Pharma stock to watch: Neurocrine Biosciences, Inc. (NASDAQ: NBIX)

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Neurocrine Biosciences, Inc. (NASDAQ: NBIX) stock rose over 0.05% on 5th November, 2019 (Source: Google finance) driven by the better than expected results for the third quarter of FY 19. For the third quarter of 2019, the Company reported net income of $53.8 million compared to net income of $50.8 million, for the same period in 2018. The rise in net income is driven by increased INGREZZA net product sales, which was partially offset by continued INGREZZA investment and a $28.5 million unrealized loss on the Company’s Voyager Therapeutics equity investment. As of September 30, 2019, the company had generated cash and available-for-sale investments of $875 million.

NBIX in the third quarter of FY 19 has reported the adjusted earnings per share of 79 cents, beating the analysts’ estimates for the adjusted earnings per share of 66 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $222.09 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 5.16%.

During the third quarter of 2019, INGREZZA prescription volume grew to about 34,800 scripts, which led to $198 million in net product sales. This is compares to 19,400 scripts and $111 million in net product sales for the third quarter of 2018.

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The company has posted the third quarter sequential growth of 3,200 TRxs on the back of record quarter of new patient additions, which was however tempered slightly by seasonal pressures impacting refill rates per patient

For 2019, excluding IPR&D, the company is expecting full year SG&A and R&D expense to be in the range from $540 million to $550 million, compared to the previous guidance range of $540 to $570 million.

Regarding the revenue outlook for INGREZZA for the fourth quarter 2019, the company is encouraged by the progress their entire team is making in developing the tardive dyskinesia market. NBIX anticipate there to be an elevated gross to net discount in Q4 due to accounting dynamics associated with the year-end channel inventory.

Meanwhile, for the VY-AADC gene therapy program, which was acquired through the strategic collaboration with Voyager Therapeutics, at MDS, the company had presented data from a longitudinal analysis of Parkinson’s disease stage for patients treated in the open-label Phase 1b trial PD-1101. In addition, the Company during the quarter had initiated KINECT-HD, which is a Phase III study of valbenazine for the treatment of chorea associated with Huntington’s disease. The company has also signed an exclusive licensing agreement with BIAL for the development and commercialization of opicapone in the United States and Canada.

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