Neurocrine Biosciences, Inc. (NBIX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.96	$2.85	+45.4%	—	—	—
Q4 26	$1.7	$1.94	+14.1%	—	—	—
Q3 26	$2.3	$1.88	-18.3%	—	—	—
Q2 26	$2.07	$2.17	+4.8%	—	—	—
Q1 26	$1.5	$1.65	+10.0%	—	—	—
Q4 25	$1.09	$0.7	-35.8%	—	—	—
Q3 25	$1.93	$1.69	-12.4%	—	—	—
Q2 25	$1.82	$1.81	-0.5%	—	—	—
Q1 25	$1.53	$1.63	+6.5%	—	—	—
Q4 24	$1.29	$1.2	-7.0%	—	—	—
Q3 24	$1.51	$1.54	+2.0%	—	—	—
Q2 24	$1.33	$1.54	+15.8%	—	—	—
Q1 24	$1.12	$1.25	+11.6%	—	—	—
Q4 23	$0.74	-$0.51	-168.9%	—	—	—
Q3 23	$1.44	$1.24	-13.9%	—	—	—
Q2 23	$1.12	$1.08	-3.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.81	—	—	$2.9B	—
FY24	—	$3.4	—	—	$2.4B	—
FY23	—	$2.56	—	—	$1.9B	—
FY22	—	$1.61	—	—	$1.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$15M	$161.6M	$451.2M	$788.1M	$1B	$1.1B	$1.5B	$1.9B	$2.4B	$2.9B
YoY change	-24.1%	+977.5%	+179.2%	+74.7%	+32.7%	+8.38%	+31.3%	+26.8%	+24.8%	+21.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	15M	161.6M	451.2M	788.1M	1B	1.1B	1.5B	1.9B	2.4B	2.9B
Cost of revenue	0	1.3M	4.9M	7.4M	10.1M	14.3M	23.2M	39.7M	34M	52.1M
Gross profit	15M	160.4M	446.3M	780.7M	1B	1.1B	1.5B	1.8B	2.3B	2.8B
Gross margin	100%	99.2%	98.9%	99.1%	99%	98.7%	98.4%	97.9%	98.6%	98.2%
Research & development	94.3M	91.8M	155.8M	200M	275M	328.1M	463.8M	565M	731.1M	1B
Selling, general & administrative	68.1M	169.9M	248.9M	354.1M	433.3M	583.3M	752.7M	887.6M	1B	1.2B
Operating expenses	162.4M	261.7M	404.7M	554.1M	708.3M	911.4M	1.2B	1.5B	1.7B	2.2B
Operating income	-147.4M	-101.4M	41.6M	226.6M	327.5M	207.8M	249M	394.8M	583M	636.5M
Operating margin	-982.5%	-62.7%	9.22%	28.8%	31.3%	18.3%	16.7%	20.9%	24.8%	22.3%
Non-operating income, net	6.3M	-21.7M	10.7M	-148.1M	-188M	-80.6M	-28M	-58.1M	-61.4M	-21.4M
Pretax income	-141.1M	-142.5M	21.8M	46.5M	106.7M	101.4M	213.9M	332.1M	486M	705.4M
Income tax	0	0	700K	9.5M	-300.6M	11.8M	59.4M	82.4M	144.7M	226.8M
Net income	-141.1M	-142.5M	21.1M	37M	407.3M	89.6M	154.5M	249.7M	341.3M	478.6M
Net margin	-940.6%	-88.2%	4.68%	4.69%	38.9%	7.9%	10.4%	13.2%	14.5%	16.7%
EBITDA	-145.9M	-99M	45.6M	234M	336.1M	218.7M	264.6M	416.1M	701.1M	688M
EPS	-1.63	-1.62	0.23	0.4	4.38	0.95	1.61	2.56	3.4	4.81
Diluted EPS	-1.63	-1.62	0.22	0.39	4.16	0.92	1.56	2.47	3.29	4.67

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	498.8M	515.2M	515.3M	590.2M	622.1M	627.7M	572.6M	687.5M	794.9M	805.5M	814.5M	959M
Cost of revenue	11.2M	8.5M	7.5M	9.2M	8M	9.3M	9.2M	11.3M	14M	17.6M	13.8M	23.2M
Gross profit	487.6M	506.7M	507.8M	581M	614.1M	618.4M	563.4M	676.2M	780.9M	787.9M	800.7M	935.8M
Gross margin	97.8%	98.4%	98.5%	98.4%	98.7%	98.5%	98.4%	98.4%	98.2%	97.8%	98.3%	97.6%
Research & development	142.2M	137.5M	159.4M	191.1M	195M	185.6M	263.2M	244.3M	250M	258.2M	296.2M	326.7M
Selling, general & administrative	204.2M	218.9M	243.1M	242M	234.3M	287.8M	276.5M	286.3M	291.6M	301.8M	318.5M	439.7M
Operating expenses	346.4M	356.4M	402.5M	433.1M	429.3M	473.4M	539.7M	530.6M	541.6M	560M	614.7M	766.4M
Operating income	141.2M	150.3M	105.3M	147.9M	184.8M	145M	23.7M	145.6M	239.3M	227.9M	186M	153M
Operating margin	28.3%	29.2%	20.4%	25.1%	29.7%	23.1%	4.14%	21.2%	30.1%	28.3%	22.8%	16%
Non-operating income, net	-25.6M	49M	-69.7M	-49.3M	5.5M	53.2M	-9M	13.9M	52.5M	-78.8M	60.8M	12.1M
Pretax income	115.6M	198.2M	34.5M	98.6M	190.3M	162.6M	14.7M	159.5M	291.8M	239.4M	246.8M	162.2M
Income tax	32.5M	50.5M	-8.9M	33.6M	60.5M	59.5M	6.8M	52M	82.3M	85.7M	48.9M	17.8M
Net income	83.1M	147.7M	43.4M	65M	129.8M	103.1M	7.9M	107.5M	209.5M	153.7M	197.9M	144.4M
Net margin	16.7%	28.7%	8.42%	11%	20.9%	16.4%	1.38%	15.6%	26.4%	19.1%	24.3%	15.1%
EBITDA	172.3M	156M	22.8M	154.8M	185.8M	128.5M	40.3M	139M	194.5M	314.2M	132.5M	177.8M
EPS	0.85	1.5	0.43	0.64	1.28	1.03	0.08	1.09	2.11	1.54	1.97	1.43
Diluted EPS	0.82	1.44	0.42	0.63	1.24	1	0.08	1.06	2.04	1.48	1.91	1.39

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.4B	6.8B	6.4B	9.8B	8.9B	8.1B	11.4B	12.9B	13.7B	14.1B	14.3B
Enterprise value	3B	6.7B	6.2B	9.7B	8.5B	7.8B	10.7B	12.3B	13.1B	13B	14.1B
Shares outstanding	86.7M	88.1M	90.2M	91.6M	93.1M	94.6M	95.8M	97.7M	100.4M	99.5M	99.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	305.4	266.1	21.9	89.9	74.1	51.6	40.2	29.5	20.2
P/S	223.7	42.3	14.3	12.5	8.53	7.11	7.69	6.82	5.82	4.93	4.17
P/B	10.7	18.4	13.4	15.5	7.92	5.86	6.7	5.77	5.29	4.34	3.81
EV/EBITDA	-20.9	-67.6	135.6	41.3	25.4	35.6	40.5	29.5	18.7	19	15.5
EV/Sales	203.2	41.4	13.7	12.3	8.16	6.87	7.2	6.5	5.55	4.56	4.19
Earnings yield	—	—	0.33%	0.38%	4.56%	1.11%	1.35%	1.94%	2.49%	3.39%	4.94%
FCF yield	-3.29%	-1.48%	1.19%	1.34%	2.44%	2.89%	2.82%	2.81%	4.07%	5.31%	4.47%
PEG	—	—	—	—	—	—	—	—	—	—	0.65

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	100%	99.2%	98.9%	99.1%	99%	98.7%	98.4%	97.9%	98.6%	98.2%	97.6%
Operating margin	-982.5%	-62.7%	9.22%	28.8%	31.3%	18.3%	16.7%	20.9%	24.8%	22.3%	22.2%
Net margin	-940.6%	-88.2%	4.68%	4.69%	38.9%	7.9%	10.4%	13.2%	14.5%	16.7%	20.9%
ROE	-44.8%	-38.3%	4.39%	5.81%	36.2%	6.52%	9.05%	11.2%	13.2%	14.7%	22.1%
ROA	-38.6%	-17.4%	2.12%	2.83%	23.5%	4.32%	6.52%	7.68%	9.18%	10.3%	11.7%
ROIC	-2K%	-44.9%	18.4%	39%	44.4%	16.6%	18.3%	18.2%	20.8%	19.7%	16.3%
Return on tangible assets	-38.6%	-17.4%	2.12%	2.83%	23.5%	4.32%	6.73%	7.85%	9.36%	10.3%	-749.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	10.2	10.2	8.36	1.47	5.45	3.96	2.7	2.45	3.4	3.39	1.87
Quick ratio	10.2	10.2	8.24	1.44	5.3	3.83	2.64	2.4	3.28	3.3	1.75
Debt / equity	—	0.99	0.81	0.78	0.37	0.32	0.15	0.19	0.18	0.13	0.12
Debt / assets	—	0.45	0.39	0.38	0.24	0.21	0.11	0.13	0.12	0.09	0.07
Net debt / EBITDA	—	1.48	-5.75	-0.75	-1.16	-1.24	-2.75	-1.45	-0.89	-1.55	0.01
Interest coverage	—	-6.3	1.71	2.45	4.25	4.93	31.1	73.2	4.84	—	—
Effective tax rate	0%	0%	3.21%	20.4%	0%	11.6%	27.8%	24.8%	29.8%	32.2%	25%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.17	1.83	5	8.6	11.2	12	15.5	19.3	23.5	28.7	33.7
EPS (basic)	-1.63	-1.62	0.23	0.4	4.38	0.95	1.61	2.56	3.4	4.81	4.81
EPS (diluted)	-1.63	-1.62	0.22	0.39	4.16	0.92	1.56	2.47	3.29	4.67	6.84
Book value per share	3.63	4.22	5.33	6.95	12.1	14.5	17.8	22.8	25.8	32.7	36.4
FCF per share	-1.27	-1.15	0.85	1.44	2.34	2.46	3.37	3.7	5.55	7.52	8.35
Cash per share	3.54	5.86	7.21	7.32	8.6	7.52	10.3	10.6	10.7	14.9	3.83
Capex per share	0.05	0.08	0.27	0.16	0.12	0.25	—	—	—	0.34	0.31

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	27.3%	4.29%	5.5%	1.87%	1.04%	2.06%	—	—	—	1.19%	0.96%
Capex / operating cash flow	-3.68%	-5.44%	34.9%	18.4%	6.59%	11%	—	—	—	4.34%	3.62%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$498.8M	$515.2M	$515.3M	$590.2M	$622.1M	$627.7M	$572.6M	$687.5M	$794.9M	$805.5M	$814.5M	$959M
YoY change	+28.6%	+25%	+22.6%	+30.4%	+24.7%	+21.8%	+11.1%	+16.5%	+27.8%	+28.3%	+42.2%	+39.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	307.4M	515.9M	650.9M	670.5M	801M	711.3M	989.3M	1B	1.1B	1.5B
Receivables	0	31.1M	57.4M	126.6M	157.1M	185.5M	350M	439.3M	479.1M	686.8M
Inventory	—	1M	10.9M	17.3M	28M	30.5M	35.1M	38.3M	57.4M	69M
Total current assets	310.4M	554.9M	737.8M	831M	1B	972.8M	1.5B	1.6B	1.7B	2.5B
Property, plant & equipment	6.3M	10.8M	33.9M	116.2M	127.4M	155.8M	145.6M	347.3M	592M	545.2M
Goodwill & intangibles	—	—	—	—	—	0	74.4M	71M	73M	—
Total assets	365.1M	817.6M	993.2M	1.3B	1.7B	2.1B	2.4B	3.3B	3.7B	4.6B
Accounts payable	5.1M	5.6M	38.4M	41.4M	39.4M	51.5M	67.3M	108.9M	110M	104.9M
Short-term debt	—	—	—	408.8M	—	—	169.4M	170.1M	—	—
Total current liabilities	30.4M	54.4M	88.2M	565.3M	186.5M	245.8M	537.7M	654.8M	507.7M	743.4M
Long-term debt	—	369.6M	388.5M	86.7M	412.3M	440.4M	93.5M	258.3M	455.1M	415.3M
Total liabilities	50.2M	445.5M	512.4M	669.1M	608.5M	698.5M	660.9M	1B	1.1B	1.4B
Shareholders' equity	314.9M	372.1M	480.8M	636.9M	1.1B	1.4B	1.7B	2.2B	2.6B	3.3B
Total debt	—	369.6M	388.5M	495.5M	412.3M	440.4M	262.9M	428.4M	455.1M	415.3M
Net debt	—	114.9M	246.8M	383.2M	225.2M	99.6M	0	177.3M	222.1M	-297.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1B	1.2B	1B	1.2B	1.1B	943.5M	975.6M	1.1B	1.5B	1.3B	389.8M
Receivables	417.8M	439.3M	450.7M	468.2M	481.1M	479.1M	516M	595.7M	728M	686.8M	768.1M	887M
Inventory	28.8M	38.3M	37.2M	42.5M	45.8M	57.4M	59.1M	56.9M	69.3M	69M	64.5M	104.2M
Total current assets	1.6B	1.6B	1.8B	1.7B	1.9B	1.7B	1.6B	1.7B	2.2B	2.5B	2.4B	1.6B
Property, plant & equipment	149.6M	347.3M	346.1M	343M	337.3M	592M	589.2M	584M	566.2M	545.2M	538M	538.5M
Goodwill & intangibles	69.8M	71M	68.6M	67M	69M	73M	72.8M	74.4M	71.4M	—	—	5.5B
Total assets	2.8B	3.3B	3.5B	3.3B	3.5B	3.7B	3.7B	3.9B	4.3B	4.6B	4.9B	5.4B
Accounts payable	93.8M	108.9M	87.3M	107.2M	95.7M	110M	110M	104.6M	119.9M	104.9M	120M	142M
Short-term debt	187.7M	170.1M	259M	—	—	—	—	—	—	—	—	—
Total current liabilities	691.6M	654.8M	712.9M	398.5M	429.7M	507.7M	522.9M	546.3M	638M	743.4M	831.7M	874.5M
Long-term debt	85.9M	258.3M	252.9M	256.2M	251.4M	455.1M	447.5M	439.1M	428.4M	415.3M	406.2M	401.8M
Total liabilities	846.1M	1B	1.1B	795.8M	816.1M	1.1B	1.2B	1.2B	1.3B	1.4B	1.5B	1.7B
Shareholders' equity	2B	2.2B	2.4B	2.5B	2.7B	2.6B	2.5B	2.7B	3B	3.3B	3.4B	3.7B
Total debt	273.6M	428.4M	511.9M	256.2M	251.4M	455.1M	447.5M	439.1M	428.4M	415.3M	406.2M	401.8M
Net debt	-20.1M	177.3M	115.6M	116.5M	-97.7M	222.1M	253.4M	175.1M	88.2M	-297.7M	139.7M	69.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-141.1M	-142.5M	21.1M	37M	407.3M	89.6M	154.5M	249.7M	341.3M	478.6M
Depreciation & amortization	1.5M	2.4M	4M	7.4M	8.6M	10.9M	15.6M	21.3M	27.1M	30.1M
Stock-based compensation	28.5M	42.5M	58.1M	75.3M	100M	134.2M	173.1M	194.3M	195.5M	217.9M
Change in working capital	675K	-40.1M	-31.9M	-58.8M	-64.8M	-40.1M	-182M	-36.1M	-48.2M	-289M
Operating cash flow	-111.4M	-127.4M	71.2M	80M	165.5M	213.2M	181.9M	372.3M	555.5M	782.7M
Capital expenditure	-4.1M	-6.9M	-24.8M	-14.7M	-10.9M	-23.4M	—	—	—	-34M
Investing cash flow	112.9M	-250.9M	-242.9M	-280M	4.1M	-130.2M	-160.6M	-438.8M	-88.6M	-264.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-300M	-167.7M
Financing cash flow	2.4M	516.6M	29.5M	27.3M	-373.8M	-200K	-558M	0	-917.6M	-167.7M
Net change in cash	3.9M	138.4M	-142.2M	-172.6M	-204.2M	82.8M	-536.7M	-66.5M	-450.7M	350.6M
Free cash flow	-110.3M	-101.3M	76.6M	132.3M	217.6M	233.1M	322.9M	361.6M	557.2M	748.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	83.1M	147.7M	43.4M	65M	129.8M	103.1M	7.9M	107.5M	209.5M	153.7M	197.9M	144.4M
Depreciation & amortization	5.5M	5.7M	6.2M	7.3M	6.5M	7.1M	7.6M	7.3M	7.7M	7.5M	7.3M	24.8M
Stock-based compensation	47.8M	38.1M	44.5M	43.1M	41.5M	66.4M	52.8M	52.8M	53.7M	58.6M	57.2M	65M
Change in working capital	-78.4M	29.3M	-13M	-26.8M	-35M	26.6M	-36.1M	-70M	-256.8M	42.7M	11.3M	-71.6M
Operating cash flow	41.5M	253.8M	157.6M	104.3M	87.6M	213.1M	21.8M	71.7M	227.5M	388.4M	145.8M	136.4M
Capital expenditure	—	—	—	—	—	—	—	—	-13.2M	2.4M	-9.1M	-7.8M
Investing cash flow	-89.7M	-196.4M	-43.8M	-16.6M	32.8M	-61M	24.9M	-16.5M	-196.7M	-52.9M	-506.2M	-135.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	-150M	-17.7M	0	0	-54M	-12M
Financing cash flow	0	0	—	—	0	0	-150M	-17.7M	0	0	-109.7M	-21.4M
Net change in cash	-48.2M	57.4M	113.8M	87.7M	120.4M	152.1M	-103.3M	37.5M	30.8M	335.5M	-470.1M	-20.4M
Free cash flow	204.4M	118.1M	119.1M	53M	149.9M	235.2M	54.1M	89.5M	214.3M	390.8M	136.7M	128.6M

Neurocrine Biosciences, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement