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Neurocrine Biosciences Inc. (NBIX+3.61%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing highlights that Neurocrine Biosciences reported total revenues of $2.4 billion for 2024, an increase from $1.9 billion in 2023. This was primarily driven by net product sales of INGREZZA, which totaled $2.3 billion in 2024.
Net income for the year was $341.3 million, up from $249.7 million in the previous year. The increase was attributed to higher product sales and improved gross-to-net dynamics.
Research and development expenses increased to $731.1 million in 2024 from $565.0 million in 2023, reflecting continued investment in the company's clinical pipeline and collaboration agreements.
Neurocrine launched CRENESSITY in December 2024 following FDA approval, marking a significant step in expanding its product portfolio.
The company settled its 2.25% convertible senior notes due May 2024 in full, with a total cash payment of $308.8 million.
Neurocrine's cash, cash equivalents, and marketable securities totaled $1.8 billion as of December 31, 2024, providing a strong liquidity position to support ongoing operations and strategic initiatives.
The company continues to focus on expanding its research and development capabilities, including the development of biologics, and has initiated several new clinical studies in 2024.
Neurocrine Biosciences' collaboration with Mitsubishi Tanabe Pharma Corporation and AbbVie continues to contribute to its revenue through royalties on sales of valbenazine and elagolix, respectively.
The company remains committed to advancing its pipeline and exploring strategic opportunities to enhance its drug development and commercial capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Neurocrine Biosciences Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.