By Kelly Cloonan
Shares of Neurocrine Biosciences fell after the company's first-quarter revenue beat Wall Street's expectations amid rising sales of its Ingrezza treatment.
The stock rose 12% to $122.92 on Tuesday. Shares have declined 13% over the past 12 months.
The San Diego biopharmaceutical company on Monday evening posted a profit of $7.9 million, or 8 cents a share, compared with $43.4 million, or 42 cents a share, a year earlier.
Adjusted earnings per share were 70 cents, below estimates of $1.18 a share according to analysts polled by FactSet.
Revenue rose to $572.6 million compared with $515.3 million a year earlier. Analysts expected $559.6 million.
Sales of Ingrezza, the company's treatment for tardive dyskinesia and chorea associated with Huntington's disease, rose 8% from the prior year to $545.2 million.
"We delivered a record number of new patient starts for Ingrezza, which is especially impressive given the typically challenging first quarter," Chief Executive Kyle Gano said.
For the full year, the company reaffirmed its previous outlook, guiding for Ingrezza sales of $2.5 billion to $2.6 billion.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 06, 2025 11:00 ET (15:00 GMT)
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