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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.

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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.

Key Takeaways TRGP posted record Q1 adjusted EBITDA of $1.4B, up 19% on strong Permian and fractionation volumes.Targa raised its dividend 25%, repurchased shares and expanded Permian processing capacity.TRGP expects 2026 adjusted EBITDA of $5.7B-$5.9B, driven by growth and fee-based cash flows. Targa Resources Corp. (TRGP - Free Report) reported first-quarter 2026 earnings of $2.21 per share, which missed the Zacks Consensus Estimate of $2.55. The underperformance can be attributed to severe winter weather that impacted volumes across its systems, weak Waha natural gas prices that led to producer curtailments in the Permian Basin during the quarter and higher operating expenses related to maintenance activity, system expansions and acquired Permian assets.

The bottom line, however, increased from the year-ago quarter’s level of 91 cents. The year-over-year improvement can be attributed to higher operating margins in the company’s Gathering and Processing and Logistics and Transportation segments.

Total quarterly revenues of $4.1 billion missed the Zacks Consensus Estimate of $5.1 billion by 19.64%. Revenues also declined 10% from the year-ago quarter’s level of $4.6 billion, primarily due to lower commodity sales, partly offset by higher fees from midstream services.

Despite the revenue miss, Targa delivered record first-quarter adjusted EBITDA of $1.4 billion, up 19% from the prior-year quarter. The increase was driven by record Permian inlet volumes, record fractionation volumes and higher marketing margins.

Taking a Closer Look at Q1 ResultsOn April 16, 2026, Houston, TX-based oil and gas storage and transportation company declared a quarterly dividend of $1.25 per share, or $5 annualized, representing a 25% increase from the first-quarter 2025 dividend. The company also repurchased $55 million of common stock during the quarter.

In the first quarter, Targa benefited from continued strength across its integrated Permian-to-Mont Belvieu footprint. Management mentioned that the company still achieved record first-quarter adjusted EBITDA, Permian volumes and NGL fractionation volumes despite winter weather and periodic shut-ins. The company also mentioned that current Permian volumes were running more than 250 million cubic feet per day above the first-quarter average, even with 200-400 million cubic feet per day of temporary producer shut-ins on any given day.

TRGP’s Segmental PerformanceGathering and Processing: The segment’s operating margin was $703.5 million, up 17% from $602.2 million in the year-ago quarter. However, the figure missed the Zacks Consensus Estimate of $757 million. Adjusted operating margin increased 16% year over year to $937.1 million, primarily driven by higher Permian natural gas inlet volumes, which boosted fee-based margin, partially offset by lower commodity prices.

Total Permian plant natural gas inlet volumes averaged 6,730 MMcf/d, up 12% year over year. The improvement was supported by the Pembrook II, Bull Moose II and Falcon II plants, continued producer activity and the acquisition of certain Permian Basin assets in the first quarter.

Logistics and Transportation: This unit reflects TRGP’s downstream operations. The segment’s operating margin increased 20% year over year to $773.3 million, and beat the Zacks Consensus Estimate of $783 million, while adjusted operating margin rose 18% to $873.5 million. The improvement was driven by higher marketing margin and stronger pipeline transportation and fractionation margin.

NGL pipeline transportation volumes averaged 1,016.8 MBbl/d, up 21% year over year. Fractionation volumes averaged 1,145.2 MBbl/d, up 17%. Export volumes declined 2% year over year to 437 MBbl/d, affected by the outage at a portion of the Galena Park export facility.

TRGP’s Costs, Capex & Balance SheetProduct purchases and fuel declined 26% year over year to $2.39 billion, reflecting lower NGL and natural gas prices, partly offset by higher volumes. Operating expenses rose 10% to $333.7 million, mainly due to higher labor and maintenance costs from increased activity, system expansions and the Permian asset acquisition.

The company spent $914.4 million on growth capital programs compared with $594.5 million in the year-ago period. While maintenance capital expenditures were $37.6 million compared with $47.3 million in the year-ago period, adjusted free cash flow was $227.9 million.

As of March 31, 2026, TRGP had cash and cash equivalents of $100.1 million and long-term debt of $18.4 billion, with a debt-to-capitalization of around 85.5%.

TRGP’s Project UpdatesTarga completed the Falcon II processing plant in Permian Delaware in February 2026 and the East Pembrook plant in Permian Midland in late March. The company also completed Train 11 in Mont Belvieu in April and began start-up operations for its Delaware Express NGL Pipeline expansion in May.

Targa announced two new Permian Delaware processing plants — Roadrunner III and Copperhead II — expected to begin operations in the first quarter of 2028. The company’s investor presentation shows several other major projects underway, including Train 12, Train 13, Speedway, the GPMT LPG Export Expansion and residue gas pipeline projects.

TRGP’s 2026 GuidanceThe company expects a stronger 2026 financial performance, supported by continued growth across the Permian gathering and processing footprint and record volumes through its integrated NGL system. Management guided to a 2026 adjusted EBITDA of approximately $5.7 billion to $5.9 billion, representing roughly 17% year-over-year growth, driven by higher throughput volumes, strength in marketing and optimization activities and contributions from recently completed and ongoing expansion projects. The company also plans to invest about $4.5 billion in net growth capital expenditures during 2026, while maintenance capital is expected to total roughly $250 million.

Importantly, more than 90% of expected EBITDA is projected to be fee-based, providing greater cash flow stability and limiting direct exposure to commodity price volatility.

Overall, management’s outlook reflects confidence in sustained producer activity, rising infrastructure demand in the Permian Basin and continued operating momentum heading into 2026. TRGP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a GlanceWhile we have discussed TRGP’s first-quarter results in detail, let us take a look at three other key reports in this space.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents.

Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, this oil and gas equipment and services company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.

Houston, TX-based oil and gas storage and transportation company, Kinder Morgan Inc. (KMI - Free Report) , posted first-quarter 2026 adjusted earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment.

As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion. KMI’s project backlog was reported at $10.1 billion by the end of the first quarter. The midstream energy major added that natural gas projects comprise approximately 92% of its project backlog, with nearly 60% dedicated to supporting local distribution companies and power generation.

Fort Worth, TX-based oil and gas exploration and production company, Range Resources Corporation (RRC - Free Report) , posted first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents. Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.

Drilling and completion expenditure totaled $130 million. An additional $5 million was spent on acreage and $4 million on infrastructure and other investments. At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.

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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

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Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

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Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. TRGP has a Growth Style Score of B, forecasting year-over-year earnings growth of 25.6% for the current fiscal year.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.47 to $10.66 per share. TRGP boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TRGP should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

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Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. TRGP has a Momentum Style Score of A, and shares are up 4.3% over the past four weeks.

Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.43 to $10.75 per share. TRGP also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TRGP should be on investors' short list.

CWA Asset Management Group LLC acquired a new position in shares of Kilroy Realty Corporation (NYSE: KRC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 21,322 shares of the real estate investment trust's stock, valued at approximately $797,000.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) announced today it will release first quarter 2026 financial results after the market closes on Monday, April 27, 2026. Kilroy will hold a conference call to discuss the results at 10:00 a.m. PT / 1:00 p.m. ET on Tuesday, April 28, 2026.

To participate and obtain conference call dial-in details, register by using the following link:
https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS.

This call will be broadcast live over the Internet and can be accessed on the Investor Relations section of Kilroy’s website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx. A replay will also be available on the Company’s Investor Relations website beginning April 28, 2026 through April 27, 2027.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.

As of December 31, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 billion.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains 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. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) published its fifteenth annual Sustainability Report today, providing updates on progress toward our 2030 Environmental and Social Goals, and building on the Company’s longstanding track record of sustainability leadership.

Kilroy’s 2025 Sustainability Report details the Company’s sustainability strategy, goals, performance, and impact across a wide range of environmental, social, and governance initiatives.

“Sustainability is an integral part of our business strategy and company culture,” said Angela Aman, Chief Executive Officer. “Our approach creates long-term value and fosters meaningful engagement with our employees, our existing and prospective tenants, the communities we serve, and our shareholders.”

Recent achievements announced in the 2025 Sustainability Report include:

Maintained carbon neutral operations for the sixth consecutive year Earned a five-star designation in the 2025 GRESB Real Estate Assessment for our Standing Assets and named the Regional Sector Leader in the Americas in Technology / Life Science for our Development Portfolio Received a 2026 Nareit Leader in the Light Award for Responsibility Named a 2026 Fitwel Best in Building Health Impact Award winner for Greatest Number of Recertified Projects of All-Time “Collaboration across Kilroy, as well as with our tenants and partners, has been central to our sustainability success this year,” said Sarah King, Senior Vice President, Sustainability. “Whether advancing energy efficiency projects, expanding onsite solar, sharpening our philanthropic focus, or investing in employee development, our shared commitment to environmental and social progress continues to drive meaningful results.”

The full report can be found on the Kilroy website at: https://kilroyrealty.com/sustainability/

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.

As of December 31, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 billion.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains 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. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

On April 15, 2026, Kilroy Realty Corp KRC shares rose 4.3% to a current price of $30.46. The stock has seen a 52-week range between $27.36 and $45.03, reflecting a significant fluctuation in investor sentiment and market conditions.

GF Value™ verdict: KRC is currently trading at $30.46, which is 11.1% below its GF Value™ of $34.27.GF Score™: KRC has a GF Score™ of 70/100, indicating an above-average ranking based on various financial metrics.Most notable signal: KRC has experienced no insider transactions in the last 3 months, suggesting a lack of recent insider confidence in the stock. Is KRC Overvalued or Undervalued? With a current price of $30.46 and a GF Value™ estimate of $34.27, Kilroy Realty Corp KRC is considered undervalued by 11.1%. This margin of safety offers a potential opportunity for investors looking to capitalize on a stock that is trading below its intrinsic value. The GF Valuation label describes KRC as "Modestly Undervalued," implying that while there is room for appreciation, caution should still be exercised due to the current market dynamics.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The relatively low price compared to its GF Value™ suggests that KRC may provide an appealing entry point, although prospective investors should consider the overall market conditions and the company's financial health before making decisions.

How Does KRC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.2x 18.8x Forward P/E 70.8x N/A KRC's current P/E ratio of 13.2x is significantly below its 5-year median P/E of 18.8x, indicating that the stock is trading at a lower valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict that KRC is undervalued, as a lower P/E ratio typically reflects an undervalued stock, especially when compared to its historical performance.

What Does KRC's GF Score™ Tell Us? Metric Rating GF Score™ 70/100 Financial Strength 4/10 Profitability 7/10 Growth 1/10 Valuation 10/10 Momentum 5/10 KRC's GF Score™ of 70/100 indicates a stock that is performing above average. The strongest area is its Valuation rank of 10/10, suggesting that the stock is attractively priced relative to its intrinsic value. However, the Growth rank of 1/10 is a significant weakness, indicating challenges in the company's growth prospects. Overall, the combination of these scores highlights KRC's current undervaluation, while also flagging potential concerns regarding its growth trajectory.

What Are Insiders Doing with KRC Stock? There have been no insider transactions involving Kilroy Realty Corp KRC in the last three months. This lack of activity may suggest that insiders are currently not making moves to buy or sell shares, which can be interpreted as a neutral signal regarding their confidence in the company's future performance. Investors often look for insider buying as a sign of confidence in the company's prospects, so the absence of such activity could indicate caution among executives.

What This Means for Investors Based on the current analysis, Kilroy Realty Corp KRC is considered modestly undervalued according to GF Value™. This presents potential opportunities for investors looking for value plays in the real estate sector. However, prospective investors should weigh the company's financial strength and growth potential against the current market environment before making decisions.

For the complete analysis, visit the Kilroy Realty Corp KRC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is KRC's GF Score™?

KRC has a GF Score™ of 70/100, indicating an above-average ranking based on financial metrics.

Is KRC overvalued or undervalued?

KRC is currently considered undervalued with a GF Value™ estimate of $34.27 compared to its market price of $30.46.

What is KRC's P/E ratio?

KRC's P/E (TTM) ratio is 13.2x, which is significantly below its 5-year median of 18.8x, indicating a lower valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter ended March 31, 2026.

“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased development project in one of the Company’s best-performing submarkets.”

Financial Results

Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for the quarter ended March 31, 2025 Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the quarter ended March 31, 2026, as compared to Net income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025 Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended March 31, 2026, as compared to $122.3 million, or $1.02 per diluted share, for the quarter ended March 31, 2025 Leasing and Occupancy

Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470 basis points of leases signed but not yet commenced Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5% occupied and 84.3% leased at March 31, 2026, representing 280 basis points of leases signed but not yet commenced During the quarter, signed approximately 568,000 square feet of leases Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant space, 80,000 square feet of new leasing on currently occupied space, and 82,000 square feet of renewal leasing New leasing on vacant space included an approximately 145,000-square-foot development lease with Cooley LLP, a global law firm. See “Joint Venture Formation” section below for additional details Leasing activity during the quarter included approximately 70,000 square feet of short-term leasing GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%, respectively, from prior levels on Second Generation leasing, excluding short-term leasing Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on leases signed during the quarter increased 19.2% and 5.2%, respectively Capital Recycling Activity

In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot, three-building campus in the I-15 Corridor submarket of San Diego, for gross sales proceeds of $124.5 million In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office property in the Del Mar submarket of San Diego, for gross sales proceeds of $21.0 million During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential tower in the Hollywood submarket of Los Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales proceeds of $202.0 million Common Stock Repurchases

During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an aggregate purchase price of $72.7 million Joint Venture Formation

In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square-foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to be 97% Dividend

The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date) Recent Developments

In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par Net Income Available to Common Stockholders / FFO Guidance

The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63 per diluted share, from the previous range of $3.25 to $3.45. The table below reflects key assumptions for 2026 guidance.

Key Assumptions

February 2026 Assumptions

April 2026 Assumptions

Average full year occupancy

76.0% to 78.0%

76.5% to 78.0%

Average full year occupancy excluding KOP 2

80.0% to 81.5%

80.5% to 81.5%

Same Property Cash Net Operating Income (“NOI”) growth (1) (2)

(1.50%) to 0.00%

0.25% to 1.25%

NOI from Development Properties (3)

$(23.5) to $(25.0) million

$(22.5) to $(24.0) million

Non-Cash GAAP NOI adjustments (1) (4)

$12.0 to $14.0 million

$13.0 to $15.0 million

GAAP lease termination fee income

$3.0 to $4.5 million

No change

General and administrative and Leasing costs

$(89.0) to $(91.0) million

$(87.5) to $(89.5) million

Interest income

$2.0 to $3.0 million

No change

Gross interest expense

$(212.0) to $(214.0) million

$(208.0) to $(209.5) million

Capitalized interest (5)

$32.0 to $34.0 million

$48.5 to $49.5 million

Total development spending (6)

$150.0 to $200.0 million

No change

Operating property dispositions

+/- $300.0 million

$347.5 to $500.0 million

Full Year 2026 Range

as of February 2026

Full Year 2026 Range

as of April 2026

Low End

High End

Low End

High End

$ and shares/units in thousands, except per share/unit amounts

Net income available to common stockholders per share - diluted

$

0.59

$

0.79

$

0.08

$

0.22

Weighted average common shares outstanding - diluted (7)

120,100

120,100

118,100

118,100

Net income available to common stockholders

$

70,800

$

95,040

$

9,055

$

25,743

Adjustments:

Net income attributable to noncontrolling common units of the Operating Partnership

300

300

300

300

Net income attributable to noncontrolling interests in consolidated property partnerships

17,000

17,000

17,000

17,000

Depreciation and amortization of real estate assets

342,000

342,000

379,400

379,400

Gain on sale of depreciable operating property

(8,200

)

(8,200

)

(23,525

)

(23,525

)

Impairment of real estate assets

—

—

61,778

61,778

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(28,000

)

(28,000

)

(28,000

)

(28,000

)

Funds From Operations (1)

$

393,900

$

418,140

$

416,008

$

432,696

Weighted average common shares/units outstanding – diluted (8)

121,200

121,200

119,200

119,200

Nareit Funds From Operations per common share/unit – diluted (1)

$

3.25

$

3.45

$

3.49

$

3.63

(1)

For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” of the Company’s Supplemental Financial Report furnished on Form 8-K for management statements on the Company’s non-GAAP measures.

(2)

Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.

(3)

NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(4)

Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease related adjustments and other.

(5)

Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(6)

Total development spending includes recently stabilized, in-process, and future development projects.

(7)

Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.

(8)

Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss first quarter results and the current business environment during the Company’s April 28, 2026 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/264481752. It may be necessary to download audio software to hear the conference call.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and professional services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience managing, developing, and acquiring office, life science, and mixed-use projects.

As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has 608 residential units in San Diego, with a quarterly average occupancy of 95.0%.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains 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. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on us and our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

KILROY REALTY CORPORATION

SUMMARY OF QUARTERLY RESULTS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Revenues

$

270,053

$

270,844

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average common shares outstanding – basic

117,637

118,195

Weighted average common shares outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

Funds From Operations (1)(2)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (3)

119,251

119,750

Weighted average common shares/units outstanding – diluted (4)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

Common shares outstanding at end of period

116,279

118,269

Common partnership units outstanding at end of period

1,134

1,151

Total common shares and units outstanding at end of period

117,413

119,420

March 31, 2026

March 31, 2025

Stabilized office portfolio occupancy rates: (5)

San Francisco Bay Area

75.2

%

86.8

%

Los Angeles

74.8

%

72.7

%

Seattle

79.3

%

78.6

%

San Diego

84.6

%

87.5

%

Austin

83.2

%

76.4

%

Weighted average total

77.6

%

81.4

%

Total square feet of stabilized office properties owned at end of period: (5)

San Francisco Bay Area

6,437

6,171

Los Angeles

4,242

4,340

Seattle

2,997

2,996

San Diego

2,689

2,870

Austin

759

759

Total

17,124

17,136

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

  March 31, 2026

December 31, 2025

ASSETS

Real Estate Assets

Land

$

1,730,514

$

1,641,913

Buildings and improvements

9,011,023

8,505,486

Undeveloped land and construction in progress

1,585,042

2,387,742

Total real estate assets held for investment

12,326,579

12,535,141

Accumulated depreciation and amortization

(2,857,265

)

(2,843,811

)

Total real estate assets held for investment, net

9,469,314

9,691,330

Real estate and other assets held for sale, net

188,771

115,155

Cash and cash equivalents

192,904

179,316

Marketable securities

31,417

30,807

Current receivables, net

15,712

12,765

Deferred rent receivables, net

425,420

424,794

Deferred leasing costs and acquisition-related intangible assets, net

271,213

278,232

Right of use ground lease assets, net

127,834

128,116

Prepaid expenses and other assets, net

52,273

54,561

TOTAL ASSETS

$

10,774,858

$

10,915,076

LIABILITIES AND EQUITY

Liabilities:

Secured debt, net

$

591,398

$

592,685

Unsecured debt, net

3,997,993

3,996,774

Accounts payable, accrued expenses, and other liabilities

303,808

288,963

Ground lease liabilities

127,414

127,628

Accrued dividends and distributions

63,421

65,009

Deferred revenue and acquisition-related intangible liabilities, net

122,272

125,628

Rents received in advance and tenant security deposits

79,638

75,701

Liabilities related to real estate assets held for sale

—

4,945

Total liabilities

5,285,944

5,277,333

Equity:

Stockholders’ Equity

Common stock

1,163

1,184

Additional paid-in capital

5,161,140

5,230,747

Retained earnings

102,859

188,876

Total stockholders’ equity

5,265,162

5,420,807

Noncontrolling Interests

Common units of the Operating Partnership

51,328

51,911

Consolidated property partnerships

172,424

165,025

Total noncontrolling interests

223,752

216,936

Total equity

5,488,914

5,637,743

TOTAL LIABILITIES AND EQUITY

$

10,774,858

$

10,915,076

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Revenues

Rental income

$

265,330

$

266,244

Other property income

4,723

4,600

Total revenues

270,053

270,844

Expenses

Property expenses

59,283

58,714

Real estate taxes

28,782

28,365

Ground leases

3,187

3,020

General and administrative expenses

20,699

16,901

Leasing costs

3,010

2,873

Depreciation and amortization

94,344

87,119

Total expenses

209,305

196,992

Other Income (Expenses)

Interest income

954

1,134

Interest expense

(38,511

)

(31,148

)

Other income (expense)

389

(157

)

Gains on sales of depreciable operating properties

23,525

—

Impairment of real estate assets

(61,778

)

—

Total other expenses

(75,421

)

(30,171

)

Net (loss) income

(14,673

)

43,681

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

185

(375

)

Net income attributable to noncontrolling interests in consolidated property partnerships

(4,779

)

(4,298

)

Total net income attributable to noncontrolling interests

(4,594

)

(4,673

)

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average shares of common stock outstanding – basic

117,637

118,195

Weighted average shares of common stock outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net (loss) income

$

(14,673

)

$

43,681

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization of real estate assets and leasing costs

92,885

85,735

Depreciation of non-real estate furniture, fixtures, and equipment

1,459

1,384

Revenues deemed uncollectible

358

621

Non-cash amortization of deferred revenue related to tenant-funded tenant improvements

(3,218

)

(3,688

)

Straight-line rents, net

(701

)

4,613

Non-cash amortization of net below-market rents

(641

)

(846

)

Non-cash amortization of deferred financing costs and debt discounts

1,662

1,219

Non-cash amortization of share-based compensation awards

4,869

3,927

Amortization of right of use ground lease assets

282

273

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Net change in other operating assets

131

(21,886

)

Net change in other operating liabilities

30,029

21,888

Net cash provided by operating activities

150,695

136,921

Cash flows from investing activities:

Expenditures for development and redevelopment properties and undeveloped land

(102,647

)

(55,347

)

Expenditures for operating properties and other capital assets

(29,945

)

(21,313

)

Net proceeds received from dispositions of real estate assets

141,440

—

Non-refundable deposits received for future dispositions

6,200

—

Net cash provided by (used in) investing activities

15,048

(76,660

)

Cash flows from financing activities:

Distributions to noncontrolling interests in consolidated property partnerships

(6,380

)

(7,226

)

Dividends and distributions paid to common stockholders and common unitholders

(64,534

)

(64,366

)

Taxes paid upon net share settlement of restricted share units

(6,970

)

(6,009

)

Principal payments and repayments of secured debt

(1,600

)

(1,539

)

Repurchase of common stock

(72,671

)

—

Financing costs

—

(100

)

Net cash used in financing activities

(152,155

)

(79,240

)

Net increase (decrease) in cash and cash equivalents

13,588

(18,979

)

Cash and cash equivalents, beginning of period

179,316

165,690

Cash and cash equivalents, end of period

$

192,904

$

146,711

  KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Adjustments:

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185

)

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,298

Depreciation and amortization of real estate assets

92,885

85,735

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(7,619

)

(7,106

)

Funds From Operations (1)(2)(3)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (4)

119,251

119,750

Weighted average common shares/units outstanding – diluted (5)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

(1)

The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide.

FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic costs and could materially impact the Company’s results from operations.

(2)

Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

(3)

FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.2 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively.

(4)

Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding.

(5)

Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

For the quarter ended March 2026, Kilroy Realty (KRC - Free Report) reported revenue of $270.05 million, down 0.3% over the same period last year. EPS came in at $0.91, compared to $0.33 in the year-ago quarter.

The reported revenue represents a surprise of -0.02% over the Zacks Consensus Estimate of $270.11 million. With the consensus EPS estimate being $0.88, the EPS surprise was +4.04%.

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 Kilroy Realty performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Earnings Per Share (Diluted): $-0.16 compared to the $0.14 average estimate based on two analysts.Revenues- Rental income: $265.33 million compared to the $267.49 million average estimate based on two analysts. The reported number represents a change of -0.3% year over year.Revenues- Other property income: $4.72 million versus the two-analyst average estimate of $4.79 million. The reported number represents a year-over-year change of +2.7%.View all Key Company Metrics for Kilroy Realty here>>>

Shares of Kilroy Realty have returned +13.9% over the past month versus the Zacks S&P 500 composite's +9.3% 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.

Kilroy Realty remains a compelling Buy, offering a 6.3% yield and trading at 10x forward P/FFO, well below its historical average. KRC's leasing momentum is accelerating, fueled by robust AI-driven demand and a strong pipeline of signed but not yet commenced leases. Occupancy recovery is visible, with management raising full-year guidance and KOP 2's life science space outperforming the broader market.

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Paccar (PCAR - Free Report) reported $6.23 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 9.8%. EPS of $1.15 for the same period compares to $1.46 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $6.35 billion, representing a surprise of -1.79%. The company delivered an EPS surprise of +1.77%, with the consensus EPS estimate being $1.13.

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.

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 Paccar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Truck deliveries - Total: 33,100 versus the three-analyst average estimate of 33,142.Truck deliveries - Other: 4,100 compared to the 6,232 average estimate based on three analysts.Truck deliveries - Europe: 11,200 versus 10,285 estimated by three analysts on average.Truck deliveries - U.S and Canada: 17,800 versus 16,626 estimated by three analysts on average.Sales and Revenues- Financial Services: $542.2 million versus the four-analyst average estimate of $559.51 million. The reported number represents a year-over-year change of +2.7%.Sales and Revenues- Parts: $1.71 billion versus $1.74 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +1.2% change.Sales and Revenues- Truck: $4.53 billion versus the two-analyst average estimate of $4.43 billion. The reported number represents a year-over-year change of -13.4%.Pretax Profit- Financial Services: $115.5 million versus the four-analyst average estimate of $118.43 million.Pretax Profit- Parts: $402.3 million compared to the $418.4 million average estimate based on three analysts.Pretax Profit- Truck: $176.2 million compared to the $166.51 million average estimate based on two analysts.View all Key Company Metrics for Paccar here>>>

Shares of Paccar have returned +13.1% over the past month versus the Zacks S&P 500 composite's +12.8% 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.

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PACCAR Inc (PCAR) Q1 2026 Earnings Call Transcript