Slides
Page 1
1 Q3 2026 Earnings Presentation Neurocrine Biosciences (Nasdaq: NBIX) November 2, 2026
Page 2
2 Safe Harbor and Forward-Looking Statements In addition to historical facts, this presentation contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: our business strategy, objectives, and future development plans; the benefits to be derived from our products and product candidates; the value our products and/or our product candidates may bring to patients; the continued success of INGREZZA; successfully commercializing CRENESSITY and VYKAT XR; our financial and operating performance, including our future revenues, expenses, or profits; our full year 2026 financial guidance; our acquisition of Soleno Therapeutics, including the prospective benefits of the acquisition, and our strategy, plans, objectives, expectations (financial or otherwise) and intentions with respect to our future financial results, growth potential and anticipated product portfolio in connection with the acquisition; our collaborative partnerships; clinical and scientific data updates for our products and product candidates, including observations regarding clinical outcomes, safety, and tolerability; expected future clinical and regulatory milestones; and the timing of the initiation and/or completion of our clinical, regulatory, and other development activities and those of our collaboration partners. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements, include but are not limited to the following: risks and uncertainties associated with Neurocrine Biosciences’ business and finances in general; risks and uncertainties associated with the commercialization of our products; risks related to our ability to realize the anticipated benefits of the acquisition of Soleno Therapeutics, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period and that we will not be able to integrate Soleno Therapeutics’ business successfully or that such integration may be more difficult, time-consuming or costly than expected, disruption from the acquisition, making it more difficult to conduct business as usual or maintain relationships with employees, customers, suppliers, other business partners or governmental entities, unknown or inestimable liabilities, the risk of litigation and/or regulatory actions related to the acquisition, and the degree and pace of market uptake of VYKAT XR; risks related to the development of our product candidates; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with government and third-party regulatory and/or policy efforts which may, among other things, impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products; risks associated with competition from other therapies or products, including potential generic entrants for our products; risks associated with our ability to manage the growth of our organization; and other risks described in our periodic reports filed with the Securities and Exchange Commission. Neurocrine Biosciences disclaims any obligation to update the statements contained in this presentation after the date hereof other than as required by law. In addition to the financial results and financial guidance that are provided in accordance with accounting principles generally accepted in the United States (GAAP), this presentation also contains the following Non-GAAP financial measures: Non-GAAP cost of revenues, Non-GAAP R&D expense, Non-GAAP SG&A expense, Non-GAAP other income (expense), net, Non-GAAP net income and earnings per share. When preparing the Non-GAAP financial results and guidance, the Company excludes certain GAAP items that management does not consider to be normal, including recurring cash operating expenses that might not meet the definition of unusual or non-recurring items. In particular, these Non-GAAP financial measures exclude: non-cash stock-based compensation expense, amortization expense related to acquired intangible assets, amortization expense related to acquisition-date inventory fair value step-up, stock based compensation expense related to the acceleration of vesting of equity awards for Soleno employees, changes in fair value of equity investments, acquisition-related transaction and integration costs, gains on sales of businesses, net of transaction costs, other divestiture-related transaction costs, changes in foreign currency exchange rates and certain adjustments to income tax expense. These Non-GAAP financial measures are provided as a complement to results provided in accordance with GAAP as management believes these Non-GAAP financial measures are useful to investors because they help indicate underlying trends in the Company's business, are important in comparing current results with prior period results and provide additional information regarding the Company's financial position. Management also uses these Non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally and to manage the Company's business and evaluate its performance. The Company provides guidance regarding combined R&D and SG&A expenses on both a GAAP and a Non-GAAP basis. A reconciliation of these GAAP financial results to Non-GAAP financial results is included in the attached financial information.
Page 3
3 * Products commercialized by Neurocrine Biosciences, Inc. in the United States of America. 1 Tanabe Pharma Corporation has commercialization rights in Japan and other select Asian markets. COMMERCIAL* RESEARCH & DEVELOPMENT STRONG FINANCIAL POSITION • Neuropsychiatry • Endocrinology • Immunology Psychiatry pipeline to deliver multiple first- and best-in-class medicines this decade CRF-based therapies offer third growth horizon in endocrinology and metabolic disease including NBIP-’1435 (subcutaneous CRF1 antagonist for CAH) and NBIP-’2118 (CRF2 agonist for obesity) R&D organization delivering diverse, high- quality candidates, enabling repeatable value creation opportunities INGREZZA 2026 FY Net Sales Guidance Range Raised to $2.9 - $2.925 Billion CRENESSITY Q3 2026 Net Sales of $211 Million Annualizing at > $800 Million $790 Million Cash and Investments as of 9/30/2026 • Strong Balance Sheet • Durable Cash Flows • Attractive P&L Profile Therapeutic Area Diversification TARDIVE DYSKINESIA & HUNTINGTON’S DISEASE CHOREA ,1 HYPERPHAGIA IN PRADER-WILLI SYNDROME CLASSICAL CONGENITAL ADRENAL HYPERPLASIA Neurocrine Well-Positioned to Drive Sustainable Growth and Value IP Protection to 2038 IP Protection to Early 2040s IP Protection Expected to Extend Into the Mid-2040s CRF = Corticotropin Releasing Factor; CRF1 = Corticotropin Releasing Factor 1; CAH = Congenital Adrenal Hyperplasia; CRF2 = C orticotropin Releasing Factor 2
Page 4
4 687 658 657 716 801 98 135 153 184 21154 107 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 INGREZZA CRENESSITY VYKAT XR Delivering Strong and Diversified Growth with Over $1.1 Billion in Q3 2026 Net Sales Across INGREZZA, CRENESSITY and VYKAT XR $ Millions $785 $793 $810 $954 $1,119 28% 72% +43% * * Net product sales for VYKAT XR are included from the closing of the Soleno Therapeutics acquisition on May 18, 2026.
Page 5
5 Advancing Industry-Leading Pipeline With Multiple Important Clinical Milestones in 2027 2026 New Study Initiations / Updates 2027 Study Data Readouts 4 New Phase 2 Programs Initiated: • NBI-’567 (M1 Preferring Agonist for Alzheimer’s Disease Cognition) • NBI-’570 (Dual M1 / M4 Agonist for Schizophrenia) • NBI-’890 (VMAT2 Inhibitor / Long-Acting Injectable for Tardive Dyskinesia) • Crinecerfont (Pediatric Patients < 4 Years Old for Classic CAH) 3 New Phase 1 Programs Initiated: • NBIP-’1968 (Triple G Agonist for Obesity) • NBIP-’2118 (CRF2 Agonist for Obesity) • NBIM-’1008 (Immunology) 3 New Phase 1 Programs Expected to Initiate: • NBIB-’223 (Gene Therapy for Friedreich’s Ataxia) • NBIM-’1748 (Immunology) • NBI-’737 (Endocrinology) Discontinued Programs: • NBI-’986 (M4 Antagonist for Movement Disorders) • NBI-’188 (CRF1 Antagonist) Phase 3 • Osavampator (AMPA PAM for Major Depressive Disorder); Study Readouts in Second Half of 2027 • Direclidine (M4 Agonist for Schizophrenia); Study Readouts in Second Half of 2027 and in 2028 Phase 2 • NBI-’890 (VMAT2 Inhibitor / Long-Acting Injectable for Tardive Dyskinesia) • NBIP-’1435 (Subcutaneous CRF1 Antagonist for CAH) Key Phase 1 Data • NBIP-’2118 (CRF2 Agonist for Obesity) • NBIB-’223 (Gene Therapy for Friedreich’s Ataxia) • NBI-’569 (Dual M1 /M4 Agonist for Alzheimer’s Disease Psychosis) • NBI-’355 (Nav 1.2 / 1.6 Inhibitor for Epilepsy) • NBIM-’1112 (Immunology) 9 Program Data Readouts Anticipated in 2027 Neurocrine to Host R&D Day in New York on December 15, 2026 M1 = M1 Muscarinic Receptor; M4 = M4 Muscarinic Receptor; VMAT2 = Vesicular Monoamine Transporter 2; Triple G= Neurocrine Proprietary GIP -GLP-1-Preferring Triple Agonist” (“Light” on Glucagon Activity); AMPA PAM = alpha-amino-3-hydroxy-5-methyl-4-isoxazole propionic acid Positive Allosteric Modulator; Nav = Sodium Channel
Page 6
6 Modality Key: Peptide Gene Therapy Antibody Small Molecule Therapeutic Area Key: Neuropsychiatry Endocrinology Immunology Phase 3Phase 2Study Initiating in 2026 Phase 1 Neurocrine Biosciences has global rights, unless otherwise noted. Investigational therapies are not approved for use in any country. *Licensed from Nxera Pharma. ±Nxera Pharma has retained rights in Japan; Neurocrine Biosciences may opt-in to a 50:50 cost and revenue share upon certain development events. ॥Takeda Pharmaceutical Company Limited has retained rights in Japan. NBIB-’223 (Frataxin) Friedreich’s Ataxia NBIP-’2118 (CRF2 Agonist) Obesity NBIP-’1435 (CRF1 Antagonist) Classic Congenital Adrenal Hyperplasia NBIM-'1112 (Undisclosed) Immunology NBI-’569* (M1/M4 Agonist) Alzheimer's Psychosis NBI-’675 (VMAT2 Inhibitor) CNS Indications NBI-’355 (Nav1.2/1.6 Inhibitor) Epilepsy direclidine* (M4 Agonist) Schizophrenia osavampator॥ (AMPA PAM) Major Depressive Disorder NBIM-’1748 (Undisclosed) Immunology NBIP-’1968 (Triple G Agonist) Obesity NBI-’570* (M1/M4 Agonist) Schizophrenia NBI-’890 (VMAT2 Inhibitor) Tardive Dyskinesia NBIM-’1008 (Undisclosed) Immunology direclidine* (M4 Agonist) Bipolar Mania Robust Pipeline Advancing Through 2026 Smart and Strategic Diversification crinecerfont (CRF1 Antagonist) Classic Congenital Adrenal Hyperplasia < 4 Years Old NBI-‘567*± (M1 Preferring Agonist) Alzheimer's Cognition RECENTLY INITIATED NBI-’737 (Undisclosed) Endocrinology
Page 7
7 Q3 2026 Financial Results
Page 8
8 Q3 2026 Financial Summary Item Q3 2026 Q3 2025 Highlights / Comments Revenue - INGREZZA Net Product Sales - CRENESSITY Net Product Sales - VYKAT XR Net Product Sales - Other Revenues $1,123 $801 $211 $107 $4 $795 $687 $98 - $10 Total Revenue Grew 41% YoY INGREZZA Sales Grew 17% YoY Driven by Double-Digit Volume Growth, with Record Total and New Prescriptions CRENESSITY Sales Driven by Steady Patient Demand; New Patient Starts, Persistence, and Reimbursement Rates of ~ 80% Consistent with Prior Quarterly Trends VYKAT XR Sales Represent First Full Quarter Following the Closing of the Soleno Acquisition in May 2026 Non-GAAP R&D Expense $317 $228 Increase in Support of Expanded and Advancing Pre-Clinical and Clinical Portfolio Included Investments in osavampator Phase 3 Program in MDD and Muscarinic Franchise, Including direclidine Phase 3 Program in Schizophrenia; Development Milestone Expense Was $10M in 2026 and $1M in 2025 Non-GAAP SG&A Expense $327 $259 Increase Primarily Reflected Continued Investment in Commercial Organization, Included Expansion of INGREZZA and CRENESSITY Sales Teams in Q1 2026 and for Support of VYKAT XR following the acquisition of Soleno in May 2026 Non-GAAP Net Income $347 $222 Non-GAAP Net Income Grew 56% YoY Driven by Higher Revenues Offset Partially by Higher R&D / SG&A Investments Non-GAAP Earnings per Share, Diluted $3.29 $2.17 Non-GAAP Earnings Per Share Grew 52% YoY Cash and Investments (Period End) $790 $2,113 Cash Lower YoY Driven Primarily by Acquisition of Soleno in May 2026 All income statement items, except revenue, are non-GAAP financial measures; see reconciliations accompanying the presentation. All numbers except EPS rounded to the nearest million. Totals may not sum due to rounding. $ Millions, Except Non-GAAP Earnings Per Share
Page 9
9 2026 INGREZZA Net Sales Guidance Raised to $2.9 to $2.925 Billion Item ($ Millions) 2025 Actuals Prior 2026 Guidance Updated 2026 Guidance INGREZZA Net Product Sales1 $2,514 $2,825 - $2,875 $2,900 - $2,925 GAAP R&D Expense2 $1,016 $1,275 - $1,325 No Change Non-GAAP R&D Expense2,3 $925 $1,140 - $1,190 No Change IPR&D4 $17 $23 $34 GAAP SG&A Expense5 $1,156 $1,575 - $1,600 $1,540 - $1,560 Non-GAAP SG&A Expense3,5 $1,025 $1,325 - $1,350 $1,290 - $1,310 GAAP Amortization of Acquired Intangible Assets6 $0 $85 - $90 No Change 1. INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington’s disease. 2. R&D guidance reflects the continued advancement of the Company’s pre-clinical and clinical portfolio including the Phase 3 programs for osavampator in major depressive disorder and direclidine in schizophrenia, and includes approximately $33 million of expense for development milestones related to our in-licensed product candidates. Development milestones are included in R&D guidance once achieved or deemed probable to achieve. 3. Non-GAAP guidance has been adjusted to exclude estimated non-cash stock-based compensation expense of approximately $115 millionin R&D and $170 million in SG&A, including approximately $58 million related to the acceleration of vesting of equity awards for Soleno employees which vested in full upon the closing of the transaction, and acquisition, integration and divestiture-related expenses of approximately $95 million. Non-cash stock-based compensation expense for performance-based equity awards is included in guidance once the predefined performance-based criteria for vesting is achieved or deemed probable to achieve. 4. IPR&D guidance represents completed collaboration and licensing arrangements. 5. SG&A guidance reflects expense for ongoing commercial initiatives, including the recent expansion of our sales teams in Q1 2026, supporting INGREZZA growth and the launch of CRENESSITY and VYKAT XR. 6. In connection with the acquisition of Soleno, the Company recorded approximately $2.2 billion of intellectual property related to VYKAT XR to the balance sheet, which will be amortized over an expected life of 16 years.
Page 10
10 10 GAAP to Non-GAAP Reconciliations
Page 11
11
Page 12
12
Page 13
13
Page 14
14
Page 15
Q3 2026 Earnings Presentation Neurocrine Biosciences (Nasdaq: NBIX) November 2, 2026