NBIX 2Q26 Results: Ingrezza & Crenessity Beat, FY Guide Raised

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NBIX 2Q26 Results: Ingrezza & Crenessity Beat, FY Guide Raised

IdeaMIngrezza guidance to $2,825–2,875M (from $2,700–2,800M- our $2,856M

estimate sits squarely inside the new range). On the key overhang (Austedo's

MFP designation), management framed 2026 access as strong (~70% of

Medicare lives covered under contracting executed last year), expects pricing

to stay relatively consistent year to year, and emphasized NBIX is well

positioned for continued access VMAT2 market access through 2027–28 and

beyond.

• Crenessity is scaling faster than we modeled, and we raise our estimates

~10-15% from FY26-FY28. Net sales were $184M, and management

emphasized consistent new patient starts, high persistence and compliance,

and favorable reimbursement (~80% of dispensed scripts). Approximately

15% of the estimated diagnosed CAH population has now been prescribed

Crenessity, and the prescriber base has nearly tripled versus a year ago,

spread across centers of excellence, pediatric endocrinologists and

community adult endocrinologists and balanced between adult and pediatric

patients. Two-year CAHtalyst data at Endo 2026 (durable androgen and

glucocorticoid reduction, cardiometabolic and bone-health benefits, pediatric

growth, >35,000 patient-weeks of exposure) de-risks long-term durability.

On guidance timing, management said Crenessity is tracking quite close to

internal expectations (internal models are converging toward the delivered,

above-Street numbers) but at only six quarters into the launch it remains

premature to issue a formal Crenessity guide.

• VYKAT-XR's optically-soft first quarter is a consolidation artifact; the

underlying launch is on track and management reaffirms blockbuster

conviction. Reported net sales were $54M (from the May 18 Soleno close)