NBIX

MKT CAP:$13B

Neurocrine Biosciences, Inc.

Market Cap

$13B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$133.25-$7.35 (-5.23%)

Apr 17, 2026

Company Details

Neurocrine Biosciences, Inc. discovers, develops, and markets pharmaceuticals for neurological, endocrine, and psychiatric disorders. The company's portfolio includes treatments for tardive dyskinesia, Parkinson's disease, endometriosis, an...

CEO

Kyle W. Gano

IPO Date

May 23, 1996

Website

www.neurocrine.com

Key Metrics TTM

Revenue

$2.9B

+21.4% YoY

Net Income

$479M

EPS (Diluted)

$4.66

Free Cash Flow

$749M

Revenue / Share

$27.91

Gross Margin

98.2%

Operating Margin

21.6%

Net Margin

16.7%

FCF Margin

26.2%

P/S

4.5x

P/E

26.9x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 11, 2026

$2.9B+21.4%EPS $4.67

Q4 2025

Feb 11, 2026

$806M+28.3%EPS $1.48

Q3 2025

Oct 28, 2025

$795M+27.8%EPS $2.04

Q2 2025

Jul 30, 2025

$688M+16.5%EPS $1.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$311M	$306M	$3M
Q2 22	$378M	$373M	$55M
Q3 22	$388M	$382M	$88M
Q4 22	$412M	$404M	$103M
Q1 23	$420M	$412M	-$114M
Q2 23	$453M	$441M	$74M
Q3 23	$499M	$488M	$141M
Q4 23	$515M	$507M	$150M
Q1 24	$515M	$508M	$99M
Q2 24	$590M	$581M	$145M
Q3 24	$622M	$614M	$184M
Q4 24	$628M	$618M	$142M
Q1 25	$573M	$563M	$24M
Q2 25	$688M	$676M	$146M
Q3 25	$795M	$781M	$239M
Q4 25	$806M	$788M	$211M

Valuation

Quarter	P/S	P/E
Q1 22	10.7x	180.1x
Q2 22	9.9x	1054.3x
Q3 22	9.3x	221.0x
Q4 22	8.6x	83.3x
Q1 23	8.0x	201.0x
Q2 23	7.7x	72.9x
Q3 23	7.2x	67.3x
Q4 23	6.8x	51.5x
Q1 24	6.5x	34.8x
Q2 24	6.1x	37.9x
Q3 24	5.7x	33.3x
Q4 24	5.5x	37.7x
Q1 25	5.3x	42.1x
Q2 25	5.1x	36.9x
Q3 25	4.8x	30.1x
Q4 25	4.5x	26.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$41M	-$48M
Q2 22	$138M	$129M
Q3 22	$99M	$101M
Q4 22	$143M	$141M
Q1 23	-$125M	-$134M
Q2 23	$180M	$173M
Q3 23	$212M	$204M
Q4 23	$124M	$118M
Q1 24	$130M	$119M
Q2 24	$65M	$53M
Q3 24	$158M	$150M
Q4 24	$243M	$235M
Q1 25	$65M	$54M
Q2 25	$102M	$90M
Q3 25	$228M	$214M
Q4 25	$388M	$391M

Capital Expenditures

Quarter	CapEx
Q1 22	$8M
Q2 22	$9M
Q3 22	$2M
Q4 22	$2M
Q1 23	$9M
Q2 23	$7M
Q3 23	$8M
Q4 23	$5M
Q1 24	$11M
Q2 24	$12M
Q3 24	$8M
Q4 24	$7M
Q1 25	$11M
Q2 25	$13M
Q3 25	$13M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.3%	+49.9%
Q2 22	+30.9%	+43.1%
Q3 22	+31.0%	+19.3%
Q4 22	+32.1%	-11.4%
Q1 23	+35.4%	+73.9%
Q2 23	+19.7%	+17.2%
Q3 23	+28.6%	+19.2%
Q4 23	+25.0%	+18.2%
Q1 24	+22.6%	-22.2%
Q2 24	+30.4%	+17.3%
Q3 24	+24.7%	+22.6%
Q4 24	+21.8%	+33.1%
Q1 25	+11.1%	+32.0%
Q2 25	+16.5%	+21.8%
Q3 25	+27.8%	+26.8%
Q4 25	+28.3%	+22.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$37M	11.9%
Q2 22	$50M	13.1%
Q3 22	$43M	11.1%
Q4 22	$44M	10.6%
Q1 23	$40M	9.5%
Q2 23	$69M	15.1%
Q3 23	$48M	9.6%
Q4 23	$38M	7.4%
Q1 24	$45M	8.6%
Q2 24	$43M	7.3%
Q3 24	$42M	6.7%
Q4 24	$66M	10.6%
Q1 25	$53M	9.2%
Q2 25	$53M	7.7%
Q3 25	$54M	6.8%
Q4 25	$59M	7.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$102M	$201M
Q2 22	$136M	$183M
Q3 22	$108M	$186M
Q4 22	$118M	$183M
Q1 23	$140M	$243M
Q2 23	$146M	$222M
Q3 23	$142M	$204M
Q4 23	$138M	$219M
Q1 24	$159M	$243M
Q2 24	$191M	$242M
Q3 24	$195M	$234M
Q4 24	$186M	$288M
Q1 25	$263M	$277M
Q2 25	$244M	$286M
Q3 25	$250M	$292M
Q4 25	$258M	$302M

Revenue Segments

Quarter	Collaboration Revenue	Product
Q1 22	$6M	$305M
Q2 22	$26M	$352M
Q3 22	$9M	$379M
Q4 22	$7M	$405M
Q1 23	$5M	$415M
Q2 23	$6M	$446M
Q3 23	$7M	$492M
Q4 23	$8M	$507M
Q1 24	$6M	$509M
Q2 24	$6M	$584M
Q3 24	$6M	$617M
Q4 24	$7M	$621M
Q1 25	$9M	$564M
Q2 25	$6M	$682M
Q3 25	$5M	$790M
Q4 25	$7M	$798M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$270M	$395M	$665M
Q2 22	$163M	$485M	$648M
Q3 22	$212M	$587M	$799M
Q4 22	$263M	$726M	$989M
Q1 23	$104M	$791M	$895M
Q2 23	$160M	$817M	$977M
Q3 23	$294M	$801M	$1.1B
Q4 23	$251M	$781M	$1.0B
Q1 24	$396M	$814M	$1.2B
Q2 24	$140M	$899M	$1.0B
Q3 24	$349M	$879M	$1.2B
Q4 24	$233M	$843M	$1.1B
Q1 25	$194M	$749M	$944M
Q2 25	$264M	$712M	$976M
Q3 25	$340M	$775M	$1.1B
Q4 25	$713M	$767M	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	98M	+2.8%	-0.6%
Q2 22	96M	-2.0%	-2.1%
Q3 22	99M	+3.6%	+1.3%
Q4 22	101M	+1.8%	+6.2%
Q1 23	97M	-3.7%	-0.5%
Q2 23	100M	+3.2%	+4.8%
Q3 23	101M	+0.9%	+2.1%
Q4 23	102M	+1.2%	+1.5%
Q1 24	104M	+1.3%	+6.7%
Q2 24	104M	+0.3%	+3.7%
Q3 24	104M	+0.4%	+3.2%
Q4 24	103M	-1.3%	+0.6%
Q1 25	103M	-0.4%	-1.1%
Q2 25	101M	-1.5%	-2.8%
Q3 25	103M	+1.5%	-1.7%
Q4 25	103M	0.0%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$345.1K	900
Q2 22	$420.2K	900
Q3 22	$431.0K	900
Q4 22	$343.3K	1K
Q1 23	$350.3K	1K
Q2 23	$377.3K	1K
Q3 23	$415.7K	1K
Q4 23	$368.0K	1K
Q1 24	$368.1K	1K
Q2 24	$421.6K	1K
Q3 24	$444.4K	1K
Q4 24	$348.7K	2K
Q1 25	$318.1K	2K
Q2 25	$381.9K	2K
Q3 25	$441.6K	2K
Q4 25	$402.8K	2K

Revenue / Employee