Neurocrine Biosciences, Inc. (NBIX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos produtos farmacêuticos de neurociência, a Neurocrine Biosciences, Inc. (NBIX) surge como uma força pioneira, transformando desafios neurológicos complexos em soluções terapêuticas inovadoras. Com um foco nítido nas necessidades médicas não atendidas, essa potência de biotecnologia aproveita a pesquisa de ponta, parcerias estratégicas e tratamentos inovadores para redefinir os limites do gerenciamento de transtornos neurológicos e endócrinos. Seu modelo de negócios Canvas revela um sofisticado ecossistema de inovação científica, colaboração estratégica e abordagens centradas no paciente que posicionam o NBIX na vanguarda da pesquisa médica transformadora.

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com AbbVie

A biosciências neurócrinas tem uma parceria estratégica com a AbbVie para o desenvolvimento de Oilissa/Oriahnn. Os detalhes da colaboração incluem:

Métrica de Parceria	Valor específico
Data de colaboração inicial	2018
Pagamento inicial ao neurócrino	US $ 250 milhões
Potenciais pagamentos marcantes	Até US $ 1,35 bilhão

Parcerias de pesquisa com centros médicos acadêmicos

O Neurócrino mantém colaborações de pesquisa com várias instituições acadêmicas:

• Universidade da Califórnia, San Diego
• Escola de Medicina de Harvard
• Escola de Medicina da Universidade de Stanford

Acordos de licenciamento

Instituição parceira	Foco na pesquisa	Ano do acordo
Universidade do Texas Sudwestern	Pesquisa em transtorno neurológico	2020
Clínica Mayo	Distúrbios genéticos raros	2019

Relacionamentos de fabricação contratados

A neurócrina faz parceria com fornecedores especializados de biotecnologia para fabricação:

• Lonza Group AG
• Pathon Pharmaceuticals
• Wuxi Biologics

Fabricante	Capacidade de fabricação	Valor do contrato
Lonza Group AG	Produção de escala comercial	US $ 175 milhões anualmente
Wuxi Biologics	Produção de ensaios clínicos	US $ 85 milhões anualmente

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas em neurociência

Investimento em P&D para 2023: US $ 597,9 milhões

Áreas de foco de pesquisa	Alocação de investimento
Distúrbios neurológicos	42% do orçamento de P&D
Distúrbios endócrinos	35% do orçamento de P&D
Condições psiquiátricas	23% do orçamento de P&D

Ensaios clínicos para tratamentos neurológicos e de transtornos endócrinos

Ensaios clínicos ativos em 2024: 7 ensaios em andamento

• Ensaios de Fase III para Ingrezza (Valbenazine)
• Ensaios em andamento para tratamentos congênitos de hiperplasia adrenal
• Estudos de desenvolvimento para condições neurológicas raras

Processos de conformidade regulatória e aprovação de medicamentos

Interações regulatórias	Número em 2023
Interações FDA	14 reuniões formais
Interações EMA	6 reuniões formais
Submissões regulatórias	3 novas aplicações de drogas

Comercialização do produto farmacêutico

Portfólio de produtos comerciais: 3 medicamentos aprovados pela FDA

• Ingrezza (Valbenazina) para Diskinesia Tardiva
• Orladeyo (Berotralstat) para prevenção de HAE
• Oilissa (Elagolix) para endometriose

Pesquisa científica e inovação em andamento

Pessoal de pesquisa: 426 cientistas dedicados

Métricas de inovação	2023 dados
Novos pedidos de patente	12 arquivado
Colaborações de pesquisa	5 parcerias acadêmicas
Publicações científicas	28 artigos revisados ​​por pares

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: Recursos -chave

Especializada experiência neurológica e endócrina de desenvolvimento de medicamentos

A partir de 2024, a Biosciências Neurócrinas concentrou a experiência nas seguintes áreas terapêuticas:

Área terapêutica	Número de programas ativos
Distúrbios neurológicos	4
Distúrbios endócrinos	3
Doenças raras	2

Tecnologias proprietárias de pesquisa e desenvolvimento

As principais plataformas tecnológicas incluem:

• Tecnologia de segmentação do receptor GPR139
• Plataforma de descoberta de neurociência molecular
• Capacidades de pesquisa em farmacologia de precisão

Portfólio de propriedade intelectual

Categoria IP	Número de ativos
Patentes ativas	87
Aplicações de patentes	42
Acordos de licenciamento exclusivos	5

Instalações de pesquisa e laboratórios

O neurócrino mantém 2 instalações de pesquisa primárias Localizado em San Diego, Califórnia, com um espaço total de pesquisa de 85.000 pés quadrados.

Equipes de pesquisa científica e médica

Composição da equipe	Número de profissionais
Pesquisadores de doutorado	127
Pesquisadores de MD	38
Especialistas em desenvolvimento clínico	92

Força de trabalho total de pesquisa e desenvolvimento: 257 profissionais.

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: proposições de valor

Tratamentos inovadores para distúrbios neurológicos complexos

A biosciências neurócrinas se concentra no desenvolvimento de tratamentos neurológicos especializados com um portfólio direcionado a distúrbios específicos:

Produto	Área terapêutica	Receita anual (2023)
Ingrezza	Diskinesia tardia	US $ 1,26 bilhão
Orilissa	Dor de endometriose	US $ 196,3 milhões

Terapias direcionadas atendendo a necessidades médicas não atendidas

As principais áreas de foco terapêutico incluem:

• Distúrbios do movimento neurológico
• Condições relacionadas à endócrina
• Doenças neurológicas raras

Soluções farmacêuticas cientificamente avançadas

Investimento de pesquisa e desenvolvimento em 2023: US $ 521,7 milhões

Melhores resultados dos pacientes em condições médicas desafiadoras

Taxa de sucesso do ensaio clínico	Percentagem
Ensaios de Fase III	68%
Taxa de aprovação do FDA	72%

Tratamentos inovadores com potencial para impacto significativo no mercado

Status de desenvolvimento de pipeline (2024):

• 4 ensaios clínicos em andamento da Fase III
• 2 possíveis novas aplicações de medicamentos pendentes de revisão da FDA
• Capitalização de mercado total: US $ 5,62 bilhões

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde

Biosciências neurócrinas mantém o engajamento direto por meio de:

• Interações representativas médicas direcionadas: 87 representantes de vendas de campo a partir de 2023
• Foco especializado em terapia neurológica e endócrina
• Programas individuais de consulta médica

Canal de engajamento	Volume anual de interação
Chamadas de vendas diretas	Aproximadamente 24.000 interações médicas por trimestre
Comunicação digital	Mais de 15.000 pontos de contato digitais mensalmente

Programas de apoio ao paciente e educação

As iniciativas de suporte centradas no paciente incluem:

• Programa de Assistência ao Paciente Ingrezza®
• Recursos educacionais on -line para discinesia tardia
• Serviços de suporte de tratamento personalizado

Métrica do programa	2023 dados
Inscrição do programa de apoio ao paciente	3.742 pacientes
Materiais anuais de educação do paciente distribuídos	52.000 pacotes educacionais

Conferência Médica e Participação do Simpósio Científico

A estratégia de engajamento científico inclui:

• 12 Principais apresentações da conferência médica em 2023
• Apresentando pesquisa em distúrbios neurológicos
• Plataformas de troca de conhecimento ponto a ponto

Plataformas de informações de saúde digital

Métricas de engajamento digital:

• Tráfego do site: 178.000 visitantes únicos em 2023
• Aplicativo móvel para rastreamento de pacientes
• Recursos de consulta de telemedicina

Recursos personalizados de consulta médica

O suporte à consulta inclui:

• Informações médicas dedicadas linha direta
• Sistema de consulta médica on -line 24/7
• Equipe especializada de apoio médico

Recurso de consulta	Desempenho anual
Chamadas de linha direta de informações médicas	6.200 consultas profissionais
Solicitações de consulta on -line	4.500 consultas digitais

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: canais

Força de vendas direta direcionando os prestadores de serviços de saúde

Biosciências neurócrinas implantaram uma equipe de vendas especializada de 300 representantes direcionados aos neurologistas, psiquiatras e especialistas em transtornos de movimento a partir do quarto trimestre 2023. Compensação média de representação de vendas: US $ 164.000 anualmente.

Métricas de canal de vendas	2023 dados
Total de representantes de vendas	300
Cobertura média do território	12 estados por representante
Duração média de chamada de vendas	22 minutos

Redes de distribuidores farmacêuticos

Neurócrino colabora com 5 distribuidores farmacêuticos primários para distribuição nacional de produtos.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• Morris & Dickson
• Rochester Drug Cooperative

Apresentações da conferência médica

Orçamento anual de participação na conferência: US $ 2,7 milhões em 2023. Apresentado em 18 principais conferências médicas.

Tipo de conferência	Número de conferências	Alcance do público
Conferências de neurologia	8	4.500 especialistas
Conferências de Psiquiatria	6	3.200 especialistas
Conferências de transtorno do movimento	4	1.800 especialistas

Plataformas de marketing digital e informações médicas on -line

Gastes de marketing digital: US $ 1,4 milhão em 2023. Mantém 3 plataformas digitais primárias para o envolvimento do provedor de serviços de saúde.

• Hcp.neurocrine.com (portal profissional de saúde)
• Plataforma de informação de pesquisa clínica
• Série de webinar de educação de produtos

Publicações profissionais de revistas médicas

Publicação de pesquisa Investimento: US $ 3,2 milhões em 2023. Publicado 22 artigos revisados ​​por pares em revistas médicas especializadas.

Categoria de diário	Publicações	Faixa de fatores de impacto
Revistas de neurologia	9	3.5 - 6.2
Revistas de psiquiatria	8	4.1 - 5.7
Revistas de transtorno do movimento	5	2.9 - 4.8

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

Neurologistas e especialistas em neurociência

Os biosciências neurócrinas têm como alvo 15.000 neurologistas praticantes nos Estados Unidos como segmento de clientes primários. Pesquisas de mercado indicam 68% dos neurologistas prescrevem ativamente medicamentos neurológicos especializados.

Foco especial	Número de especialistas	Taxa de prescrição
Distúrbios do movimento	3,750	72%
Tratamento de epilepsia	2,500	65%
Neurologia psiquiátrica	4,200	58%

Profissionais de Saúde da Endocrinologia

Aproximadamente 7.500 endocrinologistas representam um segmento crítico de clientes para biosciências neurócrinas.

• Especialistas em Transtorno Hormonal: 4.200
• Endocrinologistas pediátricos: 1.800
• Especialistas em endocrinologia reprodutiva: 1.500

Pacientes com distúrbios neurológicos

Os segmentos de população de pacientes -alvo incluem:

Categoria de distúrbio	Pacientes totais	Mercado de tratamento potencial
Doença de Parkinson	1,000,000	US $ 850 milhões
Epilepsia	3,400,000	US $ 1,2 bilhão
Diskinesia tardia	500,000	US $ 425 milhões

Instituições de pesquisa

A neurócrina colabora com 127 instituições de pesquisa em todo o país, com foco em pesquisas neurológicas e endócrinas.

• Centros Médicos Acadêmicos: 62
• Centros de pesquisa farmacêutica: 45
• Institutos de pesquisa em neurociência: 20

Sistemas de saúde e hospitais

A biosciências neurócrinas se envolve com 1.200 sistemas de saúde nos Estados Unidos.

Tipo de hospital	Número de instituições	Compras de medicamentos anuais
Grandes centros médicos acadêmicos	225	US $ 350 milhões
Redes de hospitais regionais	475	US $ 220 milhões
Hospitais de neurologia especializados	85	US $ 180 milhões

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: estrutura de custos

Extensos investimentos em pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Neurocrine Biosciences registrou despesas de P&D de US $ 570,4 milhões.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 570,4 milhões	47.3%
2022	US $ 524,3 milhões	45.8%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para biosciências neurócrinas em 2023 foram de aproximadamente US $ 245,6 milhões.

• Ensaios de Fase I: US $ 42,3 milhões
• Ensaios de Fase II: US $ 98,7 milhões
• Ensaios de Fase III: US $ 104,6 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2023 totalizaram US $ 86,2 milhões.

Categoria de conformidade	Custo anual
Custos de envio da FDA	US $ 35,6 milhões
Garantia de qualidade	US $ 28,4 milhões
Documentação regulatória	US $ 22,2 milhões

Investimentos de fabricação e produção

Os custos de fabricação para 2023 foram de US $ 312,5 milhões.

• Manutenção da instalação de produção: US $ 87,3 milhões
• Atualizações de equipamentos: US $ 65,9 milhões
• Compras de matéria -prima: US $ 159,3 milhões

Infraestrutura de marketing e vendas

As despesas de marketing e vendas em 2023 atingiram US $ 224,7 milhões.

Categoria de despesa de marketing	Custo anual
Compensação da força de vendas	US $ 112,6 milhões
Materiais promocionais	US $ 45,3 milhões
Marketing digital	US $ 66,8 milhões

Neurocrine Biosciences, Inc. (NBIX) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir de 2023, a biosciências neurócrinas gerou receita total de US $ 2,69 bilhões. A divulgação de receita dos principais produtos inclui:

Produto	Receita anual (2023)
Ingrezza (discinesia tardia)	US $ 1,68 bilhão
Orilissa (endometriose)	US $ 231,7 milhões
Ubrelvy (enxaqueca)	US $ 542,8 milhões

Acordos de licenciamento e royalties

O Neurócrino possui acordos estratégicos de licenciamento gerando fluxos de receita adicionais:

• ABBVIE Partnership for Oilissa: Royalty Payments
• Colaboração de Mitsubishi Tanabe para Ingrezza no Japão

Parcerias de colaboração de pesquisa

Parceiro	Foco de colaboração	Potenciais pagamentos marcantes
Abbvie	Endometriose/terapia de dor	Até US $ 610 milhões em potencial marcos
Voyager Therapeutics	Distúrbios neurológicos	Até US $ 745 milhões em potencial marcos

Subsídios do governo e de pesquisa privada

O neurócrino recebe financiamento de pesquisas de várias fontes, embora valores específicos de concessão não sejam divulgados publicamente.

Potenciais pagamentos marcantes

Pagamentos potenciais totais em colaborações estratégicas: aproximadamente US $ 1,355 bilhão em 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%.