Biopharmaceutical company Neurocrine Biosciences Inc (NASDAQ:NBIX) disclosed on Tuesday its net income of USD21.1m (USD0.22 diluted net income per share) for the year ended 31 December 2018.

This marks an improvement when compared with a net loss of USD142.5m (USD1.62 net loss per share) for the same period in 2017. The increase in net income is primarily due to increased INGREZZA net product sales.

Revenue of USD451.2m were generated for the year ended 31 December 2018, a growth over revenue of USD161.6m for the same period in 2017.

R&D expenses of USD160.5m were recorded for the year ended 31 December 2018, a rise from R&D of USD121.8m for the same period in 2017, which is primarily due to advancement of its clinical programmes.

For 2019, the revenue milestone is expected to be USD20m and the SG&A and R&D expenses is anticipated in the USD550m to USD600m range.

Additionally, the company announced INGREZZA's US FDA approval for the treatment of adults with tardive dyskinesia as well as launched an exclusive collaboration and licensing agreement for the development and commercialisation of INGREZZA in Japan and other select Asian markets with MTPC for treating tardive dyskinesia.