Neurocrine Biosciences, Inc. (NBIX): Marketing Mix Analysis [Dec-2025 Updated]

You're tracking a company making a big bet on its commercial engine, and honestly, the numbers for late 2025 tell a clear story. Neurocrine Biosciences, Inc. is pushing INGREZZA toward a $\mathbf{\$2.5}$ billion-plus revenue run rate while launching CRENESSITY, their new therapy for CAH. As an analyst who has seen this movie before, I can tell you their marketing mix-the Product, Place, Promotion, and Price-is laser-focused on maximizing these two assets to fund that deep pipeline of 17 programs. If you want to know exactly how they are pricing a $\mathbf{\$322}$ per-unit drug and securing $\mathbf{80\%}$ reimbursement for the new one, check out the detailed breakdown below.

Neurocrine Biosciences, Inc. (NBIX) - Marketing Mix: Product

You're looking at the core offerings driving Neurocrine Biosciences' current and future value. The product element here is entirely focused on specialized neuroscience therapeutics, moving from established blockbusters to novel pipeline assets.

INGREZZA (valbenazine) remains the flagship product, addressing tardive dyskinesia and chorea associated with Huntington's disease. Its commercial performance in late 2025 is strong, with third-quarter 2025 net product sales reaching $687 million. This represents a 12% year-over-year growth for the quarter. The company has narrowed its full-year 2025 net product sales guidance for INGREZZA to between $2.5 billion and $2.55 billion. Formulary access continues to expand, covering approximately 70% of tardive dyskinesia and Huntington's disease Medicare beneficiaries as of the third quarter of 2025.

CRENESSITY (crinecerfont) is the new, first-in-class therapy for classic congenital adrenal hyperplasia (CAH). This product shows rapid adoption momentum since its launch. For the third quarter of 2025, CRENESSITY generated net product sales of $98 million, a significant increase from the $53 million recorded in the second quarter of 2025. The company reported 540 total new patient enrollment start forms in the third quarter alone, contributing to over 1,600 total patients since launch. Reimbursement coverage for dispensed scripts reached 80% in the third quarter, with a gross-to-net expected to be less than ~20% for 2025.

The overall product performance in the third quarter of 2025 resulted in total net product sales of $790 million, up 28% year-over-year, supported by a cash balance of approximately $2.1 billion.

The pipeline is the engine for Neurocrine Biosciences' next wave of growth, focusing on next-wave neuroscience across multiple modalities. The strategy is explicitly set to deliver a new medicine every two years, aiming to expand the pipeline to 17 programs by the end of 2025.

Key late-stage programs include:

• - osavampator (AMPA receptor modulator) for Major Depressive Disorder (MDD).
• - direclidine (NBI-568, selective M4 muscarinic agonist) for schizophrenia.

Here's a look at the key pipeline assets and their late-2025 status:

The company's commitment to pipeline expansion is evidenced by the progression of multiple assets, including the advancement of its first biologic program, NBIP-01435, into Phase 1 studies. The development strategy is clearly mapped against specific clinical milestones and portfolio breadth.

Neurocrine Biosciences, Inc. (NBIX) - Marketing Mix: Place

Distribution for Neurocrine Biosciences, Inc. products centers on a specialty pharmacy model, which is the standard approach for delivering high-cost, complex therapies to patients.

Market access strategies are actively driving product availability across key patient populations.

• Distribution utilizes a specialty pharmacy model, typical for high-cost, complex therapies.
• INGREZZA has expanded formulary access, covering approximately 70% of Medicare beneficiaries in its indications as of the third quarter of 2025.
• CRENESITY's launch shows strong market access with 80% reimbursement coverage for dispensed scripts as of the third quarter of 2025.
• Commercial efforts are highly targeted toward specialist prescribers like psychiatrists and endocrinologists.
• INGREZZA sales teams were expanded in September 2024 to include psychiatry and long-term care coverage.

Here's a quick look at the latest reported market access metrics for the key commercial products:

The expansion of INGREZZA coverage to 70% of Medicare beneficiaries in Q3 2025 followed an earlier expansion that brought coverage to two-thirds of those beneficiaries in the first quarter of 2025.

Neurocrine Biosciences, Inc. (NBIX) - Marketing Mix: Promotion

Promotion for Neurocrine Biosciences, Inc. centers on reinforcing the commercial success of its key products, INGREZZA and CRENESSITY, while signaling a strong future through pipeline development. The company is actively investing in its commercial reach to maximize market penetration for both established and newer therapies.

A significant component of the promotional strategy involves expanding the sales infrastructure. Neurocrine Biosciences announced an expansion of its sales teams for both INGREZZA and CRENESSITY, aiming to increase its sales footprint by approximately 30%. This expansion of the psychiatry and long-term care sales teams, which began in September 2024, is planned to be fully completed by the end of Q1 2026. To support this, Selling, General, and Administrative (SG&A) expenses are guided to increase by approximately $150 million in 2026 to cover the expanded sales forces.

The core messaging is designed to highlight performance and differentiation. For INGREZZA, the emphasis is on continued volume growth, which drove Q3 2025 net product sales to $687 million, reflecting 12% year-over-year growth. The 2025 INGREZZA net sales guidance was narrowed to $2.5 - $2.55 billion, reflecting this double-digit volume growth. For CRENESSITY, messaging stresses its status as a first-in-class treatment, being the first new treatment for classic Congenital Adrenal Hyperplasia (CAH) in approximately 70 years. CRENESSITY contributed $98 million in net product sales in Q3 2025, with 80% reimbursement coverage for dispensed scripts.

Increased operating expenses directly support these promotional and commercial activities. For instance, Q3 2025 results reflected increased SG&A expense including incremental investment in CRENESSITY-related headcount and launch activities, alongside continued investment in the INGREZZA franchise. The company earmarked about $1.15 billion for selling and administration expenses for the full year 2025. These operating expense increases are a direct reflection of the investment required to support the CRENESSITY launch and the ongoing presence of the expanded INGREZZA sales team.

The advancement of the Research and Development (R&D) pipeline acts as a forward-looking promotional tool, signaling long-term, sustained innovation. Neurocrine Biosciences is positioning its pipeline to deliver new medicines regularly. Key pipeline milestones being promoted include:

• Advancement of osavampator in Major Depressive Disorder (MDD), with the initiation of a Phase 3 program in Q1 2025.
• Advancement of direclidine (NBI-568) for Schizophrenia, with a Phase 3 program enrolling, following positive Phase 2 data presented in May 2025.
• R&D productivity goals for the year included the initiation of 4 new Phase I studies and 2 new Phase II studies.
• The pipeline is targeted to reach 17 programs by the end of 2025.

The commercial performance and pipeline progress are summarized in the following table based on Q3 2025 results:

The company's cash position of approximately $2.1 billion as of Q3 2025 further supports these substantial promotional and R&D investments, signaling financial stability behind the growth strategy.

Neurocrine Biosciences, Inc. (NBIX) - Marketing Mix: Price

When you look at Neurocrine Biosciences, Inc.'s pricing strategy, you're seeing a balance between maximizing revenue from an established product and aggressively gaining share for a new launch. For the flagship product, INGREZZA, the company has narrowed its 2025 net product sales guidance to a range of $2.5 billion to $2.55 billion. That narrowing suggests confidence in hitting the target, even with pricing pressures. This reflects the reality that expanded formulary access, which is great for patient reach, naturally leads to a lower net price after accounting for significant rebates and discounts. You have to trade a bit of per-unit price for broader market penetration, which is exactly what Neurocrine Biosciences, Inc. is doing with INGREZZA.

The revenue contribution from the two key products shows this dynamic clearly. While INGREZZA is the powerhouse, CRENESSITY is building its base. CRENESSITY net product sales reached $166 million through the first nine months of 2025, showing solid initial uptake in the rare disease space. To support this growth, Neurocrine Biosciences, Inc. is investing heavily in market access for both drugs, which impacts the final realized price you see on the bottom line. The strategy involves securing broad coverage, like the expanded Medicare coverage for INGREZZA, which was a key driver in Q1 2025.

Here are the key pricing and sales metrics as of late 2025:

For CRENESSITY, securing market penetration in its niche requires aggressive access strategies, which translates to a high discount rate. The expectation is that CRENESSITY's gross-to-net will be less than 20%, a defintely high discount rate to secure market penetration. This contrasts with the list price structure, where the Average Wholesale Price (AWP) for an INGREZZA 40 MG capsule was reported around $322.00 per unit in October 2025. You see the difference between the list price (AWP) and the net realized price (after rebates and discounts) is a critical lever in Neurocrine Biosciences, Inc.'s pricing execution.

The company is managing pricing through a few key levers:

• Narrowing INGREZZA 2025 net product sales guidance to $2.5 billion to $2.55 billion.
• Achieving $166 million in CRENESSITY net product sales through the first nine months of 2025.
• Listing INGREZZA 40 MG capsule AWP at about $322.00 per unit (Oct 2025).
• Managing INGREZZA net price lower due to expanded formulary access and associated rebates.
• Targeting a CRENESSITY gross-to-net discount rate of less than 20%.

Finance: draft the Q4 2025 net price realization variance analysis by next Tuesday.