Thread by @peregreine

1) reminds me of which I sold today and in which I kept gains as FREE shares.

Both biotechs had profitable earnings & revenue BEATs.

Both had monstrous revenue growth. And both flopped post earnings instead of gapping up.

#PeregineWatchlist #PeregrineBreakout

2) last earnings was post-market, Mon, 3 Aug 20

+24.67% eBEAT
+19.43% rBEAT
+64.7% rGrowth

3) Neurocrine Biosciences, Inc.
12780 El Camino Real
San Diego, California

neurocrine.com

Sector: Health Care
Industry: Biotechnology
Employees: 700

4) DESCRIPTION
Neurocrine Biosciences, Inc. operates as a product based bio-pharmaceutical company. It discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine related diseases and disorders.

5) The company product includes INGREZZA. Neurocrine Biosciences was founded by Kevin C. Gorman and Wylie W. Vale on January 1992 and is headquartered in San Diego, CA.

6) 52-WEEK RANGE72.14 - 136.26
ALL-TIME HIGH136.26
AVG. VOLUME (50-DAY)775,910
EPS (TTM)2.11
NEXT EARNINGS DATE11/2/2020 (AMC)
LAST EARNINGS DATE8/3/2020
ANNUAL DIVIDEND (YIELD)-
OPTIONSYes

7) P/E RATIO53.09
PEG RATIO0.06
PRICE TO BOOK12.53
PRICE TO CASH FLOW33.51
PRICE TO FREE CASH FLOW34.71
TOTAL SALES (TTM)1.006 B
REVENUE PER SHARE (TTM)10.24
SHARES OUTSTANDING93.20 M
SHARE FLOAT (%)92.08 M (98.74%)
% HELD BY INSTITUTIONS99.60
DIVIDENDS PER SHARE0.00

8) +/- EMA(20)115.73 (-1.37%)
+/- SMA(50)122.69 (-7.46%)
+/- SMA(200)109.21 (+4.34%)
5-DAY PERF.+0.60%
1-MONTH PERF.-9.39%
3-MONTH PERF.-4.15%
6-MONTH PERF.+24.17%
YTD PERF.+6.21%
1-YEAR PERF.+16.58%
RSI(14)43.24
ATR(14)3.44
ADX(14)20.62
BETA (5Y)1.01

9) Motley Fool's Earnings Call transcript for on 4 Au 20

fool.com/earnings/call-…

10) CEO Kevin Gorman: "Prior to this call, I looked back on the company. I actually went back about two years ago from this time. And at that time, we were talking about the unique position we were in. We had two approved medicines and four compounds in clinical development...

11) "...But today, we find ourselves with four approved medicines and 10 compounds in the clinic."

12) CFO Matt Abernathy: "Thank you, Kevin, and good afternoon. We're really proud of what our team has accomplished with another great quarter for INGREZZA. Two FDA approvals, ONGENTYS for Parkinson's disease and ORIAHNN for uterine fibroids, and expanding our psychiatry . . .

13) . . .pipeline with the Takeda collaboration. We are preparing to make ONGENTYS available to patients in the third quarter. And we formally initiated a registrational Phase III trial in CAH. With our commercial growth opportunities for our FDA-approved medicines, (continued)

14) . . . our expanding R&D pipeline and our strong financial profile, we are well-positioned to execute on our strategy to become a leading neuroscience-focused biopharmaceutical company."

15) "Regarding the financial results for the second quarter, INGREZZA sales were $268 million, which equates to approximately 46,400 TRx. Adjusting for channel inventory, we had approximately $256 million of underlying sales reflecting continued strong demand from (continued)

16) . . . existing patients. On the NRx front, although in-person patient visitations were very low across the industry, the impact to NRx was less than initially feared. The step-down we saw in April helped steady through the majority of Q2 and continued through July."

17) "We had another strong quarter of profitability with Q2 GAAP net income of $80 million and non-GAAP net income of $139 million. We ended the quarter with $1.1 billion in cash on our balance sheet."

18) "This sequential increase includes approximately $50 million paid to Idorsia for the in-licensing of NBI-827104, but does not include the $120 million upfront payment associated with the Takeda transaction, which closed in the third quarter."

19) "Looking forward, with the estimated diagnosis rates for TD, at what we think is around 20%, we remain extremely optimistic about the long-term opportunity for INGREZZA. In the near-term, with COVID 19, we expect there'll be many ups and downs across the entire industry."

20) My note: Tardive dyskinesia (TD) is a side effect caused by neuroleptic drugs. TD causes uncontrolled or involuntary movements, like twitching & Neuroleptic drugs include antipsychotic medications. They're often prescribed for psychiatric disorders and neurological disorders.

21) " For Neurocrine, getting in-person patient visitation flow back near historical levels is an important aspect needed to both make a meaningful difference for patients with TD and to advance our pipeline."

22) "What we saw in July is very similar to what we experienced in Q2 regarding NRx trends and acknowledge the longer pandemic-related disruptions continue, the more the impact will be on INGREZZA in the short-term. These challenges are not unique to Neurocrine or INGREZZA."

23) CMO Eric Benevich: "I'm happy to provide a commercial update on our Q2 performance and insight into what we have seen so far in Q3."

24) "I'll start-off by saying that Q2 of 2020 may have been our best quarter ever, demonstrating, as Kevin said, the resilience of our entire team to continue our mission of ensuring that nobody with tardive dyskinesia suffers longer than they need to."

25) "We saw strong INGREZZA sales momentum in Q1 carry through into the second quarter and the strength of our results in the first half of 2020 reflects the value of INGREZZA to patients and healthcare providers."

26) CMO Benevich continues: "With great execution from our home office and field teams, combined with the support of our select pharmacy network, the refill and persistency rates for existing patients were at record levels for Q2. " (cont'd)

27) "Across the biopharmaceutical industry, it is important to note that because of COVID-19, new-to-brand patient starts declined due to an estimated 70% reduction in in-office patient visits."

28) "We were not immune to this trend and saw a decline in new patient starts in Q2. But as Matt noted, and as I note, the impact was not proportional to the reduction seen nationally in in-office patient visits."

29) "With the advent of stay-at-home orders, our team adapted from in-office education to remote engagements. Although, overall customer call volume decreased, we found that remote engagements resulted in generally higher quality, lengthier interactions with healthcare providers"

30) "Just as we went to a remote engagement model, the psychiatry and neurology provider communities also pivoted to telehealth platforms, helping to stay as connected as possible with their patients."

31) "While this is somewhat encouraging, nothing can truly replace in-office, face-to-face interaction between a healthcare provider and a patient, especially as it relates to diagnosing a movement disorder like tardive dyskinesia."

32) "The vast majority of people suffering from TD remain undiagnosed. In-person clinic visits are important to improve TD diagnosis and treatment rates and get back on to our historical patient growth trend."

33) "As we enter into Q3, many of our field representatives are now back in the field interacting with customers, with personal protection and following appropriate safety guidelines. Healthcare provider access remains highly variable dependent on region and care setting(cont'd)

34) and we expect to continue to see a stop-start pattern as the pandemic continues. However, the majority of the time, we are still relying on virtual methods to connect with our customers. "

35) "Historically, Q3 has typically been a slower quarter for INGREZZA sales growth due to HCP summer vacation and patient compliance dynamics. And now we are also addressing the COVID-19 situation. While we expect refill rates to carry over for existing patients into Q3..."

36) ....we do expect the continued impact on new patient starts and may see channel inventory pull back a bit.

Now I'd like to switch gears and talk about ONGENTYS, our newly approved medication for movement disorders, which we believe has a tremendous opportunity . . ."

37)to help a lot of patients with Parkinson's disease suffering from motor fluctuations. I'm very pleased with the label our clinical and regulatory teams were able to secure and we are now planning to make ONGENTYS available to patients in the U.S.A by the end of this quarter."

38) "Our launch efforts with ONGENTYS will focus on education, something that our entire commercial and medical affairs teams excel at as witnessed by the continued success of INGREZZA."

39) "ONGENTYS is the first and only FDA-approved once-daily COMT inhibitor for people with Parkinson's disease to help patients achieve more consistent motor symptom control. It's one capsule taken once a day, (cont'd)

40) "which is convenient for patients and may lessen daily pill burden levels for Parkinson's patients. It also has a demonstrated safety and tolerability profile that's attractive. It's our belief that ONGENTYS can deliver on the broken promise of previously launched (cont'd)

41) "COMT medications, which failed to live up to the expectations of the Parkinson's community due to the need for frequent dosing, perceived weak efficacy and/or rate-limiting side effects. We're excited to bring this new therapy to our movement disorder neurology customers."

42) "We believe ONGENTYS will be well received by the Parkinson's community and will benefit our efforts with INGREZZA in TD as well."

43) "Having two phenomenal products to promote will give us more face time and opportunity in neurology practices and burnish our reputation as a leader in movement disorders. Despite the many challenges brought on by the pandemic in the near term, (cont'd)

44) ". . . the long-term opportunity in treating movement disorders with both INGREZZA and ONGENTYS remains extremely compelling."

45) MY note: then the CMO goes into what's in the pipeline, then the CEO comes back, and then he hands off questions he cannot answer from analysts to others who've already spoken. Here's the link again:

fool.com/earnings/call-…