San Diego biotech Neurocrine’s fourth quarter earnings largely beat analyst expectations.
The company posted quarterly net income of $18.1 million, or $0.19 per share. Zacks Consensus Estimate – which surveys analysts – expected $0.14 per share.
Net income during the same period in 2017 came to $6.9 million, according to Neurocrine.
Revenue also shot up during the latest quarter. The company reported $131.49 million in sales, a 39 percent year-over-year increase, on the back of its drug ingrezza for the movement disorder tardive dyskinesia.
The $131.49 million figure was slightly below analysts’ expectation of $132.6 million.
In 2017 Neurocrine posted a net loss of $142.5 million which swung to a $21.1 million profit in 2018.
Beyond ingrezza, CEO Kevin Gorman said the company is gearing up to file a new drug application for opicapone, an add-on Parkinson’s disease therapy. Neurocrine is also marching toward announcing results of a phase 2a clinical trial for congenital adrenal hyperplasia, a family of inherited disorders affecting the adrenal glands.
He also mentioned Neurocrine’s recent pact with Voyager Therapeutics. Neurocrine will pay the company $165 million upfront – and potentially millions more – in exchange for four potential treatments, including for Parkinson’s disease and Friedreich's ataxia, an inherited disease that causes difficulty walking, a loss of sensation in limbs and other issues.
The company exited the quarter with $993.2 million in assets.