Neurocrine Biosciences: Durable Ingrezza Growth and Emerging Crenessity Ramp Support Buy Rating Despite Near-Term Cost Pressures

Analyst Ami Fadia from Needham maintained a Buy rating on Neurocrine and increased the price target to $185.00 from $184.00.

Ami Fadia has given his Buy rating due to a combination of factors, including Neurocrine’s outlook for continued strong double‑digit expansion of Ingrezza, with 2025 sales guidance of $2.7–2.8B that is essentially aligned with Street expectations, which reinforces confidence in the durability of the core franchise. She also highlights that management is constructive on the ramp of Crenessity into 2026, viewing it as a meaningful incremental growth driver even though the company has not yet issued formal revenue guidance for that product.

In addition, Fadia points to a well‑stocked pipeline, emphasizing management’s goal of bringing roughly one new therapy to market every two years and the presence of two ongoing Phase 3 programs, which together underpin a favorable long‑term growth profile. While she acknowledges that investor attention is currently concentrated on near‑term Crenessity adoption, with some uncertainty around uptake trends and higher‑than‑expected operating expenses that led her to trim the price target to $185, she still views the risk‑reward as attractive and believes temporary pressure does not undermine the multiyear growth thesis for NBIX.