On this page of StockholderLetter.com we present the latest annual shareholder letter from NEUROCRINE BIOSCIENCES INC — ticker symbol NBIX. Reading current and past NBIX letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
A Leading Biopharmaceutical Company Built on Strong EnterpriseWide Momentum and Disciplined Strategic Diversification COMMERCIAL RESEARCH & DEVELOPMENT Therapeutic Area Diversification: Tardive Dyskinesia & Chorea Associated with Huntington s Disease NEUROLOGY ENDOCRINOLOGY PSYCHIATRY IMMUNOLOGY Psychiatry pipeline to deliver multiple first- and best-in-class medicines this decade Disease Chorea Classic Congenital Adrenal Hyperplasia Redesigned R&D organization delivering diverse, high-quality candidates, enabling repeatable value creation opportunities CRF-based therapies offer third growth horizon in endocrinology and metabolic disease STRONG FINANCIAL POSITION $2.7-2.8B ~$301M NET SALES ~$2.5B 2026 INGREZZA Annual Guidance NET SALES 2025 CRENESSITY Sales in First Full Year CASH AND INVESTMENTS Strong Balance Sheet Durable Cash Flows Attractive P&L Profile as of 12/31/2025 In 2026, we are focused on delivering strong, sustainable growth for INGREZZA (valbenazine) and CRENESSITY (crinecerfont) while advancing our pipeline anchored by Phase 3 programs, including osavampator in major depressive disorder and direclidine in schizophrenia. We expect this building momentum will create value for all stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead. Kyle W. Gano, Ph. D. Chief Executive Officer Neurocrine Well-Positioned to Drive Sustainable Growth and Value
 • shareholder letter icon 4/15/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/6/2023 NBIX Stockholder Letter
 • stockholder letter icon 4/10/2024 NBIX Stockholder Letter
 • stockholder letter icon 4/9/2025 NBIX Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon NBIX Benford's Law Stock Score = 95


NBIX Shareholder/Stockholder Letter Transcript:

2025
Annual Report

A Leading Biopharmaceutical Company Built on Strong EnterpriseWide Momentum and Disciplined Strategic Diversification
COMMERCIAL
RESEARCH & DEVELOPMENT
Therapeutic Area Diversification:
Tardive Dyskinesia
& Chorea Associated
with Huntington   s Disease
NEUROLOGY
ENDOCRINOLOGY
PSYCHIATRY
IMMUNOLOGY
Psychiatry pipeline to deliver multiple first- and best-in-class medicines
this decade
Disease Chorea
Classic Congenital
Adrenal Hyperplasia
Redesigned R&D organization delivering diverse, high-quality candidates,
enabling repeatable value creation opportunities
CRF-based therapies offer third growth horizon in endocrinology and
metabolic disease
STRONG FINANCIAL POSITION
$2.7-2.8B
~$301M
NET SALES
~$2.5B
2026 INGREZZA
Annual Guidance
NET SALES
2025 CRENESSITY
Sales in First Full Year
CASH AND INVESTMENTS
Strong Balance Sheet
Durable Cash Flows
Attractive
P&L Profile
as of 12/31/2025
   In 2026, we are focused on delivering strong, sustainable growth for INGREZZA   (valbenazine) and CRENESSITY  
(crinecerfont) while advancing our pipeline anchored by Phase 3 programs, including osavampator in major
depressive disorder and direclidine in schizophrenia. We expect this building momentum will create value for
all stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead.   
Kyle W. Gano, Ph. D.
Chief Executive Officer
Neurocrine Well-Positioned to Drive Sustainable Growth and Value


shareholder letter icon 4/15/2026 Letter Continued (Full PDF)
 

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