Neurocrine Biosciences Inc Wells Fargo 21st Annual Healthcare Conference

Well, happy to be here and happy to be called an exciting company. I think that we are an exciting company, and we were talking beforehand. We are treated a little bit like a value company at the moment, but we are a growth company. We have a lot of great things going on right now and really do feel quite fortunate to be in the spot where we have multiple products. We had $1 billion in revenue this past quarter, and a lot of data readouts coming over the next 12-24 months, as you know. As CFO, financial flexibility Right to continue to invest into the future.

We do feel quite fortunate to have Ingrezza, which this man launched nine years ago. $2.85 billion expected at the midpoint of the range, growing 13% year-over-year, and that is nine years into launch. IP protection, that takes us out to 2038. That is really the foundation of what has allowed us to invest and build the company to where we are at today. We have CRENESSITY, that was approved in December of 2024. That was for congenital adrenal hyperplasia, the first-ever medicine that has been approved for patients in over 70 years, and we have been able to help 15% of patients at this point in the launch. So a run rate of $750 million coming out of last quarter, with tremendous growth opportunity ahead.

Last, on the commercial product side, we have VYKAT XR, which came to us from the Soleno acquisition. That is going well, helping patients who have a very sick It's a very difficult disease. Soleno had done a great job helping many patients with PWS. We take it into our hands now, and we are going through the integration and feel like there are many more patients that have PWS that are going to benefit from a medicine like VYKAT XR. We had $94 million in sales this past quarter, and the aim right now is to get through the integration and to be able to put some magic touches on it that Eric and team will be able to deploy, and then grow sequentially exiting the year. On the pipeline front, we have major data catalysts coming in over the next 12 to 24 months.

The two that I would highlight in particular, the first one is osavampator. That is in major depression. That is an AMPA potentiator, so in the ketamine pathway. So it is a validated mechanism. We had excellent phase II data. We are running the trial to ensure that we limit the placebo effect, and we are looking forward to having data from our three trials in 2027. The second major program in phase III is directhedine, and that is our muscarinic agonist. That is being studied in schizophrenia. That has a differentiated product profile that I think will lend itself to safe, tolerable, ease of use delivery. That will have data in 2027 and 2028. Mohit, when you think about the transformation we have gone through just the last several years- Right to now $1 billion per quarter, we have meaningful data catalysts coming up and tremendous financial flexibility, zero debt, half a billion in cash and growing, coming off of the Soleno acquisition.

We have a lot to look forward to as a company. So appreciate Wells Fargo being here. I also remember I did not say the forward-looking statements. We will be making forward-looking statements, so check out our SEC filings. Mohit, with that, I will hand it back to you. A lot of great things going on.

Yeah, I guess I'll take the second question first. I think the headline is that there's a lot of growth potential left in the VMAT2 category in tardive dyskinesia. If you think about Ingrezza, it's an unusual brand, it's an unusual medicine in the sense that it's been on the market now for about nine and a half years and still growing at a double-digit clip. I think that that is both a testament to the product profile of Ingrezza, very effective, very safe, and well-tolerated, and certainly we've seen strong receptivity and adoption over the years. Also, I think it's due to the fact that the tardive dyskinesia category was so underdeveloped, so to speak, at the time that we launched in 2017.

We currently estimate over 800,000 people in the U.S. living with tardive dyskinesia, and yet only about 10% of people are currently being treated with either of the two VMAT2 inhibitors. So there's still a lot of room for organic growth. As Matt said, we saw very strong and continued strong growth even in year nine of this launch. Q2 of this year we posted record number of new patient starts for Ingrezza, which is, once again, unusual for a product nine years in, and a record number of total prescriptions. It's a testament to the medicine, but it's also a testament to the fact that this is a market that still has a lot of growth potential in terms of getting people treated, diagnosed and treated. We expect that momentum to carry us forward into 2027 and beyond.

The other part of your question was really related to how promotionally sensitive is this. What we've found is that, especially in a category that's so underdeveloped and underdiagnosed, very promotionally sensitive. What we've done over the years is to make what we think are smart investments where we think it makes sense. For example, we recently, and recently is about a quarter and a half ago, completed a salesforce expansion. The basis for this salesforce expansion, the rationale was really twofold. One was, we continue to see the base of VMAT2 writers grow. At the time that we announced our intention to expand our salesforce, which would've been late last year, we shared that the size of the VMAT2 prescriber universe had grown by 30% in just the last two years.