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Neurocrine Biosciences

NBIX Nasdaq Biotechnology Financials FY2016–FY2025

Neurocrine Biosciences' revenue rose 21.4% to $2.9 billion in fiscal 2025. Its operating margin was 21.6%, down from 24.2% a year earlier. Free cash flow was $749 million, up 34.4%. It paid out $168 million in dividends and buybacks, 22% of free cash flow. The diluted share count fell 1.2%.

Last close · Oct 23, 2026

$142.70

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
21.4% vs prior year
Operating margin Operating income as a share of revenue.
21.6%
2.6 pts
Net income Profit after all expenses, interest and tax.
$479M
40.2%
Free cash flow Cash from operations minus capital spending.
$749M
34.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.6%
2.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.9x
On $6.82 EPS (TTM)

About these figures. Neurocrine's interest coverage is blank from 2025: it repaid its convertible notes in 2024 and reported no interest expense.

What Neurocrine Biosciences does

No business description yet.

Legal name
NEUROCRINE BIOSCIENCES INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000914475-26-000007
0000914475

Revenue and margins

Neurocrine Biosciences had $2.9B of revenue in fiscal 2025, up 21.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $749M in fiscal 2025, 26.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Neurocrine Biosciences returned $168M to shareholders in fiscal 2025, 22% of free cash flow. The diluted share count fell 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Neurocrine Biosciences yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.5B and divides by 102.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.9x · peers 21.0x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Neurocrine Biosciences can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $711M$989M$1.0B$1.1B$1.5B
Debt incl. finance leases $335M$169M$170M$0.0M$0.0M
Net debt / EBITDA −3.3x−3.1x−3.2x−1.8x−2.3x
Debt / equity 0.2x0.1x0.1x0.0x0.0x
Interest coverage 4.0x35.1x54.5x356.6x—
Current ratio 4.0x2.7x2.5x3.4x3.4x
Quick ratio 3.8x2.6x2.4x3.3x3.3x
Total assets $2.1B$2.4B$3.3B$3.7B$4.6B
Total liabilities $699M$661M$1.0B$1.1B$1.4B
Shareholders' equity $1.4B$1.7B$2.2B$2.6B$3.3B
Net debt (− = net cash) −$376M−$820M−$861M−$1.1B−$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$12.1M

7 insiders

Of sales under plans

100%

$12.1M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 David W. BoyerChief Corp. Affairs Officer Sold plan 826 $157.45 $0.1M Form 4
Sep 14, 2026 Matt AbernethyChief Financial Officer Sold plan 2,311 $157.20 $0.4M Form 4
Sep 9, 2026 Eric BenevichChief Commercial Officer Sold plan 2,154 $154.61 $0.3M Form 4
Jul 28, 2026 Leslie Norwalk VDirector Sold plan 1,250 $182.01 $0.2M Form 4
Jul 10, 2026 Ingrid DelaetChief Regulatory Officer Sold plan 4,367 $181.02 $0.8M Form 4
Jul 9, 2026 Darin LippoldtChief Legal Officer Sold plan 10,000 $179.60 $1.8M Form 4
Jul 9, 2026 Ingrid DelaetChief Regulatory Officer Sold plan 8,433 $178.72 $1.5M Form 4
Jul 8, 2026 Ingrid DelaetChief Regulatory Officer Sold plan 2,737 $178.54 $0.5M Form 4
Jul 7, 2026 Ingrid DelaetChief Regulatory Officer Sold plan 3,401 $178.57 $0.6M Form 4
Jun 29, 2026 Darin LippoldtChief Legal Officer Sold plan 9,800 $170.16 $1.7M Form 4
Jun 26, 2026 Darin LippoldtChief Legal Officer Sold plan 200 $169.57 $0.0M Form 4
Jun 5, 2026 Stephen A SherwinDirector Sold plan 25,000 $165.32 $4.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 96 / 96 / 9
Accruals ratio −5.0%−7.3%−7.3%
Altman Z'' 4.585.616.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Neurocrine Biosciences NBIX $14.9B 21.5% 21.6% 26.2% 25.6% 20.9x 6
Fortrea FTRE $2.2B 1.0% −32.0% 3.2% −36.2% — — Compare →
United Therapeutics UTHR $26.9B 10.6% 46.9% 32.7% — 21.0x — Compare →
BioMarin Pharmaceutical BMRN $10.9B 12.9% 12.7% 22.5% 5.8% 151.2x 5 Compare →
Exelixis EXEL $16.8B 7.0% 37.6% 37.8% 64.9% 20.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $15.0M $162M $451M $788M $1.0B $1.1B $1.5B $1.9B $2.4B $2.9B
Gross profit $15.0M $160M $446M — $1.0B $1.1B $1.5B $1.8B $2.3B $2.8B
Research and development $94.3M $122M $161M — $275M $328M $464M $565M $731M $1.0B
Operating income −$147M −$131M $36.8M $72.3M $163M $103M $249M $251M $571M $619M
Interest expense $0.0M $19.5M $30.5M $32.0M $32.8M $25.8M $7.1M $4.6M $1.6M $0.0M
Pretax income −$141M −$143M $21.8M $46.5M $107M $101M $214M $332M $486M $705M
Income tax $0.0M $0.0M $0.7M $9.5M −$301M $11.8M $59.4M $82.4M $145M $227M
Net income −$141M −$143M $21.1M $37.0M $407M $89.6M $155M $250M $341M $479M
Diluted EPS −$1.63 −$1.62 $0.22 $0.39 $4.16 $0.92 $1.56 $2.47 $3.29 $4.67
Diluted shares 0.09B 0.09B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B
Cash flow
Cash from operations −$106M −$94.3M $101M $147M $229M $257M $339M $390M $595M $783M
Capital expenditure $4.1M $6.9M $24.8M $14.7M $10.9M $23.4M $16.5M $28.3M $38.2M $34.0M
Free cash flow −$110M −$101M $76.6M $132M $218M $233M $323M $362M $557M $749M
Depreciation and amortization $1.5M $2.4M $4.0M $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 $134M $173M $194M $196M $218M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $42.7M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $300M $168M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $300M $168M
Balance sheet
Cash and short-term investments $83.3M $516M $651M $671M $801M $711M $989M $1.0B $1.1B $1.5B
Total debt $0.0M $370M $389M $409M $318M $335M $169M $170M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $310M $555M $738M $831M $1.0B $973M $1.5B $1.6B $1.7B $2.5B
Current liabilities $30.4M $54.4M $88.2M $565M $187M $246M $538M $655M $508M $743M
Inventory $0.0M $1.0M $10.9M $17.3M $28.0M $30.5M $35.1M $38.3M $57.4M $69.0M
Property and equipment, net $6.3M $10.8M $33.9M $41.9M $44.6M $58.6M $58.6M $70.8M $82.6M $89.8M
Total assets $365M $818M $993M $1.3B $1.7B $2.1B $2.4B $3.3B $3.7B $4.6B
Total liabilities $50.2M $446M $512M $669M $609M $699M $661M $1.0B $1.1B $1.4B
Shareholders' equity $315M $372M $481M $637M $1.1B $1.4B $1.7B $2.2B $2.6B $3.3B
Margins
Gross margin 100.0% 99.2% 98.9% — 99.0% 98.7% 98.4% 97.9% 98.6% 98.2%
Operating margin −982.5% −81.3% 8.2% 9.2% 15.6% 9.0% 16.7% 13.3% 24.2% 21.6%
EBITDA margin −972.8% −79.8% 9.1% 10.1% 16.4% 10.0% 17.8% 14.4% 25.4% 22.7%
Net margin −940.6% −88.2% 4.7% 4.7% 38.9% 7.9% 10.4% 13.2% 14.5% 16.7%
FCF margin −735.3% −62.7% 17.0% 16.8% 20.8% 20.6% 21.7% 19.2% 23.7% 26.2%
Returns
Return on capital — −45.4% 16.0% 19.4% 32.0% 11.0% 19.1% 16.7% 27.8% 25.6%
Return on capital employed −37.6% −23.9% 4.4% 8.8% 14.2% 6.1% 13.6% 11.3% 19.7% 17.4%
Return on equity −38.2% −41.5% 5.0% 6.6% 46.2% 7.2% 10.0% 12.7% 14.2% 16.4%
Return on assets −33.6% −24.1% 2.3% 3.2% 26.8% 4.7% 7.0% 8.9% 9.8% 11.5%
Growth
Revenue growth −24.1% 977.5% 179.2% 74.7% 32.7% 8.4% 31.3% 26.8% 24.8% 21.5%
Net income growth — — — 75.4% 1,000.8% −78.0% 72.4% 61.6% 36.7% 40.2%
EPS growth — — — 77.3% 966.7% −77.9% 69.6% 58.3% 33.2% 42.0%
FCF growth — — — 72.7% 64.5% 7.1% 38.5% 12.0% 54.1% 34.4%
Share count change 2.6% 1.6% 8.3% 0.3% 2.2% 0.1% 1.0% 2.1% 2.7% −1.2%
Financial health
Net debt / EBITDA — — −6.4x −3.3x −2.8x −3.3x −3.1x −3.2x −1.8x −2.3x
Debt / equity 0.0x 1.0x 0.8x 0.6x 0.3x 0.2x 0.1x 0.1x 0.0x 0.0x
Interest coverage — −6.7x 1.2x 2.3x 5.0x 4.0x 35.1x 54.5x 356.6x —
Current ratio 10.2x 10.2x 8.4x 1.5x 5.5x 4.0x 2.7x 2.5x 3.4x 3.4x
Quick ratio 10.2x 10.2x 8.2x 1.4x 5.3x 3.8x 2.6x 2.4x 3.3x 3.3x
Capital allocation
Capex / revenue 27.4% 4.3% 5.5% 1.9% 1.0% 2.1% 1.1% 1.5% 1.6% 1.2%
Stock comp / revenue 189.8% 26.3% 12.9% 9.6% 9.6% 11.8% 11.6% 10.3% 8.3% 7.6%
Payouts / FCF — — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 53.8% 22.4%
Quality scores
Piotroski F-score — 2.0 6.0 6.0 6.0 4.0 6.0 6.0 6.0 6.0
Altman Z'' −0.5 −1.0 1.7 −0.1 4.4 3.7 5.4 4.6 5.6 6.2
Accruals ratio −8.3% −8.2% −8.9% −9.6% 11.8% −8.8% −8.3% −5.0% −7.3% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0000914475). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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