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Posted by Defense World Staff on Apr 16th, 2026

Coursera (NYSE:COUR – Get Free Report) is projected to announce its Q1 2026 results after the market closes on Thursday, April 23rd. Analysts expect the company to announce earnings of $0.0815 per share and revenue of $195.1690 million for the quarter. Investors can check the company’s upcoming Q1 2026 earning summary page for the latest details on the call scheduled for Thursday, April 23, 2026 at 5:00 PM ET.

Coursera (NYSE:COUR – Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. The company had revenue of $196.90 million during the quarter, compared to the consensus estimate of $191.83 million. Coursera had a negative return on equity of 5.17% and a negative net margin of 6.73%.The firm’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 EPS. On average, analysts expect Coursera to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Coursera Stock Performance COUR opened at $6.17 on Thursday. The company has a market cap of $1.04 billion, a PE ratio of -19.89 and a beta of 1.35. The stock has a 50-day moving average of $5.99 and a 200-day moving average of $7.42. Coursera has a 52-week low of $5.22 and a 52-week high of $13.56.

Analysts Set New Price Targets Several analysts have recently issued reports on COUR shares. UBS Group reiterated a “neutral” rating and set a $7.00 price target on shares of Coursera in a research note on Friday, February 6th. KeyCorp decreased their target price on Coursera from $12.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Wall Street Zen upgraded Coursera from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. The Goldman Sachs Group decreased their target price on Coursera from $9.00 to $6.00 and set a “sell” rating for the company in a research note on Saturday, February 7th. Finally, JPMorgan Chase & Co. upgraded Coursera from a “neutral” rating to an “overweight” rating and set a $12.00 target price for the company in a research note on Wednesday, December 17th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.62.

View Our Latest Research Report on COUR

Insider Activity In other news, SVP Alan B. Cardenas sold 9,710 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $5.92, for a total value of $57,483.20. Following the sale, the senior vice president owned 217,876 shares in the company, valued at approximately $1,289,825.92. This trade represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Coursera Several hedge funds and other institutional investors have recently modified their holdings of COUR. Royal Bank of Canada increased its position in shares of Coursera by 38.8% during the first quarter. Royal Bank of Canada now owns 55,891 shares of the company’s stock valued at $372,000 after purchasing an additional 15,610 shares during the period. AQR Capital Management LLC lifted its position in Coursera by 36.8% in the first quarter. AQR Capital Management LLC now owns 581,879 shares of the company’s stock worth $3,875,000 after purchasing an additional 156,566 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Coursera by 2.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 104,795 shares of the company’s stock worth $698,000 after purchasing an additional 2,847 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Coursera in the first quarter worth $273,000. Finally, American Century Companies Inc. lifted its position in Coursera by 29.0% in the second quarter. American Century Companies Inc. now owns 277,568 shares of the company’s stock worth $2,431,000 after purchasing an additional 62,371 shares during the period. Institutional investors and hedge funds own 89.55% of the company’s stock.

Coursera Company Profile (Get Free Report)

Coursera, Inc (NYSE:COUR) operates a leading online learning platform that delivers courses, specializations, professional certificates and fully accredited degree programs in collaboration with top universities and industry partners. Founded in 2012 by Stanford University professors Andrew Ng and Daphne Koller, Coursera’s mission is to provide universal access to world-class education and bridge skill gaps in a rapidly evolving job market.

The platform features more than 6,000 offerings created by over 275 academic institutions and corporate entities, spanning fields such as data science, business, technology, health care and the arts.

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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Coursera, Inc. (NYSE: COUR), a leading global online learning platform, today announced financial results for its first quarter ended March 31, 2026. A shareholder letter containing additional discussion of the Company’s performance and outlook has been posted to the Investor Relations website at investor.coursera.com.

“Coursera delivered a strong start to 2026, including our fourth consecutive quarter of double-digit year-over-year Consumer revenue growth and a first quarter record of 7.6 million new registered learners. We have now surpassed more than 200 million cumulative learners, giving us both broad scale and deep insight into how the world learns and the skills employers value at a pivotal moment for global labor markets,” said Coursera CEO Greg Hart. “As we execute against our 2026 growth priorities and reaffirm our full year outlook, we are moving quickly on integration planning for our expected combination with Udemy. We see a significant opportunity to build a more comprehensive and adaptive skills platform designed for the AI era.”

Key Financial Results

  ($ millions, except per share data, unaudited)

Three Months Ended March 31,

2026

2025

YoY Change

GAAP Financial Measures

Revenue

$

195.7

$

179.3

9

%

Gross profit

$

108.6

$

97.9

11

%

Gross profit margin

55.5

%

54.6

%

90 bps

Net loss

$

(20.5

)

$

(7.8

)

(163

)%

Net loss per share

$

(0.12

)

$

(0.05

)

(150

)%

Net loss margin

(10.5

)%

(4.4

)%

(610) bps

Net cash provided by operating activities(1)

$

14.6

$

33.5

(56

)%

Non-GAAP Financial Measures

Gross profit

$

110.8

$

100.1

11

%

Gross profit margin

56.6

%

55.8

%

80 bps

Net income

$

12.4

$

19.7

(37

)%

Net income per share

$

0.07

$

0.12

(42

)%

Adjusted EBITDA

$

13.5

$

18.7

(28

)%

Adjusted EBITDA Margin

6.9

%

10.4

%

(350) bps

Free Cash Flow(1)

$

3.0

$

25.3

(88

)%

For more information regarding the non-GAAP financial measures discussed in this press release, please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

Segment Results

($ millions, unaudited)

Three Months Ended March 31,

2026

2025

YoY Change

Consumer revenue

$

129.5

$

117.6

10

%

Consumer gross profit

$

81.8

$

72.4

13

%

Consumer gross profit margin

63.2

%

61.6

%

160 bps

Enterprise revenue

$

66.2

$

61.7

7

%

Enterprise gross profit

$

46.9

$

43.2

9

%

Enterprise gross profit margin

70.8

%

70.0

%

80 bps

Key Business Metrics

Three Months Ended March 31,

2026

2025

YoY Change

New Registered Learners (in millions)

7.6

7.1

Net Retention Rate for Paid Enterprise Customers

90

%

91

%

(1

)%

March 31,

2026

2025

YoY Change

Total Registered Learners (in millions)

205

175

17

%

Paid Enterprise Customers

1,729

1,651

5

%

For more information regarding the metrics discussed in this press release, please see “Key Business Metrics Definitions” below.

Financial Outlook

Provides second quarter 2026: Revenue in the range of $196 to $200 million Adjusted EBITDA in the range of $12 to $16 million Reaffirms full year 2026: Revenue in the range of $805 to $815 million Adjusted EBITDA in the range of $70 to $76 million, representing an annual Adjusted EBITDA Margin target of approximately 9.0% at the midpoint of the full year ranges Actual results may differ materially from Coursera’s Financial Outlook as a result of, among other things, the factors described under “Special Note on Forward-Looking Statements” below.

A reconciliation of our non-GAAP guidance measure (Adjusted EBITDA) to the corresponding GAAP guidance measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this press release.

Conference Call Details

As previously announced, Coursera will hold a conference call to discuss its first quarter 2026 performance today, April 23, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

A live, audio-only webcast of the conference call and earnings release materials will be available to the public on our investor relations page at investor.coursera.com. For those unable to listen to the broadcast live, an archived replay will be accessible in the same location for one year.

Transaction with Udemy

On December 17, 2025, Coursera and Udemy, Inc. (NASDAQ: UDMY) entered into a definitive merger agreement pursuant to which Coursera will combine with Udemy in an all-stock transaction. The transaction has been unanimously approved by the Boards of Directors of both Coursera and Udemy.

On April 9, 2026, the transaction was approved by Coursera and Udemy stockholders. The companies are advancing through the remaining regulatory approval processes and customary closing conditions.

Disclosure Information

In compliance with disclosure obligations under Regulation FD, Coursera announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.

About Coursera

Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Today, it is one of the largest online learning platforms in the world, with 205 million registered learners as of March 31, 2026. Coursera partners with over 375 leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including generative AI-powered features like Coach, Role Play, and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp.

Key Business Metrics Definitions

Registered Learners

We count the total number of registered learners at the end of each period. For purposes of determining our registered learner count, we treat each customer account that registers with a unique email as a registered learner and adjust for any spam, test accounts, and cancellations. Our registered learner count is not intended as a measure of active engagement. New registered learners are individuals that register in a particular period.

Paid Enterprise Customers

We count the total number of Paid Enterprise Customers that are active on our platform at the end of each period. For purposes of determining our customer count, we treat each customer account that has a corresponding contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We define a “Paid Enterprise Customer” as a customer who purchases Coursera via our direct sales force. For purposes of determining our Paid Enterprise Customer count, we exclude our Enterprise customers who do not purchase Coursera via our direct sales force, including organizations engaging on our platform through our Coursera for Teams offering or through our channel partners.

Net Retention Rate (“NRR”) for Paid Enterprise Customers

We calculate annual recurring revenue (“ARR”) by annualizing each customer’s monthly recurring revenue (“MRR”) for the most recent month at period end. We calculate “Net Retention Rate” for a period by starting with the ARR from all Paid Enterprise Customers as of the 12 months prior to such period end, or Prior Period ARR. We then calculate the ARR from these same Paid Enterprise Customers as of the current period end, or “Current Period ARR.” Current Period ARR includes expansion within Paid Enterprise Customers and is net of contraction or attrition over the trailing 12 months but excludes revenue from new Paid Enterprise Customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at our Net Retention Rate for Paid Enterprise Customers.

Non-GAAP Financial Measures

In addition to financial information presented in accordance with GAAP, this press release includes non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income, non-GAAP net income per share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, each of which is a non-GAAP financial measure. These are key measures used by our management to help us analyze our financial results, establish budgets and operational goals for managing our business, evaluate our performance, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, we believe these measures are useful for period-to-period comparisons of our business. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our cash performance. However, the non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. These non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered as a substitute for or in isolation from financial information presented in accordance with GAAP. These non-GAAP financial measures have limitations as analytical tools.

Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin, Non-GAAP Net Income, and Non-GAAP Net Income Per Share

We define non-GAAP gross profit and non-GAAP net income as GAAP gross profit and GAAP net loss excluding: (1) stock-based compensation expense; (2) amortization of stock-based compensation expense capitalized as internal-use software costs; (3) payroll tax expense related to stock-based compensation; (4) merger and acquisition (“M&A”) related transaction costs; (5) integration related costs; (6) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (7) restructuring related charges. Non-GAAP gross profit margin reflects non-GAAP gross profit as a percentage of revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the diluted weighted average shares of common stock outstanding.

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as our GAAP net loss excluding: (1) depreciation and amortization; (2) interest income, net; (3) income tax expense; (4) other expense (income), net; (5) stock-based compensation expense; (6) payroll tax expense related to stock-based compensation; (7) M&A related transaction costs; (8) integration related costs; (9) costs and settlement (gains) losses related to significant and non-recurring legal and regulatory matters, net of insurance recoveries; and (10) restructuring related charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

Free Cash Flow

We define Free Cash Flow as net cash provided by operating activities, less capitalized internal-use software costs, purchases of content assets, and purchases of property, equipment, and software as we consider these capital expenditures necessary to support our ongoing operations.

We believe the presentation of these adjusted operating results provides useful supplemental information to investors and facilitates the analysis and comparison of our operating results across reporting periods.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the Appendix.

Special Note on Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this press release that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: “accelerate,” “anticipate,” “believe,” “can,” “continue,” “could,” “demand,” “design,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “mission,” “need,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding the proposed combination with Udemy, including the expected timing and benefits of such business combination and the outlook for Coursera’s and Udemy’s results of operations and financial condition (including potential synergies) following the business combination; the expansion of our market opportunity; the global demand to embrace new skills; our progress in our growth initiatives; the opportunity to build a more comprehensive and adaptive skills platform designed for the AI era; our commitment to creating more personalized, engaging, and AI-native learning experiences; our initiatives to strengthen our position as a trusted source for verified learning; our mission to provide universal access to world-class learning; the demand for online learning; the strength of our customer and content creator relationships; the demand from learners to use our offerings to master career advancing skills; anticipated features and benefits of our offerings; the anticipated utility of our non-GAAP financial measures; anticipated growth rates; and our financial outlook, future financial and operational performance, and expectations, including our financial outlook for the second quarter of 2026 and full year 2026, among others. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our ability to attract, engage, and retain learners; our ability to increase sales of our offerings; our limited operating history; the relative nascency of online learning solutions and generative AI; risks related to market acceptance and demand for our offerings; our ability to maintain and expand our existing content creator relationships and to develop new partnerships with universities, industry leaders, and subject matter experts; our dependence on the supply of content created by our partners; risks related to our AI innovations and AI generally; risks related to the business combination, including the effect of the announcement of the business combination on the ability of Coursera or Udemy to retain and hire key personnel and maintain relationships with customers, vendors and others with whom Coursera or Udemy do business, or on Coursera’s or Udemy’s operating results and business generally; risks that the business combination disrupts current plans and operations and the potential difficulties in attracting and retaining qualified personnel as a result of the business combination; the outcome of any legal proceedings related to the business combination; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, at all or in a timely manner; the ability to successfully integrate Coursera’s and Udemy’s operations and business on a timely basis or otherwise in accordance with the standards and obligations applicable to the combined company as a public benefit corporation and as a B Corp.; Coursera’s and Udemy’s ability to implement our plans, forecasts and other expectations with respect to the combined company’s business after the completion of the transaction and realize expected synergies and other benefits of the combination within the expected timeframe or at all; the amount of the costs, fees, expenses and charges related to the proposed combination; fluctuations in the prices of Coursera or Udemy stock; potential business disruptions following the business combination; our ability to compete effectively; adverse impacts on our business and financial condition due to macroeconomic or market conditions; our ability to manage our growth; regulatory and/or policy matters or changes impacting us or our content creators; risks related to intellectual property; cybersecurity and privacy risks and regulations; potential disruptions to our platform; risks related to operations, regulatory, economic, and geopolitical conditions; current and future legal and regulatory matters; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; natural disasters, public health crises, or other catastrophic events; and our status as a certified B Corp, as well as the risks and uncertainties discussed in our most recently filed annual and quarterly reports on Forms 10-K and 10-Q and subsequent filings and as detailed from time to time in our SEC filings. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this press release. We undertake no obligation to update any forward-looking statements except to the extent required by law.

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except per share amounts)

Three Months Ended March 31,

2026

2025

Revenue

$

195.7

$

179.3

Cost of revenue(2)

87.1

81.4

Gross profit

108.6

97.9

Operating expenses:

Research and development(2)

31.3

29.5

Sales and marketing(2)

69.3

56.8

General and administrative(1)(2)

33.3

26.9

Restructuring related charges(2)

—

(0.9

)

Total operating expenses

133.9

112.3

Loss from operations

(25.3

)

(14.4

)

Other income, net:

Interest income, net

7.1

7.8

Other (expense) income, net

(0.9

)

0.3

Loss before income taxes

(19.1

)

(6.3

)

Income tax expense

1.4

1.5

Net loss

$

(20.5

)

$

(7.8

)

Net loss per share—basic and diluted

$

(0.12

)

$

(0.05

)

Weighted average shares used in computing net loss per share—basic and diluted

168.7

160.7

Three Months Ended March 31,

2026

2025

Cost of revenue

$

0.6

$

0.7

Research and development

7.6

8.6

Sales and marketing

4.9

4.9

General and administrative

7.2

11.6

Restructuring related charges

—

(1.6

)

Total stock-based compensation expense

$

20.3

$

24.2

Coursera Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions)

  March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

789.8

$

792.6

Accounts receivable, net

60.0

65.4

Deferred costs, net

19.0

19.6

Prepaid expenses and other current assets

24.6

20.5

Total current assets

893.4

898.1

Property, equipment, and software, net

45.5

43.4

Intangible assets, net

30.9

27.1

Other assets

30.7

31.4

Total assets

$

1,000.5

$

1,000.0

Liabilities and Stockholders’ Equity

Current liabilities:

Content liabilities

$

98.3

$

100.0

Other accounts payable and accrued expenses

31.0

29.8

Accrued compensation and benefits

21.4

36.7

Deferred revenue, current

200.1

180.9

Other current liabilities

11.6

10.5

Total current liabilities

362.4

357.9

Deferred revenue, non-current

1.5

1.4

Other liabilities

4.8

5.0

Total liabilities

368.7

364.3

Stockholders’ equity:

Additional paid-in capital

1,563.5

1,546.9

Accumulated deficit

(931.7

)

(911.2

)

Total stockholders’ equity

631.8

635.7

Total liabilities and stockholders’ equity

$

1,000.5

$

1,000.0

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss

$

(20.5

)

$

(7.8

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

7.5

7.1

Stock-based compensation expense

20.3

24.2

Other

0.5

0.1

Changes in operating assets and liabilities:

Accounts receivable, net

5.4

(0.1

)

Prepaid expenses and other assets

(3.0

)

1.0

Accounts payable and accrued expenses

(0.7

)

(4.2

)

Accrued compensation and other liabilities

(14.2

)

(12.4

)

Deferred revenue

19.3

25.6

Net cash provided by operating activities

14.6

33.5

Cash flows from investing activities:

Purchases of content assets

(5.8

)

(4.1

)

Capitalized internal-use software costs

(5.6

)

(3.6

)

Purchases of property, equipment, and software

(0.2

)

(0.5

)

Net cash used in investing activities

(11.6

)

(8.2

)

Cash flows from financing activities:

Proceeds from exercise of stock options

0.2

1.2

Payments for tax withholding on vesting of restricted stock units

(5.9

)

(6.2

)

Net cash used in financing activities

(5.7

)

(5.0

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(2.7

)

20.3

Cash, cash equivalents, and restricted cash—beginning of period

793.4

728.4

Cash, cash equivalents, and restricted cash—end of period

$

790.7

$

748.7

Coursera Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

(Dollars in millions, except per share amounts)

Three Months Ended March 31,

2026

2025

Gross profit

$

108.6

$

97.9

Stock-based compensation expense

0.6

0.7

Amortization of stock-based compensation capitalized as internal-use software costs

1.6

1.5

Non-GAAP gross profit

$

110.8

$

100.1

Gross profit margin

55.5

%

54.6

%

Non-GAAP gross profit margin

56.6

%

55.8

%

Three Months Ended March 31,

2026

2025

Net loss

$

(20.5

)

$

(7.8

)

Stock-based compensation expense

20.3

25.8

Amortization of stock-based compensation capitalized as internal-use software costs

1.6

1.5

Payroll tax expense related to stock-based compensation

0.7

0.9

M&A related transaction costs

6.2

—

Integration related costs

3.8

—

Significant and non-recurring legal and regulatory matters

0.3

0.2

Restructuring related charges

—

(0.9

)

Non-GAAP net income

$

12.4

$

19.7

Weighted-average shares used in computing net loss per share—basic

168.7

160.7

Effect of dilutive securities

1.5

4.0

Weighted-average shares used in computing non-GAAP net income per share—diluted

170.2

164.7

Net loss per share—basic and diluted

$

(0.12

)

$

(0.05

)

Non-GAAP net income per share—diluted

$

0.07

$

0.12

Three Months Ended March 31,

2026

2025

Net loss

$

(20.5

)

$

(7.8

)

Depreciation and amortization

7.5

7.1

Interest income, net

(7.1

)

(7.8

)

Income tax expense

1.4

1.5

Other expense (income), net

0.9

(0.3

)

Stock-based compensation expense

20.3

25.8

Payroll tax expense related to stock-based compensation

0.7

0.9

M&A related transaction costs

6.2

—

Integration related costs

3.8

—

Significant and non-recurring legal and regulatory matters

0.3

0.2

Restructuring related charges

—

(0.9

)

Adjusted EBITDA

$

13.5

$

18.7

Net loss margin

(10.5

)%

(4.4

)%

Adjusted EBITDA Margin

6.9

%

10.4

%

Three Months Ended March 31,

2026

2025

Net cash provided by operating activities(3)

$

14.6

$

33.5

Less: capitalized internal-use software costs

(5.6

)

(3.6

)

Less: purchases of content assets

(5.8

)

(4.1

)

Less: purchases of property, equipment, and software

(0.2

)

(0.5

)

Free Cash Flow

$

3.0

$

25.3

Source Code: COUR-IR

Coursera (COUR - Free Report) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -17.65%. A quarter ago, it was expected that this online learning platform would post earnings of $0.06 per share when it actually produced earnings of $0.06, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Coursera, which belongs to the Zacks Technology Services industry, posted revenues of $195.7 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.07%. This compares to year-ago revenues of $179.3 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Coursera shares have lost about 16% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Coursera?While Coursera has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Coursera was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.10 on $200.2 million in revenues for the coming quarter and $0.45 on $811.68 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Red Cat Holdings, Inc. (RCAT - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Red Cat Holdings, Inc.'s revenues are expected to be $19.03 million, up 1067.5% from the year-ago quarter.

For the quarter ended March 2026, Coursera (COUR - Free Report) reported revenue of $195.7 million, up 9.2% over the same period last year. EPS came in at $0.07, compared to $0.12 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $195.57 million, representing a surprise of +0.07%. The company delivered an EPS surprise of -17.65%, with the consensus EPS estimate being $0.09.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Coursera performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Paid Enterprise Customers: 1,729 versus the three-analyst average estimate of 1,749.Total Registered Learners: 205 million versus the three-analyst average estimate of 204.86 million.Revenues- Enterprise: $66.2 million versus $64.1 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +7.3% change.Revenues- Consumer: $129.5 million versus the four-analyst average estimate of $131.59 million. The reported number represents a year-over-year change of +10.1%.Gross Profit- Enterprise: $46.9 million versus $45.04 million estimated by three analysts on average.Gross Profit- Consumer: $81.8 million compared to the $81.65 million average estimate based on three analysts.View all Key Company Metrics for Coursera here>>>

Shares of Coursera have returned +5.3% over the past month versus the Zacks S&P 500 composite's +9.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Coursera (COUR +0.47%) ended Friday's trading deep in the red. The education services company's share price ended the session down 11.6% even though the S&P 500 gained 0.8% and the Nasdaq Composite gained 1.6%.

Coursera published its first-quarter results after the market closed yesterday, and the market had a negative reaction to the print. With the pullback today, the stock is now down roughly 28% year to date.

Image source: Getty Images.

Coursera stock sinks on earnings miss Coursera reported non-GAAP (adjusted) earnings of $0.07 per share on sales of $195.7 million in Q1. While sales in the period topped the consensus estimate by roughly $0.6 million, earnings per share fell $0.01 short of the market's target. Results in the period weren't terrible, but the weaker-than-expected earnings added to concerns that the business could face softer pricing power and disruption from artificial intelligence (AI).

Today's Change

(

0.47

%) $

0.03

Current Price

$

5.36

What's next for Coursera? With its Q1 report, Coursera reaffirmed guidance for sales to come in between $805 million and $815 million this year. Hitting the midpoint of that guidance range would mean delivering annual growth of roughly 7% over the $757 million in sales the business recorded last year.

Coursera continues to enjoy the benefits of an entrenched customer base, and the company has its own opportunities to use AI to adapt to shifts in the competitive landscape. The company's Q1 results and forward guidance weren't terrible, and it's possible that investors are overreacting to the print.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

SAN DIEGO, April 28, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Coursera, Inc. (NYSE: COUR). The investigation focuses on Coursera’s executive officers and whether investor losses may be recovered under federal securities laws.

What if I purchased Coursera securities?
If you purchased Coursera securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.

Background of the investigation
On April 23, 2026, Coursera reported its first quarter 2026 financial results. Among other things, the Company disclosed first quarter revenue of $195.7 million, up 9% year-over-year, and reaffirmed its full-year 2026 revenue outlook of $805 million to $815 million. The Company also reported Enterprise revenue of $66.2 million, up 7% year-over-year.

In connection with these results, Coursera disclosed that performance in Coursera for Business, its largest Enterprise offering, remained below long-term expectations. The Company further disclosed that Enterprise growth remained slower than Consumer growth, and management discussed continued pressure affecting Enterprise demand and retention.

Following this disclosure, Coursera’s stock price declined, damaging investors.

In light of this disclosure, Johnson Fistel is investigating whether Coursera complied with the federal securities laws. If you suffered losses from your investment in Coursera stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. To learn more, visit www.johnsonfistel.com.

Achievements
In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, reflecting the firm’s effectiveness in advocating for investors and recovering approximately $90,725,000 for clients in cases where it served as lead or co-lead counsel.

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Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471 | [email protected] | [email protected]

Significant authorization reflects leadership’s confidence in the strength of Coursera’s business and the substantial value creation opportunity for its shareholders

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Coursera, Inc. (NYSE: COUR) today announced that its Board of Directors (the “Board”) has approved a share repurchase program under which Coursera is authorized to repurchase up to $500 million of the Company’s common stock. The size of the repurchase program underscores the confidence of Coursera’s leadership in the execution of its strategy, the strength of its future cash flow, and the scale of the global skilling opportunity ahead.

Coursera believes that its enhanced scale following its recent combination with Udemy, Inc., strong financial position, and expected future cash generation, particularly following the achievement of anticipated operating synergies, provide the Company with ample capacity to opportunistically return capital to shareholders, while also investing for durable long-term growth. Coursera expects to fund repurchases with existing cash balances and cash flow from operations.

Repurchases under the program may be made from time to time in the open market, with the amount and timing of repurchases to be determined at Coursera’s discretion, depending on market conditions, corporate considerations, and other factors. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into trading plans intended to qualify under Rule 10b5-1 of the Exchange Act to facilitate repurchases of its shares under this authorization. This program does not have a fixed expiration date, does not obligate Coursera to acquire any particular amount of common stock, and may be modified, suspended, or discontinued at any time at the discretion of the Board.

About Coursera

Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Coursera partners with leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including AI-powered personalized guide and features, like Role Play and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp. Coursera recently combined with Udemy to create one of the world’s most comprehensive skills development platforms. Together, the Coursera and Udemy platforms reach 290 million learners and 18,000 enterprise customers worldwide.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this press release that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: “accelerate,” “anticipate,” “believe,” “can,” “continue,” “could,” “demand,” “design,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “mission,” “need,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding Coursera leadership’s confidence in the execution of its strategy, strength of its future cash flow, scale of global skilling opportunity ahead, and the substantial value creation opportunity for its shareholders; Coursera’s belief that its enhanced scale in light of its recent business combination with Udemy, Inc. (the “business combination”), strong financial position, and expected future cash generation following achievement of anticipated operating synergies provide Coursera with opportunity to return capital to shareholders and invest in durable long-term growth; the anticipated amount, manner, and timing of execution of the share repurchase program; that Coursera expects to utilize its existing cash and cash equivalents to fund repurchases under the share repurchase program; the expected benefits of the business combination and the outlook for our results of operations and financial condition (including potential synergies) following the business combination; the expansion of our market opportunity; the global demand to embrace new skills; anticipated growth rates; and our financial outlook, future financial and operational performance, and expectations; among others. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our ability to attract, engage, and retain learners; our ability to increase sales of our offerings; our limited operating history; the relative nascency of online learning solutions and generative AI; risks related to market acceptance and demand for our offerings; our ability to maintain and expand our existing content creator relationships and to develop new partnerships with universities, industry leaders, and subject matter experts; our dependence on the supply of content created by our partners; risks related to our AI innovations and AI generally; risks related to the business combination, including our ability to retain and hire key personnel and maintain relationships with customers, vendors, and others with whom we do business as a result of the business combination; the impact of the business combination on our operating results and business generally; the outcome of any legal proceedings related to the business combination; the ability to successfully integrate Coursera’s and Udemy’s operations and business on a timely basis or otherwise in accordance with the standards and obligations applicable to the combined company as a public benefit corporation and as a B Corp.; our ability to implement our plans, forecasts, and other expectations with respect to the combined company’s business and realize expected synergies and other benefits of the business combination within the expected timeframe or at all; potential business disruptions arising from the business combination; our ability to compete effectively; adverse impacts on our business and financial condition due to macroeconomic or market conditions; our ability to manage our growth; regulatory and/or policy matters or changes impacting us or our content creators; risks related to intellectual property; cybersecurity and privacy risks and regulations; potential disruptions to our platform; risks related to operations, regulatory, economic, and geopolitical conditions; current and future legal and regulatory matters; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; natural disasters, public health crises, or other catastrophic events; and our status as a certified B Corp, as well as the risks and uncertainties discussed in our most recently filed annual and quarterly reports on Forms 10-K and 10-Q and subsequent filings and as detailed from time to time in our SEC filings. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this press release. We undertake no obligation to update any forward-looking statements except to the extent required by law.

Source Code: COUR-IR

92% of US employers willing to offer higher starting salaries to graduates with micro-credentials By 2030, employers expect nearly 4 in 10 key skills required for the job market to change. As technological progress reshapes work, new data from Coursera (NYSE: COUR), a leading global online learning platform, finds that 92% of US employers are willing to offer higher starting salaries to graduates who have earned industry micro-credentials.

Coursera’s Micro-Credentials Impact Report 2026, based on perspectives from over 3,500 learners, employers, and higher education leaders regarding the rising demand for micro-credentials and their real-world impact, found that 79% of US employers say that micro-credential holders demonstrate improved productivity in their first year.

“Over the next decade, over 1.2 billion people are due to enter the global workforce, while 60% of the world’s existing workforce will also require reskilling,” said Marni Baker Stein, Chief Content Officer, Coursera. “This report provides clear evidence that job-relevant industry micro-credentials are helping to meet an unprecedented demand for skills, and providing tangible ROI for students, employers, and universities that offer them.”

Key findings from Coursera’s Micro-Credentials Impact Report include:

In a challenging job market, micro-credentials allow candidates to stand out, increasing the likelihood that they get hired, get jobs in their chosen field, and get promoted. 85% of US graduates with micro-credentials report securing a role aligned to their field within 12 months 83% of employed US graduates say micro-credentials played a significant role in securing their position 61% of US employers say candidates with micro-credentials move more quickly through the hiring pipeline 60% of US employers say employees with micro-credentials are more likely to be promoted or assigned expanded responsibilities compared to those without For employers, micro-credentials offer greater confidence in a candidate’s job readiness, reduce their hiring risk and training costs, and improve productivity and profitability. 94% of US employers have hired multiple graduates with micro-credentials in the last year Through the sort of targeted, role-based learning offered by micro-credentials, 52% of US employers report a significant boost in productivity, and 54% see a significant impact on profitability 79% of US employers say entry-level hires with micro-credentials perform better in their first year, suggesting these credentials also support early productivity For universities, embedding micro-credentials into degrees improves curriculum agility, strengthens industry alignment, and drives student enrollment, retention, and motivation—particularly when offered for credit. 71% of US academic leaders say institutions without embedded micro-credentials face moderate or significant strategic risk Twice as many students (71%) say they’re likely to enroll in a program offering credit-bearing micro-credentials, compared with just 35% for programs with none. 89% of US students report increased motivation when coursework leads to industry-recognized credentials 86% of US higher education leaders agree that embedding micro-credentials speeds up curriculum updates In the United States, higher education institutions are increasingly prepared to integrate micro-credentials into their curricula to improve the value of their degrees and differentiate themselves on student employability. Key findings from US university leaders regarding their strategic priorities include:

91% of US higher ed leaders say embedding micro-credentials links learning with workforce relevance (Global: 82%; +9 percentage points). 49% of US higher ed leaders rank credit alignment among their top three decision criteria when selecting micro-credentials (Global: 42%; +7 percentage points). 83% of US higher ed leaders are willing to pay a premium for credit alignment (Global: 67%; +16 percentage points). Coursera’s research also identifies key criteria that ensure micro-credentials offer value and return on investment to learners and institutions. They emphasize:

Industry-alignment: Employers place significantly greater value on micro-credentials developed with industry partners (82%) compared to those developed solely by academic institutions. Academic credit: 82% of graduates with credit-bearing credentials report salary increases of 10% or more (compared with 60% for non-credit) Assessments of applied skills: 82% of students and 88% of graduates prefer project- or industry-based micro-credentials over content-only credentials In a skills-first economy, learning must prove what learners can do, not just what they studied. By embedding industry-recognized credentials into their programs, institutions can directly meet employer expectations and prepare their graduates to be job-ready on day one.

To learn more, download the full report here.

About Coursera

Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Coursera partners with leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations—including AI-powered personalized guide and features, like Role Play and Course Builder, and role-based solutions like Skills Tracks—enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp. Coursera recently combined with Udemy to create one of the world’s most comprehensive skills development platforms.

Methodology

Coursera, in partnership with Rep Data, surveyed learners, employers, and higher education leaders across seven countries in February and March 2026. Surveys were conducted online and by telephone using computer-assisted telephone interviewing (CATI).

In each country—the United States, United Kingdom, India, Saudi Arabia, Mexico, Indonesia, and the Philippines—the sample included approximately 300 learners (split roughly evenly between current university students and recent graduates), 100 employers, and 100 higher education leaders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604586976/en/

Coursera, Inc. (NYSE: COUR), a leading global online learning platform, today announced that it will host a supplemental post-merger modeling call on Tuesday, June 23, 2026, at 5:30 a.m. PT / 8:30 a.m. ET. The company’s chief financial officer, Mike Foley, will provide an overview of the combined company’s full year 2026 financial profile following the close of its merger with Udemy on May 11, 2026. Prepared remarks will be followed by an analyst question-and-answer session.

A live webcast and archived replay of the virtual conversation will be available on Coursera’s investor relations website at investor.coursera.com.

Disclosure Information

In compliance with disclosure obligations under Regulation FD, Coursera announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.

About Coursera

Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Coursera partners with leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including AI-powered personalized guide and features, like Role Play and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp. Coursera recently combined with Udemy to create one of the world’s most comprehensive skills development platforms. Together, the Coursera and Udemy platforms reach 290 million learners and 18,000 enterprise customers worldwide.

Source Code: COUR-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611122520/en/

Total First-Quarter 2026 Net Product Sales of $811.0 Million,
An Increase of 44% Year-Over-Year

Announced Definitive Agreement to Acquire Soleno Therapeutics, Including VYKATTM XR (diazoxide
choline) for the Treatment of Hyperphagia in Prader-Willi Syndrome Expected to Close in Q2 2026

Initiated Phase 2 Clinical Study of NBI-1117570, a Dual M1 / M4 Selective Agonist, in Adults with
Schizophrenia

Reaffirmed 2026 Full-Year INGREZZA® (valbenazine) Net Sales Guidance of $2.7 - $2.8 Billion

, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the first quarter ended March 31, 2026.

"Neurocrine's strong first-quarter performance reflects continued momentum across our commercial portfolio, as we advance our growth strategy and diversify across therapeutic areas," said Kyle W. Gano, Ph.D., Chief Executive Officer of Neurocrine Biosciences. "We delivered $811 million in net product sales, representing 44% year-over-year growth, driven by continued strong demand for INGREZZA and CRENESSITY® (crinecerfont). Our recently announced agreement to acquire Soleno Therapeutics further underscores our commitment to address conditions with significant unmet need and accelerate revenue growth. With multiple first-in-class commercial medicines and the deepest pipeline in our history, Neurocrine is well-positioned to deliver transformative therapies for patients and drive sustained growth."

Net Product Sales Highlights

Total first-quarter 2026 net product sales were $811.0 million, representing 44% growth year-over-year. INGREZZA first-quarter 2026 net product sales were $656.9 million, representing 20% growth year-over-year. Results reflected double-digit prescription volume growth in TRx and record NRx driven by strong patient demand, partially offset by a lower net price compared to the first quarter of 2025. CRENESSITY first-quarter 2026 net product sales were $153.3 million, driven by strong patient demand with approximately 80% reimbursement for dispensed prescriptions in the first quarter 2026. Total revenues for the first quarter of 2026 were $814.5 million, compared with $572.6 million in the prior-year period, a 42% increase. Recent Clinical and Corporate Developments

Entered into a definitive agreement to acquire Soleno Therapeutics for $53.00 per share in cash, representing a total transaction equity value of $2.9 billion. The addition of VYKAT™ XR (diazoxide choline), a first-in-class therapy to treat hyperphagia in Prader-Willi syndrome (PWS), is expected to expand Neurocrine's portfolio of innovative medicines and strengthen its leadership position in endocrinology and rare disease. The acquisition is anticipated to close in the second quarter of 2026. Initiated and dosed the first patients in a Phase 2 clinical study of NBI-1117570, a dual M1/M4 selective agonist in adults with schizophrenia. Initiated Phase 1 first-in-human clinical study evaluating the safety and tolerability of NBIP-'2118 in adult participants. NBIP-'2118 is an investigational corticotropin-releasing factor 2 receptor (CRF2) peptide agonist and a potential first-in-class therapy for obesity. Presented new real-world evidence demonstrating that adult patients with tardive dyskinesia receiving INGREZZA® (valbenazine) capsules showed higher treatment persistence compared to those on AUSTEDO XR (deutetrabenazine). The findings were presented at the Academy of Managed Care Pharmacy 2026 Annual Meeting in Nashville. Presented the first expert consensus recommendations focused on screening, diagnosis and treatment of tardive dyskinesia among older adults in long-term care settings. The recommendations address persistent gaps in recognizing and managing tardive dyskinesia in this higher-risk population. Findings were presented at the Society for Post-Acute and Long-Term Care Medical Association (PALTmed) PALTC26 Annual Conference in Anaheim, CA. Presented new two-year CRENESSITY data demonstrating durable hormonal control, reduced glucocorticoid exposure and meaningful clinical improvements in pediatric patients with classic congenital adrenal hyperplasia. The findings were presented at the Pediatric Endocrine Society 2026 Annual Meeting in San Francisco. Promoted Andrew Ratz, Ph.D., to the executive management team as the Chief Technical Operations Officer. In his new role, Dr. Ratz will lead the company's global technical development, manufacturing, and supply chain functions, supporting Neurocrine's expansion beyond small molecules into biologics and device-based therapies. First-Quarter 2026 Financial Results

Three Months Ended

March 31,

(unaudited, in millions, except per share data)

2026

2025

Revenues:

INGREZZA Net Product Sales

$       656.9

$       545.2

CRENESSITY Net Product Sales

153.3

14.5

Other Revenues

4.3

12.9

Total Revenues

$       814.5

$       572.6

GAAP Research and Development (R&D)

$       296.2

$       263.2

Non-GAAP R&D

$       272.0

$       240.2

GAAP Selling, General, and Administrative (SG&A)

$       318.5

$       276.5

Non-GAAP SG&A

$       281.2

$       245.3

GAAP Operating Income

$       193.4

$        23.6

Non-GAAP Operating Income

$       226.4

$        78.8

GAAP Net Income

$       197.9

$          7.9

GAAP Earnings Per Share – Diluted

$        1.91

$        0.08

Non-GAAP Net Income

$       200.5

$        71.5

Non-GAAP Earnings Per Share – Diluted

$        1.94

$        0.70

(unaudited, in millions)

March 31,

2026

December 31,

2025

Total Cash, Cash Equivalents, and Marketable Securities

$    2,647.2

$    2,543.4

Differences in first-quarter 2026 GAAP and Non-GAAP operating expenses compared with first-quarter 2025 were driven by: Increased R&D expense in support of an expanded and advancing pre-clinical and clinical portfolio including investments in osavampator Phase 3 program in major depressive disorder (MDD) and muscarinic franchise, including the direclidine Phase 3 program as a potential treatment for adults with schizophrenia. Development milestone expense included in R&D was $22.6 million and $45.4 million for the first quarter 2026 and 2025. Increased SG&A expense primarily reflected continued investment in our commercial organization, including the expansion of our INGREZZA and CRENESSITY sales teams in the first quarter of 2026. Increased acquired in-process research and development (IPR&D) expense associated with upfront payments for early-stage development candidates license agreements First-quarter 2026 GAAP net income and earnings per share were $197.9 million and $1.91, respectively, compared with $7.9 million and $0.08, respectively, for first-quarter 2025. First-quarter 2026 Non-GAAP net income and earnings per share were $200.5 million and $1.94, respectively, compared with $71.5 million and $0.70, respectively, for first-quarter 2025. Differences in first-quarter 2026 GAAP and Non-GAAP net income compared with first-quarter 2025 were primarily driven by: Higher net product sales of $247.3 million Increased operating expenses in support of expanding and advancing R&D portfolio, continued investment in our commercial organization, including the expansion of our INGREZZA and CRENESSITY sales teams. First quarter 2026 includes: $21.2 million of IPR&D expense associated with upfront payments for early-stage development candidates license agreements $22.6 million of development milestone included in R&D expense, compared with $45.4 million for first quarter 2025 A $25.3 million gain from changes in fair values of equity investments compared with a $30.6 million loss for first quarter 2025 (Non-GAAP adjustment) A $28.6 million pre-tax gain, net of transaction costs, related to the sale of Neurocrine Group Limited in January 2026 (Non-GAAP adjustment) At March 31, 2026, the Company had cash, cash equivalents, and marketable securities totaling approximately $2.65 billion. A reconciliation of GAAP to Non-GAAP financial results can be found in Table 3 and Table 4 at the end of this news release.

Reaffirmed Full-Year 2026 Financial Guidance

Range

(in millions)

Low

High

INGREZZA Net Product Sales 1

$       2,700

$       2,800

GAAP R&D Expense 2

$       1,200

$       1,250

Non-GAAP R&D Expense 2, 3

$       1,110

$       1,160

GAAP and Non-GAAP IPR&D 4

$           20

$           20

GAAP SG&A Expense 5

$       1,375

$       1,400

Non-GAAP SG&A Expense 3, 5

$       1,240

$       1,265

Full-Year 2026 financial guidance excludes any post-close expenses from the announced acquisition of Soleno Therapeutics, anticipated to close in Q2 2026.

INGREZZA sales guidance reflects expected net product sales of INGREZZA in tardive dyskinesia and chorea associated with Huntington's disease. R&D guidance reflects the continued advancement of the Company's pre-clinical and clinical portfolio including the Phase 3 programs for osavampator in MDD and direclidine in schizophrenia, and includes approximately $25 million of expense for development milestones related to our in-licensed product candidates. Development milestones are included in R&D guidance once achieved or deemed probable to achieve. Non-GAAP guidance adjusted to exclude estimated non-cash stock-based compensation expense of approximately $90 million in R&D and $125 million in SG&A, divestiture-related expenses and vacated legacy campus facility costs. Non-cash stock-based compensation expense for performance-based equity awards is included in guidance once the predefined performance-based criteria for vesting is achieved or deemed probable to achieve. IPR&D guidance represents completed collaboration and licensing arrangements. SG&A guidance range reflects expense for ongoing commercial initiatives supporting INGREZZA growth and the launch of CRENESSITY including expansion of sales teams. Conference Call and Webcast Today at 4:30 PM Eastern Time
Neurocrine Biosciences will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants can access the live conference call by dialing 800-274-8461 (US) or 203-518-9814 (International) using the conference ID: NBIX. The webcast and accompanying slides can also be accessed at approximately 4:30 p.m. Eastern Time on Neurocrine Biosciences' website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

About Neurocrine Biosciences
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neuropsychiatric, neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes U.S. FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, YOU DESERVE BRAVE SCIENCE, INGREZZA, and CRENESSITY are registered trademarks of Neurocrine Biosciences, Inc.

Non-GAAP Financial Measures
In addition to the financial results and financial guidance that are provided in accordance with accounting principles generally accepted in the United States (GAAP), this press release also contains the following Non-GAAP financial measures: Non-GAAP R&D expense, Non-GAAP SG&A expense, Non-GAAP operating income, Non-GAAP net income and net income per share. When preparing the Non-GAAP financial results and guidance, the Company excludes certain GAAP items that management does not consider to be normal, including recurring cash operating expenses that might not meet the definition of unusual or non-recurring items. In particular, these Non-GAAP financial measures exclude: non-cash stock-based compensation expense, vacated legacy campus facility costs, net of sublease income, non-cash amortization expense related to acquired intangible assets, changes in fair value of equity investments, transaction and divestiture-related gains and/or expenses, changes in foreign currency exchange rates and certain adjustments to income tax expense. These Non-GAAP financial measures are provided as a complement to results provided in accordance with GAAP as management believes these Non-GAAP financial measures help indicate underlying trends in the Company's business, are important in comparing current results with prior period results and provide additional information regarding the Company's financial position. Management also uses these Non-GAAP financial measures to establish budgets and operational goals that are communicated internally and externally and to manage the Company's business and evaluate its performance. The Company provides guidance regarding combined R&D and SG&A expenses on both a GAAP and a Non-GAAP basis. A reconciliation of these GAAP financial results to Non-GAAP financial results is included in the attached financial information.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: our business strategy, objectives, and future development plans; the benefits to be derived from our products and product candidates; the value our products and/or our product candidates may bring to patients; the continued success of INGREZZA; successfully launching and commercializing CRENESSITY; our financial and operating performance, including our future revenues, expenses, or profits; our plans to acquire Soleno Therapeutics, including the anticipated timing and prospective benefits of the proposed acquisition, and our strategy, plans, objectives, expectations (financial or otherwise) and intentions with respect to our future financial results, growth potential and anticipated product portfolio in connection with the proposed acquisition; our collaborative partnerships; clinical and scientific data updates for our products and product candidates, including observations regarding clinical outcomes, safety, and tolerability; expected future clinical and regulatory milestones; and the timing of the initiation and/or completion of our clinical, regulatory, and other development activities and those of our collaboration partners. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements, include but are not limited to the following: risks and uncertainties associated with Neurocrine Biosciences' business and finances in general; risks and uncertainties associated with the commercialization of INGREZZA and CRENESSITY; risks related to our ability to complete the proposed acquisition of Soleno Therapeutics on the proposed terms or on the proposed timeline, the possibility that competing offers or acquisition proposals will be made, the possibility that the transaction does not close, our ability to realize the anticipated benefits of the proposed acquisition, including the possibility that the expected benefits from the proposed acquisition will not be realized or will not be realized within the expected time period and that we will not be able to integrate Soleno Therapeutics' business successfully or that such integration may be more difficult, time-consuming or costly than expected, and the degree and pace of market uptake of Soleno Therapeutics' commercial product, VYKATTM XR (diazoxide choline); risks related to the development of our product candidates; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with government and third-party regulatory and/or policy efforts which may, among other things, impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products; risks associated with competition from other therapies or products, including potential generic entrants for our products; risks associated with our ability to manage the growth of our organization; and other risks described in our periodic reports filed with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than as required by law.

TABLE 1NEUROCRINE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

Three Months Ended
March 31,

(in millions, except per share data)

2026

2025

Revenues:

Net product sales

$      811.0

$      563.7

Collaboration revenues

3.5

8.9

Total revenues

814.5

572.6

Operating expenses:

Cost of revenues

13.8

9.2

Research and development

296.2

263.2

Acquired in-process research and development

21.2

0.1

Selling, general, and administrative

318.5

276.5

Gain on sale of business, net of transaction costs

(28.6)

—

Total operating expenses

621.1

549.0

Operating income

193.4

23.6

Other income (expense):

Unrealized gain (loss) on equity investments

25.3

(30.6)

Investment income and other, net

28.1

21.7

Total other income (expense), net

53.4

(8.9)

Income before provision for income taxes

246.8

14.7

Provision for income taxes

48.9

6.8

Net income

$      197.9

$         7.9

Earnings per share, basic

$       1.97

$       0.08

Earnings per share, diluted

$       1.91

$       0.08

Weighted average common shares outstanding, basic

100.5

99.7

Weighted average common shares outstanding, diluted

103.4

102.5

TABLE 2NEUROCRINE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

(in millions)

March 31,
2026

December 31,
2025

Cash, cash equivalents, and marketable securities

$       1,316.2

$       1,480.4

Other current assets

1,119.9

1,042.3

Total current assets

2,436.1

2,522.7

Deferred tax assets

381.4

320.3

Marketable securities

1,331.0

1,063.0

Right-of-use assets

447.1

455.4

Equity investments

146.1

120.8

Property and equipment, net

90.9

89.8

Other noncurrent assets

73.6

59.5

Total assets

$       4,906.2

$       4,631.5

Current liabilities

$         831.7

$         743.4

Noncurrent operating lease liabilities

406.2

415.3

Other noncurrent liabilities

260.9

219.7

Stockholders' equity

3,407.4

3,253.1

Total liabilities and stockholders' equity

$       4,906.2

$       4,631.5

TABLE 3NEUROCRINE BIOSCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(unaudited)

Three Months Ended
March 31,

(in millions)

2026

2025

GAAP operating income 1

$       193.4

$        23.6

Adjustments:

Stock-based compensation expense - R&D

24.2

23.0

Stock-based compensation expense - SG&A

33.0

29.8

Gain on sale of business, net of transaction costs 2

(28.6)

—

Amortization of acquired intangible assets

0.1

1.0

Other 3

4.3

1.4

Non-GAAP operating income 1

$       226.4

$        78.8

Three Months Ended
March 31,

(in millions, except per share data)

2026

2025

GAAP net income 1

$       197.9

$          7.9

Adjustments:

Stock-based compensation expense - R&D

24.2

23.0

Stock-based compensation expense - SG&A

33.0

29.8

Amortization of acquired intangible assets

0.1

1.0

Changes in fair values of equity investments 4

(25.3)

30.6

Gain on sale of business, net of transaction costs 2

(28.6)

—

Other 3

4.3

1.4

Income tax effect related to reconciling items 5

(5.1)

(22.2)

Non-GAAP net income 1

$       200.5

$        71.5

Diluted earnings per share:

GAAP

$        1.91

$        0.08

Non-GAAP

$        1.94

$        0.70

1.

Includes the following expenses:

Three Months Ended
March 31,

(in millions)

2026

2025

Milestones (R&D)

$        22.6

$        45.4

Acquired in-process research and development (IPR&D)

$        21.2

$          0.1

2.

Reflects a pre-tax gain, net of transaction costs, recognized on the sale of Neurocrine Group Limited in January 2026.

3.

Primarily reflects transaction and divestiture-related expenses and other costs associated with our vacated legacy campus facilities, net of sublease income.

4.

Reflects periodic fluctuations in the fair values of equity investments.

5.

Estimated income tax effect of Non-GAAP reconciling items are calculated using applicable statutory tax rates, taking into consideration any valuation allowance. In addition, Non-GAAP tax expense may also be effected by certain non-recurring, non-operating, or discrete tax items.

TABLE 4NEUROCRINE BIOSCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES
(unaudited)

Three Months Ended
March 31,

(in millions)

2026

2025

GAAP cost of revenues

$        13.8

$          9.2

Adjustments:

Amortization of acquired intangible assets

0.1

1.0

Non-GAAP cost of revenues

$        13.7

$          8.2

Three Months Ended
March 31,

(in millions)

2026

2025

GAAP R&D

$       296.2

$       263.2

Adjustments:

Stock-based compensation expense

24.2

23.0

Non-GAAP R&D

$       272.0

$       240.2

Three Months Ended
March 31,

(in millions)

2026

2025

GAAP SG&A

$       318.5

$       276.5

Adjustments:

Stock-based compensation expense

33.0

29.8

Other

4.3

1.4

Non-GAAP SG&A

$       281.2

$       245.3

Three Months Ended
March 31,

(in millions)

2026

2025

GAAP other income (expense), net

$        53.4

$        (8.9)

Adjustments:

Changes in fair values of equity investments

(25.3)

30.6

Non-GAAP other income, net

$        28.1

$        21.7

SOURCE Neurocrine Biosciences, Inc.

Neurocrine Biosciences (NBIX - Free Report) reported $814.5 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 42.3%. EPS of $1.94 for the same period compares to $0.08 a year ago.

The reported revenue represents a surprise of +9.8% over the Zacks Consensus Estimate of $741.78 million. With the consensus EPS estimate being $1.68, the EPS surprise was +15.31%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Neurocrine performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Product sales, net- INGREZZA: $656.9 million compared to the $595.65 million average estimate based on eight analysts. The reported number represents a change of +20.5% year over year.Revenues- Product sales, net: $811 million versus the eight-analyst average estimate of $720.97 million. The reported number represents a year-over-year change of +43.9%.Revenues- Product sales, net- CRENESSITY: $153.3 million compared to the $121.77 million average estimate based on eight analysts.Revenues- Collaboration revenue: $3.5 million versus the seven-analyst average estimate of $7.72 million. The reported number represents a year-over-year change of -60.7%.Revenues- Product sales, net- Other: $4.3 million versus $4.1 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +7.5% change.View all Key Company Metrics for Neurocrine here>>>

Shares of Neurocrine have returned +1.2% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

New algorithms developed by expert clinical endocrinologists provide clear, practical recommendations for healthcare providers to reduce supraphysiologic glucocorticoid (GC) doses in patients with classic congenital adrenal hyperplasia (CAH) after starting CRENESSITY CRENESSITY reduces excess androgen production, enabling patients with classic CAH to move toward more physiologic GC dosing while maintaining essential daily cortisol replacement , /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the publication of the first peer-reviewed expert recommendations to guide glucocorticoid dose reduction in patients with classic congenital adrenal hyperplasia treated with CRENESSITY® (crinecerfont). Published in The Journal of Clinical Endocrinology & Metabolism, the recommendations address a critical unmet need as real-world use of CRENESSITY expands in both pediatric and adult patients.

The recommendations for clinicians treating classic congenital adrenal hyperplasia (CAH) patients with CRENESSITY are presented in two complementary manuscripts — one focused on pediatric patients aged four to 17 years and one focused on adults. The publications include the first structured, expert-driven algorithms for reducing supraphysiologic glucocorticoid (GC) dosing after initiating CRENESSITY in real-world clinical practice. CRENESSITY is approved as an adjunct treatment to GC replacement to control androgens in adult and pediatric patients four years of age and older with classic CAH.

"By reducing ACTH and downstream androgen production, CRENESSITY allows patients with classic CAH, including both salt-wasting and simple virilizing forms, to move toward more physiologic, cortisol-replacing glucocorticoid dosing," said Sanjay Keswani, M.D., Chief Medical Officer, Neurocrine Biosciences. "Blocking excess ACTH and androgen production while maintaining necessary cortisol replacement reflects an important shift in how the disease is managed, helping to lower risks associated with long-term exposure to supraphysiologic glucocorticoid doses."

In addition to the protocols used in the CAHtalyst® Pediatric and Adult Phase 3 clinical trials, clinicians now have expert-developed systematic approaches to adjusting GC doses in pediatric and adult patients treated with CRENESSITY. These recommendations, grounded in both clinical trial and real-world clinical experience, recognize that treatment goals and clinical considerations differ meaningfully between children and adults and provide two distinct algorithms tailored to each population:

Pediatric patients: The expert recommendations center on support to achieve normal growth and normalize bone age maturation and pubertal development while reducing long-term complications of excess GCs. GC reductions are targeted toward the upper portion of the physiologic range (8-11 mg/m2/day in hydrocortisone equivalents; full range 4-11 mg/m2/day) and are guided primarily by androgen concentrations, with close monitoring for GC withdrawal symptoms and adequate cortisol and mineralocorticoid replacement. Adult patients: The recommendations focus on minimizing GC-related metabolic, cardiovascular and skeletal complications while maintaining androgen control. GC reductions are targeted toward the physiologic range of 2-14 mg/m2/day in hydrocortisone equivalents and are paced according to current dose to manage any GC withdrawal symptoms and monitor for adequate cortisol replacement. "In children and adolescents with classic congenital adrenal hyperplasia, treatment decisions must carefully balance disease control with normal growth and development," said Mimi Kim, M.D., M.Sc., Associate Professor of Clinical Pediatrics, Keck School of Medicine, University of Southern California. "These recommendations provide clinicians with a structured, practical approach to glucocorticoid management that helps support growth, bone maturation and pubertal development as CRENESSITY is incorporated into care."

"CRENESSITY enables us to decouple androgen control from the need for supraphysiologic glucocorticoids in patients with classic congenital adrenal hyperplasia," said Oksana Hamidi, D.O., M.S.C.S., Associate Professor of Internal Medicine, Division of Endocrinology, UT Southwestern Medical Center. "This new framework provides an algorithm and practical steps clinicians can take to lower glucocorticoid exposure without compromising cortisol replacement, helping to realize the benefits of this novel therapeutic approach in day-to-day care."

GC reduction can offer important benefits for many patients and is therefore a common treatment goal with CRENESSITY. However, for some patients already taking a physiologic GC dose, CRENESSITY may be initiated to better manage androgens without increasing the GC dose. Key considerations outlined in both manuscripts include:

Dose reductions should be gradual and clinically supervised, with ongoing assessment for symptoms of GC withdrawal, adrenal insufficiency and mineralocorticoid imbalance. Healthcare providers should consider monitoring key biomarkers, which may include androstenedione, 17-hydroxyprogesterone, adrenocorticotropic hormone (ACTH), testosterone and markers of mineralocorticoid status, such as renin and electrolytes. GC dose reduction is not a universal goal; for some patients, the focus is androgens. The expert recommendation highlights that some individuals may already be receiving a physiologic GC dose and may initiate treatment with CRENESSITY solely for androgen control. Dose reduction should be considered only when appropriate, including when androgens are at or below goal and when clinical goals support reducing supraphysiologic GC exposure. The publications and new clinical algorithms can be accessed here:

1 Glucocorticoid Reduction After Starting Crinecerfont in Pediatric Patients with Classic CAH: Practical Perspectives.
2 Glucocorticoid Reduction After Starting Crinecerfont in Adult Patients with Classic CAH: Practical Perspectives.

*Figure reproduced from Nokoff NJ et al. J Clin Endocrinol Metab; 2026,1 distributed under the terms of the Creative Commons CC BY license

†Figure reproduced from Hamidi O, et al. J Clin Endocrinol Metab. 2026,2 distributed under the terms of the Creative Commons CC BY license

About Congenital Adrenal Hyperplasia
Congenital adrenal hyperplasia (CAH) is a rare genetic condition that results in an enzyme deficiency that alters the production of adrenal steroid hormones, such as cortisol, aldosterone and adrenal androgens. Severe enzyme deficiency leads to an inability of the adrenal glands to produce enough cortisol and, in approximately 75% of cases, aldosterone. Because individuals with CAH are typically still able to produce androgens, the unused precursors that would normally be used to make cortisol instead result in the production of excess amounts of androgens. If left untreated, CAH can result in adrenal crisis and even death.

Exogenous glucocorticoids (GCs) are necessary to correct the endogenous cortisol deficiency, but historically, doses higher than those needed for cortisol replacement (supraphysiologic) have been used to lower the elevated levels of adrenocorticotropic hormone (ACTH) and adrenal androgens. However, GC treatment at supraphysiologic doses has been associated with serious and significant complications of steroid excess, including metabolic issues such as weight gain and diabetes, cardiovascular disease and osteoporosis. Additionally, long-term treatment with supraphysiologic GCs may have psychological and cognitive impacts, such as changes in mood and memory. Adrenal androgen excess has been associated with abnormal bone growth and development in pediatric patients, female health problems such as excess facial hair growth and menstrual irregularities, in addition to cardiometabolic and fertility issues in both sexes. The symptoms of high ACTH may include testicular adrenal rest tumors (TARTs).

About CRENESSITY® (crinecerfont)
CRENESSITY is a potent and selective oral corticotropin-releasing factor type 1 receptor (CRF1) antagonist that reduces and controls excess adrenocorticotropic hormone (ACTH) and adrenal androgens through a non-glucocorticoid (GC) mechanism for the treatment of classic congenital adrenal hyperplasia (CAH). Antagonism of CRF1 receptors in the pituitary has been shown to decrease ACTH levels, which in turn decreases the production of adrenal androgens and potentially the symptoms associated with CAH. The robust clinical study data demonstrate that lowering adrenal androgen levels with CRENESSITY enables lower, more physiologic dosing of GCs to replace missing cortisol.

CRENESSITY comes in capsules and an oral solution. For adults 18 years of age and older, the recommended dosage is 100 mg twice daily taken orally with a meal. For pediatric patients four to 17 years of age weighing less than 55 kg (121 lbs), the recommended dosage is based on body weight and is administered twice daily, taken orally with a meal. For pediatric patients weighing more than 55 kg (121 lbs), the recommended dosage is 100 mg twice daily taken orally with a meal. Healthcare providers can work with patients to determine the appropriate formulation for use depending on patient needs. Patients receiving CRENESSITY should continue GC therapy for cortisol replacement. 

About The CAHtalyst® Studies
The Phase 3 CAHtalyst global registrational studies were designed to evaluate the safety, efficacy and tolerability of CRENESSITY® (crinecerfont) in children and adults with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency. The CAHtalyst studies were the largest-ever clinical trial program in classic CAH, including 285 pediatric and adult patients.  

The CAHtalyst Pediatric study included 103 pediatric patients four to 17 years of age. The study tested two questions. The first question evaluated whether four weeks of CRENESSITY treatment could improve androgen control. The second question evaluated whether an additional 24 weeks of CRENESSITY treatment enabled customized glucocorticoid (GC) down-titration while androstenedione levels were maintained or improved.   

The CAHtalyst Adult study included 182 adult patients 18 to 58 years of age. Similarly, the first question of the study evaluated whether four weeks of CRENESSITY treatment could improve androgen control, and the second question evaluated whether an additional 20 weeks of CRENESSITY treatment enabled GC reduction to physiologic range while androstenedione levels were maintained or improved.  

Data from the CAHtalyst Phase 3 studies supported approval of CRENESSITY by the U.S. Food and Drug Administration in December 2024. The open-label extension treatment portions of both studies are ongoing.  

Important Information 

Approved Uses
CRENESSITY® (crinecerfont) is a prescription medicine used together with glucocorticoids (steroids) to control androgen (testosterone-like hormone) levels in adults and children 4 years of age and older with classic congenital adrenal hyperplasia (CAH). 

IMPORTANT SAFETY INFORMATION 

Do not take CRENESSITY if you: 

Are allergic to crinecerfont, or any of the ingredients in CRENESSITY. 

CRENESSITY may cause serious side effects, including:  

Allergic reactions. Symptoms of an allergic reaction include tightness of the throat, trouble breathing or swallowing, swelling of the lips, tongue, or face, and rash. If you have an allergic reaction to CRENESSITY, get emergency medical help right away and stop taking CRENESSITY. 

Risk of Sudden Adrenal Insufficiency or Adrenal Crisis with Too Little Glucocorticoid (Steroid) Medicine. Sudden adrenal insufficiency or adrenal crisis can happen in people with congenital adrenal hyperplasia who are not taking enough glucocorticoid (steroid) medicine. You should continue taking your glucocorticoid (steroid) medicine during treatment with CRENESSITY. Certain conditions such as infection, severe injury, or shock may increase your risk for sudden adrenal insufficiency or adrenal crisis. Tell your healthcare provider if you get a severe injury, infection, illness, or have planned surgery during treatment. Your healthcare provider may need to change your dose of glucocorticoid (steroid) medicine. 

Before taking CRENESSITY, tell your healthcare provider about all of your medical conditions, including if you: are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed. 

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements. 

The most common side effects of CRENESSITY in adults include tiredness, headache, dizziness, joint pain, back pain, decreased appetite, and muscle pain. 

The most common side effects of CRENESSITY in children include headache, stomach pain, tiredness, nasal congestion, and nosebleeds. 

These are not all the possible side effects of CRENESSITY. Call your healthcare provider for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088. 

Dosage Forms and Strengths: CRENESSITY is available in 50 mg and 100 mg capsules, and as an oral solution of 50 mg/mL. 

Please see full Prescribing Information. 

About Neurocrine Biosciences, Inc.  
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering and developing life-changing treatments for patients with under-addressed neurological, endocrine, psychiatric and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, YOU DESERVE BRAVE SCIENCE, CRENESSITY and CAHtalyst are registered trademarks of Neurocrine Biosciences, Inc.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the potential benefits to be derived from CRENESSITY for the treatment of classic congenital adrenal hyperplasia (CAH); the value and benefits CRENESSITY brings to patients with CAH, including its potential to enable patients to transition toward more physiologic glucocorticoid dosing; the clinical utility, adoption and impact of the newly published expert recommendations and algorithms for glucocorticoid dose reduction in pediatric and adult patients treated with CRENESSITY; the ability of Neurocrine Biosciences to ensure patients have access to CRENESSITY; and whether the results from our clinical trials of CRENESSITY are indicative of real-world results. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, as well as risks and uncertainties associated with the commercialization of CRENESSITY, including the extent to which patients and physicians accept and adopt CRENESSITY; whether CRENESSITY receives adequate reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for CRENESSITY; risks associated with the Company's dependence on third parties for development and manufacturing activities related to CRENESSITY, and the ability of the Company to manage these third parties; risks that additional regulatory submissions for CRENESSITY may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding CRENESSITY; risks that post-approval CRENESSITY commitments or requirements may be delayed; risks that CRENESSITY may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks and uncertainties relating to competitive products and technological changes that may limit demand for CRENESSITY; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law. 

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-CFT-US-0047   05/2026

SOURCE Neurocrine Biosciences, Inc.

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends Neurocrine Biosciences (NBIX - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this biopharmaceutical company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Neurocrine is 28.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 32.6% this year, crushing the industry average, which calls for EPS growth of 17.6%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, Neurocrine has an S/TA ratio of 0.7, which means that the company gets $0.7 in sales for each dollar in assets. Comparing this to the industry average of 0.48, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Neurocrine looks attractive from a sales growth perspective as well. The company's sales are expected to grow 26.1% this year versus the industry average of 0%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Neurocrine. The Zacks Consensus Estimate for the current year has surged 5.4% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Neurocrine a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Neurocrine is a potential outperformer and a solid choice for growth investors.

Richard Bungay appointed as CFO, bringing a strong track record in fundraising, M&A and partnering for listed and private companies, including two major exits and over $400m raised Cambridge, UK, 14 May 2026 – 4basebio PLC (AIM: 4BB), a specialist in synthetic DNA manufacturing and nucleic acids for next-generation therapeutics, announces the appointment of Richard Bungay as Chief Financial Officer, with effect from July 2026. Richard takes over the role from David Roth, who stepped down from the Board earlier this year and remained working with the Company over the orderly handover period.

Richard is an accomplished leader with over 30 years’ senior finance and strategic experience within the pharmaceutical and biotechnology sector, leading both public and private companies from research through all clinical phases, regulatory approval and commercialisation. He joins 4basebio from Sitala Bio Limited, a UK-based private biotech where he helped lead a strategic repositioning of the business, working closely with the CEO and board to raise a signficant Series A round and execute an in-licencing deal with Fosun Pharma for up to $670m.

Richard’s prior roles include CEO and CFO at Diurnal Group plc, where he led its acquisition by Neurocrine Biosciences, Inc. (Nasdaq: NBIX) in 2022 at a 147% one-day premium, CEO and CFO at Mereo Biopharma Group plc (NASDAQ: MREO), where he helped in-license a portfolio from Novartis and subsequently completed its AIM IPO, and CFO at Verona Pharma (then listed on the London Stock Exchange, now a subsidiary of Merck & Co) where he helped recapitalise the company.

Earlier in his career Richard was the Director of Corporate Communications and Strategic Planning at Celltech Group plc, a London-listed FTSE-100/250 company where he helped execute its acquisition by UCB for £1.5bn.

Richard is currently a Non-executive Director of Chroma Therapeutics Ltd. He qualified as a Chartered Accountant with Deloitte and has a First Class degree in Chemistry from Nottingham University.

Board Changes
Further to the above, Mr. Alexander Link, Non-executive Director and 2invest AG’s Board appointee, and Mr. Alan Malus, Non-executive Director, have stepped down from the Board with effect from 31 May 2026 due to other professional commitments. Dr. Heikki Lanckriet, Non-executive Director and former CEO of the Company will take over Mr Link’s role as the Board’s appointee of 2invest AG. It is the intention that Mr. Cornel Chiriac, representing M&G, will replace Mr. Malus, subject to the completion of due diligence and regulatory approval. The Directors would like to take this opportunity to thank Mr. Link and Mr. Malus for their contributions to the Board during their tenures.

Dr Amy Walker, Chief Executive Officer of 4basebio, said: “Richard has had a long and accomplished career in the industry, bringing significant experience with high growth public and private companies; we are thrilled that he has decided to join 4basebio. 4basebio is transitioning into a phase of accelerated commercial growth, and his strategic and financial expertise will be invaluable to support us on this journey. Richard’s appointment completes the build out of the senior leadership team to help us scale our operations to meet the growing need for high quality synthetic DNA products for advanced therapies and personalised medicines.”

Richard Bungay, Chief Financial Officer at 4basebio, added: “I’ve been following 4basebio’s progress for several years and have been impressed by what the team has achieved in such a short time. I look forward to working with Amy and the wider team to support the Company’s continued growth and help realise the growth potential of this exciting business as it seeks to establish a ledership position in the manufacturing of next-generation therapeutics.”

For further enquiries, please contact:

4basebio PLC                +44 (0)12 2396 7943Dr Amy Walker, CEO   Cairn Financial Advisers LLP (Nominated Adviser)+44 (0)20 7213 0880Jo Turner / Sandy Jamieson / Ed Downes   Cavendish Capital Markets Limited (Joint Broker)+44 (0)20 7220 0500Geoff Nash / Nigel Birks   RBC Capital Markets (Joint Broker)+44 (0)20 7653 4000Kathryn Deegan / Matthew Coakes   ICR Healthcare (Media and Investor Relations)+44 (0)203 707 5700Mary-Jane Elliott / Jessica Hodgson    About 4basebio

4basebio (AIM: 4BB) is a Cambridge-based biotechnology company pioneering the use of synthetic DNA to enable next-generation therapeutics and vaccines. Through its proprietary enzymatic DNA synthesis platform, 4basebio produces GMP-grade synthetic DNA and mRNA with superior speed, purity, and scalability, overcoming the limitations of plasmid-based systems. The company offers application-specific DNA constructs tailored to the diverse needs of gene therapies, genome editing, mRNA production, and DNA vaccines, helping partners accelerate proof-of-concept studies and reach clinical milestones more efficiently while maintaining the highest standards of safety and quality.

For more information, visit 4basebio.com.

Clinician survey showed 90% of patients with mild tardive dyskinesia experienced emotional, social or physical impairment Following initiation of INGREZZA, 96% of patients with mild tardive dyskinesia showed clinician-reported improvement in uncontrolled movements; of those patients, 86% improved within 4 weeks Reductions in involuntary movements with INGREZZA treatment were associated with improvements in overall functional status, independence, activities of daily living and ability to work , /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the presentation of new data from a clinician survey highlighting the functional impact experienced by patients with mild tardive dyskinesia (TD) severity and the impact of treatment with INGREZZA® (valbenazine) capsules in a real-world setting. In a subgroup analysis, nearly all patients with clinician-reported mild TD treated with INGREZZA experienced fewer uncontrolled movements, with most demonstrating symptom improvement within four weeks. Patients also showed widespread improvements in functional status, independence, ability to perform daily activities and ability to work. The findings are being presented at the American Psychiatric Association 2026 Annual Meeting, taking place May 16-20 in San Francisco.

"A growing body of evidence shows that even tardive dyskinesia identified as mild in severity can meaningfully disrupt patients' daily functioning, impacting their physical, social and emotional well-being," said Sanjay Keswani, M.D., Chief Medical Officer, Neurocrine Biosciences. "These real-world results complement previously published patient-reported data highlighting both the functional impact of mild involuntary movements and the potential benefits of INGREZZA treatment. INGREZZA has been shown to improve tardive dyskinesia and associated functional outcomes that can help patients reclaim their independence and resume everyday activities."

The analysis was based on a previously conducted clinician survey of patient chart data and clinician recall evaluating TD symptoms, functional impairment and improvement following treatment with INGREZZA. The survey included adult patients with TD who initiated INGREZZA between January 1, 2024 and June 30, 2024, completed at least two months of treatment and had at least one follow-up visit. In total, 128 clinicians caring for 315 patients with TD on INGREZZA reported data.

This analysis focused on a subgroup of patients (n=90) with mild movement severity as rated by clinicians using global severity categories aligned with the Abnormal Involuntary Movement Scale. Prior to treatment, clinicians reported that mild TD movements impacted functional status in 90% of patients and independence in 84% of patients, with commonly affected areas including emotional (88%), social (86%), speech (61%), dexterity (60%) and eating (56%) functions.

Following the initiation of INGREZZA, nearly all patients (96%) with mild TD experienced clinician-reported improvements in uncontrolled movements. Of those patients, 86% improved in four weeks or less. Beyond improvements in uncontrolled movements, clinicians observed meaningful functional improvements across a range of daily life domains among patients with mild TD:

For patients with impacted functional status (n=81), almost all (96%) had improvement in overall functional status. Across all functional items, clinicians reported improvement in more than 90% of impacted patients, including those with impacted speech (n=55), dexterity (n=54), social status (n=77), emotional status (n=79) and activities of daily living, such as eating (n=50) and self-care (n=44). Among all patients, 83% (n=75/90) achieved improvement in independence with treatment. Among patients who were employed or attending school, 70% (n=21/30) experienced improved willingness or ability to work or attend school after initiating treatment. Findings from this survey and subpopulation analysis support the American Psychiatric Association clinical guidelines, which state that treatment with a vesicular monoamine transporter 2 inhibitor can be considered for patients with mild TD based on associated impairment or patient preference. This research adds to the growing body of evidence demonstrating the benefits of INGREZZA in patients with TD, including those with mild movements. In clinical studies, including the Phase 4 KINECT-PRO™ study, INGREZZA has been shown to improve TD severity and patients have reported reductions in the physical, social and emotional burden of the condition. Together, these real-world and clinical data highlight the potential of INGREZZA to improve movements and associated functional outcomes in patients with TD, including those with mild involuntary movements prior to treatment.

About Tardive Dyskinesia 
Tardive dyskinesia (TD) is a movement disorder that is characterized by uncontrolled, abnormal and repetitive movements of the face, torso and/or other body parts, which may be disruptive and negatively impact patients. The condition is associated with taking certain kinds of mental health medicines (antipsychotics) that help control dopamine receptors in the brain. Taking antipsychotics commonly prescribed to treat mental illnesses such as major depressive disorder, bipolar disorder, schizophrenia and schizoaffective disorder and other prescription medicines (metoclopramide and prochlorperazine) used to treat gastrointestinal disorders are associated with TD. In patients with TD, these treatments are thought to result in irregular dopamine signaling in a region of the brain that controls movement. The symptoms of TD can be mild to severe and are often persistent and irreversible. TD is estimated to affect at least 800,000 adults in the U.S.  

About the KINECT-PRO™ Phase 4 Study 

The KINECT-PRO™ Phase 4, open-label study was designed to evaluate patient-reported outcomes on the use of INGREZZA® (valbenazine) capsules in a tardive dyskinesia (TD) patient population reflective of real-world clinical practice. Participants had at least mild TD, were aware of and experiencing at least mild distress from their abnormal, involuntary movements and had a clinical diagnosis of schizophrenia, schizoaffective disorder, bipolar disorder or major depression. The KINECT-PRO study included a four-week screening period, a 24-week treatment period during which participants received 40 mg of INGREZZA once-daily for the first four weeks, followed by flexible dosing of 40 mg, 60 mg or 80 mg once-daily based on individual treatment needs and a two-week safety follow-up period. Baseline socio-demographic and clinical characteristics of the participants were broadly similar to those of the KINECT® 3 and KINECT® 4 studies. 

KINECT-PRO is the first and only study to specifically evaluate and demonstrate patient-reported improvement with vesicular monoamine transporter 2 inhibitor treatment on TD using multiple clinically validated scales, including the Tardive Dyskinesia Impact Scale (TDIS™). The TDIS is the only patient-reported outcome instrument designed for and validated in tardive dyskinesia patients that measures the physical, social and emotional impact of the involuntary movements of the condition. 

About INGREZZA® (valbenazine) Capsules and INGREZZA® SPRINKLE (valbenazine) Capsules 
INGREZZA is a selective vesicular monoamine transporter 2 (VMAT2) inhibitor approved by the U.S. Food and Drug Administration for the treatment of adults with tardive dyskinesia and the treatment of chorea associated with Huntington's disease (HD). Only INGREZZA offers a therapeutic dose from day one with no required titration.  

INGREZZA, developed by Neurocrine Biosciences, selectively inhibits VMAT2 with no appreciable binding affinity for VMAT1, dopaminergic (including D2), serotonergic, adrenergic, histaminergic or muscarinic receptors. While the specific way INGREZZA works to treat TD and HD chorea is not fully understood, INGREZZA is unique in that it selectively and specifically targets VMAT2 to inhibit the release of dopamine, a chemical in the brain that helps control movement. INGREZZA is believed to reduce extra dopamine signaling, which may lead to fewer uncontrollable movements.  

INGREZZA is studied across the widest range of patients. It is always one capsule, once daily and can be taken together with most stable mental health regimens such as antipsychotics or antidepressants. Only INGREZZA offers the benefit of a sprinkle formulation, INGREZZA SPRINKLE, for those who experience dysphagia, have difficulty swallowing or prefer not to swallow a pill. INGREZZA and INGREZZA SPRINKLE dosages approved for use are 40 mg, 60 mg and 80 mg capsules.  

Important Information 

Approved Uses 
INGREZZA® (valbenazine) capsules or INGREZZA® SPRINKLE (valbenazine) capsules are prescription medicines used to treat adults with: 

movements in the face, tongue, or other body parts that cannot be controlled (tardive dyskinesia).  involuntary movements (chorea) of Huntington's disease. INGREZZA or INGREZZA SPRINKLE do not cure the cause of involuntary movements, and do not treat other symptoms of Huntington's disease, such as problems with thinking or emotions.  It is not known if INGREZZA or INGREZZA SPRINKLE is safe and effective in children. 

IMPORTANT SAFETY INFORMATION 

INGREZZA or INGREZZA SPRINKLE can cause serious side effects in people with Huntington's disease, including: depression, suicidal thoughts, or suicidal actions. Tell your healthcare provider before you start taking INGREZZA or INGREZZA SPRINKLE if you have Huntington's disease and are depressed (have untreated depression or depression that is not well controlled by medicine) or have suicidal thoughts. Pay close attention to any changes, especially sudden changes, in mood, behaviors, thoughts, or feelings. This is especially important when INGREZZA or INGREZZA SPRINKLE is started and when the dose is changed. Call your healthcare provider right away if you become depressed, have unusual changes in mood or behavior, or have thoughts of hurting yourself. 

Do not take INGREZZA or INGREZZA SPRINKLE if you:

are allergic to valbenazine, or any of the ingredients in INGREZZA or INGREZZA SPRINKLE. INGREZZA or INGREZZA SPRINKLE can cause serious side effects, including:

Allergic reactions. Allergic reactions, including an allergic reaction that causes sudden swelling called angioedema, can happen after taking the first dose or after many doses of INGREZZA or INGREZZA SPRINKLE. Signs and symptoms of allergic reactions and angioedema include: trouble breathing or shortness of breath, swelling of your face, lips, eyelids, tongue, or throat, or other areas of your skin, trouble with swallowing, or rash, including raised, itchy red areas on your skin (hives). Swelling in the throat can be life-threatening and can lead to death. Stop taking INGREZZA or INGREZZA SPRINKLE and go to the nearest emergency room right away if you develop these signs and symptoms of allergic reactions and angioedema. Sleepiness and tiredness that could cause slow reaction times (somnolence and sedation). Do not drive a car or operate dangerous machinery until you know how INGREZZA or INGREZZA SPRINKLE affects you. Drinking alcohol and taking other medicines may also cause sleepiness during treatment with INGREZZA or INGREZZA SPRINKLE. Heart rhythm problems (QT prolongation). INGREZZA or INGREZZA SPRINKLE may cause a heart rhythm problem known as QT prolongation. You have a higher chance of getting QT prolongation if you also take certain other medicines during treatment with INGREZZA or INGREZZA SPRINKLE. Tell your healthcare provider right away if you develop any signs or symptoms of QT prolongation, including: fast, slow, or irregular heartbeat (heart palpitations), shortness of breath, dizziness or lightheadedness, or fainting or feeling like you are going to faint. Neuroleptic Malignant Syndrome (NMS). NMS is a serious condition that can lead to death. Call a healthcare provider right away or go to the nearest emergency room if you develop these symptoms and they do not have another obvious cause: high fever, stiff muscles, problems thinking, irregular pulse or blood pressure, increased sweating, or very fast or uneven heartbeat. Parkinson-like symptoms. Symptoms include: body stiffness, drooling, trouble moving or walking, trouble keeping your balance, shaking (tremors), or falls.  Before taking INGREZZA or INGREZZA SPRINKLE, tell your healthcare provider about all of your medical conditions including if you: have liver or heart problems, are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed. 

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. Make sure you tell all of your healthcare providers that you are taking INGREZZA or INGREZZA SPRINKLE. Taking INGREZZA or INGREZZA SPRINKLE with certain other medicines may cause serious side effects. Especially tell your healthcare provider if you: take digoxin or take or have taken a monoamine oxidase inhibitor (MAOI) medicine. You should not take INGREZZA or INGREZZA SPRINKLE if you are taking, or have stopped taking, a MAOI within the last 14 days. 

The most common side effects of INGREZZA or INGREZZA SPRINKLE in people with tardive dyskinesia are sleepiness and tiredness. 

The most common side effects of INGREZZA or INGREZZA SPRINKLE in people with chorea associated with Huntington's disease include sleepiness and tiredness, raised itchy red areas on your skin (hives), rash, and trouble getting to sleep or staying asleep. 

These are not all of the possible side effects of INGREZZA or INGREZZA SPRINKLE. Call your doctor for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088. 

Dosage Forms and Strengths: INGREZZA and INGREZZA SPRINKLE are available in 40 mg, 60 mg, and 80 mg capsules. 

Please see full Prescribing Information, including Boxed Warning, and Medication Guide. 

About Neurocrine Biosciences, Inc.
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in patients with Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, YOU DESERVE BRAVE SCIENCE, INGREZZA and KINECT are registered trademarks of Neurocrine Biosciences, Inc. KINECT-PRO and TDIS are trademarks of Neurocrine Biosciences, Inc. 

Forward-Looking Statements 
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the potential benefits to be derived from INGREZZA, the interpretation and potential relevance of the data described in this press release, including expectations as to how such data may relate to the therapeutic effects and clinical efficacy of INGREZZA, and the value INGREZZA may bring to patients. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties as to whether the data described in this press release will be replicated in additional studies or will be predictive of efficacy or other clinical outcomes in subsequent clinical studies or real-world use of INGREZZA; risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, as well as risks and uncertainties associated with the commercialization of INGREZZA; whether INGREZZA receives adequate reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for INGREZZA; risks associated with the Company's dependence on third parties for development and manufacturing activities related to INGREZZA, and the ability of the Company to manage these third parties; risks that additional regulatory submissions for INGREZZA or other product candidates may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding INGREZZA; risks that post- approval INGREZZA commitments or requirements may be delayed; risks that INGREZZA may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law. 

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-VBZ-US-0101   05/2026

SOURCE Neurocrine Biosciences, Inc.

Neurocrine Biosciences, Inc. (NBIX) Presents at 46th Annual William Blair Growth Stock Conference Transcript

Analyses span adult and pediatric populations with classic congenital adrenal hyperplasia (CAH) and reflect longer-term clinical outcomes relevant to disease management across lifespan and care continuumNew data demonstrate the effect of CRENESSITY on long-term androgen control and glucocorticoid dose reduction and associated clinical outcomesData from cross-sectional surveys highlight patient- and caregiver-reported quality of life improvementsCase series highlights use of CRENESSITY in patients with classic CAH due to 11β‑hydroxylase deficiencyAdditional ENDO 2026 presentations include VYKAT™ XR (diazoxide choline) extended-release tablets data in hyperphagia associated with Prader-Willi syndrome (PWS), including late-breaking long-term extension findings following randomized withdrawal, and data evaluating sustained improvements in hyperphagia and behavioral symptoms through three years, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced it will present multiple new analyses of key clinical and patient-reported outcomes up to two years of treatment with CRENESSITY® (crinecerfont) in adult and pediatric populations with classic congenital adrenal hyperplasia. These data will be presented at the Endocrine Society's annual meeting, ENDO 2026, taking place from June 13-16, in Chicago.

The presentations will highlight the breadth of data generated from the CAHtalyst® clinical program's long‑term extension studies, reflecting Neurocrine's continued focus on advancing ongoing disease management in classic congenital adrenal hyperplasia (CAH). The data build on prior scientific presentations at recent medical meetings, including the American Association of Clinical Endocrinology 2026 Annual Meeting and the Pediatric Endocrine Society 2026 Annual Meeting. Together, these analyses extend the evaluation of longer‑term clinical and patient‑relevant outcomes associated with sustained androgen control and reduced glucocorticoid (GC) exposure.

"At ENDO 2026, we look forward to presenting compelling two-year treatment outcomes in patients with classic CAH treated with CRENESSITY," said Sanjay Keswani, M.D., Chief Medical Officer, Neurocrine Biosciences. "These data support the growing body of evidence around the meaningful long-term benefits of improved androgen control together with reduced exposure to high-dose glucocorticoids. This is the promise of treatment with CRENESSITY, which, together with lower-dose glucocorticoids, is rapidly becoming the new standard of care in classic CAH."

Across multiple adult and pediatric analyses presented at ENDO 2026, Neurocrine will share a range of endpoints intended to further characterize longer‑term outcomes relevant to patients and clinicians, including measures related to metabolic health, bone health, growth and development and patient‑reported quality of life.

In addition, Neurocrine will present a case series on the use of CRENESSITY in patients with classic CAH due to 11β‑hydroxylase deficiency, the second most common type of classic CAH after 21-hydroxylase deficiency, representing approximately 5% of all cases.

Neurocrine will share the following poster and oral presentations at ENDO 2026. All times are Central Time:

CAHtalyst Adult Study Two-Year Results

Title: Weight-Related Outcomes and Insulin Resistance in Adults with Classic Congenital Adrenal Hyperplasia: 2-Year Results from the CAHtalyst Adult Study (Oral Presentation #ORF32-07)
Authors: Oksana Hamidi, D.O., et al
Date/Time: June 14 from 2:55-3:10 PM

Title: Adults with Classic Congenital Adrenal Hyperplasia Taking Crinecerfont Demonstrated Sustained Decreases in Glucocorticoid Doses: 2-Year Results from the CAHtalyst Adult Study (Poster Presentation #SUN-458)
Authors: Irina Bancos, M.D., et al
Date/Time: June 14 from 12:00-1:30 PM

Title: A Cross-sectional Survey on Quality of Life of Adults with Classic Congenital Adrenal Hyperplasia in the United States Participating in CAHtalyst Adult Open-Label Extension Study (Poster Presentation #SUN-467)
Authors: Sonal Vaid, M.D., et al
Date/Time: June 14 from 12:00-1:30 PM

Title: Bone Outcomes in Adults with Classic Congenital Adrenal Hyperplasia Treated with Crinecerfont for Up to 2 Years in CAHtalyst Adult Study (Poster Presentation #SUN-468)
Authors: Maria Vogiatzi, M.D., et al
Date/Time: June 14 from 12:00-1:30 PM

CAHtalyst Pediatric Study Two-Year Results

Title: Characterization of Children and Adolescents with Classic Congenital Adrenal Hyperplasia Who Had Slowed Bone Age Progression and Improved Height Prediction with Crinecerfont (Oral Presentation #ORF32-05)
Authors: Maria Vogiatzi, M.D., et al
Date/Time: June 14 from 2:25-2:40 PM

Title: Long-term Crinecerfont Treatment Reduced ACTH and 17-Hydroxyprogesterone — Clinical Outcomes in Children and Adolescents with Classic Congenital Adrenal Hyperplasia: 2-Year Results from CAHtalyst Pediatric (Poster Presentation #SAT-465)
Authors: Natalie Nokoff, M.D., et al
Date/Time: June 13 from 12:15-1:45 PM

Title: Long-term Crinecerfont Enables Sustained Decreases in Glucocorticoid Doses — Clinical Outcomes in Children and Adolescents with Classic Congenital Adrenal Hyperplasia: 2-Year Results from CAHtalyst Pediatric (Poster Presentation #SUN-465)
Authors: Kyriakie Sarafoglou, M.D., et al
Date/Time: June 14 from 12:00-1:30 PM

Additional Presentations

Classic CAH:

Title: Long-Term Risk of Cardiometabolic Comorbidities Associated with Glucocorticoid Exposure and Androgen Control in Classic Congenital Adrenal Hyperplasia: A Cox Proportional Hazards Analysis from the CAHtalog Registry ("New Therapies and Perspectives for Congenital Adrenal Hyperplasia and Adrenal Insufficiency" Rapid Fire Presentation #ORF32-02 and Poster Presentation #MON-495)
Authors: Oksana Lekarev, D.O., et al
Date/Time: June 14 from 1:50-1:55 PM (Rapid Fire) and June 15 from 9:00-2:00 PM (Poster)

Title: Crinecerfont Treatment of Classic Congenital Adrenal Hyperplasia Due to 11β-Hydroxylase Deficiency: A Case Series (Poster Presentation #SAT-466)
Authors: KyriakieSarafoglou, M.D., et al
Date/Time: June 13 from 12:15-1:45 PM

Title: A Modified Delphi Panel of U.S. Endocrinologists to Align on Minimum Clinically Important Difference in Glucocorticoid Dose and Other Key Considerations in Classic Congenital Adrenal Hyperplasia (Poster Presentation #SAT-459)
Authors: AhmedKhattab, M.D., et al
Date/Time: June 13 from 12:15-1:45 PM

PWS:

Title: (Late-breaker) Efficacy and Safety of Resuming Diazoxide Choline Extended-Release after 16-Week Randomized Withdrawal in Prader-Willi Syndrome (Study C614) (Poster Presentation #SUN-689)
Authors: Jennifer L. Miller, M.D., et al
Date/Time: June 14 from 12:00-1:30 PM

Title: Long-Term Reductions of Hyperphagia with Diazoxide Choline Extended-Release in Participants with Prader-Willi Syndrome (Poster Presentation #SUN-688)
Authors: Evelien F. Gevers, M.D., Ph.D., et al
Date/Time: June 14 from 12:00-1:30 PM

Title: Impact of Long-Term Diazoxide Choline Extended-Release Treatment and the Prader-Willi Syndrome Profile Questionnaire ("Hypothalamic and Genetic Disorders of Energy Balance" Rapid Fire Presentation #ORF44-02 and Poster Presentation #MON-690)
Authors: Evelien F. Gevers, M.D., Ph.D., et al
Date/Time: June 15 from 9:35-9:40 AM (Rapid Fire) and June 15 from 9:00-2:00 PM (Poster)

Title: Mortality Among Patients with Prader-Willi Syndrome (MAP-PWS): An Analysis of Healthcare Utilization in the Year Prior to Death Within a Single U.S. Payer (Poster Presentation #MON-863)
Authors: Isabella Niu, M.D., et al
Date/Time: June 15 from 12:00-1:30 PM

About Congenital Adrenal Hyperplasia
Congenital adrenal hyperplasia (CAH) is a rare genetic condition that results in an enzyme deficiency that alters the production of adrenal steroid hormones, such as cortisol, aldosterone and adrenal androgens. Severe enzyme deficiency leads to an inability of the adrenal glands to produce enough cortisol and, in approximately 75% of cases, aldosterone. Because individuals with CAH are typically still able to produce androgens, the unused precursors that would normally be used to make cortisol instead result in the production of excess amounts of androgens. If left untreated, CAH can result in adrenal crisis and even death.

Exogenous glucocorticoids (GCs) are necessary to correct the endogenous cortisol deficiency, but historically, doses higher than those needed for cortisol replacement (supraphysiologic) have been used to lower the elevated levels of adrenocorticotropic hormone (ACTH) and adrenal androgens. However, GC treatment at supraphysiologic doses has been associated with serious and significant complications of steroid excess, including metabolic issues such as weight gain and diabetes, cardiovascular disease and osteoporosis. Additionally, long-term treatment with supraphysiologic GCs may have psychological and cognitive impacts, such as changes in mood and memory. Adrenal androgen excess has been associated with abnormal bone growth and development in pediatric patients, female health problems such as excess facial hair growth and menstrual irregularities, in addition to cardiometabolic and fertility issues in both sexes. The symptoms of high ACTH may include testicular adrenal rest tumors (TARTs).

About CRENESSITY® (crinecerfont)
CRENESSITY is a potent and selective oral corticotropin-releasing factor type 1 receptor (CRF1) antagonist that reduces and controls excess adrenocorticotropic hormone (ACTH) and adrenal androgens through a non-glucocorticoid (GC) mechanism for the treatment of classic congenital adrenal hyperplasia (CAH). Antagonism of CRF1 receptors in the pituitary has been shown to decrease ACTH levels, which in turn decreases the production of adrenal androgens and potentially the symptoms associated with CAH. The robust clinical study data demonstrate that lowering adrenal androgen levels with CRENESSITY enables lower, more physiologic dosing of GCs to replace missing cortisol.

CRENESSITY comes in capsules and an oral solution. For adults 18 years of age and older, the recommended dosage is 100 mg twice daily taken orally with a meal. For pediatric patients four to 17 years of age weighing less than 55 kg (121 lbs), the recommended dosage is based on body weight and is administered twice daily, taken orally with a meal. For pediatric patients weighing more than 55 kg (121 lbs), the recommended dosage is 100 mg twice daily taken orally with a meal. Healthcare providers can work with patients to determine the appropriate formulation for use depending on patient needs. Patients receiving CRENESSITY should continue GC therapy for cortisol replacement.

About the CAHtalyst® Studies
The Phase 3 CAHtalyst global registrational studies were designed to evaluate the safety, efficacy and tolerability of CRENESSITY® (crinecerfont) in children and adults with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency. The CAHtalyst studies were the largest-ever clinical trial program in classic CAH, including 285 pediatric and adult patients.

The CAHtalyst Pediatric study included 103 pediatric patients four to 17 years of age. The study tested two questions. The first question evaluated whether four weeks of CRENESSITY treatment could improve androgen control. The second question evaluated whether an additional 24 weeks of CRENESSITY treatment enabled customized glucocorticoid (GC) down-titration while androstenedione levels were maintained or improved.

The CAHtalyst Adult study included 182 adult patients 18 to 58 years of age. Similarly, the first question of the study evaluated whether four weeks of CRENESSITY treatment could improve androgen control, and the second question evaluated whether an additional 20 weeks of CRENESSITY treatment enabled GC reduction to physiologic range while androstenedione levels were maintained or improved.

Data from the CAHtalyst Phase 3 studies supported approval of CRENESSITY by the U.S. Food and Drug Administration in December 2024. The open-label extension treatment portions of both studies are ongoing.

Important Information

Approved Uses
CRENESSITY® (crinecerfont) is a prescription medicine used together with glucocorticoids (steroids) to control androgen (testosterone-like hormone) levels in adults and children 4 years of age and older with classic congenital adrenal hyperplasia (CAH).

IMPORTANT SAFETY INFORMATION

Do not take CRENESSITY if you:

Are allergic to crinecerfont, or any of the ingredients in CRENESSITY.

CRENESSITY may cause serious side effects, including:

Allergic reactions. Symptoms of an allergic reaction include tightness of the throat, trouble breathing or swallowing, swelling of the lips, tongue, or face, and rash. If you have an allergic reaction to CRENESSITY, get emergency medical help right away and stop taking CRENESSITY.

Risk of Sudden Adrenal Insufficiency or Adrenal Crisis with Too Little Glucocorticoid (Steroid) Medicine. Sudden adrenal insufficiency or adrenal crisis can happen in people with congenital adrenal hyperplasia who are not taking enough glucocorticoid (steroid) medicine. You should continue taking your glucocorticoid (steroid) medicine during treatment with CRENESSITY. Certain conditions such as infection, severe injury, or shock may increase your risk for sudden adrenal insufficiency or adrenal crisis. Tell your healthcare provider if you get a severe injury, infection, illness, or have planned surgery during treatment. Your healthcare provider may need to change your dose of glucocorticoid (steroid) medicine.

Before taking CRENESSITY, tell your healthcare provider about all of your medical conditions, including if you: are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed.

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements.

The most common side effects of CRENESSITY in adults include tiredness, headache, dizziness, joint pain, back pain, decreased appetite, and muscle pain.

The most common side effects of CRENESSITY in children include headache, stomach pain, tiredness, nasal congestion, and nosebleeds.

These are not all the possible side effects of CRENESSITY. Call your healthcare provider for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088.

Dosage Forms and Strengths: CRENESSITY is available in 50 mg and 100 mg capsules, and as an oral solution of 50 mg/mL.

Please see full Prescribing Information.

About PWS
Prader-Willi syndrome (PWS) is a rare genetic neurodevelopmental disorder caused by an abnormality in gene expression on chromosome 15. The Prader-Willi Syndrome Association USA estimates that PWS occurs in one in every 15,000 live births. The defining symptom of PWS is hyperphagia, a chronic and life-threatening condition characterized by an intense persistent sensation of hunger accompanied by food preoccupations, an extreme drive to consume food, food-related behavior problems, and a lack of normal satiety, which can severely diminish the quality of life for individuals with PWS and their families. Hyperphagia can lead to significant mortality (e.g., stomach rupture, choking, accidental death due to food-seeking behavior) and longer-term comorbidities such as diabetes, obesity, and cardiovascular disease.

About VYKAT™ XR
VYKAT XR was approved by the U.S. Food and Drug Administration (FDA) on March 26, 2025, and is now commercially available to U.S. patients.

VYKAT XR is indicated for the treatment of hyperphagia in adults and pediatric patients 4 years of age and older with Prader-Willi syndrome (PWS).

INDICATION
VYKAT XR (diazoxide choline) extended-release tablets is indicated for the treatment of hyperphagia in adults and pediatric patients 4 years of age and older with Prader-Willi syndrome (PWS).

IMPORTANT SAFETY INFORMATION

Contraindications
Use of VYKAT XR is contraindicated in patients who have a known hypersensitivity to diazoxide, other components of VYKAT XR, or to thiazides.

Warnings and Precautions

Hyperglycemia
Hyperglycemia, including diabetic ketoacidosis, has been reported. Before initiating VYKAT XR, test fasting plasma glucose (FPG) and HbA1c; optimize blood glucose in patients who have hyperglycemia. During treatment, regularly monitor fasting glucose (FPG or fasting blood glucose) and HbA1c. Monitor fasting glucose more frequently during the first few weeks of treatment in patients with risk factors for hyperglycemia.

Risk of Fluid Overload
Edema, including severe reactions associated with fluid overload, has been reported. Monitor for signs or symptoms of edema or fluid overload. VYKAT XR has not been studied in patients with compromised cardiac reserve and should be used with caution in these patients.

Adverse Reactions
The most common adverse reactions (incidence ≥10% and at least 2% greater than placebo) included hypertrichosis, edema, hyperglycemia, and rash.

Please see the full Prescribing Information, including Medication Guide.

About Neurocrine Biosciences, Inc.
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in patients with Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, YOU DESERVE BRAVE SCIENCE, CRENESSITY and CAHtalyst are registered trademarks of Neurocrine Biosciences, Inc. SOLENO is a registered trademark of Soleno Therapeutics, Inc. VYKAT is a trademark of Soleno Therapeutics, Inc.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the potential benefits to be derived from CRENESSITY for the treatment of classic congenital adrenal hyperplasia (CAH) and VYKAT XR for the treatment of Prader-Willi syndrome (PWS); the value and benefits CRENESSITY brings to patients with CAH, including its potential to support long-term hormone control and glucocorticoid dose reduction; the value and benefits VYKAT XR brings to patients with PWS, including its potential to support sustained improvements in hyperphagia and behavioral symptoms; the ability of Neurocrine Biosciences to ensure patients have access to CRENESSITY and VYKAT XR; and whether the results from our clinical trials and other data analyses described in this press release are indicative of real-world results. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties as to whether the data described in this press release will be replicated in additional studies or will be predictive of efficacy or other clinical outcomes in subsequent clinical studies or real-world use of CRENESSITY or VYKAT XR; risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, as well as risks and uncertainties associated with the commercialization of CRENESSITY and VYKAT XR, including the extent to which patients and physicians accept and adopt CRENESSITY and VYKAT XR; whether CRENESSITY and VYKAT XR receives adequate reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for CRENESSITY or VYKAT XR; risks associated with the Company's dependence on third parties for development and manufacturing activities related to CRENESSITY and VYKAT XR, and the ability of the Company to manage these third parties; risks that additional regulatory submissions for CRENESSITY or VYKAT XR may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding CRENESSITY or VYKAT XR; risks that post-approval commitments or requirements for CRENESSITY or VYKAT XR may be delayed; risks that CRENESSITY or VYKAT XR may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law.

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-CFT-US-0059 06/2026

View original content to download multimedia:https://www.prnewswire.com/news-releases/neurocrine-biosciences-to-present-new-twoyear-crenessity-crinecerfont-data-on-key-clinical-and-patientreported-outcome-measures-at-endo-2026-302789246.html

SOURCE Neurocrine Biosciences, Inc.

New 48-week KINECT® 4 post-hoc analysis shows 94% of participants treated with INGREZZA achieved either symptomatic remission or a clinically meaningful response (≥30% reduction from baseline in Abnormal Involuntary Movement Scale total score); INGREZZA is the only vesicular monoamine transporter 2 (VMAT2) inhibitor to demonstrate clinical remission in clinical trials A separate claims analysis indicates high prevalence of hepatic risk factors among patients with tardive dyskinesia; INGREZZA is the only VMAT2 inhibitor with approved dosing in hepatic impairment Together, these data add to a growing body of evidence supporting the potential of INGREZZA to provide clinically meaningful therapeutic benefits to a wide range of patients with tardive dyskinesia , /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced new post-hoc data from the KINECT® 4 clinical trial demonstrating that adults with tardive dyskinesia (TD) treated with INGREZZA® (valbenazine) capsules experienced clinically meaningful and robust improvements in involuntary movement severity, including those who did not meet the stringent symptomatic remission threshold. These results, together with findings from a large retrospective Medicare claims analysis evaluating hepatic risk factors among patients newly diagnosed with TD, were presented at the 2026 Psych Congress Elevate in Las Vegas.

Previously presented data from the 48-week KINECT 4 study showed that 59% (61/103) of patients treated with once-daily INGREZZA achieved the stringent threshold for TD symptomatic remission, defined as an Abnormal Involuntary Movement Scale (AIMS) item score of 0 ("none") or 1 ("minimal movements") in each of the seven body regions. Symptomatic remission was achieved across TD movement severity subgroups, including 63% (38/60) of patients with moderate TD and 54% (23/43) of patients with severe TD. A new post-hoc analysis further demonstrated that clinically meaningful improvements were observed even among patients who did not meet the more stringent symptomatic remission threshold. Among the 41% of patients (42/103) who did not meet the symptomatic remission threshold at Week 48, 86% (36/42) achieved ≥30% total AIMS score reduction (characterized by the authors as clinically meaningful), and 67% (28/42) achieved ≥50% reduction.

"Treatment goals for tardive dyskinesia include achieving both meaningful reductions in movement severity and, when possible, reaching symptomatic remission, a stringent threshold characterized by absent or minimal involuntary movements across all seven body regions," said Sanjay Keswani, M.D., Chief Medical Officer, Neurocrine Biosciences. "This new analysis demonstrates that approximately 94% of patients treated with INGREZZA for 48 weeks either achieved symptomatic remission or experienced clinically meaningful reductions in their tardive dyskinesia movements. Notably, the benefits of treatment extended beyond patients who reached the stringent remission threshold, reinforcing the broad clinical impact of INGREZZA."

Claims Analysis Underscores Importance of Evaluating Hepatic Risk Factors in TD Treatment Decisions

A separate retrospective Medicare claims analysis of more than 176,000 patients newly diagnosed with TD found that 90% of patients had at least one hepatic risk factor and 44% had three or more. Selected hepatic risk factors included metabolic conditions, such as type 2 diabetes, hypertension, hyperlipidemia and obesity, in addition to substance use-related factors, such as alcohol or drug abuse, are associated with chronic liver disease or hepatic impairment. These findings highlight the importance of evaluating hepatic risk factors when making individualized treatment decisions for TD, as chronic liver disease may progress without noticeable symptoms, and hepatic impairment may go unrecognized, particularly in mild cases. INGREZZA is the only vesicular monoamine transporter 2 inhibitor with approved dosing for patients with TD and coexisting hepatic impairment.

Additional presentations at the 2026 Psych Congress Elevate included: 

Evidence-Based Recommendations for Treating Tardive Dyskinesia with a Vesicular Monoamine Transporter 2 Inhibitor Clinically Meaningful Improvements and Symptomatic Remission with Once-Daily Valbenazine in Adults with Tardive Dyskinesia Patients Taking Once-Daily Valbenazine Report Improved Quality of Life/Functionality and Experience Remission of Tardive Dyskinesia Symptoms with Once-Daily Valbenazine: Findings From KINECT-PRO Once‑Daily Valbenazine Demonstrates Greater and More Predictable Exposure Than Deutetrabenazine Extended‑Release: Results from a Positron Emission Tomography Study in Healthy Male Adults Characterizing Hepatic Risk Factors Among Medicare Patients with Tardive Dyskinesia About the KINECT 4 Phase 3 Study
KINECT 4 is a Phase 3, open-label study in which 163 participants with moderate to severe TD and underlying schizophrenia, schizoaffective disorder or mood disorder (including bipolar disorder or major depressive disorder) received 48 weeks of open-label treatment with once-daily INGREZZA (40 mg or 80 mg capsules) followed by a four-week washout. Dosing was initiated at 40 mg/day in all participants, with escalation to 80 mg/day at Week 4 based on effectiveness and tolerability. Dose reduction to 40 mg was allowed in participants who could not tolerate the 80 mg dose. Patients were discontinued if the new dose was not tolerated.

Participants experienced TD improvements during long-term treatment as demonstrated by mean change from baseline to Week 48 in AIMS total score (sum of items 1-7, evaluated by site raters) with INGREZZA 40 mg/day (-10.2) or 80 mg/day (-11.0). Consistent with previous studies, INGREZZA was generally well tolerated. After Week 4, treatment-emergent adverse events that occurred in ≥5% of all participants (combined dose groups) were urinary tract infection (8.5%) and headache (5.2%). Changes from baseline in psychiatric stability, vital signs, electrocardiogram parameters and laboratory test values were generally small and not clinically significant.

About Tardive Dyskinesia 
Tardive dyskinesia (TD) is a movement disorder that is characterized by uncontrolled, abnormal and repetitive movements of the face, torso and/or other body parts, which may be disruptive and negatively impact patients. The condition is associated with taking certain kinds of mental health medicines (antipsychotics) that help control dopamine receptors in the brain. Taking antipsychotics commonly prescribed to treat mental illnesses such as major depressive disorder, bipolar disorder, schizophrenia and schizoaffective disorder and other prescription medicines (metoclopramide and prochlorperazine) used to treat gastrointestinal disorders are associated with TD. In patients with TD, these treatments are thought to result in irregular dopamine signaling in a region of the brain that controls movement. The symptoms of TD can be mild to severe and are often persistent and irreversible. TD is estimated to affect at least 800,000 adults in the U.S.

About INGREZZA® (valbenazine) Capsules and INGREZZA® SPRINKLE (valbenazine) Capsules 
INGREZZA is a selective vesicular monoamine transporter 2 (VMAT2) inhibitor approved by the U.S. Food and Drug Administration for the treatment of adults with tardive dyskinesia and the treatment of chorea associated with Huntington's disease (HD). Only INGREZZA offers a therapeutic dose from day one with no required titration. 

INGREZZA, developed by Neurocrine Biosciences, selectively inhibits VMAT2 with no appreciable binding affinity for VMAT1, dopaminergic (including D2), serotonergic, adrenergic, histaminergic or muscarinic receptors. While the specific way INGREZZA works to treat TD and HD chorea is not fully understood, INGREZZA is unique in that it selectively and specifically targets VMAT2 to inhibit the release of dopamine, a chemical in the brain that helps control movement. INGREZZA is believed to reduce extra dopamine signaling, which may lead to fewer uncontrollable movements. 

INGREZZA is studied across the widest range of patients. It is always one capsule, once daily and can be taken together with most stable mental health regimens such as antipsychotics or antidepressants. Only INGREZZA offers the benefit of a sprinkle formulation, INGREZZA SPRINKLE, for those who experience dysphagia, have difficulty swallowing or prefer not to swallow a pill. INGREZZA and INGREZZA SPRINKLE dosages approved for use are 40 mg, 60 mg and 80 mg capsules. 

Important Information 

Approved Uses 
INGREZZA® (valbenazine) capsules or INGREZZA® SPRINKLE (valbenazine) capsules are prescription medicines used to treat adults with: 

movements in the face, tongue, or other body parts that cannot be controlled (tardive dyskinesia).  involuntary movements (chorea) of Huntington's disease. INGREZZA or INGREZZA SPRINKLE do not cure the cause of involuntary movements, and do not treat other symptoms of Huntington's disease, such as problems with thinking or emotions.  It is not known if INGREZZA or INGREZZA SPRINKLE is safe and effective in children. 

IMPORTANT SAFETY INFORMATION 

INGREZZA or INGREZZA SPRINKLE can cause serious side effects in people with Huntington's disease, including: depression, suicidal thoughts, or suicidal actions. Tell your healthcare provider before you start taking INGREZZA or INGREZZA SPRINKLE if you have Huntington's disease and are depressed (have untreated depression or depression that is not well controlled by medicine) or have suicidal thoughts. Pay close attention to any changes, especially sudden changes, in mood, behaviors, thoughts, or feelings. This is especially important when INGREZZA or INGREZZA SPRINKLE is started and when the dose is changed. Call your healthcare provider right away if you become depressed, have unusual changes in mood or behavior, or have thoughts of hurting yourself. 

Do not take INGREZZA or INGREZZA SPRINKLE if you:

are allergic to valbenazine, or any of the ingredients in INGREZZA or INGREZZA SPRINKLE. INGREZZA or INGREZZA SPRINKLE can cause serious side effects, including:

Allergic reactions. Allergic reactions, including an allergic reaction that causes sudden swelling called angioedema, can happen after taking the first dose or after many doses of INGREZZA or INGREZZA SPRINKLE. Signs and symptoms of allergic reactions and angioedema include: trouble breathing or shortness of breath, swelling of your face, lips, eyelids, tongue, or throat, or other areas of your skin, trouble with swallowing, or rash, including raised, itchy red areas on your skin (hives). Swelling in the throat can be life-threatening and can lead to death. Stop taking INGREZZA or INGREZZA SPRINKLE and go to the nearest emergency room right away if you develop these signs and symptoms of allergic reactions and angioedema. Sleepiness and tiredness that could cause slow reaction times (somnolence and sedation). Do not drive a car or operate dangerous machinery until you know how INGREZZA or INGREZZA SPRINKLE affects you. Drinking alcohol and taking other medicines may also cause sleepiness during treatment with INGREZZA or INGREZZA SPRINKLE. Heart rhythm problems (QT prolongation). INGREZZA or INGREZZA SPRINKLE may cause a heart rhythm problem known as QT prolongation. You have a higher chance of getting QT prolongation if you also take certain other medicines during treatment with INGREZZA or INGREZZA SPRINKLE. Tell your healthcare provider right away if you develop any signs or symptoms of QT prolongation, including: fast, slow, or irregular heartbeat (heart palpitations), shortness of breath, dizziness or lightheadedness, or fainting or feeling like you are going to faint. Neuroleptic Malignant Syndrome (NMS). NMS is a serious condition that can lead to death. Call a healthcare provider right away or go to the nearest emergency room if you develop these symptoms and they do not have another obvious cause: high fever, stiff muscles, problems thinking, irregular pulse or blood pressure, increased sweating, or very fast or uneven heartbeat. Parkinson-like symptoms. Symptoms include: body stiffness, drooling, trouble moving or walking, trouble keeping your balance, shaking (tremors), or falls.  Before taking INGREZZA or INGREZZA SPRINKLE, tell your healthcare provider about all of your medical conditions including if you: have liver or heart problems, are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed. 

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. Make sure you tell all of your healthcare providers that you are taking INGREZZA or INGREZZA SPRINKLE. Taking INGREZZA or INGREZZA SPRINKLE with certain other medicines may cause serious side effects. Especially tell your healthcare provider if you: take digoxin or take or have taken a monoamine oxidase inhibitor (MAOI) medicine. You should not take INGREZZA or INGREZZA SPRINKLE if you are taking, or have stopped taking, a MAOI within the last 14 days. 

The most common side effects of INGREZZA or INGREZZA SPRINKLE in people with tardive dyskinesia are sleepiness and tiredness. 

The most common side effects of INGREZZA or INGREZZA SPRINKLE in people with chorea associated with Huntington's disease include sleepiness and tiredness, raised itchy red areas on your skin (hives), rash, and trouble getting to sleep or staying asleep. 

These are not all of the possible side effects of INGREZZA or INGREZZA SPRINKLE. Call your doctor for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088. 

Dosage Forms and Strengths: INGREZZA and INGREZZA SPRINKLE are available in 40 mg, 60 mg, and 80 mg capsules. 

Please see full Prescribing Information, including Boxed Warning, and Medication Guide. 

About Neurocrine Biosciences, Inc.
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in patients with Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie) 

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, YOU DESERVE BRAVE SCIENCE, INGREZZA and KINECT are registered trademarks of Neurocrine Biosciences, Inc. KINECT-PRO is a trademark of Neurocrine Biosciences, Inc.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the potential benefits to be derived from INGREZZA, the interpretation and potential relevance of the data described in this press release, including statements regarding clinically meaningful reductions in involuntary movement severity, symptomatic remission, and hepatic risk factors among patients with tardive dyskinesia, and the value INGREZZA may bring to patients. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties as to whether the data described in this press release will be replicated in additional studies or will be predictive of efficacy or other clinical outcomes in subsequent clinical studies or real-world use of INGREZZA; risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, as well as risks and uncertainties associated with the commercialization of INGREZZA; whether INGREZZA receives adequate reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for INGREZZA; risks associated with the Company's dependence on third parties for development and manufacturing activities related to INGREZZA, and the ability of the Company to manage these third parties; risks that additional regulatory submissions for INGREZZA or other product candidates may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding INGREZZA; risks that post-approval INGREZZA commitments or requirements may be delayed; risks that INGREZZA may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law. 

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-VBZ-US-0105   06/2026

SOURCE Neurocrine Biosciences, Inc.

The 2026 tape has split in two. Semiconductor stocks have ripped higher on AI infrastructure demand, while software names that powered the last cycle have stalled or rolled over. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) sports a market cap of $5.23 trillion and AMD (NASDAQ:AMD) has rallied more than 99% year to date (YTD), while Salesforce (NYSE:CRM) has dropped nearly 29% YTD and Microsoft (NASDAQ:MSFT) is down more than 12%.

The valuation spread has stretched far enough that the setup is starting to look ripe for a reversal. Here are the five names most exposed to that pivot, ranked by potential impact.

1. NVIDIA NVIDIA sits at the center of the rally and the reversal risk. Q4 FY26 revenue hit $68.13 billion, up 73% year over year, with Data Center networking growing 263%. Free cash flow reached $96.58 billion for the year. CEO Jensen Huang said “Computing demand is growing exponentially. The agentic AI inflection point has arrived.”

Yet Polymarket traders price only a 45% chance NVDA hits $232 in May, and just 36% odds it closes the week above $215. Reddit r/wallstreetbets sentiment hit 90 on May 7, near euphoric extremes. With $95.2 billion in supply commitments and China Data Center revenue excluded from Q1 FY27 guidance, any hyperscaler capex wobble lands here first.

2. Advanced Micro Devices AMD is the most stretched. Shares are up 91% in just one month and 327% over the past year, carrying a P/E near 141. Q1 2026 revenue rose 38% to $10.25 billion, with Data Center up 57%. The fundamentals are real, but the algorithmic price target sits at $333.09, implying 19% downside, and analyst consensus of $312.28 is below the current quote.

Reddit posts like “+$8,000,000 in April (188%). AMD and TQQQ on margin” with 5,753 upvotes scream retail leverage. Lisa Su called out that “Data Center now the primary driver of our revenue and earnings growth”, but a P/E of 141 leaves no margin for execution slips.

3. Salesforce Salesforce is the cleanest reversal candidate on the software side. The stock is down 33% over the past year and trades at a P/E of just 24. Q4 FY26 EPS of $3.81 beat consensus by 25%, and Agentforce ARR jumped to $800 million, up 169%, with 29,000 deals closed.

Marc Benioff stated “Agentic AI is a tailwind for our business, and we’re well on our way to $63 billion in revenue in FY30.” Total RPO of $72.4 billion provides visibility, and insiders are net buying across 87 recent transactions. Analyst consensus target of $268.25 implies meaningful upside if AI software monetization catches up to chip multiples.

4. Microsoft Microsoft is the bridge. The Intelligent Cloud segment grew 30% in Q3 FY26, and Azure expanded 40%, with the AI business at a $37 billion run rate, up 123% year over year. Yet More Personal Computing fell 1%, and capex hit $30.88 billion, raising ROI questions. Reddit sentiment turned bearish, dropping to 22 on May 7.

Satya Nadella said “We are only at the beginning phases of AI diffusion.” If hyperscaler capex sustainability gets challenged, Microsoft cuts both ways: it pays NVIDIA, and it sells the software layer that has to monetize the spend.

5. CyberArk Software CyberArk Software (NASDAQ:CYBR) bridges high-growth software with AI-aligned demand. The company is in the process of being acquired by Palo Alto.

Q4 FY25 revenue rose 19% to $372.65 million, with subscription ARR of $1.27 billion, up 30%. Full-year revenue grew 36%. CEO Matt Cohen noted “customers prioritize identity security and the need to apply privilege controls across human, machine, and agentic AI identities.” The pending ~$25 billion Palo Alto Networks acquisition ($45 cash + 2.2005 PANW shares) caps upside but reduces downside, making it a softer landing if the rotation runs.

Conclusion The macro backdrop supports rotation rather than crash. The VIX sits at 17.39, down 28% month over month, and the 10Y-2Y spread holds at 0.49%. Chips are pricing flawless execution; software is pricing stagnation. If hyperscaler ROI questions widen, capital flows back to platforms with cheap multiples, durable RPO, and inflecting AI revenue. The risk: AI demand stays vertical and chips simply consolidate before another leg up. The setup is what looks ripe.

Family Capital Trust Co lifted its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 2,018.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,162 shares of the pipeline company’s stock after purchasing an additional 21,116 shares during the quarter. Targa Resources accounts for approximately 1.3% of Family Capital Trust Co’s investment portfolio, making the stock its 24th largest position. Family Capital Trust Co’s holdings in Targa Resources were worth $4,089,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Targa Resources in the third quarter valued at $121,426,000. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Merewether Investment Management LP grew its holdings in shares of Targa Resources by 52.9% in the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock valued at $172,789,000 after purchasing an additional 343,319 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Targa Resources by 107.1% in the third quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock valued at $98,628,000 after purchasing an additional 304,426 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance TRGP stock opened at $235.63 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The business’s fifty day simple moving average is $237.10 and its two-hundred day simple moving average is $196.80. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The firm has a market cap of $50.61 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 1.52 and a beta of 0.81.

Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a $1.25 dividend. The ex-dividend date is Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. Targa Resources’s payout ratio is 46.57%.

Analysts Set New Price Targets A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday, February 20th. Citigroup raised their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. BMO Capital Markets restated an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Morgan Stanley raised their price target on Targa Resources from $298.00 to $327.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Mizuho raised their price target on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $258.07.

Read Our Latest Research Report on Targa Resources

Targa Resources Profile (Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Further Reading Five stocks we like better than Targa Resources

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Arizona State Retirement System trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,970 shares of the pipeline company’s stock after selling 5,014 shares during the period. Arizona State Retirement System’s holdings in Targa Resources were worth $10,880,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC lifted its holdings in Targa Resources by 30.9% during the 4th quarter. Turtle Creek Wealth Advisors LLC now owns 7,086 shares of the pipeline company’s stock worth $1,307,000 after purchasing an additional 1,674 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in Targa Resources by 48.6% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 31,275 shares of the pipeline company’s stock worth $5,785,000 after purchasing an additional 10,222 shares during the last quarter. United Asset Strategies Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $693,000. M&T Bank Corp lifted its holdings in Targa Resources by 539.6% during the 4th quarter. M&T Bank Corp now owns 130,605 shares of the pipeline company’s stock worth $24,097,000 after purchasing an additional 110,184 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in Targa Resources by 25.9% during the 4th quarter. Evergreen Capital Management LLC now owns 2,654 shares of the pipeline company’s stock worth $490,000 after purchasing an additional 546 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources In other news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares of the company’s stock, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director owned 77,094 shares of the company’s stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 over the last three months. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Up 0.3% Shares of TRGP stock opened at $240.65 on Friday. The firm has a market capitalization of $51.69 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.55 and a beta of 0.81. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The stock’s fifty day simple moving average is $238.75 and its 200 day simple moving average is $199.11.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a dividend of $1.25 per share. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is presently 58.21%.

Wall Street Analyst Weigh In A number of research firms have commented on TRGP. Truist Financial raised their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Barclays raised their price objective on Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 7th. BMO Capital Markets restated an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Finally, UBS Group lifted their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $259.93.

View Our Latest Research Report on Targa Resources

Targa Resources Company Profile (Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Featured Stories Five stocks we like better than Targa Resources Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP – Free Report).

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In its upcoming report, Targa Resources, Inc. (TRGP - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $2.56 per share, reflecting an increase of 181.3% compared to the same period last year. Revenues are forecasted to be $5.15 billion, representing a year-over-year increase of 12.9%.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

That said, let's delve into the average estimates of some Targa Resources metrics that Wall Street analysts commonly model and monitor.

The collective assessment of analysts points to an estimated 'Gathering and Processing - NGL sales per day' of 658.33 thousands of barrels of oil. Compared to the present estimate, the company reported 570.20 thousands of barrels of oil in the same quarter last year.

Analysts forecast 'Gathering and Processing - Gross NGL production - Coastal' to reach 37.81 thousands of barrels of oil per day. The estimate compares to the year-ago value of 32.70 thousands of barrels of oil per day.

Based on the collective assessment of analysts, 'Gathering and Processing - Condensate sales per day' should arrive at 21.34 thousands of barrels of oil. The estimate compares to the year-ago value of 18.10 thousands of barrels of oil.

Analysts expect 'Logistics and Marketing - NGL sales' to come in at 1,252.74 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,186.40 thousands of barrels of oil per day in the same quarter of the previous year.

The consensus estimate for 'Logistics and Marketing - Export volumes' stands at 424.49 thousands of barrels of oil per day. The estimate compares to the year-ago value of 447.70 thousands of barrels of oil per day.

The consensus among analysts is that 'Logistics and Marketing - Fractionation volumes' will reach 1,153.74 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 979.90 thousands of barrels of oil per day.

Analysts' assessment points toward 'Gathering and Processing - Total Plant natural gas inlet volumes' reaching . Compared to the present estimate, the company reported in the same quarter last year.

The combined assessment of analysts suggests that 'Gathering and Processing - Total Gross NGL production' will likely reach 1,117.52 thousands of barrels of oil per day. The estimate compares to the year-ago value of 943.10 thousands of barrels of oil per day.

The average prediction of analysts places 'Gathering and Processing - Average realized prices - Condensate' at $87.29 . Compared to the current estimate, the company reported $72.32 in the same quarter of the previous year.

It is projected by analysts that the 'Gathering and Processing - Plant natural gas inlet volumes - Badlands' will reach . The estimate compares to the year-ago value of .

Analysts predict that the 'Gathering and Processing - Plant natural gas inlet volumes - Coastal' will reach . Compared to the current estimate, the company reported in the same quarter of the previous year.

According to the collective judgment of analysts, 'Gathering and Processing - Plant natural gas inlet volumes - North Texas' should come in at . The estimate is in contrast to the year-ago figure of .

View all Key Company Metrics for Targa Resources here>>>

Shares of Targa Resources have experienced a change of +5.4% in the past month compared to the +9.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), TRGP is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2026 results.

First quarter 2026 net income attributable to Targa Resources Corp. was $480 million compared to $271 million for the first quarter of 2025. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,403 million for the first quarter of 2026 compared to $1,179 million for the first quarter of 2025.

Highlights

Record adjusted EBITDA for the first quarter of $1.4 billion, an increase of 19% year-over-yearRecord Permian inlet volumes during the first quarterRecord fractionation volumes during the first quarterIncreasing full year 2026 adjusted EBITDA estimate to $5.7 billion to $5.9 billionIn February 2026, completed our new Falcon II processing plant in Permian DelawareIn late March 2026, completed our new East Pembrook processing plant in Permian MidlandIn April 2026, completed our new Train 11 fractionator in Mont Belvieu, TXIn May 2026, starting up operation of our Delaware Express NGL Pipeline expansionAnnounced today two new processing plants in Permian Delaware (“Roadrunner III” and “Copperhead II”)Continue to estimate 2026 net growth capital expenditures of approximately $4.5 billion On April 16, 2026, the Company declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the first quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the first quarter of 2025. Total cash dividends of approximately $268 million will be paid on May 15, 2026 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2026.

During the first quarter of 2026, Targa repurchased 227,801 shares of its common stock at a weighted average per share price of $241.43 for a total net cost of $55 million. As of March 31, 2026, there was $1,319 million remaining under the Company’s share repurchase programs.

First Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported record first quarter adjusted EBITDA of $1,403 million, representing a 5 percent increase compared to the fourth quarter of 2025. The sequential increase was driven by record Permian volumes in our Gathering and Processing (“G&P”) segment, primarily from the acquisition of certain assets in the Permian Basin, as well as higher marketing margin and record NGL fractionation volumes in our Logistics and Transportation (“L&T”) segment.

In our G&P segment, higher sequential adjusted operating margin was driven by higher Permian inlet volumes attributable to the acquisition of certain assets in the Permian Basin, the completion of our Falcon II plant, and continued strong producer activity, partially offset by severe winter weather and price-related producer curtailments which impacted our Permian volumes during the first quarter. 

In our L&T segment, lower sequential first quarter adjusted operating margin was attributable to lower NGL transportation volumes and lower LPG export volumes, partially offset by higher marketing margin. NGL transportation and fractionation volumes were affected by the impacts of severe winter weather and price-related producer curtailments on our G&P systems. LPG export volumes were reduced by an unplanned outage at a portion of our export facility late in the first quarter, which was resolved early in the second quarter. Marketing margin increased due to greater optimization opportunities.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of March 31, 2026 was $19,132 million, net of $132 million of debt issuance costs and $39 million of unamortized discount, with $17,900 million of outstanding senior unsecured notes, $457 million outstanding under the Commercial Paper Program, $600 million outstanding under the Securitization Facility, and $347 million of finance lease liabilities.

Total consolidated liquidity as of March 31, 2026 was approximately $3.1 billion, including $3.0 billion available under the TRGP Revolver and $100 million of cash.

Financing Update

In March 2026, Targa completed an underwritten public offering of $750 million of 4.350% Notes due 2031 and $750 million of 6.050% Notes due 2056. The Company used the net proceeds from the debt issuance for general corporate purposes, including to reduce borrowings under the Commercial Paper Program.

Growth Projects Update

In our G&P segment, we commenced operations of our new Falcon II plant in the Permian Delaware in February 2026 and our new East Pembrook plant in the Permian Midland in late March 2026. Construction continues on our East Driver plant in Permian Midland, and our Copperhead, Yeti I and Yeti II plants in Permian Delaware, and our G&P projects remain on track.

In May 2026, in response to increasing production and to meet the infrastructure needs of our customers, we announced the construction of a new 265 million cubic feet per day (“MMcf/d”) natural gas processing plant, Roadrunner III, and a new 275 MMcf/d natural gas processing plant, Copperhead II.  Both plants will be located in the Permian Delaware and are expected to begin operations in the first quarter of 2028. In February 2026, we announced orders of long-lead items for Roadrunner III and Copperhead II.

In our L&T segment, we commenced operations of our Train 11 fractionator in Mont Belvieu in early April 2026 and are currently starting up operation of our Delaware Express NGL Pipeline expansion. Construction continues on our Train 12 and Train 13 fractionators in Mont Belvieu, our Speedway NGL Pipeline, our GPMT LPG Export Expansion, and our Bull Run, Buffalo Run and Forza intra-basin residue gas pipeline projects. Our L&T projects remain on track.

2026 Outlook

Targa now estimates full year 2026 adjusted EBITDA to be between $5.7 billion and $5.9 billion, a 17 percent increase year-over-year, based on the midpoint of the range. The increase in our full year financial outlook is driven by our strong outlook for marketing and optimization opportunities, LPG export operations, and continued strength of volume growth across Targa’s integrated assets. Second quarter 2026 Permian inlet volumes are currently trending significantly higher relative to the first quarter, and our estimated full year average 2026 inlet volumes remain consistent with our expectations despite the impacts of price-related producer curtailments. We continue to estimate net growth capital expenditures to be approximately $4.5 billion which includes capital spending for announced infrastructure projects underway including our new Roadrunner III and Copperhead II processing plants in the Permian announced today. Our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events.

Conference Call

We will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 7, 2026 to discuss first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events, or by going directly to  https://edge.media-server.com/mmc/p/r9w9ai8y/. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

(1)Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.” Targa Resources Corp. – Consolidated Financial Results of Operations

 Three Months Ended March 31,       2026  2025  2026 vs. 2025  (In millions) Revenues:          Sales of commodities$3,344.6  $3,884.4  $(539.8) (14%)Fees from midstream services 750.1   677.1   73.0  11%Total revenues 4,094.7   4,561.5   (466.8) (10%)Product purchases and fuel 2,394.5   3,257.8   (863.3) (26%)Operating expenses 333.7   303.6   30.1  10%Depreciation and amortization expense 426.0   367.6   58.4  16%General and administrative expense 107.8   94.5   13.3  14%Other operating (income) expense (14.2)  (5.3)  (8.9) 168%Income (loss) from operations 846.9   543.3   303.6  56%Interest expense, net (227.6)  (197.1)  (30.5) 15%Equity earnings (loss) 8.6   5.5   3.1  56%Other, net (16.6)  0.3   (16.9)NM Income tax (expense) benefit (123.9)  (72.2)  (51.7) 72%Net income (loss) 487.4   279.8   207.6  74%Less: Net income (loss) attributable to noncontrolling interests 7.8   9.3   (1.5) (16%)Net income (loss) attributable to Targa Resources Corp. 479.6   270.5   209.1  77%Premium on repurchase of noncontrolling interests, net of tax —   70.5   (70.5) (100%)Net income (loss) attributable to common shareholders$479.6  $200.0  $279.6  140%Financial data:          Adjusted EBITDA (1)$1,402.7  $1,178.5  $224.2  19%Adjusted cash flow from operations (1) 1,179.9   970.0   209.9  22%Adjusted free cash flow (1) 227.9   328.2   (100.3) (31%) (1)Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”NMDue to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The decrease in commodity sales reflected lower NGL, natural gas and condensate prices ($1,064.2 million), partially offset by higher NGL, natural gas and condensate volumes ($476.9 million) and the favorable impact of hedges ($47.5 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, partially offset by lower export volumes.

The decrease in product purchases and fuel reflected lower NGL and natural gas prices, partially offset by higher NGL and natural gas volumes.

The increase in operating expenses was primarily due to higher labor and maintenance costs due to increased activity and system expansions, and the acquisition of certain assets in the Permian Basin.

See “—Results of Operations—By Reportable Segment” for additional information on a segment basis.

The increase in depreciation and amortization expense was primarily due to the acquisition of certain assets in the Permian Basin and the impact of system expansions on the Company’s asset base.

The increase in general and administrative expense was primarily due to higher compensation and benefits.

The increase in interest expense, net, was primarily due to higher borrowings, partially offset by an increase in capitalized interest.

The decrease in other, net, was primarily due to the premium paid on the redemption of all of the Partnership’s 6.875% Notes due 2029.

The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income.

The premium on repurchase of noncontrolling interests, net of tax was due to the Badlands Transaction in the first quarter of 2025.

Review of Segment Performance

The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

Gathering and Processing Segment

The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

 Three Months Ended March 31,         2026  2025  2026 vs. 2025  (In millions, except operating statistics and price amounts) Operating margin$ 703.5  $ 602.2  $ 101.3   17%Operating expenses  233.6    208.2    25.4   12%Adjusted operating margin$ 937.1  $ 810.4  $ 126.7   16%Operating statistics (1):              Plant natural gas inlet, MMcf/d (2) (3)              Permian Midland (4)  3,153.9    2,985.6    168.3   6%Permian Delaware  3,576.1    3,020.3    555.8   18%Total Permian  6,730.0    6,005.9    724.1   12%               Central (5)  1,027.3    984.7    42.6   4%               Badlands (5) (6)  127.0    136.9    (9.9)  (7%)               Coastal  547.1    398.8    148.3   37%               Total  8,431.4    7,526.3    905.1   12%NGL production, MBbl/d (3)              Permian Midland (4)  464.7    429.5    35.2   8%Permian Delaware  469.6    366.4    103.2   28%Total Permian  934.3    795.9    138.4   17%               Central (5)  102.1    98.1    4.0   4%               Badlands (5)  16.2    16.4    (0.2)  (1%)               Coastal  37.8    32.7    5.1   16%               Total  1,090.4    943.1    147.3   16%Crude oil gathered, MBbl/d  135.1    136.1    (1.0)  (1%)Natural gas sales, BBtu/d (3)  3,040.3    2,592.8    447.5   17%NGL sales, MBbl/d (3)  625.9    570.2    55.7   10%Condensate sales, MBbl/d  21.8    18.1    3.7   20%Average realized prices (7):              Natural gas, $/MMBtu  0.57    2.24    (1.67)  (75%)NGL, $/gal  0.39    0.50    (0.11)  (22%)Condensate, $/Bbl  65.51    72.32    (6.81)  (9%) _______________________
(1)Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period, and the denominator is the number of calendar days during the period.(2)Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant.(3)Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.(4)Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.(5)Operations include facilities that are not wholly owned by the Company.(6)Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.(7)Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees. The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

  Three Months Ended March 31, 2026  Three Months Ended March 31, 2025   (In millions, except volumetric data and price amounts)   Volume
Settled  Price
Spread (1)  Gain
(Loss)  Volume
Settled  Price
Spread (1)  Gain
(Loss) Natural gas (BBtu)  8.4  $2.02  $17.0   7.7  $0.96  $7.4 NGL (MMgal)  67.7   0.01   0.9   97.5   (0.07)  (6.6)Crude oil (MBbl)  0.7   (4.14)  (2.9)  0.7   1.00   0.7         $15.0        $1.5 (1)The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower commodity prices. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Pembrook II plant during the third quarter of 2025, the Bull Moose II plant during the fourth quarter of 2025, the Falcon II plant during the first quarter of 2026, continued strong producer activity and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

The increase in operating expenses was primarily due to higher volumes, multiple plant additions and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

Logistics and Transportation Segment

The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Targa’s NGL pipeline system, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

 Three Months Ended March 31,         2026  2025  2026 vs. 2025  (In millions, except operating statistics) Operating margin$ 773.3  $ 646.7  $ 126.6   20%Operating expenses  100.2    95.5    4.7   5%Adjusted operating margin$ 873.5  $ 742.2  $ 131.3   18%Operating statistics MBbl/d (1):              NGL pipeline transportation volumes (2)  1,016.8    843.5    173.3   21%Fractionation volumes  1,145.2    979.9    165.3   17%Export volumes (3)  437.0    447.7    (10.7)  (2%)NGL sales  1,304.0    1,186.4    117.6   10%_______________________
(1)Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.
(2)Represents the total quantity of mixed NGLs that earn a transportation margin.(3)Export volumes represent the quantity of NGL products delivered to third-party customers at the Company’s Galena Park Marine Terminal that are destined for international markets. Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

The increase in adjusted operating margin was due to higher marketing margin and higher pipeline transportation and fractionation margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems.

The increase in operating expenses was due to higher repairs and maintenance and higher compensation and benefits.

Other

 Three Months Ended March 31,     2026  2025  2026 vs. 2025  (In millions) Operating margin$(110.3) $(248.8) $138.5 Adjusted operating margin$(110.3) $(248.8) $138.5              Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Non-GAAP Financial Measures

This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

Adjusted Operating Margin

The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

Gathering and Processing adjusted operating margin consists primarily of:

service fees related to natural gas and crude oil gathering, treating and processing; andrevenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements. Logistics and Transportation adjusted operating margin consists primarily of:

service fees (including the pass-through of energy costs included in certain fee rates);system product gains and losses; andNGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.
The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.
Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

Adjusted EBITDA

The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit . The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures and growth capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

 Three Months Ended March 31,  2026  2025  (In millions) Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow     Net income (loss) attributable to Targa Resources Corp.$479.6  $270.5 Interest (income) expense, net 227.6   197.1 Income tax expense (benefit) 123.9   72.2 Depreciation and amortization expense 426.0   367.6 (Gain) loss on sale or disposition of assets (1.0)  (0.5)Write-down of assets 4.3   2.0 (Gain) loss from financing activities 10.1   0.6 Equity (earnings) loss (8.6)  (5.5)Distributions from unconsolidated affiliates 4.7   4.9 Change in contingent consideration 0.7   — Compensation on equity grants 23.2   17.6 Risk management activities 110.3   248.8 Noncontrolling interests adjustments (1) 1.9   3.2 Adjusted EBITDA$1,402.7  $1,178.5 Interest expense on debt obligations (2) (222.8)  (193.2)Cash tax (expense) benefit —   (15.3)Adjusted Cash Flow from Operations$1,179.9  $970.0 Maintenance capital expenditures, net (3) (37.6)  (47.3)Growth capital expenditures, net (3) (914.4)  (594.5)Adjusted Free Cash Flow$227.9  $328.2 _______________________
(1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.(2)Excludes amortization recognized in interest expense.(3)Represents capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and includes contributions to investments in unconsolidated affiliates. The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2026:

 2026E  (In millions) Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to  Estimated Adjusted EBITDA  Net income attributable to Targa Resources Corp.$2,265.0 Interest expense, net 945.0 Income tax expense 640.0 Depreciation and amortization expense 1,745.0 Equity earnings (30.0)Distributions from unconsolidated affiliates 35.0 Compensation on equity grants 80.0 Risk management activities and other 123.0 Noncontrolling interests adjustments (1) (3.0)Estimated Adjusted EBITDA$5,800.0 _______________________
(1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting. Regulation FD Disclosures 

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or the Company’s website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding the Company’s projected financial performance, capital spending, payment of future dividends and stock repurchase activity. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of the Company’s completion of capital projects and business development efforts, the expected growth of volumes on the Company’s systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
[email protected]
(713) 584-1133

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Targa Resources, Inc. (TRGP - Free Report) is headquartered in Houston, and is in the Oils-Energy sector. The stock has seen a price change of 35.23% since the start of the year. The company is currently shelling out a dividend of $1.25 per share, with a dividend yield of 2%. This compares to the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 5.83% and the S&P 500's yield of 1.41%.

Looking at dividend growth, the company's current annualized dividend of $5.00 is up 33.3% from last year. Over the last 5 years, Targa Resources, Inc. has increased its dividend 4 times on a year-over-year basis for an average annual increase of 69.99%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Targa Resources's current payout ratio is 47%, meaning it paid out 47% of its trailing 12-month EPS as dividend.

TRGP is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $10.32 per share, with earnings expected to increase 21.55% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, TRGP is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Targa Resources, Inc. (TRGP - Free Report) came out with quarterly earnings of $2.21 per share, missing the Zacks Consensus Estimate of $2.55 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.24%. A quarter ago, it was expected that this company would post earnings of $2.39 per share when it actually produced earnings of $2.51, delivering a surprise of +5.02%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Targa Resources, which belongs to the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, posted revenues of $4.09 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 19.64%. This compares to year-ago revenues of $4.56 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Targa Resources shares have added about 35.2% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Targa Resources?While Targa Resources has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Targa Resources was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.42 on $5.08 billion in revenues for the coming quarter and $10.32 on $20.52 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing - Master Limited Partnerships is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Oils-Energy sector, Natural Gas Services (NGS - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.

This maker of natural gas compression equipment and industrial flare systems is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +18.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Natural Gas Services' revenues are expected to be $47.88 million, up 15.7% from the year-ago quarter.