Neurocrine Biosciences' (NBIX) Ingrezza product remains its "core value driver," supporting long-term growth assumptions for the company, Morgan Stanley said in a Thursday note.
The company reported fiscal Q4 adjusted net income late Wednesday of $1.88 per diluted share, up from $1.69 a year earlier, as revenue rose to $805.5 million from $627.7 million. Neurocrine Biosciences also said it expects Ingrezza's 2026 net product sales to range from $2.7 billion to $2.8 billion.
Morgan Stanley said Ingrezza's Q4 sales of $657 million indicated "durable" demand, with a double-digit volume growth, even after nine years since its launch. The firm also noted the company's Crenessity product, which outperformed fresh from its launch with a $135 million sales in Q4.
The investment firm said it raised its 2026 non-GAAP EPS forecast for the company to $7.48 from $7.29.
Morgan Stanley lowered its price target on Neurocrine Biosciences to $173 from $175, with an equal-weight rating.
Price: 125.00, Change: -12.44, Percent Change: -9.05