Operator: We will take our next question from Brian Skorney with Baird. Your line is open.
Brian Skorney: Hey. Good morning, guys. Thanks for taking my question. I just really want to ask about any sort of seasonality to consider going into 3Q. I know 2Q is historically a big quarter for INGREZZA and then there tends to be a little less sequential growth in 3Q and then a bigger sequential jump in 4Q. So just looking for any guidance as we kind of think about the remainder of the year with that historical context and how we sort of model out the next few quarters? Are there any channel dynamics to consider price changes, et cetera?
Matt Abernethy: Yes, Brian, I’ll try to address the questions here. So the first half of the year had tremendous growth. The second half of the year, we expect similar growth. I think if you look at the range, it’s $920 million to $970 million type INGREZZA performance here in the second half of the year, and we do expect continued sequential growth, largely driven by new patients. Q3 is – has had a touch of seasonality in the past, but it’s always difficult to predict. So nothing that we’re going to call out specifically here on this call. And then also from a price perspective, as I’ve said previously, we do anticipate our net revenue per script to be around $5,600, which is a couple of percent increase if you compare it to 2022.
So all feels stable from a net price perspective. So it really comes down to executing and driving new patients. And I think what you can hear from myself, Eric, Kevin, we feel very good with how the market is evolving, how our team is performing and look forward to the second half of the year.
Brian Skorney: Okay. Thanks, Matt.
Operator: We will take our next question from Akash Tewari with Jefferies. Your line is open.
Unidentified Analyst: Good morning. This is Avi on for Akash. So historically on M&A, I think you comment that the high end of the range you’ve considered was around $4 billion. But over the next few years, I think INGREZZA will generate more than enough free cash flow to go beyond that point. So what’s the gating – I guess, like the gating factor for doing M&A beyond that $4 billion landmark? And would there be any appetite on our teams in to pursue a merger of another commercial stage CES [ph] company? Thank you.
Kevin Gorman: So what I would say right now is that we have a very good growing franchise within INGREZZA and we’re going to be adding another indication to it. And at the same time, we have an outstanding pipeline, which we’re going to have multiple readouts going on in the rest of this year and into early next year. So is Neurocrine driven to doing a large acquisition? No, but we look at everything pretty frequently. But we have a great opportunity for substantial organic growth here at Neurocrine and that’s our focus at this point in time.
Operator: We will take our next question from Jeff Hung with Morgan Stanley. Your line is open.
Jeff Hung: Thanks for taking my question. Can you talk about the potential advantages of INGREZZA as adjunctive treatment in schizophrenia over others approved for the indication? Thanks.
Eiry Roberts: Thanks, Jeff. First of all, I think, I don’t believe there are currently any adjunctive treatments actually approved in the space of schizophrenia. And so obviously, this would be an opportunity to have a first approved medication. And we are very excited about the 2 pivotal Phase III studies that we have ongoing to evaluate valbenazine as a potential adjunct in patients with schizophrenia who fail to get adequate response from currently available treatments. I think it’s very important to emphasize the unmet need that exists there. The majority of patients do not get full effectiveness from currently available treatments. And if they do get an efficacy response initially, then many of those patients relapse and suffer from acute psychotic episodes later on in the disease.
