Neurocrine Biosciences, Inc.(NASDAQ: NBIX) stock rose over 3.3% on Feb 14th, 2018 (as of 12:25PM EST; Source: Google finance) driven by a decent fourth quarter of 2017 performance.
During the fourth quarter of 2017, INGREZZA continued to show strong month-over-month prescription leading to $64.5 million in net product revenue, with over 9,100 scripts being filled. This is a rise in the net product revenue, of $45.8 million with approximately 5,100 total prescriptions filled in the third quarter 2017. Net product sales during the fourth quarter were better than forecasted driven by high script volume, which rose over 80% against the previous period. The group also benefitted from the slower than expected transition from the higher price to the 40 mg capsules per day, to the one 80 mg capsules per day.
The Net income during the quarter reached $6.9 million, or $0.07 per diluted share, against a net loss of $44.7 million, or $0.51 loss per share for the same period in 2016. The gain during the quarter was driven by the $30 million AbbVie milestone received and also net product – growing net product sales.
The overall Company revenues for the fourth quarter reached $94.5 million inclusive of a $30 million milestone payment received from AbbVie for the FDA’s acceptance of the elagolix endometriosis NDA in the fourth quarter. For the year ended December 31, 2017, the net product sales of INGREZZA reached $116.6 million while the total Company revenues were $161.6 million inclusive of $45 million of revenue recognized from their collaboration agreements with AbbVie and Mitsubishi Tanabe Pharma Corporation.
The group has a solid cash, investments and receivables position of over $800 million as of December 31, 2017. Going forward, the group believes that they are still early in the launch cycle and do not plan to provide formal net product sales guidance for INGREZZA at this time. Revenue milestones under the AbbVie agreement for 2018 are expected to be $40 million contingent on FDA approval of Elagolix Endometriosis in Q2.