$NBIX (-2,08 %)

Key Points:

Business Performance

• Neurocrine generated Q3 2026, Neurocrine generated revenue of $1.123 billion, representing growth of 41% compared to the previous year. [assets.neu...ocrine.com]
• The three most important products:
• INGREZZA: $801 million in revenue (+17% YoY)
• CRENESSITY: $211 million in revenue
• VYKAT XR: $107 million in revenue (first full quarter following the Soleno acquisition) [assets.neu...ocrine.com]

Profitability

• Non-GAAP net income: $347 million (+56% YoY). [assets.neu...ocrine.com]
• Diluted non-GAAP EPS: $3.29 compared to $2.17 in the prior year (+52%). [assets.neu...ocrine.com]

Outlook

• The forecast for INGREZZA for 2026 has been raised:
• Previously: $2.825 to $2.875 billion
• New: $2.9 to $2.925 billion Revenue. [assets.neu...ocrine.com]

Financial Position

• As of September 30, 2026, the company had $790 million in cash and investments. [assets.neu...ocrine.com]
• The year-over-year decline is primarily attributable to the acquisition of Soleno Therapeutics . [assets.neu...ocrine.com]

Pipeline and Research

• Neurocrine highlights a strong pipeline in the following areas:
• neuropsychiatry
• Endocrinology
• Immunology. [assets.neu...ocrine.com]
• In 2026, several new Phase 1 and Phase 2 programs were launched, including those for:
• Alzheimer’s
• Schizophrenia
• Obesity
• Tardive dyskinesia. [assets.neu...ocrine.com]
• For 2027, 9 major study data releases are expected. [assets.neu...ocrine.com]

Key Message for Investors

Management presents Neurocrine as a company with:

From an investor’s perspective, the the increase in the INGREZZA forecast to up to $2.925 billion is the most important short-term positive highlight of this presentation. [assets.neu...ocrine.com]

• a rapidly growing core business (INGREZZA),
• a successful second revenue driver (CRENESSITY),
• additional growth through the Soleno acquisition (VYKAT XR),
• and a broad pipeline for the coming years. [assets.neu...ocrine.com]

Moderate follow-up buying at $NBIX (-2,08 %)

Position is now fully held.

$NBIX (-2,08 %)

Neurocrine reports a very strong quarter with 39% revenue growth, driven by INGREZZA and the new product VYKAT XR. The full-year guidance has been raised, the pipeline is performing well, and the Soleno acquisition has been integrated.

🔹 Key Financial Figures for Q2 2026

• Revenue: $959 million (+39% YoY)
• INGREZZA Revenue: $716 million (+15% YoY)
• CRENESSITY Revenue: $184 million (+247% YoY)
• VYKAT XR: $54 million (as of acquisition date)
• GAAP EPS: $1.39
• Non-GAAP EPS: $2.85
• GAAP Net Income: $144 million
• Non-GAAP net income: $297 million

🔹 2026 Guidance (updated)

• INGREZZA: $2.825–2.875 billion (raised)
• R&D: slightly increased
• SG&A: significantly increased due to launch activities and the integration of Soleno
• Depreciation and amortization: $85–90 million for VYKAT-XR-IP

🔹 Strategic Highlights

• Soleno acquisition completed (USD 2.9 billion) → strengthens rare disease portfolio
• VYKAT XR shows strong clinical data for Prader-Willi syndrome
• CRENESSITY with positive 2-year data
• Pipeline: Phase 3 milestones in 2027 (osavampator, direclidine)
• Cash: $482 million after acquisition

🔹 Conclusion

Very strong growth, successful integration of the acquisition, robust pipeline, and an upwardly revised forecast. The company is showing clear momentum.

So why is the stock price falling?

The stock price is NOT falling because the numbers are bad. The numbers are strong. The price is falling for market psychology and structural reasons, not because of the results themselves.

Here’s the concise, clear explanation—based on the earnings report from your tab.

⭐ 1) Expectations were higher than the actual figures

39% revenue growth sounds incredibly good—but: The market had expected even more , especially after the Soleno acquisition and the strong momentum.

→ “Good numbers, but not good enough” often leads to a drop in the stock price.

⭐ 2) SG&A and R&D are rising sharply

The report makes it clear:

• SG&A: +154 million YoY
• R&D: +82 million YoY

These are massive cost increases. The market sees: Growth, yes, but at a high cost.

→ This is weighing on sentiment.

⭐ 3) Cash has fallen sharply

Cash balance:

• End of 2025: 2.543 billion USD
• Q2 2026: 482 million USD

That is a huge decline, mainly due to the Soleno acquisition.

The market doesn’t like companies that suddenly look “poor”—even if it made strategic sense.

⭐ 4) Integration of Soleno = Risk

The report emphasizes several times:

• high integration costs
• high amortization
• Uncertainty about how quickly VYKAT XR will scale

Biotech investors hate integration risks.

⭐ 5) Guidance was raised—but not enough

INGREZZA guidance was raised, yes. But the market wanted a big, aggressive increase after a quarter like that.

→ Expectations > Reality = pressure on the stock price.

⭐ 6) Classic “sell the news” effect

When a stock has performed strongly ahead of earnings, this often happens:

• good numbers → investors take profits
• Price falls despite good results

This is a typical pattern.

🎯 Quick summary

The price falls because:

• Expectations were higher
• Costs are rising sharply
• Cash has fallen sharply
• The integration of Soleno risks is leading to
• Investors are taking profits

*researched using AI

Hello everyone, I follow your posts with great interest and despite more than 20 years of stock market experience, I have learned a lot from you regarding important key figures of growth companies. I have now applied this knowledge to identify companies in the Tech/AI, Fin(tech) and Biotech sectors that are typically underrepresented in ETFs.

All fulfill strict criteria such as

• Rule of 40 > 40
• PEG < 2
• 5y CAGR >10%
• Moderate valuation/undervaluation according to Investing.com

I have mapped the companies in two wikifolios:

wikifolio 1 focuses on profitable scaling ("Profitable Growth") and the infrastructure that makes modern technologies such as artificial intelligence possible: https://www.wikifolio.com/de/de/w/wf11ainfin

This contains the following stocks:

• AI Infrastructure: $CRWV (-10,74 %)
  $LITE (-7,61 %)
  $VRT (-5,78 %)
  $ANET (-4,16 %)
  $MU (-3,77 %)
• High-quality Fintech: $NU (+7,95 %)
  $STNE (+2,61 %)
  $HOOD (-5,35 %)
• Biotech-Compounder: $NBIX (-2,08 %)
  $VRTX

wikifolio 2 combines the exponential growth of digital fintech platforms with the cyclical earnings power of established capital market compounders. The approach relies on digital transformation (crypto integration, neobanking) and traditional institutional advisory (M&A, IPOs) outperforming together in a diversified financial ecosystem: https://www.wikifolio.com/de/de/w/wf11fintec

This contains the following values

• Digital Disruptors & Neo-Banking: $SOFI (-2,57 %)
  $COIN (-1,89 %)
  $NU (+7,95 %)
• Capital Market Architects: $EVR (+0,22 %)
  $PJT (+0,73 %)
  $MC (-0,49 %)
  $MS (-0,15 %)
  $JPM (+0,61 %)
  $EXX1 (+0,14 %)
• Financial Infrastructure (Defensive Moats): $MCO (+0,11 %)
  $MA (+1,56 %)

Now I am curious about your opinion! What do you think of the wikifolios and would you invest in them? Which stocks would you replace, which are missing and which do you particularly like?

Bought because of the high gross margin of around 98.56 % and an operating margin of 24.75 %.

The (ROIC) of 13.2 % is above the industry average.

In the past it was a good idea to buy below the 200 day line.

I think the recent sell-off was exaggerated in the general market weakness.

$NBIX (-2,08 %)
$REGN (+0,06 %) Is there anyone here who is invested in Neurocrine or Regeneron?

The shares seem to be attractively priced at the moment and the companies appear to be financially sound. However, I'm not that familiar with the sector yet.

I would therefore be grateful for any opinions.