Strong Buy Rating for Neurocrine Due to Robust Pipeline and Strategic Growth PotentialWe are initiating coverage of NBIX with a Buy/High Risk rating and a $175 TP . The success of NBIX’s commercial pipeline this past year has been overshadowed by concerns around both Ingrezza’s ability to maintain its competitive advantage as the highest selling VMAT2i on the market, and the readthrough from Austedo’s upcoming Medicare price negotiations. However, we believe that Ingrezza is likely well-positioned to, at the very least, maintain its current market share given 1) Ingrezza’s best-in-class profile, and 2) pricing flexibility post-2027 to offer higher rebates to incentivize inclusion within formularies. Meanwhile, Crenessity’s launch appears promising, and given a lack of competitors, likely to continue accelerating to >$1B in peak, royalty-adjusted revenue.