San Diego biotech Neurocrine reported $151.8 million in quarter three revenue, a 150 percent year-over-year increase.
Neurocrine’s drug Ingrezza — the first treatment for the nervous system disorder tardive dyskinesia — brought in $111.3 million in sales. Released last year, Ingrezza sales keep increasing.
The company during the period also recorded a $40.5 million milestone payment from pharmaceutical partner AbbVie. This follows Neurocrine’s drug Orilissa winning regulatory approval.
Third quarter net income, according to Neurocrine, was $50.8 million, or $0.52 per share. The figure beat a Zacks.com survey of analysts, who expected $0.48 per share prior to the earnings release.
Neurocrine CEO Kevin Gorman in a news release said the company recently completed an Ingrezza salesforce expansion, having self-commercialized the drug.
“We have also made great progress in our research and development programs with the advancement of two new internally discovered compounds into the clinic and our research collaboration with Jnana Therapeutics to develop new medicines to treat neurological diseases,” Gorman said.