Contradictions in Focus: Analyzing INGREZZA and Crinecerfont's Market Dynamics and Pricing Strategies

Revenue Growth and Product Performance:
- Neurocrine Biosciences reported net product sales of $682 million for the second quarter of 2025, representing a 17% year-over-year increase.
- This growth was driven by strong performances from both INGREZZA and CRENESSITY, with CRENESSITY contributing $53 million in Q2, more than tripling its Q1 sales.
- The success of CRENESSITY was attributed to its high unmet need and strong efficacy, safety, and tolerability data, while INGREZZA benefited from strategic investments in payer access and market access initiatives.

INGREZZA Market Share Growth:
- INGREZZA sales reached $624 million in the second quarter, with a record number of new patient starts and an increase in both new-to-brand and total prescriptions.
- The growth was supported by a sales force expansion, enhanced marketing initiatives, and expanded Medicare formulary coverage, leading to a significant increase in market share.
- Neurocrine's strategy to maximize patient access and the exclusivity of INGREZZA contributed to its ongoing growth potential.

Clinical Pipeline Advancement:
- Neurocrine initiated multiple Phase III programs, including osavampator and NBI-'568, both enrolling patients in registrational studies.
- The advancement of these programs reflects the company's deep and diversified neuroscience-focused pipeline, with a goal to solidify its position as a leading neurology enterprise.
- The initiation of these programs showcases Neurocrine's commitment to advancing its clinical research and expanding its therapeutic portfolio.

Financial Guidance Adjustment:
- Neurocrine refined its INGREZZA net sales guidance to a range of $2.5 billion to $2.55 billion, reflecting a change in pricing assumptions.
- The adjustment is due to expectations of negative pricing impacts from contracting strategies that have shifted to a negative 5% price decline for the year.
- Despite this, the company remains optimistic about INGREZZA's growth trajectory and its strategic investments in market access and revenue growth.