NBIX - Neurocrine stock jumps on raised sales outlook for Ingrezza Q3 revenue up 31%

Neurocrine Biosciences ( NASDAQ: NBIX ) stock rose ~6% on Tuesday after the company reported Q3 results and raised FY22 sales outlook for its drug Ingrezza.

Q3 non-GAAP EPS grew +68.75% Y/Y to $1.08, but missed analysts' estimates.

Total revenues grew +31% Y/Y to $387.9M, beating estimates. Net product sales increased +31.3% Y/Y to $379.3M.

Q3 net sales of Ingrezza (valbenazine), which is used to treat Tardive dyskinesia (TD), amounted to $376M. TD is a disorder which causes involuntary, repetitive body movements.

For 2022, the company raised sales outlook for the drug to be between $1.4B to $1.425B ( prior forecast provided during Q2 results $1.35B - $1.40B). Neurocrine said that guidance was based on recent trends and the anticipated benefit from its recently completed salesforce expansion.

"With the submission of the sNDA of valbenazine for the treatment of chorea associated with Huntington Disease, we have the potential to help even more patients with our valbenazine franchise," said Neurocrine CEO Kevin Gorman.

The company noted that it acquired U.K.-based biotech Diurnal for £48.3M (~$56M), which was initially announced in August.

GAAP Research and Development expenses increased to $107.7M, compared to $92.7M in Q3 2021.

The company said that at Sept. 30, cash, cash equivalents and marketable securities were ~$1.2B.

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