third quarter 2026
Filed Nov 2, 2026Total Third-Quarter 2026 Revenue Grew 41% Year-Over-Year to $1.1 Billion; INGREZZA ® (valbenazine) 2026 Net Sales Guidance Raised to $2.9 to $2.925 Billion
Total revenues grew 41% year-over-year to $1,123 million, supported by 17% INGREZZA growth, $211 million of CRENESSITY sales and $107 million of VYKAT XR sales. Non-GAAP net income increased to $347 million from $222 million, and INGREZZA full-year sales guidance was raised.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| INGREZZA Net Product Sales | $2,825 - $2,875 | $801 million | n/a |
| GAAP R&D | $1,275 - $1,325 | $351.8 million | n/a |
| Non-GAAP R&D | $1,140 - $1,190 | $317.0 million | n/a |
| IPR&D | $23 | $11.7 million | n/a |
| GAAP SG&A | $1,575 - $1,600 | $366.3 million | n/a |
| Non-GAAP SG&A | $1,325 - $1,350 | $326.6 million | n/a |
| GAAP Amortization of Acquired Intangible Assets | $85 - $90 | $35.0 million | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $1.12B | – | 41% |
| Net product sales, three months ended September 30, 2026GAAP | $1.12B | – | – |
| Collaboration revenues, three months ended September 30, 2026GAAP | $3.7M | – | – |
| GAAP cost of revenues, three months ended September 30, 2026GAAP | $26.6M | – | – |
| Non-GAAP cost of revenues, three months ended September 30, 2026non-GAAP | $20.3M | – | – |
| GAAP research and development expense, three months ended September 30, 2026GAAP | $351.8M | – | – |
| Non-GAAP research and development expense, three months ended September 30, 2026non-GAAP | $317M | – | – |
| Acquired in-process research and development, three months ended September 30, 2026GAAP | $11.7M | – | – |
| GAAP selling, general, and administrative expense, three months ended September 30, 2026GAAP | $366.3M | – | – |
| Non-GAAP selling, general, and administrative expense, three months ended September 30, 2026non-GAAP | $326.6M | – | – |
| Amortization of acquired intangible assets, three months ended September 30, 2026GAAP | $35M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $331.3M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$300K | – | – |
| Unrealized loss gain on equity investments, three months ended September 30, 2026GAAP | −$52.3M | – | – |
| Investment income and other, net, three months ended September 30, 2026GAAP | $5M | – | – |
| Total other expense income, net, three months ended September 30, 2026GAAP | −$47.6M | – | – |
| Income before provision for income taxes, three months ended September 30, 2026GAAP | $283.7M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | $77.2M | – | – |
| Net income, three months ended September 30, 2026GAAP | $206.5M | – | – |
| Non-GAAP net income, three months ended September 30, 2026non-GAAP | $346.7M | – | – |
| Earnings per share, basic, three months ended September 30, 2026GAAP | $2.03 | – | – |
| Earnings per share, diluted, three months ended September 30, 2026GAAP | $1.96 | – | – |
| Non-GAAP earnings per share, diluted, three months ended September 30, 2026non-GAAP | $3.29 | – | – |
| Weighted average common shares outstanding, basic, three months ended September 30, 2026GAAP | 101.6M | – | – |
| Weighted average common shares outstanding, diluted, three months ended September 30, 2026GAAP | 105.2M | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | $2.90B | – | – |
| Net product sales, nine months ended September 30, 2026GAAP | $2.88B | – | – |
| Collaboration revenues, nine months ended September 30, 2026GAAP | $11.9M | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $676.2M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $548.8M | – | – |
| Non-GAAP net income, nine months ended September 30, 2026non-GAAP | $843.9M | – | – |
| Earnings per share, diluted, nine months ended September 30, 2026GAAP | $5.26 | – | – |
| Non-GAAP earnings per share, diluted, nine months ended September 30, 2026non-GAAP | $8.09 | – | – |
| GAAP research and development expense, nine months ended September 30, 2026GAAP | $974.7M | – | – |
| GAAP selling, general, and administrative expense, nine months ended September 30, 2026GAAP | $1.12B | – | – |
| GAAP cost of revenues, nine months ended September 30, 2026GAAP | $63.5M | – | – |
| Total cash, cash equivalents, and marketable securities, September 30, 2026other | approximately $790 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| INGREZZA Net Product SalesResults reflected double-digit volume growth, with record TRx and NRx supported by strong demand and high rates of persistency. | $801M | – | 17% |
| CRENESSITY Net Product SalesSteady new patient demand and high rates of persistency with approximately 80% reimbursement for dispensed prescriptions. | $211M | – | 115% |
| VYKAT XR Net Product SalesSteady and consistent patient demand and persistency. | $107M | – | NM |
| Other RevenuesNo driver reported. | $4M | – | NM |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 outlook
- RevenueINGREZZA Net Product Sales: $2,900 - $2,925
- Operating expensesGAAP R&D: No Change; Non-GAAP R&D: No Change; GAAP SG&A: $1,540 - $1,560; Non-GAAP SG&A: $1,290 - $1,310; GAAP Amortization of Acquired Intangible Assets: No Change
- NoteIPR&D: $34
- NoteNon-GAAP guidance excludes estimated non-cash stock-based compensation expense of approximately $115 million in R&D and $170 million in SG&A, including approximately $58 million related to the acceleration of vesting of equity awards for Soleno employees, and acquisition, integration and divestiture-related expenses of approximately $95 million.
- NoteR&D guidance includes approximately $33 million of expense for development milestones related to in-licensed product candidates.
What drove it
- Higher net product sales of $329 million.
- INGREZZA recorded double-digit volume growth, record TRx and NRx, strong demand and high persistency.
- CRENESSITY results reflected steady new patient demand, high persistency and approximately 80% reimbursement for dispensed prescriptions.
- VYKAT XR contributed $107 million of net product sales following the Soleno acquisition, which closed in May 2026.
- R&D investment supported the osavampator Phase 3 program in major depressive disorder and the direclidine Phase 3 program in schizophrenia.
Concerns
- Third-quarter 2026 GAAP net income was $207 million and GAAP diluted earnings per share was $1.96, compared with $210 million and $2.04 in third-quarter 2025.
- Third-quarter 2026 included a $52 million loss from changes in fair values of equity investments, compared with a gain of $31 million for third quarter 2025.
- GAAP R&D expense was $351.8 million and GAAP SG&A expense was $366.3 million, compared with $250.0 million and $291.6 million, respectively, in the prior-year quarter.
- The company cited risks related to Soleno integration and the degree and pace of market uptake of VYKAT XR.
What to watch
- INGREZZA full-year 2026 net product sales guidance of $2,900 - $2,925.
- Commercial progress for CRENESSITY and VYKAT XR.
- Initial clinical data from NBIP-’1968 and NBIP-’2118.
- Phase 3 readouts for osavampator in major depressive disorder and direclidine in schizophrenia.
- The company’s R&D Day in New York on December 15, 2026.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $737.9 million at September 30, 2026, compared with $1,480.4 million at December 31, 2025.
- Noncurrent marketable securities were $51.8 million at September 30, 2026, compared with $1,063.0 million at December 31, 2025.
- Accounts receivable were $957.3 million at September 30, 2026, compared with $686.8 million at December 31, 2025.
- Inventory was $66.1 million and noncurrent inventory was $177.7 million at September 30, 2026.
- Intangible assets, net were $2,191.0 million and goodwill was $500.6 million at September 30, 2026.
- Total assets were $5,627.4 million, total current liabilities were $984.6 million, and stockholders’ equity was $3,878.7 million at September 30, 2026.
Analysis
Neurocrine reported third-quarter total revenues of $1,122.7 million, compared with $794.9 million in the prior-year period. Net product sales were $1,119.0 million, while collaboration revenues were $3.7 million. INGREZZA sales were $801 million, CRENESSITY sales were $211 million and VYKAT XR sales were $107 million. The company attributed INGREZZA performance to double-digit volume growth, record TRx and NRx, strong demand and high persistency.
The product mix broadened during the quarter. CRENESSITY sales were supported by steady new patient demand, high persistency and approximately 80% reimbursement for dispensed prescriptions. VYKAT XR generated $107 million of sales, with the company citing steady and consistent patient demand and persistency. The acquisition of Soleno closed in May 2026 and added VYKAT XR-related commercial support and acquired intangible asset amortization.
GAAP operating income was $331.3 million compared with $239.0 million in the prior-year quarter. GAAP net income was $206.5 million and diluted EPS was $1.96, versus $209.5 million and $2.04. Non-GAAP net income rose to $346.7 million from $222.1 million, and non-GAAP diluted EPS was $3.29 versus $2.17. The period included a $52.3 million unrealized loss on equity investments, compared with a $30.6 million unrealized gain in the prior-year quarter.
Expense growth reflected commercial and pipeline investment. GAAP R&D was $351.8 million and GAAP SG&A was $366.3 million, with the company identifying investments in the osavampator and direclidine Phase 3 programs, the muscarinic franchise, expanded INGREZZA and CRENESSITY sales teams, and VYKAT XR support. Third-quarter acquired in-process R&D was $11.7 million, and amortization of acquired intangible assets was $35.0 million.
The company raised full-year 2026 INGREZZA net product sales guidance to $2,900 - $2,925 from $2,825 - $2,875. It lowered GAAP SG&A guidance to $1,540 - $1,560 from $1,575 - $1,600 and non-GAAP SG&A guidance to $1,290 - $1,310 from $1,325 - $1,350. GAAP and non-GAAP R&D guidance and GAAP amortization of acquired intangible assets guidance were unchanged. The filing did not report full-year actual results, so quarterly reported results cannot be assessed against the full-year guidance ranges.
Management, verbatim
Our third quarter performance marks another important milestone in Neurocrine’s evolution, with net product sales exceeding $1 billion for the first time, driven by strong underlying demand across our diversified portfolio of first-in-class medicines.
Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences
Not in the filing
stated, not guessed- Gross margin and gross profit were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt or borrowings were not reported as a balance-sheet line item.
- Share repurchases were not reported.
- Dividends were not reported.
- Quarter-over-quarter comparisons were not reported for the financial metrics.
- Full-year 2026 actual results were not reported, preventing a direct comparison with full-year guidance.
- A reported tax rate was not provided.
- Segment operating income or profitability was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.