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NBIX

Neurocrine Biosciences, Inc.

NBIX

Neurocrine Biosciences, Inc. • NASDAQ
$152.16 ▲ 0.38% (+0.58)
Market Cap $15.13 B
52w High $157.67
52w Low $84.23
Dividend Yield 0%
P/E 36.4
Volume 363.71K
Outstanding Shares 99.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $794.9M ▲ $541.9M ▲ $209.5M ▲ 26.356% ▲ $2.11 ▲ $299.5M ▲
Q2-2025 $687.5M ▲ $530.6M ▼ $107.5M ▲ 15.636% ▲ $1.09 ▲ $152.9M ▲
Q1-2025 $572.6M ▼ $539.8M ▲ $7.9M ▼ 1.38% ▼ $0.08 ▼ $31.3M ▼
Q4-2024 $627.7M ▲ $476.4M ▲ $103.1M ▼ 16.425% ▼ $1.03 ▼ $181.7M ▼
Q3-2024 $622.1M $430.3M $129.8M 20.865% $1.28 $191.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.115B ▲ $4.266B ▲ $1.262B ▲ $3.004B ▲
Q2-2025 $975.6M ▲ $3.89B ▲ $1.196B ▲ $2.694B ▲
Q1-2025 $943.5M ▼ $3.688B ▼ $1.152B ▲ $2.536B ▼
Q4-2024 $1.076B ▼ $3.719B ▲ $1.129B ▲ $2.59B ▼
Q3-2024 $1.228B $3.535B $816.1M $2.719B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $209.5M ▲ $227.5M ▲ $-196.7M ▼ $45.6M ▲ $76.2M ▲ $214.3M ▲
Q2-2025 $107.5M ▲ $102M ▲ $-29M ▼ $-3.3M ▲ $69.9M ▲ $89.5M ▲
Q1-2025 $7.9M ▼ $64.8M ▼ $14.2M ▲ $-117.9M ▲ $-38.9M ▲ $54.1M ▼
Q4-2024 $103.1M ▼ $242.5M ▲ $-68.3M ▼ $-290M ▼ $-116.1M ▼ $235.2M ▲
Q3-2024 $129.8M $158M $24.7M $26.4M $209.4M $149.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration Revenue
Collaboration Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product
Product
 $620.00M ▲$560.00M ▼$680.00M ▲$790.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years and is now more than double what it was at the start of the period, which suggests strong demand for the company’s products. Gross profitability is very high, indicating that once the drugs are on the market, they are quite lucrative to produce and sell. Operating profit has expanded meaningfully in the last couple of years, showing good operating leverage as sales scale against a largely fixed cost base. Net income dipped after an unusually strong year early in the period, but has since trended upward in a more consistent, sustainable way. Overall, the income statement shows a shift from a “build and invest” profile toward a more mature, profitable commercial business, while still funding significant R&D.

Balance Sheet

Balance Sheet The balance sheet has been steadily growing, with total assets and shareholders’ equity increasing each year, which reflects reinvested profits and ongoing business expansion. Debt levels remain moderate relative to the company’s size and equity base, suggesting a conservative use of leverage and a generally healthy capital structure. Cash balances have fluctuated but remain solid, giving the company flexibility to fund R&D, potential deals, and commercial investments without depending heavily on new borrowing. The overall picture is of a company that has strengthened its financial footing over time while avoiding an aggressive debt load.

Cash Flow

Cash Flow The business consistently generates positive operating cash flow, and this cash generation has grown substantially over the period, broadly tracking the rise in earnings. Free cash flow is also solid and closely aligned with operating cash flow, because the company’s capital spending needs are relatively light for its size. This “asset-light” profile is typical of innovative biopharma companies, where most investment is in research rather than physical infrastructure. Strong and growing free cash flow gives the company room to fund an ambitious development pipeline, support launches, and absorb setbacks without immediate financial strain.

Competitive Edge

Competitive Edge Neurocrine has carved out a strong position in difficult-to-treat neurological and endocrine disorders, anchored by its flagship tardive dyskinesia medicine, which holds a leadership role in its market. Robust patent protection and first-mover status in key niches create a meaningful buffer against generic and branded competition for many years. The company’s focus on complex brain and hormone biology is a differentiator, as many peers avoid these areas due to scientific and development risk, which raises the barrier to entry. At the same time, the business is still heavily dependent on a small number of key products, so competitive threats, new entrants, or changing treatment standards in these core markets remain important risk factors.

Innovation and R&D

Innovation and R&D The company’s identity is built around innovation in neuroscience and related endocrine conditions, with a track record of bringing genuinely new mechanisms to market. Its lead products are based on differentiated science and convenient oral dosing, which support both physician adoption and patient adherence. Management is pursuing a broad pipeline across movement disorders, psychiatric diseases, and rare endocrine conditions, and is also extending existing molecules into additional indications to deepen each franchise. Partnerships with larger pharma players complement its internal efforts and help share risk. However, the strategy depends on continued clinical and regulatory success in inherently uncertain therapeutic areas, so R&D execution is a central driver of future outcomes.

Summary

Neurocrine today looks like a financially stronger and more mature version of itself compared with several years ago: revenues have grown robustly, profitability has improved, and the balance sheet is solid with manageable debt and healthy cash reserves. The business throws off increasing amounts of free cash flow, which supports its sizable investment in new drugs without overstretching the balance sheet. Competitively, the company benefits from a leading position in select neurological and endocrine markets, backed by long-dated patents and deep domain expertise, but it remains exposed to concentration in a few core assets and the usual biopharma risks around pricing, reimbursement, and new competition. Its long-term story largely hinges on sustaining growth from its flagship products while successfully advancing and diversifying its pipeline. For observers, the key things to monitor are ongoing sales momentum of existing therapies, progress and readouts from the pipeline, and how management balances R&D investment with maintaining its improving profitability profile.

NEWS

November 20, 2025 · 8:30 AM UTC

Neurocrine Biosciences Announces Publication of Landmark Narrative Review on FDA-Approved VMAT2 Inhibitors Demonstrating Unique Profile of INGREZZA® (valbenazine) Capsules

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November 11, 2025 · 4:01 PM UTC

Neurocrine Biosciences to Present at Upcoming Investor Conferences

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November 10, 2025 · 4:05 PM UTC

Neurocrine Biosciences Provides Update on Phase 2 Study of NBI-1070770 in Adults with Major Depressive Disorder

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October 28, 2025 · 4:01 PM UTC

Neurocrine Biosciences Reports Third Quarter 2025 Financial Results

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October 17, 2025 · 8:30 AM UTC

Neurocrine Biosciences Presents New KINECT® 4 Post-Hoc Analysis Demonstrating Rapid and Sustained Therapeutic Efficacy of INGREZZA® (valbenazine) 40 mg Capsules

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