Detailed financial statements for Neurocrine Biosciences, Inc. (NBIX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Neurocrine Biosciences, Inc. is a pharmaceutical firm dedicated to the creation, advancement, and commercialization of medicines addressing a spectrum of neurological, endocrine, and psychiatric conditions. Its current therapeutic pipeline and marketed products target disorders such as tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids, alongside numerous experimental compounds in various clinical stages.
Analysis Summary
Neurocrine Biosciences, Inc. reported revenue of $2.86B in the most recent fiscal year, growing at a 5-year CAGR of 22.3%. Net income reached $478.6M, with a 3.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 98.0%, operating margin 23.4%, net margin 20.9%. Free cash flow grew at 28.0% CAGR over 5 years.
At the current price of $141.84, NBIX trades at a P/E of 20.31 and an ROE of 21.13%. Market capitalisation stands at $14.3B, placing it among large-cap names.
Balance sheet quality for NBIX: current ratio of 3.4, net cash position of $1.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $748.7M represents 156% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $161.6M | $451.2M | $788.1M | $1.05B | $1.13B | $1.49B | $1.89B | $2.36B | $2.86B |
| Cost of Revenue | 0 | $1.3M | $4.9M | $7.4M | $10.1M | $14.3M | $23.2M | $39.7M | $34.0M | $52.1M |
| Gross Profit | $15.0M | $160.4M | $446.3M | $780.7M | $1.04B | $1.12B | $1.47B | $1.85B | $2.32B | $2.81B |
| Research & Development | $94.3M | $91.8M | $155.8M | $200.0M | $275.0M | $328.1M | $463.8M | $565.0M | $731.1M | $1.02B |
| Selling, General & Admin | $68.1M | $169.9M | $248.9M | $354.1M | $433.3M | $583.3M | $752.7M | $887.6M | $1.01B | $1.16B |
| Operating Expenses | $162.4M | $291.7M | $409.5M | $708.4M | $872.8M | $1.02B | $1.22B | $1.60B | $1.75B | $2.19B |
| Operating Income | -$147.4M | -$131.4M | $36.8M | $72.3M | $163.0M | $102.5M | $249.0M | $250.9M | $570.5M | $619.1M |
| EBITDA | -$139.6M | -$120.6M | $56.3M | $85.9M | $148.1M | $138.1M | $236.6M | $416.1M | $639.7M | $666.6M |
| Interest Expense | 0 | $19.5M | $30.5M | $32.0M | $32.8M | $25.8M | $7.1M | $4.6M | $126.6M | 0 |
| Pre-tax Income | -$141.1M | -$142.5M | $21.8M | $46.5M | $106.7M | $101.4M | $213.9M | $332.1M | $486.0M | $705.4M |
| Income Tax | 0 | 0 | $730,000 | $9.5M | -$300.6M | $11.8M | $59.4M | $82.4M | $144.7M | $226.8M |
| Net Income | -$141.1M | -$142.5M | $21.1M | $37.0M | $407.3M | $89.6M | $154.5M | $249.7M | $341.3M | $478.6M |
| EPS | $-1.63 | $-1.62 | $0.22 | $0.40 | $4.37 | $0.95 | $1.61 | $2.56 | $3.40 | $4.81 |
| EPS (Diluted) | $-1.63 | $-1.62 | $0.22 | $0.39 | $4.16 | $0.92 | $1.56 | $2.47 | $3.29 | $4.67 |
| Shares Outstanding (Diluted) | $86.7M | $88.1M | $95.4M | $95.7M | $97.8M | $97.9M | $98.9M | $101.0M | $103.7M | $102.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $794.9M | $805.5M | $814.5M | $959.0M |
| Gross Profit | $780.9M | $787.9M | $800.7M | $935.8M |
| Operating Income | $239.0M | $210.9M | $186.0M | $153.0M |
| EBITDA | $299.5M | $235.4M | $193.3M | $189.9M |
| Net Income | $209.5M | $153.7M | $197.9M | $144.4M |
| EPS | $2.11 | $1.54 | $1.97 | $1.43 |
| EPS (Diluted) | $2.04 | $1.48 | $1.91 | $1.39 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.3M | $254.7M | $141.7M | $112.3M | $187.1M | $340.8M | $262.9M | $251.1M | $233.0M | $713.0M |
| Short-term Investments | $224.1M | $261.2M | $509.2M | $558.2M | $613.9M | $370.5M | $726.4M | $780.5M | $843.1M | $767.4M |
| Receivables | 0 | $31.1M | $57.4M | $126.6M | $157.1M | $185.5M | $350.0M | $439.3M | $479.1M | $686.8M |
| Inventory | 0 | $1.0M | $10.9M | $17.3M | $28.0M | $30.5M | $35.1M | $38.3M | $57.4M | $69.0M |
| Total Current Assets | $310.4M | $554.9M | $737.8M | $831.0M | $1.02B | $972.8M | $1.45B | $1.61B | $1.72B | $2.52B |
| Property, Plant & Equipment | $6.3M | $10.8M | $33.9M | $116.2M | $127.4M | $155.8M | $145.6M | $347.3M | $592.0M | $545.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | $37.2M | $35.5M | $36.5M | 0 |
| Total Assets | $365.1M | $817.6M | $993.2M | $1.31B | $1.73B | $2.07B | $2.37B | $3.25B | $3.72B | $4.63B |
| Accounts Payable | $5.1M | $5.6M | $38.4M | $41.4M | $39.4M | $51.5M | $67.3M | $133.3M | $99.9M | $104.9M |
| Short-term Debt | 0 | 0 | 0 | $408.8M | 0 | 0 | $169.4M | $170.1M | 0 | 0 |
| 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 | 0 | $369.6M | $388.5M | 0 | $317.9M | $335.1M | 0 | 0 | 0 | 0 |
| Total Liabilities | $50.2M | $445.5M | $512.4M | $669.1M | $608.5M | $698.5M | $660.9M | $1.02B | $1.13B | $1.38B |
| Retained Earnings | -$1.06B | -$1.20B | -$1.18B | -$1.13B | -$725.4M | -$635.8M | -$406.8M | -$157.1M | $29.2M | $447.7M |
| Total Equity | $314.9M | $372.1M | $480.8M | $636.9M | $1.13B | $1.37B | $1.71B | $2.23B | $2.59B | $3.25B |
| Total Debt | 0 | $369.6M | $388.5M | $495.5M | $412.3M | $440.4M | $262.9M | $428.4M | $455.1M | $415.3M |
| Net Debt | -$307.4M | -$146.3M | -$262.4M | -$175.0M | -$388.7M | -$270.9M | -$726.4M | -$603.2M | -$621.0M | -$1.07B |
| Working Capital | $280.0M | $500.5M | $649.5M | $265.7M | $829.7M | $727.0M | $915.8M | $952.2M | $1.22B | $1.78B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $340.2M | $713.0M | $266.5M | $332.4M |
| Total Assets | $4.27B | $4.63B | $4.91B | $5.36B |
| Total Liabilities | $1.26B | $1.38B | $1.50B | $1.67B |
| Total Equity | $3.00B | $3.25B | $3.41B | $3.69B |
| Total Debt | $428.4M | $415.3M | $406.2M | $401.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$141.1M | -$142.5M | $21.1M | $37.0M | $407.3M | $89.6M | $154.5M | $249.7M | $341.3M | $478.6M |
| Depreciation & 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 | $100.0M | $134.2M | $173.1M | $194.3M | $195.5M | $217.9M |
| Change in Working Capital | $5.8M | -$8.8M | -$1.7M | -$4.8M | -$37.9M | $16.7M | -$67.4M | $28.2M | -$19.2M | -$128.8M |
| Operating Cash Flow | -$106.2M | -$94.3M | $101.4M | $147.0M | $228.5M | $256.5M | $339.4M | $389.9M | $595.4M | $782.7M |
| Capital Expenditure | -$4.1M | -$6.9M | -$24.8M | -$14.7M | -$10.9M | -$23.4M | -$16.5M | -$28.3M | -$38.2M | -$34.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$42.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$300.0M | -$167.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$110.3M | -$101.3M | $76.6M | $132.3M | $217.6M | $233.1M | $322.9M | $361.6M | $557.2M | $748.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $227.5M | $388.4M | $145.8M | $136.4M |
| Capital Expenditure | -$13.2M | $2.4M | -$9.1M | -$7.8M |
| Free Cash Flow | $214.3M | $390.8M | $136.7M | $128.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $53.7M | $58.6M | $57.2M | $65.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +977.5% | +179.2% | +74.7% | +32.7% | +8.4% | +31.3% | +26.8% | +24.8% | +21.4% | |
| Net Income Growth (YoY) | -1.0% | +114.8% | +75.3% | +1,000.8% | -78.0% | +72.4% | +61.6% | +36.7% | +40.2% | |
| EPS Growth (YoY) | +0.6% | +113.6% | +81.8% | +992.5% | -78.3% | +69.5% | +59.0% | +32.8% | +41.5% | |
| Shares Change (YoY) | +1.6% | +8.3% | +0.3% | +2.2% | +0.1% | +1.0% | +2.1% | +2.7% | -1.2% | |
| FCF Growth (YoY) | +8.2% | +175.6% | +72.7% | +64.5% | +7.1% | +38.5% | +12.0% | +54.1% | +34.4% | |
| Gross Margin | 100.0% | 99.2% | 98.9% | 99.1% | 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 | -930.9% | -74.6% | 12.5% | 10.9% | 14.2% | 12.2% | 15.9% | 22.0% | 27.2% | 23.3% |
| 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% |
| Effective Tax Rate | -0.0% | -0.0% | 3.3% | 20.4% | -281.7% | 11.6% | 27.8% | 24.8% | 29.8% | 32.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.27 | $-1.15 | $0.80 | $1.38 | $2.22 | $2.38 | $3.26 | $3.58 | $5.37 | $7.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $86.6M | $88.0M | $95.4M | $91.6M | $93.1M | $94.6M | $95.8M | $97.7M | $100.4M | $99.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 21.13% |
| Return on Invested Capital | 13.20% |
| Return on Assets | 13.16% |
| Gross Margin | 97.97% |
| Operating Margin | 23.38% |
| Net Margin | 20.91% |
Financial Health
| Debt / Equity | 0.11 |
| Current Ratio | 1.87 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.80 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -23.74 | -47.90 | 324.59 | 268.72 | 21.93 | 89.65 | 74.19 | 51.47 | 40.15 | 29.49 |
| P/B | 10.64 | 18.35 | 14.17 | 15.46 | 7.92 | 5.86 | 6.70 | 5.77 | 5.29 | 4.34 |
| P/S | 223.32 | 42.24 | 15.10 | 12.50 | 8.53 | 7.11 | 7.69 | 6.82 | 5.82 | 4.93 |
| Gross Margin | 100.0% | 99.2% | 98.9% | 99.1% | 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% |
| Net Margin | -940.6% | -88.2% | 4.7% | 4.7% | 38.9% | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% |
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