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Analysts Stay Bullish As Neurocrine Shares Tumble On Disappointing Ingrezza Guidance

Benzinga
12 hours ago

Neurocrine Biosciences Inc (NASDAQ:NBIX) on Wednesday reported fourth-quarter adjusted earnings of $1.88 per share, missing the consensus of $1.89.

Sales reached $805.5 million, beating the consensus of $792.47 million.

Fourth-quarter net product sales were $798.3 million, up 29% year over year.

Ingrezza (drug for involuntary movements) fourth-quarter and full-year 2025 net product sales were $657.5 million and $2.51 billion, reflecting 7% and 9% growth year-over-year, respectively.

Results reflected double-digit prescription volume growth in TRx and NRx, driven by strong patient demand, partially offset by a lower net price due to new formulary access investments to support long-term growth.

Crenessity (classic congenital adrenal hyperplasia drug) fourth-quarter and full-year 2025 net product sales were $135.3 million and $301.2 million, reflecting 431 and 2,048 total new patient enrollment start forms, respectively, driven by strong patient demand with over 80% reimbursement coverage for dispensed scripts in the fourth quarter.

Guidance

Neurocrine Biosciences expects fiscal 2026 Ingrezza product sales of $2.70 billion-$2.80 billion.

Analyst Take

William Blair highlights that Neurocrine stock is down likely due to a response to an Ingrezza guide that was already priced in and covered consensus, and Crenessity NRx growth declining quarter-over-quarter without 2026 product guidance.

Analyst Myles Minter says any volatility is a buying opportunity here. While 2026 is likely to be light on clinical catalysts, the pipeline sets up a longer-term catalyst-rich period, which keeps the analyst bullish on the long-term Neurocrine story.

The analyst reiterates an Outperform rating on Neurocrine.

  • Needham maintains Neurocrine with a Buy and lowers the price forecast from $187 to $185.
  • HC Wainwright maintains Neurocrine with a Buy and lowers the price forecast from $198 to $192.
  • Wedbush maintains Neurocrine Biosciences with an Outperform and raises the price forecast from $149 to $151.
  • BMO Capital reiterates the Market Perform rating on Neurocrine and lowers the price forecast from $147 to $140.

NBIX Price Action: Neurocrine Biosciences shares were down 10.64% at $122.82 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: jittawit21/Shutterstock

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