神经分泌生物科学 2025年度报告

A Leading Biopharmaceutical Company Built on Strong Enterprise-Wide Momentum and Disciplined Strategic Diversification RESEARCH & DEVELOPMENT COMMERCIAL Tardive Dyskinesia& Chorea Associatedwith Huntington’s Disease Psychiatry pipeline to deliver multiple first- and best-in-class medicinesthis decade Redesigned R&D organization delivering diverse, high-quality candidates,enabling repeatable value creation opportunities Classic CongenitalAdrenal Hyperplasia CRF-based therapies offer third growth horizon in endocrinology andmetabolic disease STRONG FINANCIAL POSITION ~$2.5BCASH AND INVESTMENTSas of 12/31/2025 ~$301MNET SALES2025 CRENESSITYSales in First Full Year $2.7-2.8BNET SALES2026 INGREZZAAnnual Guidance AttractiveP&L Profile Strong Balance Sheet Durable Cash Flows “In 2026, we are focused on delivering strong, sustainable growth for INGREZZA® (valbenazine) and CRENESSITY®(crinecerfont) while advancing our pipeline anchored by Phase 3 programs, including osavampator in majordepressive disorder and direclidine in schizophrenia. We expect this building momentum will create value forall stakeholders as Neurocrine is well positioned to improve the lives of even more patients in the years ahead.” Kyle W. Gano, Ph. D.Chief Executive Officer Neurocrine Well-Positioned to Drive Sustainable Growth and Value UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________to__________Commission file number 0-22705 (Exact name of registrant as specified in its charter) 33-0525145 Delaware (IRS Employer Identification No.) 6027 Edgewood Bend CourtSan Diego, CA 92130(858)617-7600(Address, including zip code, and telephone number of Registrant’s principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Which Registered Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☑ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act.Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. Yes☑No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☑ The aggregate market value of registrant’s common stock held by non-affiliates of the registrant, computed by reference to the closing price as of thelast business day of the registrant’s most recentl