NBIX - Earnings call transcript Q1 2022 | Neurocrine Biosciences, Inc.

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Operator

Good day, everyone, and welcome to today's Neurocrine Biosciences Reports First Quarter Results. [Operator Instructions]. It is now my pleasure to turn today's program over to Todd Tushla, VP of Investor Relations.

Todd Tushla

Thank you, operator. Good morning, everyone, and thanks for joining our first quarter 2022 earnings call. Chief are Chief our our Development Financial Officer; Benevich, usual Matt Executive Chief and as Kyle Eric our and Abernethy, Officer; our Strategy me Officer. Kevin Chief Chief Gorman, Officer; Medical Gano, With our Officer; Business Commercial Amy Roberts,

you Before going, our materially. certain to risks be everyone uncertainties, and I'll review questions. that we your differ today's call, to subject we be statements making factors to happy After encourage our are results risk get actual I may SEC will address latest we'll forward-looking our remind discussed during statements. the These and remarks, prepared in filings.

Kevin I'll the over Now hand to Gorman. call

Kevin Gorman

and the morning, very I'm sufferers our Todd. TD I being treated health of you work number Good to INGREZZA you, a Thank quarter. on professionals TD say educating entire resulted organizations pleased in everyone. in medical I'm record last commercial this care and with sure saw have our morning, press with release of

it external normal, still are Now while there and has challenges. to back is environment not the improved,

are we believe level know forward. remote some to persist well care, which I However, we delivery of will moving at the health adapting

of now on So fourth we making sequential seen growth. only consecutive our have not quarter We're business. our progress commercial

essential our X importantly, recall, data aggressive. the we Huntington's started, and what and INGREZZA filing readouts for on have may for the in the in very year, track anticipating most of was pleased portfolio including that programs this tremor these programs, we that I'm It remain CSWS. we disease beginning and data year you at As sNDA of the we the clinical updated you of on readouts. starting are

we data have clinical to Matt. I'm this there of with currently share like well, are potential hand are aside those to loss and growing complex of will been mitigating sites. and extremely that, pipeline Ukraine, I'd forward with from that, looking that But I as year. by impact the we the the Now With have sharing of invasion and impacted programs to you X over handled this it later you,

Matthew Abernethy

Good morning.

saw typically in we challenging the our most sales QX quarter strong million is year. what totaling INGREZZA earnings in As $XXX the you of delivered performance release, with

a These job the through to seasonal the X quarters. refill Our team did we managing rectifying challenges QX as patients dynamics experienced. rate benefited payer-related ultimately nice pharmacy first very the items also distribution QX for and our previous compared

commercial environment a exited we from benefits number of our record and an new addition, initiatives. QX improving In with external patients, reflecting

we As expect you about growth. think QX, do sequential

dollar the in be our as However, growth dynamics. we saw through in from the improvement will years likely strong benefit the managing seasonal QX not prior as given team's

the balance Eric? profile and I'll the now front, continue our INGREZZA Benevich, invest financial P&L to Officer. have advance in and Eric we plenty to strong attractive a hand On call sheet Chief with of continue pipeline. flexibility to Commercial our to With that, over

Eric Benevich

X our impacted prescription the half Matt. the an our payer half everyone With Thanks, of a pleased QX to dynamics reauthorization QX related by process. INGREZZA has regarding commercial been quarters, for of to I'm update provide the franchise, seasonal largely quarter tale always progress. with first

trained typical drivers starts. of this year, QX see uptick QX were in also our record did rates on we and growth? is delivering compliance to XX% the the our of to mitigate on recruited, not of onboarded expansion early incremental to new variant of an in our more environment patient sales general half the of to end patients. second representatives surge Despite XXX when than execution, at The a quarter. Omicron key growth in external a HCP we strong in access in the phenomenal usually and in These payer see complete new successful favorable force the with did the QX, year-over-year conditions the what dynamics. only into But in QX was a focus the accomplished we results improved the translating improvement We but QX job while field teams levels sales knew were

to benefit expect force the of expanded into get We sales see the of the as back half the we year.

lower in to do we stronger-than-expected growth growth over but Matt compared in in our quarter, a QX percentage continued Sunday given As launch This as the of the relates given it prior X-year second anniversary to INGREZZA. years to of was at QX, see the mentioned, expect strong slightly QX, the QX. past increase performance

effort to perspective, us dyskinesia. regulatory INGREZZA paradigm the we've level success and was by diagnosis to of medicine expected required achieve the the treatment changing of You breakthrough breakthrough TD It's a From also designated sense in a a the the related tardive had of been given FDA. completely of treatment.

stigmatizing While to and was What mainstream. themselves. We more dramatically condition is for once as the historical condition becoming managed. now an viewed change once untreatable as being was underdiagnosed and is now now is speak hard a worked results but systematically treatable, paradigm once and more a diagnosed condition our

being However, with TD inhibitor like approximately living treated with largely of people XX% unfinished remains the with XXX,XXX either still work diagnosed or INGREZZA. a in our estimated not VMATX

expansion TD give and significant and but made campaign years not help just this our treatment to commercial for direct-to-consumer more many field accelerate of our year, evidence continuation investments The come. to to diagnosis sales conviction our we've of of patients. the to So TD, team

like States. share health across officially is conditions the to short. week, improve the the I'm what ahead of or of still progress great has team in years, unaware were awareness by years scope TDA living been that ago, as by thousands made we existed. in most mental week, United to for these Tardive TDA odd May as with the we humbled Today, from patients mental community. TD Lastly, health the as month aim that lives Awareness mental month. Dyskinesia in designated many I'm X X now We've particular, entire years This of achieve people the I'd raising awareness recognized to has suffering past of is able TD. what been the in health recognized our and accomplish

I'll over our the to colleague, Medical So Roberts, Officer. call that, with turn Chief my Eiry

Eiry Roberts

our regarding everyone. partner, we and of Thank We I'm they to plans proceed a the study, provide beginning to morning regulatory of III for good you, valbenazine. the with KINECT valbenazine Tanabe treatment from Japanese news partner with dyskinesia. regarding Japan generated our very for the our in from brand were Eric, Pharma programs, to happy clinical March, good that and the Japanese approval DYSVAL, was of as very brief launch selection valbenazine. with Phase update look of In forward supporting data tardive the Mitsubishi Corporation, the impressed a name we received

Turning Huntington's to data the valbenazine and present Disease meeting to the pleased the collaboration this for at month. efficacy Neurology with Group, chorea we earlier treatment additional of American were of Huntington's disease. Study in In safety Academy

Maximal beginning week study You'll improvement met X Unified Total with the as of that in Scale, in the as Disease significant the severity valbenazine recall of endpoint Huntington's early primary Score, Rating KINECT-HD placebo, as improvement measured Chorea treatment. versus by

participants significantly with XX with study placebo. higher the than with or treatment weeks improvement valbenazine clinician at addition, percentage In self-rated of global was

supplemental the remain in Importantly, with TD in safety occurring to on if or I'd Ukraine. also safety submit the was be the We the to no profile in with crisis ideation. of suicidal half track not did NDA second the consistent valbenazine mention profile this FDA behavior remised year. known I humanitarian

in neurology located the involve current in impacted by thoughts in clinical always and in and organization are Russia. region. program of the research recently to our contract our situation several Ukraine research tragically partners everyone sites clinical industry, psychiatry Our our Ukraine, many including intended Like in initiated and

and dyskinesia of remains the line initiation while across While line track valbenazine the the Phase for of other delayed for treatment at on XXXX. clinical related XXXX. top for impacted has adjunctive we've All remain for in war the palsy, schizophrenia. programs for cerebral expect of Phase study III the line has data plans due schizophrenia top timing III first our the We already study now the to treatment to of cerebral Initiation Phase valbenazine for III pivoted the of been time to track III Phase data second have for valbenazine of the contingency portfolio, second the to on dyskinesia however, XXXX, study, this study treatment for adjunctive for palsy and time.

the on from of very the half with of working of Turning I antagonists that, steps next potential In determine then T-type clinical Kevin. each of in during continuous study dedication. progress fleet. XXXX, will to calcium in these pipeline. for our hand and readout we Kevin? data tremor. I'm Phase dossier. trial work teams spike ongoing our data our each XXX we I'll NBI-XXX, we'll the programs proof-of-concept with II indications. thank to back closing, in Midyear, Based With the totality of review for these complete Then their second NBI-XXX, our epilepsy generated wave the the channel hard essential for will of in in selective in to pleased on want

Kevin Gorman

Eiry. Thanks, ready for are questions. now we Operator,

Operator

first from with Matteis Paul our Stifel. take question We'll Instructions]. [Operator

Paul Matteis

quarter. the on Congrats

As around to add wondering just was with that. I context little it you quarter, bit right, relates if improvement of your could this a compliance

be contracting? to X% this on headwind delays. XQ something this What X% bit little in going historically, to So like your impact gross to relative for then a there's said does refill if you can to prior expectations of year years? and maybe And just think I look you've like increased a can with happen comment any net

Matthew Abernethy

net implies TRx. guided $X,XXX of in first per be a X% script then quarter the for for $X,XXX And side Paul, per to the full the we've around should quarter. year, the headwind gross around first the that and around equation, that

much per see, less a dynamics, from to relates was QX. get good between we that experience and I not to to improving were refill be reauthorization thing. good to from guess, that. And a it effectively, specifics afforded the access As us we moving from that It did to into to QX I do the decline was through process more seasonal here, perspective manage able going a patient able an rate but environment think, the of thing

might QX, not nice bump. And QX, we but historically. seen what you've from recovery be add, you've a high as Anything into to very what a added sequentially it grow to saying QX we're clip historically, to expect a do as Eric? So that that is seen

Operator

next Neena Bitritto-Garg will with from question We Citi. take our

Neena Bitritto-Garg

quarter? needed you the little I about whether to comfortable just kind number inventory could of guidance, if first, on to quarter thinking about first raising maybe comment was was you strength from impact wondering, see, quarter. a just the And just any you what talk the the the if I would gross in the bit could this also given then there guidance, feel reiterated guidance have guess, the during

Matthew Abernethy

Yes.

So what we're really we're launched improving. just first by quarter, really mutations, And quarter. through encouraged in first the owing But record we've we expanded the force. sales our environment number saw

we it So guidance prudent reiterate simply felt this to point. at

As inventory, this quarter. it to comment no relates real

We have don't significant have we as inventory. a place in where many gotten into swings

to from And regard. flag so A right clean that quarter now. nothing

Operator

We of will take next Tazeen with our America. Ahmad Bank from . question

Tazeen Ahmad

how of you've in you focus and split increasing scripts. on Can color community. the know of between had give I psychiatrists days looking in penetration bit is neurologists these us neurologist a terms little a on the

terms And are if neurologists in think INGREZZA? already of be patients the you'll new sense to where who group psychiatrists using by us how give adding the you that's of could of going? versus a with penetration end the wondering of Just year you

Eric Benevich

better to percent Tazeen, The and important penetrate the considerable and neurology, and consistent neurology an in has about consideration at psychiatry between hired speak. our sales experience over is team. that in hitting expand XX% ground, to team in our new neurology. pretty the the group. relationships but been psychiatry the people of split we And few years. so standalone development the felt opportunity there Certainly, neurology was neurology to of segment, decision business it's and in and really XX-ish with that deployed so historically, reorganize our been looking We TD the that market, about just just was in we've last obviously,

going that the is half the it's our And group for I the how across neurology comment segment But into as providers. further of psychiatry think neurology a of get year. developing I important so practice and we'll have of sense should also both second us an better business we advanced with

psychiatry. As expanding field to educating part in sales is organization job of practitioners of and neurology a and our do the rationale both reaching better physician for assistants nurse and

Tazeen Ahmad

that year provided the just was the This you Maybe quick a year Okay. year. first sales follow-up. guidance for

sense be much at think sales peak you their could Neurocrine companies on for Do as could Some they term? where provide what have sales gone a longer peak have as products. to INGREZZA you thoughts think of

Matthew Abernethy

been Tazeen, we're be. to peak won't talk about prepared and not sales haven't probably

Operator

Josh We question next our Schimmer will take with from Evercore.

Joshua Schimmer

to First, SG&A be in the And the much doing for like higher doesn't commercially. going ONGENTYS charges from then minimize plans success. then to losses seem achieve that's annualizing well on onetime are quarter than future product seems in the do your to the think to is guidance it's What note. don't you other and uptake? limiting avoid commercial this launching products that particularly What

Matthew Abernethy

during dynamics Matt. really it's spending, regards In to quarter. that occurred X Josh, the SG&A the

The first is the seasonal spending.

QX specific -- historically is that been you from back to make. are QX, QX we step-up a time, If that investments over has look there

pull second in as going back in we to did recently out Most force. then and the sales beginning through our into bit that And training on addition quarter So board were for a April. into you might of the at quarter. head expect were of them field invest the the we that, would pushed

within confident the we're spending. that's today, So that we of provided level range guidance our right

relates ensuring neurologists as disease. a have going calls looking we Eric for And an continue and returns. that in the that And We're kind expanded at to on have providing force TD we're think any this are and at focus is investment what does it focus neurology. sales both to a Josh, to bit previously, straightforward, on mentioned something point. drive patients. that Parkinson's right ONGENTYS, point then But the with to to positive As is also it we at, that it as do is it higher of of feedback expected making sales are the I lower than the us we if would benefit this ONGENTYS hear

at significant spending time we're amount So that it's of talking something a through. looking and

Kevin Gorman

product, Yes. ONGENTYS plans across a health manage but a from Parkinson's to is that. Parkinson's If is branded good really I Andy the Frankly, on limit to to the challenging that perspective. access could just board. category tack really any the medicines payer is drugs access way

the And in will the we prescription in continue that to primarily XXXX And through prescribers so be feedback ONGENTYS get approved very process positive. is exceptions. from formulary

and we're important neurology like it committed we're to And so to initial this driving continue adoption and We with patients, of new going team to to Parkinson's medicine. forward press for feel neurologists. sort trial moving an benefit our provides of

Operator

JPMorgan. We next will take our question from Anupam with Rama

Anupam Rama

Maybe a for me. pipeline question quick

Just about Phase scenario thinking sort a about as readout essential tremor, there? you you would the midyear set? II, of how data are that what describe in thinking win And

Eiry Roberts

Anupam. Thanks,

of quantitative baseline. of midyear. single accelerometer the So patients. is study maximal II impact in primary we XX in from change tremor are our an essential The endpoint primary signal-seeking data endpoint the to track well-controlled And Phase is measured out read program on target antagonist with study, crossover the that proof-of-concept the study center, from

of obviously drug important in evidence disease that this we'll activity in interested of as pharmacological state. the be So

we to that that, well, we'll patient treatment study in do TETRAS clinical more placebo be the against across addition. endpoints tremor and as in compare to for those have active measures addition and traditional In able each the endpoints

registration have a to we'll if forward signal seeing positive those using data totality then to that what for we're and we of go program. look steps So understand to at regulators next the we'll understand outcome

Operator

will Barclays. We Carter question Gould take from with our next

Carter Gould

I'm question ask a follow-up going to Anupam's there. to

with of for then kind Should your data, data we to move given talk that somewhat once coming regulators forward CSWS sort the have can you thinking we about XXX move you're and can -- urgency data. as before you Just of then data the those out, sort be peers. or about engaging behind the its relative you'll own think of on for that forward not the wait wait you

Eiry Roberts

from forward. the of obviously, at I medication. be But important patient to sets. and at very And independently. this and independently looking other, study particularly . terms these potential we'll tolerability They're think moving we're these learn for different in programs we will indications both looking one

Operator

with question next our take Phil from and will Company. We Nadeau Cowen

Philip Nadeau

virtual Pack on person? could the commercial are where last, acceleration the And that levered commercial lay INGREZZA's curious efforts psychiatry patients of virtual to in-person Or is it in-person in-person? think in-person that you we're is performance on how in Would field thoughts are statistics What or when on relevant, the of growth proportion in-person once you Serco's visits? today change more to INGREZZA's really seeing virtually? an to What's understand make INGREZZA the that made visits you're less whether in their the doing terms has physicians success, visits? better than compensated reimbursement expect visits? do

Eric Benevich

the half psychiatry. at visits specialties. rate in example. that visits seen so telemedicine utilized Phil, of still It's in is about constitutes we've physician that than lower data its latest -- neurology, for paid XX% And all of is other telemedicine a less than

out use in So the of stands still of as outlier telemedicine. an terms psychiatry

will have done is particular, physicians in to But XX% after range. and of terms the to the in the XX% reimbursement waivers is In temporary remain future, over that going in market CMS been visit in lower In at parity with issued of declaration the place, the by more their visit. public like time? we've versus that's some an for utilize a and change research how in that's psychiatrists long changes emergency in-person they reimbursement temporary rate, a waivers that to place, virtual as expectation there's that of as health removed. telemedicine the still Certainly, including were probably

of to we've as our of to least if a operate XXXX. the QX lot adapt care changes terms ECP in certainly, just model dividends. work reflected experienced. that's out example, perspective, certainly, So that done we from And for a is to to they're our delivering status business have how strong customers in, think going at paid I And that the health business into continue the continue that we quo

So reduction really visits is future perspective. and in just telemedicine any in-person any to or in from telemedicine the in increase changes our upside

Kevin Gorman

would And psychiatrists really is, our Phil, far they advanced psychiatric focus delivering lines they're the only on front earlier, to add enhanced line less practice said than the thing professionals, to, as Eric utilize that care. I

psychiatrists. just we than And so health that with care us more the contact gives in-person if on focused professionals

Operator

We will take our next question Skorney Baird. Brian with from

Brian Skorney

been coming on Conestofon's finally know next horizon while, program the seeing Phase I a but III we're it's year.

like. I'm Assuming you're It less thinking commercializing? seems focus of to more would area years, build to things. thinking neuro sales to ahead excess, just how you strategic on the come partnerships a about side the success, force? on wondering to you've about think over want separate year Just things, out the should what side or an of Is are look you full sale? this the build-out trying print Or evaluating that a but next of

Kevin Gorman

Thanks, Brian.

as I addition in commercializing think that's our on just ourselves. And plan we plan along, is America. to North crinecerfont said we've all would in not that, still,

commercial be we for to -- that to would with one internationalize, forward that to put look have a location able Europe We of could several ideal crinecerfont we an to and begin find it us down be footprint. be drugs

on a partner So looking not Europe. we do North in either America or in for plan

Brian Skorney

quantitative what on the kind build-out -- kind or qualitative to look Is been give like? there some you've of you would launch on description any of crinecerfont way could

Matthew Abernethy

detail that too into footprint launch. around as But get to closer get course, we isn't more of we'll, Brian, large. the potential

way pediatric You cared adult a endocrinologists. for about are in the either endocrinologists how of these very or patients concentrated by think

significant to too something and that's to the So and infrastructure wheelhouse sales within added capabilities. this well isn't be our commercialize

Operator

RBC Markets. question We will with Abrahams Brian our Capital next take from

Unidentified Analyst

Congrats This progress. on on is the for Steve Brian.

we get data For early full INGREZZA on of a uptake And your how curious presented and if type chorea, recently? see will reacted Huntington's on. maybe on little more the what clinicians could patients strongest the to view

Eiry Roberts

that, start can on I Brian. Yes,

very trial to of we the that investigative more as community favorable I think And -- response to the present recently. data were general, III to the at able the our has the KINECT-HD it group from and been from we was AAN the able So data even just were share. in the Phase

Total As you score, statistically compared assessment with in XX Chorea to with significant week in improvements baseline severity. together feature improvement global of remember, highly we the to individuals clinician's the global assessment saw in HD, Maximal a and XX

no particular consistent safety tolerability indication from and well, very seen suicidality. with what INGREZZA we've so and in as profile for perspective, tardive in And that already with the of was dyskinesia

impressed were I so by And think that profile. we very

continue We the the submission track the and required later long-term on for from that's generation with months data with be be data this X we'll year, safety forward that. moving to

Operator

next with take We our Oppenheimer. question Olson from Jay will

Jay Olson

of development, on deals the cash Congrats has quarter. Since business interested approaches of strong a therapeutic what most talk types you a balance Neurocrine and track in the and position about you're can these on sheet solid days? record

Kyle Gano

is Obviously, over you've capital allocate dyskinesia. pipeline one, This in there over seen supporting Thanks, what building development. Jay. with the time. business X-pronged a indications Kyle. and out the then lead on time tardive we of how INGREZZA in the focusing and strategy kind It's It's is number

intersection struck is the offer address medical BD medicines range or you've complement then of that of the lies I On strategy at collaborations technology own. in you partners we development the of novel seen see conditions at and the that looking unmet our over what looking need and of think that that for programs treat things, And that years. a side expertise

to line early that? we programs as strategy that we and that that are to can along. time in consider can down find These continue we'll have late Matt, stage. things largely, think where goes do forward. that I anything to from move we all you as add range

Matthew Abernethy

No.

lot Jay, things pipeline, or we're a going acquire. point, focused our operate to to have to to open and changing but in-license of business flexibility to and we INGREZZA potentially our continue your think I on

Operator

from question We'll next Raymond our take Brill Danielle with James.

Unidentified Analyst

Danielle. This is on Alex for

we're force traffic the variants? the inhibition starts, whether that And of do sort on increased you What you Just the had driver traffic, is new BA of curious direct-to-consumer seeing sales angle, based any some think foot for foot patient these X.XXX on curiosity. are key campaign? a

Eric Benevich

Yes.

driving educating the the I terms to care and drive we've had above years X that new is think more our partner these increase awareness diagnosis launch and overarching starts. the what's in the been campaign. patient Certainly, as with of answer that has of our theme HCPs all through for the of patient population TD, evidenced and and through efforts recently then success the DTC of by past

being psychiatrist, is sure diagnosed providers gets the So whether HCP, up goal the offered. interactions during it's our and that helps. more the whether improves having more COVID diligent the And and And their certainly, TD, make in for awareness TD an to nurse symptoms the it's patients, face-to-face practitioner bringing and between proactive these approach and that screening patient there's treatment also gets visit. the environment the as

like regionally And variants, all terms of how see terms the What not drivers changes seeing to in rates. are positive dealing recent with likelihood not franchise. some as these closures we of reported of for you so things, we're is things now certainly, much and There's much in think, the with we're growth as for regards that. most of societally. And changes COVID

in So that progress the we're the with market. overall, pleased seeing I'm

Operator

will with Myles Blair. We our question William next take from Minter

Myles Minter

Congrats on the quarter.

debate also this field cardiac in Are the the before given the either there study, that planning Just mechanism? year. Phase moving on you the II studies safety to is MX just any cholinergic monitoring into XXX, or do agonist, with that's alongside

Eiry Roberts

treatment to forward our in Phase moving will in MX schizophrenia agonist acute with plan on we're all selective efficacy think are that schizophrenia. appropriate including our year. commence II track study and study for be safety I this of measures we later and And we So in

the context are other full safety the . obviously, be context concotrals.gov, in how measures once see the able think those of the we in exactly we of to and cardiovascular of study. you'll some release I protocol measuring

Operator

We question Sachs. with will our from Goldman take next Shibutani Chris

Chris Shibutani

diminished, is wanted to just the that is to the SG&A clarify guidance. It looks updated R&D range slightly for the higher. what slightly I expense operating as be appears

some You just further quarter. that terms guided if provide in reflected of in have discussed the of push-pulls the But could first changes. what you maybe help those color

Matthew Abernethy

Yes. SP-X

we And overall some just So decrease guidance in was think like expense that's SG&A, onboarding then you increase an I in perspective, from of but of slight a the neutral, had, an expense said, a R&D. held Chris, reflection guidance sites. of

of mentioned the we delayed. the remarks SG&A would more spending was continued think behind to And prepared and a continue market in the I side, Eiry's that allow bit then to for those some programs in us INGREZZA Ukraine, effectively. on places investment saw

felt allocating our So reclassifications the of for we're spending. how guidance to prudent operating those expense sort of update

Operator

next We Duncan question will Charles take Fitzgerald. our from Cantor with

Charles Duncan

essential an And force of in move the, epilepsy? re-compare represent expanding it, into would guess Congrats burden on quick for tremor can the I it existing wondering, that actually then question Or and to I capture to result the as that? XXX. the multipart call tremor question, contemplate I'm commercial is candidate sales forward successes sales essential this I a neurology perhaps pipeline actually would CSS. rare opportunity year. CSWS? force? the had that you a in versus And leverage and contrast in moving does And with that, disease

Matthew Abernethy

activity. the to call on So we leveraged more we provide as And exploring the what is wouldn't get is compound the question epilepsy, call insight with expand Chaz, that if into but would which you indication together similar it -- points. the be this onset, indication call on the we're to epilepsy patients from epilepsy, some Matt. we'll a -- and the current closer with go especially When we at neurologists specific TAH, have of that an focal second activity treat would like for But did side. our the you on commercial -- broader look but be to I'm rare perspective, those clearly,

Eiry Roberts

Yes.

of tremor CSWS Just the terms in and very couple a X their comments, to are of I indication. indications. comment make would on Obviously, essential different different though.

I add indications all, in potentially there's of that opportunity action we reason of perspective, First think from an to mechanism to patients. value each have a those good to believe of

in need unmet both significant there's is indications. say I'd of thing second The those

since trend, medications And been are essential those back currently the for no individuals. in approved obviously XXXXs. no medications CSWS, approved there for For there's propranolol

And of signal we're going those of to it we be some so whether able to And be I not move forward. to is think we have indications. obviously, to and exploration tolerability believe understand in to will wait both too positive adequate long have

Operator

And next from our take with question securities. Laura Chico we Wedbush will

Laura Chico

to follow-up ET wanted market and with to respect commercial just I ask opportunity access. a

challenges. if and little just wondering the in that trouble little So to there, you a the of case market? seen could tremor Parkinson's -- the discuss would bit we've And gives confidence ONGENTYS, replicate what opportunity? bit the barriers those you've revenue of driving I'm not with talked a you of from about ET some to essential

Eric Benevich

I'll Europe. in jump we little that's here, we're the more bit in through as at be very very But disorder will nearly years a marketplace. exists opportunity is work largest shown out that of -- this XX tremor that essential million over several in will good for be the until it We're initial program. this here. We that with the States Laura, did beginning a commercial patients going in program, Yes. and United

and now a going change then. lot between so And is to

the of say think about by almost like I market. anything we're the marketplace certainly now type will to the what So we that obsolete looks that any be commercial would plans time on

ongoing solely as we shortly. signal-seeking that So now, start those we'll about here we're of the program. Right that the we then on talking closer, have report get focused out study aspects we'll

Operator

Vamil Take Securities. question next with Divan Mizuho from our

Vamil Divan

a a looks on quarter. like -- solid Congrats

of expectations. ET just on could you've What the questions I are I that looking terms sort to move about, just things are what in you're data? how in that of and the for thinking if a guess, you And with key spoken key the maybe from follow program of indication? XXX I before. So to Phase you'd CSWS? sort And up exactly lot Can specific maybe II be slide think the that factors frame around forward of and kind whether

Eiry Roberts

a significant seizures, is spike with wave that XX on is we have measure in issues characteristic II ongoing signal the is with the -- to measure, the thing So have having patients. CSWS individual study EEG. on the a EEG Phase these their in in patients, now right CSWS in they addition It

Phase primary the when you reduce the this primary that the on inpatient -- for ability is II that point. XXX signal so that EEG in compare to in in baseline seen is study, overnight is end endpoint And setting initial to patients

frequency addition assessed. and And obviously, of together will that, measures population at and tolerability physician seizure safety and in so endpoints clinical both patient be looking we to in with, obviously, this functionality, additional

study And order think that again, to magnitude the we to looking from view, a I be move Phase this totality II be of determine at we're early point appropriate seeing whether to so of information we'll from signal see in that of forward. able the

Operator

We question with our next will from Leerink. SVB Marc Goodman take

Marc Goodman

didn't of development talking to just about have before going you scenes the valuation, on been were and significantly. business to what were stuff, that with the an changed. behind and I that and strategy with because was down so respect have curious discussions you interest those if talking discussions Kyle, if companies but companies was have Whether with just enhanced valuations

Just rate that confirmed. a Matt, we've before, more is discussion And year year, color X% tax you then, confirm just can the this still XX% had little there. next

Kyle Gano

So seen a to valuation. the where X with fully months One I'd still on points. the make this had come terms side, line companies There's were think XX, the just ago. time current questions we've I think sufficient sight downturn during XX they that is to here, for business of don't I development to we've

thinking companies other that. are hard But having of tend to thing being be with to that diminished be seeing don't continue, companies hit quality been something have that prices that to is for we're time, the seen. the stock deal have we ones that and you benefit a quality and So would with little that about they I'm bit noticed, us in that as a that programs, well downturn as sure this we've than

and the So that for things in looking valuation and a valuation we're of interested topic isn't lot a discussion. of decreased at, really

seen over that time, to have So good things well. quality I those that do are tend assets think something we that's

Matthew Abernethy

tax the on this this tax by state perspective, bit of on end a cash expect year. federal be tax And side to yes, think the the from you rate, of cash with us could tax cash year I a a payer

long capitalize through otherwise R&D but for of And not tax may issue delayed full year; side a your innovation. that quickly it for of place industry year, equation. the there's it burn we in because now state I know to of and to then that, more pushed where You we this, a Hopefully, permanently time. to $XX that's as and this the legislation because could in across either have would you next a period federal place know cause that we than aside over deduction going spend be on impact And take a and us have. a is NOLs would does the an just and but us, taxpayer around But puts us million others. or it exiting us cash would get this

tax to we what would XX% as have, rate, just I XX% medium-term expect. is should Our say, always you effective around

Operator

Hung take will Stanley. with We next our Jeff question from Morgan

Jeff Hung

sales are expansion, be bit X months? the in or to Is there it X early, of you leading to the is X much INGREZZA patient from indicators more leading lag how team but months indicators? more seeing the what generated? being like For to seeing I a a X starts it And might new realize typically,

Eric Benevich

Yes.

in relevant I related think typically I is leading peer-to-peer a we within lag calls, brand. promotional programs, from speaker et activity, It's my think of for really is indicators samples, quarter. to INGREZZA sales use And the the industry, see that the here cetera. perspective

a kind typically down that normal doing the a patients to lead is being and line. That's the So activity started we'd pretty X month of or treatment now on going we're identified see. lag in time that to

Matthew Abernethy

Yes.

what expansion years or and producing we X when the ago So was the end , from a the recent did of saw performing of or it perspective, at benefit by some similar quarter, X the third we we years a most X rate. -- seeing were they force ago sales quarters started where

generating that for lot a quarters gaining, revenue. KPIs start few indicators there's but to looking at it in we're leading of does So to measure we're take how incremental a it traction much

Eric Benevich

little in the to level Yes. get comments same market. that's takes traction I new Matt's that with of someone will while experienced someone it that's the clarify for is a

same what to folks our team. we're the that's focused up new So right level of helping on the legacy to productivity now, as get

Operator

take will from our We Amy next Fadata with. question

Unidentified Analyst

for same XXX you and relatively was type asking as some Amy. race is in more in they're other on wondering and the the There I companies right differentiated competition ET, X This from if the in program now -- you. you the can are pursuing market. how elaborate

So that if you can be that, add more great. color on would

Eiry Roberts

mean I think of potent distribution. in its I cost Yes. And highly antagonist. XXX channel preferring a terms T-type is CNS

Obviously, based clinic so tolerability on to assess. from understanding. profile that information, we where have data and that perspective, both a have a we preclinical the these able that at designing we're in think take such initial study the at in And Phase when and time, have to favorable efficacy into point better the to studies we're more II look we'll I

Operator

with will We question take Guggenheim. Yatin Suneja our from next

Yatin Suneja

Can the significantly MX the a specificity are program how question differentiated of And it on MX is next you're talk the that them is given maybe you initiate? schizophrenia MX on the what or about the differentiating like the you are how steps other your development on have. the planning or the the there you couple -- around to are or differentiation there? ahead? you think a or Is thinking beyond have the And agonist potencies that differentiated in profile? I program PAMS from of where tolerability program just

Eiry Roberts

So the selective collaboration MX our program is through highly in have hand agonist. a orthosteric that we with

agonist in potential there's the is be for the no effective. that for from some the the requirement present -- of of order One in is advantages fact competition to be

data have we do yet. obviously, Now clinical not

starting in And we range a we'll more year. are schizophrenia of can those, as Phase as able that. II forward program that considering be about we you later talk And other move indications. imagine, this with We are potentially to

Operator

our there line. are no David Piper take from questions further next on with will the Amsellem We question And Sandler.

We for additional go turn ahead will closing over or I the Gorman any program -- Kevin to back will remarks.

Kevin Gorman

much. very really you today. everyone's I participation Thank appreciate

that's questions the are conflict the conflict sales of that very As that into Eiry aggressive out be with people ask year. that. this all growing the challenges are investment patients. to I'm us that of bring to face in there. going the I going that to the gets you say. through don't over can compared there. to pipeline us company I'm to questions. And work we're has -- as get But the of close more were starting the I to INGREZZA up of we programs also a sizable cylinders, challenges through couple And to sites a small Ukraine that the we just metaphor that forces that use say the with is suffering. large have very the we're that clinical obviously some without going are in taken the new pleased trajectory made pleased more opportunity on said, we with to see, that hitting have important Right that Ukraine, tragic and now, has over and yes, an and impacted place, We're even trying impact that everyone that. all with would ability And to TD to our we've is

We will T-type ET year wealth have. that are XXXX, the sharing to minimal with programs And later impact only we're going readouts get well. this out in to would of calcium finally, CSWS. data in And on both very and a following to results channel working All XXX year, forward then say, going is then I the this much quite be the through the company. we're the other for looking

more to guarantees, are to No be we're forward things we're our for shaping business in throughout us environment pleased So able XXXX. much way open is but we're us with much to normal and very -- rest shaping of what us up the a very this into. for be looking going to year shaping up the progress that

getting together of with to you very months. the you Looking forward coming person many Thank much. in in

Operator

conclude does Thank program. the This for you participation. your

any at time. disconnect may You

Neurocrine Biosciences (NBIX) 4 May 222022 Q1 Earnings call transcript