second quarter 2026
Filed Jul 30, 2026Total Second-Quarter 2026 Revenue Grew 39% Year-Over-Year to $959 Million; INGREZZA 2026 Net Sales Guidance Raised to $2.825 to $2.875 Billion
Total revenues grew 39% year-over-year to $959 million, GAAP net income increased to $144 million, non-GAAP net income increased to $297 million, and INGREZZA net product sales guidance was raised to $2.825 to $2.875 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total RevenuesGAAP | $959 million | – | 39% |
| Unaudited pro-forma total revenuesother | $998 million | – | – |
| GAAP Cost of RevenuesGAAP | $23 million | – | – |
| Non-GAAP Cost of Revenuesnon-GAAP | $18 million | – | – |
| GAAP Research and Development (R&D)GAAP | $327 million | – | – |
| Non-GAAP R&Dnon-GAAP | $276 million | – | – |
| GAAP Selling, General, and Administrative (SG&A)GAAP | $440 million | – | – |
| Non-GAAP SG&Anon-GAAP | $305 million | – | – |
| GAAP Net IncomeGAAP | $144 million | – | – |
| GAAP Earnings Per Share – DilutedGAAP | $1.39 | – | – |
| Non-GAAP Net Incomenon-GAAP | $297 million | – | – |
| Non-GAAP Earnings Per Share – Dilutednon-GAAP | $2.85 | – | – |
| Total Cash, Cash Equivalents, and Marketable Securitiesother | $482 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| INGREZZA Net Product SalesResults reflected double-digit prescription volume growth in TRx and record NRx driven by strong patient demand. | $716 million | – | 15% |
| CRENESSITY Net Product SalesDriven by strong patient demand with approximately 80% reimbursement for dispensed prescriptions in the second quarter 2026. | $184 million | – | 247% |
| VYKAT XR Net Product SalesNet product sales are included from the closing of the Soleno Therapeutics acquisition on May 18th; unaudited pro-forma full quarter net product sales were $94 million. | $54 million | – | – |
| Other RevenuesNot specified. | $5 million | – | – |
Full Year 2026 outlook
- RevenueINGREZZA Net Product Sales: $2.825 - $2.875 billion
- NoteGAAP R&D: $1,275 - $1,325 (dollars in millions)
- NoteNon-GAAP R&D: $1,140 - $1,190 (dollars in millions)
- NoteIPR&D: $23 (dollars in millions)
- NoteGAAP SG&A: $1,575 - $1,600 (dollars in millions)
- NoteNon-GAAP SG&A: $1,325 - $1,350 (dollars in millions)
- NoteGAAP Amortization of Acquired Intangible Assets: $85 - $90 (dollars in millions)
What drove it
- Higher net product sales of $272 million primarily drove second-quarter 2026 GAAP and non-GAAP net income compared with second-quarter 2025.
- INGREZZA reflected double-digit prescription volume growth in TRx and record NRx driven by strong patient demand.
- CRENESSITY sales were supported by strong patient demand and approximately 80% reimbursement for dispensed prescriptions.
- VYKAT XR contributed from May 18, 2026, the closing date of the Soleno acquisition.
- The Company expanded its INGREZZA and CRENESSITY sales teams in the first quarter of 2026 and incurred a partial quarter of expense for support of VYKAT XR.
Concerns
- GAAP operating expenses included certain expenses associated with the Soleno Therapeutics acquisition, which closed in May 2026.
- R&D expense increased in support of an expanded and advancing pre-clinical and clinical portfolio, including the osavampator Phase 3 program in MDD and the muscarinic franchise, including the direclidine Phase 3 program.
- SG&A expense increased primarily from continued investment in the commercial organization, expansion of INGREZZA and CRENESSITY sales teams, and partial-quarter VYKAT XR support.
- Total cash, cash equivalents, and marketable securities were $482 million at June 30, 2026, compared with $2,543 million at December 31, 2025.
What to watch
- Execution against raised INGREZZA full-year 2026 net product sales guidance of $2.825 - $2.875 billion.
- CRENESSITY patient demand and reimbursement for dispensed prescriptions.
- VYKAT XR contribution following the May 18, 2026 Soleno acquisition, including comparison with unaudited pro-forma full-quarter net product sales of $94 million.
- Phase 3 readouts for osavampator in major depressive disorder and direclidine in schizophrenia in 2027.
- Expense progression against full-year GAAP R&D guidance of $1,275 - $1,325 and GAAP SG&A guidance of $1,575 - $1,600, each stated in dollars in millions.
Balance sheet and cash flow
- Total Cash, Cash Equivalents, and Marketable Securities were $482 million at June 30, 2026, compared with $2,543 million at December 31, 2025.
- In May 2026, the Company entered into a $1.0 billion senior secured revolving credit facility.
- As of June 30, 2026, available borrowing capacity was $1.0 billion.
- The Company acquired Soleno Therapeutics for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion.
- In connection with the acquisition of Soleno, the Company recorded approximately $2.2 billion of intellectual property related to VYKAT XR to the balance sheet.
Analysis
Neurocrine reported a strong second quarter, with total revenues of $959 million versus $688 million in the prior-year period, representing 39% year-over-year growth. Unaudited pro-forma total revenues were $998 million when including full-quarter VYKAT XR net product sales. GAAP net income was $144 million versus $108 million, while non-GAAP net income was $297 million versus $166 million.
INGREZZA remained the largest revenue contributor, generating $716 million of net product sales and 15% growth year-over-year. The company attributed the performance to double-digit prescription volume growth in TRx and record NRx driven by strong patient demand. CRENESSITY generated $184 million of net product sales, with management citing strong demand and approximately 80% reimbursement for dispensed prescriptions. VYKAT XR contributed $54 million from the May 18, 2026 closing of the Soleno acquisition, while unaudited pro-forma full-quarter net product sales were $94 million.
The company raised INGREZZA full-year 2026 net product sales guidance to $2.825 - $2.875 billion from $2.7 billion to $2.8 billion. The updated expense framework calls for GAAP R&D of $1,275 - $1,325 and GAAP SG&A of $1,575 - $1,600, each stated in dollars in millions. The increase reflects continued advancement of the pre-clinical and clinical portfolio, investments in the osavampator and direclidine Phase 3 programs, commercial investment, sales-team expansion, and VYKAT XR support.
GAAP R&D was $327 million and GAAP SG&A was $440 million, compared with $244 million and $286 million, respectively, in the prior-year quarter. Non-GAAP R&D was $276 million and non-GAAP SG&A was $305 million. The release notes that GAAP operating expenses included certain Soleno acquisition expenses that were excluded from non-GAAP operating expenses, underscoring the acquisition-related effect on the GAAP cost base.
Capital allocation centered on the May acquisition of Soleno Therapeutics for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion. Cash, cash equivalents, and marketable securities totaled $482 million at June 30, 2026, versus $2,543 million at December 31, 2025. The company also entered into a $1.0 billion senior secured revolving credit facility, with $1.0 billion of available borrowing capacity as of June 30, 2026. Investors should focus on the execution of raised INGREZZA guidance, the scaling of CRENESSITY and VYKAT XR, expense delivery, and the stated 2027 Phase 3 milestones for osavampator and direclidine.
Management, verbatim
Our second quarter performance demonstrates the power of a strategy designed to compound over time.
Kyle W. Gano, Ph.D., Chief Executive Officer
Not in the filing
stated, not guessed- GAAP operating income
- Non-GAAP operating income
- GAAP gross margin
- Non-GAAP gross margin
- Operating cash flow
- Free cash flow
- Debt balance
- Share repurchases
- Dividends
- Total revenue guidance
- Tax-rate guidance
- Prior-quarter comparisons for revenue, product sales, expenses, net income, and earnings per share
- Prior-year comparison and growth rate for VYKAT XR net product sales
- Prior-year growth rate for Other Revenues
- Previous-release outlook for comparison with actual reported results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.