HIGHBuilt-in & outside partyProduct / Revenue mix
INGREZZA
“10-K Item 1: 'INGREZZA net product sales were $2.51 billion for 2025... and accounted for a significant portion of our total net product sales during each of these years'”
NBIX · Concentration risk · 10-K extracted
Neurocrine Biosciences (NBIX) concentration risks
Updated
The most significant concentration Neurocrine Biosciences discloses is INGREZZA, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Neurocrine Biosciences’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
concentrated customers
“10-K Item 1A: 'Our customers are concentrated and therefore the loss of a significant customer may harm our business'”
LOWOutside partyCounterparty
single specialty pharmacy provider
“10-K Item 1: 'we sell CRENESSITY in the U.S. through a single specialty pharmacy provider'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a high-share product dependency, a moderate customer concentration, and a small but notable single-distributor arrangement. The largest exposure is the product side: INGREZZA generated $2.51 billion in net product sales in 2025 and accounted for a significant portion of total net product sales — a high-share dependency by disclosed size with a mixed character that reflects both the structural reality of a commercial-stage neuropsychiatry franchise and the idiosyncratic risk that any regulatory or competitive change specific to INGREZZA would reverberate broadly across the revenue base. Layered on the product concentration is a customer-side disclosure: the customer base is described as concentrated, and the loss of a significant customer may harm the business — a moderate-share exposure by disclosed size with a dependency character. No specific customer name or percentage is provided in the filing language. At the smaller end of the profile, CRENESSITY is sold in the U.S. through a single specialty pharmacy provider — a small-share dependency by disclosed size. While the share is limited, a single-channel distribution arrangement for a product creates a bottleneck if that provider relationship is disrupted. Together, the profile centers on INGREZZA as the primary risk: a high-share, mixed-character product exposure that the other two claims do not offset. Monitoring INGREZZA's competitive positioning and reimbursement dynamics is the most consequential near-term concentration variable.
For the engine’s reasoning on NBIX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Drug Manufacturers - Specialty & Generic
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ANIP | ANI Pharmaceuticals, Inc. | 2 | 1 | 0 | 3 |
| AMLX | Amylyx Pharmaceuticals, Inc. | 2 | 0 | 0 | 2 |
| NBIX● | Neurocrine Biosciences, Inc. | 1 | 1 | 1 | 3 |
| AMRX | Amneal Pharmaceuticals, Inc. | 1 | 1 | 0 | 2 |
| BCRX | BioCryst Pharmaceuticals, Inc. | 0 | 2 | 0 | 2 |
| ALKS | Alkermes plc | 0 | 1 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.