Neurocrine Biosciences is a neuroscience-focused biopharma company that discovers, develops, and sells drugs for neurological, psychiatric, and endocrine disorders. Neurocrine's primary commercial product is INGREZZA (valbenazine), a VMAT2 inhibitor launched in 2017 as the first FDA-approved treatment for tardive dyskinesia, a movement disorder affecting an estimated 800,000 people in the U.S. INGREZZA generated $2.51B in FY25 net product sales. Neurocrine's second commercial product is CRENESSITY (crinecerfont), approved in late 2024 as the first new treatment for classic congenital adrenal hyperplasia in over 70 years; it generated $301M in its first full year on market. Neurocrine also earns royalties from elagolix, commercialized by AbbVie for endometriosis and uterine fibroids. Neurocrine sells INGREZZA through specialty pharmacy and wholesale distribution, and CRENESSITY through a single specialty pharmacy partner, with a U.S. sales force of roughly 600 professionals. Both products are in early penetration phases, with Neurocrine estimating only around 10% of addressable patients on therapy for each. Revenue growth is driven by new patient enrollment, patient persistency on chronic therapy, and net pricing. Neurocrine outsources manufacturing and runs a roughly 30% non-GAAP operating margin. The pipeline includes two Phase 3 programs — osavampator for depression and direclidine for schizophrenia — both with data expected in 2027, plus early-stage programs in obesity, Alzheimer's, and CAH.