NBIX - Neurocrine stock rises as Q2 revenue soars 31% Y/Y raises sales outlook for Ingrezza

• Neurocrine Biosciences ( NASDAQ: NBIX ) stock rose ~8% on Aug. 5 after the company's Q2 revenue beat estimates.
• Total revenues grew 31% Y/Y to $378.2M, while product sales increased 32% Y/Y to $352M.
• Tardive dyskinesia (TD) therapy Ingrezza sales amounted to $350M. For 2022, the company raised sales outlook for the drug to be in the range of $1.35B - $1.40B.
• "Following Ingrezza's strong performance in the first half of this year, we raised full year net sales guidance. Growth continues to be driven by improving diagnosis and treatment rates for patients with tardive dyskinesia," said Neurocrine CEO Kevin Gorman.
• The company, however said that a phase 2a study of NBI-827104 in essential tremor did not meet main goals and based on the data it does not plan to proceed further with the clinical development of NBI-827104 in essential tremor.
• Neurocrine added that its total debt outstanding decreased by $211M to $170M after it bought back ~55% of debt in Q2.
• Non GAAP EPS grew ~17% Y/Y to $0.84, but missed analysts' estimates.
• At June 30, 2022, cash, cash equivalents and marketable securities were $1.1B.

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