Neurocrine Biosciences Key Takeaways from Our Post 2Q26 Earnings Virtual Group Meeting

研报英文原文证据摘录

Neurocrine Biosciences Key Takeaways from Our Post 2Q26 Earnings Virtual Group Meeting

J P M O R G A N North America Equity Research

03 August 2026

Neurocrine Biosciences Overweight

NBIX, NBIX US

Key Takeaways from Our Post 2Q26 Earnings Virtual Price (31 Jul 26):$166.80

Group Meeting

SMid Biotechnology

We recently hosted Neurocrine for a virtual investor group meeting post 2Q26 Anupam Rama AC

earnings. We wanted to pass on a few quick nuggets from the meeting. (1-212) 622-0900

anupam.rama@jpmorgan.com

• The focus of the call was on the commercial franchise, for which we see Joyce Zhou

Ingrezza / Crenessity, in particular, being the primary drivers of NBIX (1-212) 622-7212

shares for the balance of the year. joyce.zhou@jpmorgan.com

J.P. Morgan Securities LLC

• Looking forward, we anticipate increased focus on the pipeline in 2H26

(osavampator / direclidine in particular) and this should really pick up

steam in 1H27. Indeed, we see the pipeline as a potentially The authors would like to thank Rati

underappreciated driver of NBIX shares in the next ~12-18 month Pinge of the J.P. Morgan Global

timeframe (we have a positive outlook on osavampator in particular). Research Center for contributions to

• The company reiterated double-digit percentage script growth in the VMAT2 this report.

inhibitor category, and Ingrezza is outpacing this growth, with the psychiatry

segment driving the majority of the product’s growth.

• While continuing to note that the full impact of the sales force expansion for

Ingrezza will take a few quarters (completed early-2Q), it was noted there was

a positive impact in 2Q, with an increased focus on advanced practice providers

in the psychiatry segment. Overall, the faster impact of the most recent sales