Neurocrine Biosciences Inc
NBIXHealthcare|Drug Manufacturers - Specialty & Generic|USA
$177.19
-3.48 (-1.93%)
DCF (FCF)
$85.65
Tangible Book
$33.88
Graham Number
$70.17
Earnings Power
$56.09
Financials
Financial Snapshot
Market Cap
$17.82B
Enterprise Value
$910.0M
Revenue (TTM)
$3.10B
Net Income (TTM)
$668.6M
Cash & Equivalents
—
Net Cash/Share
$-1.82
Free Cash Flow (TTM)
$831.3M
Operating CF (TTM)
$863.7M
Debt/Equity
0.12
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $307.4M | $515.9M | $650.9M | $670.5M | $801.0M | $711.3M | $989.3M | $1.03B | $1.08B | $1.48B | $1.32B | |
| Operating Cash Flow | $-106.2M | $-94.3M | $101.4M | $147.0M | $228.5M | $256.5M | $339.4M | $389.9M | $595.4M | $782.7M | $863.7M | |
| Free Cash Flow | $-110.3M | $-101.3M | $76.6M | $132.3M | $217.6M | $233.1M | $322.9M | $361.6M | $557.2M | $748.7M | $831.3M | |
| Capital Expenditure | $-4.1M | $-6.9M | $-24.8M | $-14.7M | $-10.9M | $-23.4M | $-16.5M | $-28.3M | $-38.2M | $-34.0M | $-32.4M | |
| Financing Cash Flow | $2.4M | $516.6M | $29.5M | $32.4M | $-157.8M | $27.4M | $-234.3M | $65.3M | $-486.7M | $-38.3M | $-6.5M |
R&D Spending
R&D (TTM)
$1.05B
R&D Intensity
33.8%
R&D Growth YoY
+3.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $161.6M | $451.2M | $788.1M | $1.05B | $1.13B | $1.49B | $1.89B | $2.36B | $2.86B | $3.10B | |
| R&D Expense | $94.3M | $91.8M | $155.8M | $200.0M | $275.0M | $328.1M | $463.8M | $565.0M | $731.1M | $1.02B | $1.05B | |
| R&D % of Revenue | 628.6% | 56.8% | 34.5% | 25.4% | 26.3% | 28.9% | 31.2% | 29.9% | 31.0% | 35.5% | 33.8% | |
| SG&A | $68.1M | $169.9M | $248.9M | $354.1M | $433.3M | $583.3M | $752.7M | $887.6M | $1.01B | $1.16B | $1.20B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $161.6M | $451.2M | $788.1M | $1.05B | $1.13B | $1.49B | $1.89B | $2.36B | $2.86B | $3.10B | |
| Cost of Goods Sold | $0.00 | $1.3M | $4.9M | $7.4M | $10.1M | $14.3M | $23.2M | $39.7M | $34.0M | $52.1M | $56.7M | |
| Gross Profit | $15.0M | $160.4M | $446.3M | $780.7M | $1.04B | $1.12B | $1.47B | $1.85B | $2.32B | $2.81B | $3.05B | |
| R&D | $94.3M | $91.8M | $155.8M | $200.0M | $275.0M | $328.1M | $463.8M | $565.0M | $731.1M | $1.02B | $1.05B | |
| SG&A | $68.1M | $169.9M | $248.9M | $354.1M | $433.3M | $583.3M | $752.7M | $887.6M | $1.01B | $1.16B | $1.20B | |
| Operating Income | $-147.4M | $-101.4M | $41.6M | $226.6M | $327.5M | $207.8M | $249.0M | $394.8M | $583.0M | $636.5M | $798.8M | |
| Interest Expense | $-2.8M | $-19.5M | $-30.5M | $-32.0M | $-32.8M | $-25.8M | $-7.1M | $-4.6M | $-126.6M | $0.00 | $0.00 | |
| Pretax Income | $-141.1M | $-142.5M | $21.8M | $46.5M | $106.7M | $101.4M | $213.9M | $332.1M | $486.0M | $705.4M | $937.5M | |
| Net Income | $-141.1M | $-142.5M | $21.1M | $37.0M | $407.3M | $89.6M | $154.5M | $249.7M | $341.3M | $478.6M | $668.6M | |
| EPS (Diluted) | -1.63 | -1.62 | 0.22 | 0.39 | 4.16 | 0.92 | 1.56 | 2.47 | 3.29 | 4.67 | 6.49 | |
| EBITDA | $-139.6M | $-120.6M | $56.3M | $85.9M | $148.1M | $138.1M | $264.6M | $416.1M | $639.7M | $666.6M | $828.6M | |
| Shares Out. (M) | 86.71 | 88.09 | 95.40 | 95.70 | 97.80 | 97.90 | 98.90 | 101.00 | 103.70 | 102.50 | 103.40 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.3M | $254.7M | $141.7M | $112.3M | $187.1M | $340.8M | $262.9M | $251.1M | $233.0M | $713.0M | $266.5M | |
| Marketable Securities | $224.1M | $261.2M | $509.2M | $558.2M | $613.9M | $370.5M | $726.4M | $780.5M | $843.1M | $767.4M | $1.05B | |
| Total Current Assets | $310.4M | $554.9M | $737.8M | $831.0M | $1.02B | $972.8M | $1.45B | $1.61B | $1.72B | $2.52B | $2.44B | |
| Total Assets | $365.1M | $817.6M | $993.2M | $1.31B | $1.73B | $2.07B | $2.37B | $3.25B | $3.72B | $4.63B | $4.91B | |
| Total Current Liabilities | $30.4M | $54.4M | $88.2M | $565.3M | $186.5M | $245.8M | $537.7M | $654.8M | $507.7M | $743.4M | $831.7M | |
| Long-Term Debt | $0.00 | $369.6M | $388.5M | $0.00 | $317.9M | $335.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $50.2M | $445.5M | $512.4M | $669.1M | $608.5M | $698.5M | $660.9M | $1.02B | $1.13B | $1.38B | $1.50B | |
| Stockholders' Equity | $314.9M | $372.1M | $480.8M | $636.9M | $1.13B | $1.37B | $1.71B | $2.23B | $2.59B | $3.25B | $3.41B | |
| Retained Earnings | $-1.06B | $-1.20B | $-1.18B | $-1.13B | $-725.4M | $-635.8M | $-406.8M | $-157.1M | $29.2M | $447.7M | $589.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-106.2M | $-94.3M | $101.4M | $147.0M | $228.5M | $256.5M | $339.4M | $389.9M | $595.4M | $782.7M | $863.7M | |
| Capital Expenditure | $-4.1M | $-6.9M | $-24.8M | $-14.7M | $-10.9M | $-23.4M | $-16.5M | $-28.3M | $-38.2M | $-34.0M | $-32.4M | |
| Free Cash Flow | $-110.3M | $-101.3M | $76.6M | $132.3M | $217.6M | $233.1M | $322.9M | $361.6M | $557.2M | $748.7M | $831.3M | |
| Investing Cash Flow | $113.0M | $-251.3M | $-242.9M | $-211.1M | $4.1M | $-130.2M | $-177.1M | $-467.1M | $-126.8M | $-264.4M | $-784.8M | |
| Financing Cash Flow | $2.4M | $516.6M | $29.5M | $32.4M | $-157.8M | $27.4M | $-234.3M | $65.3M | $-486.7M | $-38.3M | $-6.5M | |
| Issuance of Stock | $2.4M | $13.9M | $29.5M | $27.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-300.0M | $-167.7M | $-71.7M | |
| Issuance of Debt | $0.00 | $502.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $308.8M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-186.9M | $-100.0K | $-279.0M | $0.00 | $-617.6M | $0.00 | $0.00 | |
| Stock Based Comp. | $28.5M | $42.5M | $58.1M | $75.3M | $100.0M | $134.2M | $173.1M | $194.3M | $195.5M | $217.9M | $222.3M | |
| Net Change in Cash | $9.2M | $171.1M | $-112.0M | $-31.7M | $74.8M | $153.7M | $-73.3M | $-11.6M | $-18.1M | $480.0M | $72.2M |
Dilution Tracker
Shares Outstanding
103M
5-Year Share Growth
+5.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 86.71 | 88.09 | 95.40 | 95.70 | 97.80 | 97.90 | 98.90 | 101.00 | 103.70 | 102.50 | 103.40 | |
| YoY Change % | — | 1.6% | 8.3% | 0.3% | 2.2% | 0.1% | 1.0% | 2.1% | 2.7% | -1.2% | 0.9% | |
| Stock Issuance | $2.4M | $13.9M | $29.5M | $27.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-300.0M | $-167.7M | $-71.7M | |
| Stock Based Comp. | $28.5M | $42.5M | $58.1M | $75.3M | $100.0M | $134.2M | $173.1M | $194.3M | $195.5M | $217.9M | $222.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 99.2% | 98.9% | 99.1% | 99.0% | 98.7% | 98.4% | 97.9% | 98.6% | 98.2% | 98.2% | |
| Operating Margin % | -982.5% | -62.7% | 9.2% | 28.8% | 31.3% | 18.3% | 16.7% | 20.9% | 24.8% | 22.3% | 25.8% | |
| Net Margin % | -940.6% | -88.2% | 4.7% | 4.7% | 38.9% | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% | 21.6% | |
| EBITDA Margin % | -930.9% | -74.6% | 12.5% | 10.9% | 14.2% | 12.2% | 17.8% | 22.1% | 27.2% | 23.3% | 26.7% | |
| FCF Margin % | -735.3% | -62.7% | 17.0% | 16.8% | 20.8% | 20.6% | 21.7% | 19.2% | 23.7% | 26.2% | 26.8% | |
| ROE % | -38.2% | -41.5% | 4.9% | 6.6% | 46.2% | 7.2% | 10.0% | 12.7% | 14.2% | 16.4% | 22.4% | |
| ROA % | -33.6% | -24.1% | 2.3% | 3.2% | 26.8% | 4.7% | 7.0% | 8.9% | 9.8% | 11.5% | 15.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)27.30
Historical17.43 / 57.04 / 2316.60
Industry Med.20.77
P/S5.87
Historical3.89 / 8.86 / 851.11
Industry Med.2.30
P/B5.23
Historical3.55 / 7.43 / 29.45
Industry Med.1.91
EV/EBITDA20.40
Historical-2521.76 / 36.67 / 251.57
Industry Med.12.99
EV/Revenue5.45
Historical3.66 / 8.43 / 825.91
Industry Med.2.45
P/FCF21.99
Historical15.85 / 37.12 / 6147.50
Industry Med.20.81
Intrinsic Value Models
DCF (FCF Based)
$85.65
Tangible Book
$33.88
Net Current Assets
$9.320
Graham Number
$70.17
Peter Lynch Value
$161.48
Median P/S Value
$268.74
Net-Net Working Capital
$4.23
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | 324.59 | 275.62 | 23.04 | 92.58 | 76.56 | 53.34 | 41.49 | 30.37 | 27.30 | |
| PS Ratio | 223.70 | 42.28 | 15.10 | 13.05 | 8.96 | 7.36 | 7.93 | 7.05 | 6.01 | 5.08 | 5.87 | |
| PB Ratio | 10.68 | 18.51 | 13.49 | 15.57 | 7.96 | 5.88 | 6.75 | 5.83 | 5.24 | 4.36 | 5.23 | |
| EV/EBITDA | -21.88 | -55.91 | 110.50 | 113.43 | 57.89 | 56.57 | 40.81 | 29.80 | 20.24 | 19.70 | 20.40 | |
| EV/Revenue | 203.67 | 41.72 | 13.79 | 12.36 | 8.20 | 6.89 | 7.25 | 6.57 | 5.50 | 4.59 | 5.45 |
Analyst Estimates & Quality
Altman Z-Score
8.96
Safe
Piotroski F-Score
6
Moderate
Beneish M-Score
-2.30
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $3,711M | $4,299M | $4,816M |
| Net Income | $787M | $1,040M | $1,344M |
| EPS | 7.47 | 9.80 | 12.54 |
| Book Value per Share | 38.36 | 49.75 | 63.21 |
| Operating Cash Flow per Share | 9.12 | 13.01 | 16.23 |
| Operating CF | $943.42M | $1,345.23M | $1,677.84M |
Dividends
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 1995-12-29 | 0000-00-00 | $0.04 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| INGREZZA net product sales | $2.51B |
| CRENESSITY net product sales | $301.2M |
| Other revenues | $45.6M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $2.86B |