual property and market exclusivity are critical. The drug is protected by 22 US drug patents filed between 2018 and 2023, with 252 patent family members across 35 countries. Following litigation settlements, four companies have the right to sell generic versions in the United States starting March 1, 2038, or earlier under certain customary circumstances. INGREZZA holds 3 exclusivities, with the last outstanding one set to expire in 2030.

Financially, Neurocrine Biosciences, Inc. maintained a strong balance sheet, reporting cash, cash equivalents, and marketable securities totaling approximately $1.8 billion as of June 30, 2025. This figure was approximately $2.1B in cash and investments as of September 30, 2025.

The company relies on its specialized neuroscience research and development expertise. Neurocrine Biosciences, Inc. has discovered and developed four novel FDA-approved therapies and possesses deep expertise across neurology, neuroendocrinology, neuropsychiatry, and neuroimmunology.

The dedicated commercial sales force for psychiatry and long-term care was a key operational resource, evidenced by continued investment, including the expansion of these specific sales teams in September 2024 to support INGREZZA growth and CRENESSITY launch activities.

The robust clinical pipeline across neuropsychiatric and neuroendocrine disorders is a future value driver. The company is advancing toward a goal of 17 programs by the end of 2025.

Here's a look at some of the pipeline assets:

Program (Target)	Modality	Therapeutic Area	Indication	Status (as of late 2025)
valbenazine (VMAT2 Inhibitor)	Small Molecule	Neurology	Dyskinetic Cerebral Palsy	Commercial
osavampator (AMPA PAM)	Small Molecule	Neuropsychiatry	Inadequate Response to Treatment in Major Depressive Disorder	Phase 3
direclidine / NBI-568 (M4 Agonist)	Small Molecule	Neuropsychiatry	Schizophrenia	Phase 3
NBIP-1435 (CRF1 Antagonist)	Peptide	Neuroendocrinology	Congenital Adrenal Hyperplasia	Phase 1
NBI-355 (Nav1.2/1.6 Inhibitor)	Small Molecule	Neurology	Epilepsy	Phase 1

Indicates commercialized product (INGREZZA) or product with recent launch (CRENESSITY).

The company has several other programs in earlier stages:

• NBI-770 (NMDA NR2B NAM) for Major Depressive Disorder.
• NBIB-223 (Frataxin) for Friedreich's Ataxia.
• NBIB-233 (GBA1) for Parkinson's Disease / Gaucher Disease.
• NBI-986 (M4 Antagonist) for Movement Disorders.

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%.