Neurocrine Biosciences Upping Marketing Spend To Support Its Platform

With weaker fourth quarter sales of Ingrezza already known, Neurocrine Biosciences' (NASDAQ:NBIX) fourth quarter didn’t hold too many other surprises. The ongoing growth of Ingrezza is going to remain under pressure so long as COVID-19 continues to impact in-person patient visits, and the same is likely true to some extent for Ongentys in Parkinson’s disease. On a more positive note, management is using its considerable financial resources to improve its marketing efforts, and an upcoming pipeline read-out could be a major positive.

Neurocrine shares look undervalued to me below the mid-$130’s. Ingrezza is far and away the largest contributor to that fair value at around $100, and further clinical studies in additional movement and/or psychiatric disorders could expand that opportunity further. Ongentys is a decent, if modest, opportunity, and crinecerfont remains an underappreciated asset in CAH, while NBI-1065844 (‘844) is a high-risk candidate in a candidate in a condition that could be worth several billions of dollars in revenue.

 

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Neurocrine Biosciences Upping Marketing Spend To Support Its Platform