San Diego biotech Neurocrine reported a big increase in revenue following the launch of a nervous system drug in late spring, according to financial results released Feb. 13.
Revenue in 2017 was $161.6 million, a 974 percent year-over-year increase.
About $116.6 million of the total came from Neurocrine’s Ingrezza, which was released in May. Ingrezza is the first treatment for tardive dyskinesia (TD), a nervous system disorder that causes uncontrollable stiff, jerky movements in the face and body.
The remaining $45 million in 2017 revenue came from collaboration agreements with AbbVie and Mitsubishi Tanabe Pharma.
Costs also rose as part of the commercialization bid. In 2017 selling, general and administrative costs were $169.9 million, up from $68.1 million in 2016.
Neurocrine reported a net loss of $142.5 million in 2017, slightly higher than the prior year. However, the company made big gains at the end of 2017 — net income in the fourth quarter was $6.9 million, compared to a net loss of $44.7 million in same period of 2016.
In addition, the company is well capitalized. Total assets in 2017 were $817.6 million, a 124 percent year-over-year increase.