Neurocrine Biosciences' Strategic Momentum in Movement Disorder Therapies: A Deep Dive into INGREZZA's Sustained Growth and CRENESSITY's Emerging Potential

The biopharmaceutical industry is no stranger to cycles of hype and disillusionment, but Neurocrine Biosciences has carved out a unique niche by combining scientific innovation with disciplined commercial execution. As of Q2 2025, the company's dual pillars—INGREZZA and CRENESSITY—demonstrate a compelling mix of immediate revenue strength and long-term pipeline potential. For investors, the question is not whether Neurocrine can sustain its momentum, but how it might accelerate it in an increasingly competitive therapeutic landscape.

INGREZZA: Sustaining the Engine of Growth

INGREZZA (valbenazine) remains the cornerstone of Neurocrine's revenue, with Q2 2025 net product sales reaching $624 million—up 8% year-over-year and 15% sequentially. This growth is not merely a function of market share but a testament to the company's strategic focus on payer access. By expanding Medicare formulary coverage to 70% of tardive dyskinesia (TD) and Huntington's disease patients, Neurocrine has unlocked a critical demographic: older adults, who represent a significant portion of the TD market.

The revised full-year guidance of $2.5–$2.55 billion underscores confidence in INGREZZA's ability to outperform despite near-term pricing pressures. While net sales growth is partially offset by rebate agreements, the company's emphasis on volume expansion—driven by a record 664 new patient starts in Q2—suggests that the product's core fundamentals remain robust. Analysts note that INGREZZA's leadership in the VMAT2 inhibitor class is further reinforced by its safety profile and the sheer scale of the undiagnosed TD population (estimated at 400,000 in the U.S. alone).

However, sustainability hinges on Neurocrine's ability to navigate headwinds. The Inflation Reduction Act's pricing reforms and potential generic competition in the TD space could erode margins. Yet, the company's 13-year exclusivity period and ongoing payer access initiatives provide a buffer. For now, INGREZZA's growth trajectory appears resilient, but investors should monitor quarterly guidance updates for signs of fatigue.

CRENESSITY: A New Frontier in Rare Disease Innovation

While INGREZZA anchors Neurocrine's present, CRENESSITY (crinecerfont) represents its future. The first non-steroidal therapy for congenital adrenal hyperplasia (CAH), CRENESSITY achieved $53 million in net product sales in Q2 2025, with 664 new patient enrollment forms and 76% reimbursement coverage. These figures are more than just numbers—they signal a breakthrough in a market long dominated by generic glucocorticoids.

CRENESSITY's clinical differentiation is its strength. By targeting ACTH suppression, it reduces the need for high-dose steroids, which carry risks like osteoporosis and metabolic syndrome. The CAHtalyst™ Phase 3 trial data—showing sustained efficacy in both adult and pediatric populations—has already begun to shift treatment paradigms. With 30% of CAH patients under 18, CRENESSITY's ability to avoid growth suppression is a critical differentiator.

From a financial standpoint, CRENESSITY's $264,784 annual price tag aligns with rare disease pricing norms, and the 70% reimbursement rate ensures broad patient access. Analysts project peak U.S. sales of $800 million to $1 billion by 2030, which would diversify Neurocrine's revenue base and reduce reliance on INGREZZA. The company's recent foray into biologics—such as its Phase 1 study of NBIP-1435, a long-acting CRF-1 antagonist—further signals ambition to dominate the CAH space.

Strategic Synergies and Long-Term Value Creation

Neurocrine's dual focus on movement disorders and endocrinology creates a powerful flywheel effect. INGREZZA's commercial infrastructure, including its payer access expertise, can be leveraged to accelerate CRENESSITY's adoption. Meanwhile, CRENESSITY's success in rare diseases validates Neurocrine's ability to scale novel therapies—a critical asset as the company advances its pipeline.

The company's balance sheet, with $1.85 billion in cash and investments as of June 2025, provides flexibility to fund R&D, pursue acquisitions, or repurchase shares. This liquidity, combined with a robust patent portfolio and first-mover advantage in CAH, positions Neurocrine to outperform peers in the neuroscience and neuroendocrinology sectors.

Investment Implications

For investors, Neurocrine presents a compelling case of disciplined growth. INGREZZA's sustained revenue stream provides stability, while CRENESSITY's market entry offers high-margin upside. The company's strategic investments in payer access and commercial infrastructure—such as expanding Medicare coverage and refining rebate agreements—demonstrate a commitment to long-term value over short-term gains.

However, risks remain. Competitive pressures in the TD and CAH markets, regulatory uncertainties, and the inherent volatility of rare disease pipelines could test the company's resilience. Investors should also scrutinize Neurocrine's R&D pipeline for signs of diversification beyond its current flagship products.

In conclusion, Neurocrine Biosciences is navigating a delicate balance between sustaining its current success and building a legacy of innovation. For those with a long-term horizon, the company's strategic momentum—anchored by INGREZZA and propelled by CRENESSITY—offers a rare combination of near-term visibility and transformative potential. The key will be to monitor how effectively Neurocrine can translate clinical differentiation into durable market leadership.

Final Takeaway: Investors seeking exposure to neuroscience innovation should consider Neurocrine as a long-term hold. The company's dual-product strategy, strong balance sheet, and focus on unmet medical needs make it a compelling candidate for those willing to weather near-term volatility in pursuit of sustained growth.