Neurocrine Biosciences Reports Third Quarter 2024 Financial Results and Raises 2024 INGREZZA Sales Guidance
Neurocrine Biosciences (NBIX) reported strong Q3 2024 financial results, with INGREZZA net product sales reaching $613 million, representing a 26% year-over-year growth. The company raised its 2024 INGREZZA sales guidance to $2.30-$2.32 billion. Total revenues for Q3 2024 were $622.1 million, with GAAP net income of $129.8 million ($1.24 per share). The Board authorized a $300 million share repurchase plan. The company maintains a strong balance sheet with $1.87 billion in cash and marketable securities. Growth was driven by strong patient demand and improved gross-to-net dynamics across tardive dyskinesia and Huntington's disease chorea indications.
Neurocrine Biosciences (NBIX) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con vendite nette di prodotti INGREZZA che hanno raggiunto 613 milioni di dollari, registrando una crescita del 26% rispetto all'anno precedente. L'azienda ha alzato le previsioni di vendita per INGREZZA del 2024 a 2,30-2,32 miliardi di dollari. I ricavi totali per il terzo trimestre del 2024 sono stati di 622,1 milioni di dollari, con un utile netto GAAP di 129,8 milioni di dollari (1,24 dollari per azione). Il Consiglio ha autorizzato un piano di riacquisto di azioni da 300 milioni di dollari. L'azienda mantiene un solido bilancio con 1,87 miliardi di dollari in contante e titoli negoziabili. La crescita è stata guidata da una forte domanda da parte dei pazienti e da una migliore dinamica del grosso al netto nelle indicazioni per discinesia tardiva e corea di Huntington.
Neurocrine Biosciences (NBIX) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ventas netas de productos INGREZZA alcanzando 613 millones de dólares, lo que representa un crecimiento del 26% en comparación con el año anterior. La empresa elevó su guía de ventas para INGREZZA en 2024 a 2.30-2.32 mil millones de dólares. Los ingresos totales para el tercer trimestre de 2024 fueron de 622.1 millones de dólares, con un ingreso neto GAAP de 129.8 millones de dólares (1.24 dólares por acción). La Junta autorizó un plan de recompra de acciones por 300 millones de dólares. La empresa mantiene un balance sólido con 1.87 mil millones de dólares en efectivo y valores negociables. El crecimiento fue impulsado por una fuerte demanda de pacientes y una mejor dinámica de bruto a neto en las indicaciones de discinesia tardía y corea de Huntington.
Neurocrine Biosciences (NBIX)는 2024년 3분기 강력한 재무 결과를 보고했습니다. INGREZZA의 순 제품 판매가 6억 1,300만 달러에 달하며, 이는 전년 대비 26% 성장한 것입니다. 회사는 2024년 INGREZZA 판매 전망을 23억 달러에서 23억 2천만 달러로 상향 조정했습니다. 2024년 3분기의 총 수익은 6억 2,210만 달러였으며, GAAP 순이익은 1억 2,980만 달러(주당 1.24 달러)였습니다. 이사회는 3억 달러 규모의 자사주매입 계획을 승인했습니다. 이 회사는 18억 7천만 달러의 현금 및 유가 증권을 보유하여 강력한 재무 상태를 유지하고 있습니다. 성장은 환자의 강력한 수요와 지연성 운동 장애 및 헌팅턴병의 증상에 대한 개선된 총판에서 순판 비율 덕분에 이루어졌습니다.
Neurocrine Biosciences (NBIX) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de produits INGREZZA atteignant 613 millions de dollars, ce qui représente une croissance de 26 % par rapport à l'année précédente. L'entreprise a révisé à la hausse ses prévisions de ventes pour INGREZZA en 2024 à 2,30-2,32 milliards de dollars. Les revenus totaux pour le troisième trimestre 2024 s'élevaient à 622,1 millions de dollars, avec un bénéfice net GAAP de 129,8 millions de dollars (1,24 dollar par action). Le Conseil d'administration a autorisé un plan de rachat d'actions de 300 millions de dollars. L'entreprise maintient un bilan solide avec 1,87 milliard de dollars en liquidités et en titres négociables. La croissance a été soutenue par une forte demande des patients et une meilleure dynamique brute à nette dans les indications de dyskinésie tardive et de chorée de Huntington.
Neurocrine Biosciences (NBIX) hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, wobei die Nettoproduktverkäufe von INGREZZA 613 Millionen Dollar erreichten, was einem jährlichen Wachstum von 26% entspricht. Das Unternehmen hat seine Verkaufsprognose für INGREZZA 2024 auf 2,30-2,32 Milliarden Dollar angehoben. Die Gesamteinnahmen für das dritte Quartal 2024 betrugen 622,1 Millionen Dollar, mit einem GAAP-Nettoeinkommen von 129,8 Millionen Dollar (1,24 Dollar pro Aktie). Der Vorstand hat einen Aktienrückkaufplan in Höhe von 300 Millionen Dollar genehmigt. Das Unternehmen verfügt über eine starke Bilanz mit 1,87 Milliarden Dollar in bar und handelbaren Wertpapieren. Das Wachstum wurde durch eine hohe Nachfrage von Patienten und verbesserte Bruttogewinn-zu-Netto-Dynamik in Bezug auf tardive Dyskinesie und Chorea bei Huntington angetrieben.
- INGREZZA Q3 sales grew 26% YoY to $613 million
- Raised 2024 INGREZZA sales guidance to $2.30-$2.32 billion
- Q3 GAAP net income increased to $129.8M from $83.1M YoY
- $300M share repurchase plan authorized
- Strong cash position of $1.87 billion
- R&D expenses increased 37% YoY to $195M in Q3
- SG&A expenses rose 15% YoY to $234.3M in Q3
- $17M loss from changes in fair values of equity investments
- Failed ERUDITE Phase 2 study for luvadaxistat in CIAS
Insights
The Q3 2024 results demonstrate robust performance with several key positives. INGREZZA net product sales reached
The financial position remains solid with
Operating expenses increased due to R&D investments in pipeline expansion and pre-launch activities for crinecerfont, indicating strategic growth initiatives. The improved operating margin and strong balance sheet position the company well for continued expansion.
The clinical and pipeline developments show significant progress. The positive Phase 2 data for NBI-1117568, a first-in-class M4 agonist for schizophrenia, represents a potential new growth driver with Phase 3 advancement planned for early 2025. The KINECT-HD2 interim data demonstrated sustained improvements in Huntington's Disease chorea through week 104.
However, there were setbacks with the ERUDITE Phase 2 study of luvadaxistat not meeting its primary endpoint, leading to termination of two development programs. Despite these challenges, the core INGREZZA franchise continues to show strong growth across both tardive dyskinesia and Huntington's disease indications, while crinecerfont's FDA Priority Review for congenital adrenal hyperplasia adds near-term catalyst potential.
INGREZZA® (valbenazine) Third Quarter Net Product Sales of
INGREZZA® (valbenazine) 2024 Net Product Sales Guidance Raised to
Board Authorizes
"With continued INGREZZA growth across the tardive dyskinesia and Huntington's disease chorea indications, FDA Priority Review for crinecerfont in congenital adrenal hyperplasia, a deep neuroscience focused pipeline and a strong balance sheet, we are confident in our ability to help more patients than ever before," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences.
William Rastetter, Chairman of the Board of Directors of Neurocrine Biosciences, said, "The share repurchase authorization reflects the Board's confidence in Neurocrine's significant value creation potential. Importantly, the new share repurchase authorization preserves our flexibility to drive sustained growth through investments in INGREZZA and the anticipated launch of crinecerfont, while also advancing our diverse pipeline and maintaining our strong balance sheet."
Financial Highlights
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(unaudited, in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Revenues: | |||||||
Net Product Sales | $ 616.6 | $ 491.8 | $ 1,709.4 | $ 1,353.4 | |||
Collaboration Revenue | 5.5 | 7.0 | 18.2 | 18.5 | |||
Total Revenues | $ 622.1 | $ 498.8 | $ 1,727.6 | $ 1,371.9 | |||
GAAP Research and Development (R&D) | $ 195.0 | $ 142.2 | $ 545.5 | $ 427.5 | |||
Non-GAAP R&D | $ 180.2 | $ 125.0 | $ 497.9 | $ 372.7 | |||
GAAP Selling, General, and Administrative (SG&A) | $ 234.3 | $ 204.2 | $ 719.4 | $ 668.7 | |||
Non-GAAP SG&A | $ 204.6 | $ 169.7 | $ 620.9 | $ 563.4 | |||
GAAP Net Income | $ 129.8 | $ 83.1 | $ 238.2 | $ 102.0 | |||
GAAP Earnings Per Share – Diluted | $ 1.24 | $ 0.82 | $ 2.29 | $ 1.01 | |||
Non-GAAP Net Income | $ 189.2 | $ 156.1 | $ 482.9 | $ 232.3 | |||
Non-GAAP Earnings Per Share – Diluted | $ 1.81 | $ 1.54 | $ 4.64 | $ 2.31 | |||
(unaudited, in millions) | September 30, 2024 | December 31, 2023 | |||||
Total Cash, Cash Equivalents, and Marketable Securities | $ 1,871.9 | $ 1,719.1 | |||||
INGREZZA Net Product Sales Highlights
- INGREZZA third quarter 2024 net product sales were
$613 million 26% compared to the third quarter 2023 - Year-over-year growth driven by strong underlying patient demand and improvement in gross-to-net dynamics
Other Key Financial Highlights
- Differences in third quarter 2024 GAAP and Non-GAAP operating expenses compared with third quarter 2023 were driven by:
- Increased R&D expense in support of an expanded and advancing portfolio including investments in muscarinic compounds, gene therapy programs, and second generation VMAT2 inhibitors. Third quarter 2024 R&D expense includes
$39 million UK Limited (Nxera, formerly known as Sosei Heptares) and Voyager Therapeutics, Inc. (Voyager). - Increased SG&A expense includes incremental investment in crinecerfont-related headcount, crinecerfont-related pre-launch activities, and continued investment in INGREZZA, including the recent expansion of our psychiatry and long-term care sales teams in September 2024.
- Increased R&D expense in support of an expanded and advancing portfolio including investments in muscarinic compounds, gene therapy programs, and second generation VMAT2 inhibitors. Third quarter 2024 R&D expense includes
- Third quarter 2024 GAAP net income and earnings per share were
$130 million $1.24 $83 million $0.82 - Third quarter 2024 Non-GAAP net income and earnings per share were
$189 million $1.81 $156 million $1.54 - Differences in third quarter 2024 GAAP and Non-GAAP net income compared with third quarter 2023 driven by:
- Higher INGREZZA net sales and improved operating margin
- Third quarter 2024 includes
$17 million $40 million - Third quarter 2024 includes
$39 million
- At September 30, 2024, the Company had cash, cash equivalents and marketable securities totaling approximately
$1
A reconciliation of GAAP to Non-GAAP financial results can be found in Table 3 and Table 4 at the end of this news release.
Recent Developments
- Kyle W. Gano, Ph.D. appointed Chief Executive Officer effective October 11, 2024.
- Announced the Company's Board of Directors has authorized a
$300 million $300 million - Announced positive topline data for the Phase 2 study of NBI-1117568, a first-in-class, orally active, highly selective investigational M4 agonist, in development as a potential treatment for schizophrenia. The successful completion of the Phase 2 study triggered a
$35 million $15 million - Presented KINECT®-HD2 interim data at the 2024 MDS International Congress of Parkinson's Disease and Movement Disorders demonstrating robust and sustained improvements in chorea associated with Huntington's Disease through week 104 irrespective of antipsychotic use.
- Announced the ERUDITE™ Phase 2 study of luvadaxistat (NBI-1065844) in cognitive impairment associated with schizophrenia (CIAS) did not meet its primary endpoint. In addition, we provided Takeda Pharmaceutical Company Limited with written notice of termination of the license agreement to develop and commercialize luvadaxistat and NBI-1065846. The termination is anticipated to be effective in April 2025.
- Provided Idorsia Pharmaceuticals Ltd. with written notice of termination of the license agreement to develop and commercialize NBI-827104 in epileptic encephalopathy with continuous spike and wave during sleep. The termination is anticipated to be effective in January 2025.
Raised 2024 Net Sales Guidance and Updated Expense Guidance
Range | |||
(in millions) | Low | High | |
INGREZZA Net Product Sales 1 | $ 2,300 | $ 2,320 | |
GAAP R&D Expense 2 | $ 700 | $ 720 | |
Non-GAAP R&D Expense 3 | $ 635 | $ 655 | |
GAAP and Non-GAAP IPR&D 4 | $ 10 | $ 10 | |
GAAP SG&A Expense 5 | $ 970 | $ 990 | |
Non-GAAP SG&A Expense 3, 5 | $ 825 | $ 845 | |
1. | INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington's disease. |
2. | GAAP R&D guidance includes |
3. | Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of |
4. | Acquired in-process R&D (IPR&D) is included in guidance once significant collaboration and licensing arrangements have been completed. |
5. | SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth including the expansion of the psychiatry and long-term care sales teams in September and pre-launch commercial activities for crinecerfont. |
Conference Call and Webcast Today at 8:00 AM Eastern Time
Neurocrine Biosciences will hold a live conference call and webcast today at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Participants can access the live conference call by dialing 800-225-9448 (US) or 203-518-9708 (International) using the conference ID: NBIX. The webcast and accompanying slides can also be accessed at approximately 8:00 a.m. Eastern Time on Neurocrine Biosciences' website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.
About Neurocrine Biosciences
Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs, but few options. We are dedicated to discovering and developing life-changing treatments for patients with under-addressed neurological, neuroendocrine, and neuropsychiatric disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X (Formerly Twitter) and Facebook. (*in collaboration with AbbVie)
NEUROCRINE BIOSCIENCES, NEUROCRINE and YOU DESERVE BRAVE SCIENCE are registered trademarks of Neurocrine Biosciences, Inc. The Neurocrine logo is a trademark of Neurocrine Biosciences, Inc.
Non-GAAP Financial Measures
In addition to the financial results and financial guidance that are provided in accordance with accounting principles generally accepted in
Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: 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; our financial and operating performance, including our future revenues, expenses, or profits; our collaborative partnerships; expected future clinical and regulatory milestones; the timing of the initiation and/or completion of our clinical, regulatory, and other development activities and those of our collaboration partners; and our intention to enter into an accelerated share repurchase transaction, including the expected dollar amounts and the timing of the transaction. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: our future financial and operating performance; risks and uncertainties associated with the commercialization of INGREZZA; risks that the crinecerfont New Drug Applications (NDAs) may not obtain regulatory approval, such approval may be delayed, or may not receive the benefits associated with priority review; 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 clinical 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; constraints, volatility, or disruptions in the capital markets or other factors affecting our ability to enter into or complete an accelerated share repurchase transaction; and other risks described in our periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than as required by law.
TABLE 1
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
(in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Revenues: | |||||||
Net product sales | $ 616.6 | $ 491.8 | $ 1,709.4 | $ 1,353.4 | |||
Collaboration revenue | 5.5 | 7.0 | 18.2 | 18.5 | |||
Total revenues | 622.1 | 498.8 | 1,727.6 | 1,371.9 | |||
Operating expenses: | |||||||
Cost of revenues | 8.0 | 11.2 | 24.7 | 31.2 | |||
Research and development | 195.0 | 142.2 | 545.5 | 427.5 | |||
Acquired in-process research and development | 1.0 | — | 9.5 | 143.9 | |||
Selling, general, and administrative | 234.3 | 204.2 | 719.4 | 668.7 | |||
Total operating expenses | 438.3 | 357.6 | 1,299.1 | 1,271.3 | |||
Operating income | 183.8 | 141.2 | 428.5 | 100.6 | |||
Other income (expense): | |||||||
Unrealized loss on equity investments | (16.9) | (40.1) | (35.2) | (0.6) | |||
Charges associated with convertible senior notes | — | — | (138.4) | — | |||
Investment income and other, net | 23.4 | 14.5 | 68.5 | 33.9 | |||
Total other income (expense), net | 6.5 | (25.6) | (105.1) | 33.3 | |||
Income before provision for income taxes | 190.3 | 115.6 | 323.4 | 133.9 | |||
Provision for income taxes | 60.5 | 32.5 | 85.2 | 31.9 | |||
Net income | $ 129.8 | $ 83.1 | $ 238.2 | $ 102.0 | |||
Earnings per share, basic | $ 1.28 | $ 0.85 | $ 2.37 | $ 1.05 | |||
Earnings per share, diluted | $ 1.24 | $ 0.82 | $ 2.29 | $ 1.01 | |||
Weighted average common shares outstanding, basic | 101.1 | 97.9 | 100.6 | 97.5 | |||
Weighted average common shares outstanding, diluted | 104.3 | 101.1 | 104.0 | 100.6 | |||
TABLE 2
NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | |||
(in millions) | September 30, 2024 | December 31, 2023 | |
Cash, cash equivalents, and marketable securities | $ 1,228.0 | $ 1,031.6 | |
Other current assets | 648.6 | 575.4 | |
Total current assets | 1,876.6 | 1,607.0 | |
Deferred tax assets | 454.4 | 362.6 | |
Marketable securities | 643.9 | 687.5 | |
Right-of-use assets | 257.3 | 276.5 | |
Equity investments | 126.7 | 161.9 | |
Property and equipment, net | 80.0 | 70.8 | |
Intangible assets, net | 34.5 | 35.5 | |
Other noncurrent assets | 61.6 | 49.6 | |
Total assets | $ 3,535.0 | $ 3,251.4 | |
Convertible senior notes | $ — | $ 170.1 | |
Other current liabilities | 429.7 | 484.7 | |
Total current liabilities | 429.7 | 654.8 | |
Noncurrent operating lease liabilities | 251.4 | 258.3 | |
Other noncurrent liabilities | 135.0 | 106.3 | |
Stockholders' equity | 2,718.9 | 2,232.0 | |
Total liabilities and stockholders' equity | $ 3,535.0 | $ 3,251.4 | |
TABLE 3
NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
(in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
GAAP net income 1 | $ 129.8 | $ 83.1 | $ 238.2 | $ 102.0 | |||
Adjustments: | |||||||
Stock-based compensation expense - R&D | 14.8 | 17.2 | 47.6 | 54.8 | |||
Stock-based compensation expense - SG&A | 26.7 | 30.6 | 81.5 | 101.4 | |||
Charges associated with convertible senior notes 2 | — | — | 138.4 | — | |||
Vacated legacy campus facility costs, net of sublease income 3 | 3.0 | — | 17.0 | — | |||
Non-cash amortization related to acquired intangible assets | 0.9 | 0.9 | 2.7 | 2.7 | |||
Changes in fair values of equity investments 4 | 16.9 | 40.1 | 35.2 | 0.6 | |||
Other | — | 4.1 | 0.3 | 4.5 | |||
Income tax effect related to reconciling items 5 | (2.9) | (19.9) | (78.0) | (33.7) | |||
Non-GAAP net income 1 | $ 189.2 | $ 156.1 | $ 482.9 | $ 232.3 | |||
Diluted earnings per share: | |||||||
GAAP | $ 1.24 | $ 0.82 | $ 2.29 | $ 1.01 | |||
Non-GAAP | $ 1.81 | $ 1.54 | $ 4.64 | $ 2.31 | |||
1. | Three and nine months ended September 30, 2024 reflect |
2. | Reflects charges associated with the settlement of convertible senior notes conversions. |
3. | Reflects impairment charges and other costs associated with our vacated legacy campus facilities, net of sublease income, |
4. | Reflects periodic fluctuations in the fair values of equity investments. |
5. | Estimated income tax effect of Non-GAAP reconciling items are calculated using applicable statutory tax rates, taking into |
TABLE 4
NEUROCRINE BIOSCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||
GAAP cost of revenues | $ 8.0 | $ 11.2 | $ 24.7 | $ 31.2 | |||
Adjustments: | |||||||
Non-cash amortization related to acquired intangible assets | 0.9 | 0.9 | 2.7 | 2.7 | |||
Non-GAAP cost of revenues | $ 7.1 | $ 10.3 | $ 22.0 | $ 28.5 | |||
Three Months Ended | Nine Months Ended | ||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||
GAAP R&D | $ 195.0 | $ 142.2 | $ 545.5 | $ 427.5 | |||
Adjustments: | |||||||
Stock-based compensation expense | 14.8 | 17.2 | 47.6 | 54.8 | |||
Non-GAAP R&D | $ 180.2 | $ 125.0 | $ 497.9 | $ 372.7 | |||
Three Months Ended | Nine Months Ended | ||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||
GAAP SG&A | $ 234.3 | $ 204.2 | $ 719.4 | $ 668.7 | |||
Adjustments: | |||||||
Stock-based compensation expense | 26.7 | 30.6 | 81.5 | 101.4 | |||
Vacated legacy campus facility costs, net of sublease income | 3.0 | — | 17.0 | — | |||
Other | — | 3.9 | — | 3.9 | |||
Non-GAAP SG&A | $ 204.6 | $ 169.7 | $ 620.9 | $ 563.4 | |||
Three Months Ended | Nine Months Ended | ||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||
GAAP other income (expense), net | $ 6.5 | $ (25.6) | $ (105.1) | $ 33.3 | |||
Adjustments: | |||||||
Charges associated with convertible senior notes | — | — | 138.4 | — | |||
Changes in fair values of equity investments | 16.9 | 40.1 | 35.2 | 0.6 | |||
Other | — | 0.2 | 0.3 | 0.6 | |||
Non-GAAP other income, net | $ 23.4 | $ 14.7 | $ 68.8 | $ 34.5 | |||
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SOURCE Neurocrine Biosciences, Inc.
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