Can NBIX's Q2 Beat and Higher Ingrezza Guidance Drive More Growth?

NBIX Delivers a Strong Q2 Beat

Second-quarter revenues increased 39% year over year to $959 million, above the Zacks Consensus Estimate of $901.5 million. Adjusted earnings of $2.85 per share rose 73% and beat the consensus estimate of $2.26.

The beat was broad-based. Ingrezza sales reached $716 million versus the $628.6 million consensus mark, while Crenessity generated $184 million compared with the $170.8 million estimate. Vykat XR added $54 million from May 18 through quarter-end, giving Neurocrine contributions from all three marketed therapies.

Neurocrine Raises the Bar for Ingrezza

Ingrezza sales increased 15% in the second quarter and 17% in the first half of 2026 to $1.4 billion. Neurocrine cited double-digit prescription volume growth, record new prescriptions and continued access covering about 70% of Medicare lives.

Management raised 2026 Ingrezza net product sales guidance to $2.825-$2.875 billion from $2.7-$2.8 billion, implying roughly 13% growth at the midpoint. Neurocrine estimates that tardive dyskinesia affects about 800,000 U.S. patients, with roughly 10% receiving a VMAT2 inhibitor. Teva Pharmaceutical Industries Ltd. TEVA markets competing Austedo and Austedo XR in tardive dyskinesia and Huntington's disease chorea.

NBIX Adds Rare-Disease Growth Engines

Crenessity generated $337 million in first-half 2026 sales, up about 400% year over year and already above its $301 million total for 2025. About 15% of the estimated diagnosed classic congenital adrenal hyperplasia population has been prescribed the drug, and its prescriber base has nearly tripled.

Vykat XR contributed $54 million in reported second-quarter sales after the Soleno acquisition closed in May, while unaudited pro forma full-quarter sales were $94 million. Neurocrine expects launch-related discontinuations to largely work through during the third quarter and anticipates sequential sales growth beginning in the fourth quarter.

Neurocrine Is Spending More To Scale

Adjusted research and development expenses rose 24% to $276.1 million, reflecting investment across a broader development portfolio. Adjusted selling, general and administrative expenses increased 20% to $304.9 million as Neurocrine expanded commercial support for Ingrezza, Crenessity and Vykat XR.

The company also raised 2026 adjusted research and development guidance to $1.14-$1.19 billion and selling, general and administrative guidance to $1.325-$1.35 billion. Bristol Myers Squibb BMY already markets Cobenfy for adults with schizophrenia, a market relevant to Neurocrine's phase III direclidine program and its expanding research investment.

NBIX Signals Temper Q2 Optimism

The second-quarter beat, higher Ingrezza guidance and growing rare-disease portfolio support the revenue story, but higher operating investment and execution risks keep the outlook balanced. Vykat XR retention, Ingrezza pricing exposure and pipeline delivery remain important variables as Neurocrine scales.

NBIX currently carries a Zacks Rank #3 (Hold), which is less favorable than the #1 and 2 (Buy) ranks that Zacks Style Scores are designed to complement most effectively. Its Growth Score of A and VGM Score of A indicate favorable growth and blended style characteristics, while its Value Score of B is also constructive. The Momentum Score of D points to weaker momentum characteristics, tempering the otherwise favorable Style Score mix. 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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