Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Q2 2023 Earnings Call Transcript

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Eiry Roberts: Marc, thanks. There’s a lot of questions in there. Let me start just at the top. I mean, I think one of the things that really attracted us to the opportunity to partner with Sosei Heptares was the fact that they had a portfolio of really very selective different candidates that we could consider bringing into the clinic. And I think it is very important, given the importance that I think is going to be from this muscarinic set of pharmacology for us to have the opportunity to explore the differential pharmacology across these different selective molecules. With all of that said, our primary focus right now is on delivery of data for 568, which is our M4 selective agonist that is currently in the schizophrenia treatment of acute psychosis trial because obviously, that is the first opportunity we have in hand.

I’m really pleased to say that our enrollment is going very well in that trial in the United States and we continue to make really good progress. The molecule that I referred to earlier, 570 is the second of the candidates that we have in hand and are progressing. And that is an M4/M1 dual agonist. And I think that opens up the opportunity for us to look a little more broadly across different indications. We haven’t finalized our indication selection yet there. But as we move into Phase I and understand the profile of that molecule, we’ll be able to say more about that. And then in the preclinical setting, we obviously do have other molecules behind that, that we will intend to bring into the clinic in due course. With respect to cardiovascular profile for each of these, I think we need to see in the clinic first.

So I can’t make a comment about whether or not blood pressure monitoring will be required or blood pressure studies will be required until we’ve really seen what we get to look at in the clinic.

Marc Goodman: Okay.

Operator: We will take our next question from Brian Abrahams with RBC Capital Markets. Your line is open.

Brian Abrahams: Hey, guys. Good morning. Thanks for taking my question. So you reported another good growth – another good quarter of growth for INGREZZA. Can you talk about the inventory dynamics embedded in that? And then also, I guess, what you’re seeing on the ground with regards to market share versus overall market growth with your and others’ efforts to identify and diagnose TD patients? And I guess, where do you see that going in the rest of this year into next? Thanks.

Kevin Gorman: So the bleed did occur as anticipated, but I’d say our results were largely driven by new patient additions that we saw both in the first quarter and the second quarter. And it’s a real testament to the team, both medical and the commercial team and how they’re engaging with our customers and then also reflective of the strong market that we have here with the developing TD market. So I’m going to hand it to Eric to provide a few more comments.

Eric Benevich: Yes. We’re really happy with the growth that we’ve seen in the first half of the year. And obviously, our raised guidance reflects our optimism for the second half. Our commercial team is firing on all cylinders right now and the market is growing nicely, but I’d say that INGREZZA is growing even more nicely. We’ve actually gained share over the past few quarters. And we continue to be very optimistic about continued growth. The vast majority of patients with TD remain as yet undiagnosed and untreated. And we’re very focused on bringing this important medicine to those patients.

Brian Abrahams: Thanks so much and congrats on the quarter.

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