What is Neurocrine Biosciences' operating income?

Neurocrine Biosciences' total operating income in 2025 was $619.10 million, based on the following breakdown: Total Gross Profit: $2.81 billion Total Operating Expenses: $2.19 billion

Neurocrine Biosciences (NBIX) Financials

$156.10 -2.26 (-1.42%)

As of 01:10 PM Eastern

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Annual Income Statements for Neurocrine Biosciences

This table shows Neurocrine Biosciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-89	-141	-143	21	37	407	90	155	250	341	479
Consolidated Net Income / (Loss)	-89	-141	-143	21	37	407	90	155	250	341	479
Net Income / (Loss) Continuing Operations	-89	-141	-143	21	37	407	90	155	250	341	479
Total Pre-Tax Income	-89	-141	-143	22	47	107	101	214	332	486	705
Total Operating Income	-94	-147	-131	37	72	163	103	249	251	571	619
Total Gross Profit	20	15	160	446	781	1,036	1,119	1,466	1,847	2,321	2,808
Total Revenue	20	15	162	451	788	1,046	1,134	1,489	1,887	2,355	2,861
Operating Revenue	20	15	162	451	788	1,046	1,134	1,489	1,887	2,355	2,861
Total Cost of Revenue	0.00	0.00	1.25	4.90	7.40	10	14	23	40	34	52
Operating Cost of Revenue	0.00	0.00	1.25	4.90	7.40	10	14	23	40	34	52
Total Operating Expenses	114	162	292	410	708	873	1,017	1,217	1,597	1,751	2,189
Selling, General & Admin Expense	32	68	170	249	354	433	583	753	888	1,007	1,156
Research & Development Expense	81	94	122	161	354	440	433	464	709	744	1,033
Total Other Income / (Expense), net	5.27	6.28	-11	-15	-26	-56	-1.10	-35	81	-85	86
Interest Expense	0.00	0.00	20	31	32	51	26	70	0.00	138	0.00
Interest & Investment Income	1.93	6.28	8.34	16	19	13	3.80	4.10	53	91	90
Other Income / (Expense), net	3.35	-	0.00	0.00	-13	-18	21	31	28	-37	-4.00
Income Tax Expense	-	0.00	-	0.70	9.50	-301	12	59	82	145	227
Basic Earnings per Share	($1.05)	($1.63)	($1.62)	$0.23	$0.40	$4.38	$0.95	$1.61	$2.56	$3.40	$4.81
Weighted Average Basic Shares Outstanding	84.50M	86.71M	88.09M	90.20M	91.60M	93.10M	94.60M	95.80M	97.70M	100.40M	99.50M
Diluted Earnings per Share	($1.05)	($1.63)	($1.62)	$0.22	$0.39	$4.16	$0.92	$1.56	$2.47	$3.29	$4.67
Weighted Average Diluted Shares Outstanding	84.50M	86.71M	88.09M	95.40M	95.70M	97.80M	97.90M	98.90M	101M	103.70M	102.50M
Weighted Average Basic & Diluted Shares Outstanding	84.70M	86.60M	88M	91.80M	92.50M	93.94M	95.24M	96.59M	99.51M	99.70M	100.36M

This table shows Neurocrine Biosciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	148	43	65	130	103	7.90	108	210	154	198	144
Consolidated Net Income / (Loss)	148	43	65	130	103	7.90	108	210	154	198	144
Net Income / (Loss) Continuing Operations	148	43	65	130	103	7.90	108	210	154	198	144
Total Pre-Tax Income	198	35	99	190	163	15	160	292	239	247	162
Total Operating Income	150	99	145	184	142	24	146	239	211	193	152
Total Gross Profit	507	508	581	614	618	563	677	781	788	801	959
Total Revenue	515	515	590	622	628	573	688	795	806	815	959
Operating Revenue	515	515	590	622	628	573	688	795	806	815	959
Total Cost of Revenue	8.50	7.50	9.20	8.00	9.30	9.20	10	14	18	14	0.00
Total Operating Expenses	356	409	436	430	476	540	532	542	577	607	808
Selling, General & Admin Expense	219	243	242	234	288	277	286	292	302	319	440
Research & Development Expense	138	165	194	196	189	263	244	250	275	317	328
Amortization Expense	-	-	-	-	-	-	1.00	-	-	-	40
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	-	-	-29	0.00
Total Other Income / (Expense), net	48	-65	-47	6.50	21	-8.90	14	53	29	53	11
Interest Expense	-1.10	89	50	0.00	88	-	0.00	0.00	-	-	2.90
Interest & Investment Income	18	22	23	23	21	22	-	22	26	28	12
Other Income / (Expense), net	29	1.60	-20	-17	87	-31	14	31	2.70	25	1.20
Income Tax Expense	51	-8.90	34	61	60	6.80	52	82	86	49	18
Basic Earnings per Share	$1.52	$0.43	$0.64	$1.28	$1.05	$0.08	$1.09	$2.11	$1.53	$1.97	$1.43
Weighted Average Basic Shares Outstanding	97.70M	99.80M	100.80M	101.10M	100.40M	99.70M	99M	99.40M	99.50M	100.50M	101M
Diluted Earnings per Share	$1.49	$0.42	$0.63	$1.24	$1.00	$0.08	$1.06	$2.04	$1.49	$1.91	$1.39
Weighted Average Diluted Shares Outstanding	101M	103.60M	103.90M	104.30M	103.70M	102.50M	101M	102.50M	102.50M	103.40M	104.20M
Weighted Average Basic & Diluted Shares Outstanding	99.51M	100.64M	100.98M	101.25M	99.70M	98.97M	99.18M	99.71M	100.36M	100.55M	101.65M

This table details how cash moves in and out of Neurocrine Biosciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	43	9.16	171	-112	-32	75	154	-73	-12	-18	480
Net Cash From Operating Activities	-38	-106	-94	101	147	229	257	339	390	595	783
Net Cash From Continuing Operating Activities	-38	-106	-94	101	147	229	257	339	390	595	783
Net Income / (Loss) Continuing Operations	-89	-141	-143	21	37	407	90	155	250	341	479
Consolidated Net Income / (Loss)	-89	-141	-143	21	37	407	90	155	250	341	479
Depreciation Expense	1.01	1.45	2.40	4.00	7.40	8.60	11	15	18	24	26
Amortization Expense	6.03	3.52	14	19	20	21	25	4.20	-15	-23	-8.60
Non-Cash Adjustments To Reconcile Net Income	25	24	43	58	88	136	113	212	165	395	249
Changes in Operating Assets and Liabilities, net	19	5.49	-10	-0.70	-6.00	-345	18	-47	-28	-142	37
Net Cash From Investing Activities	-196	113	-251	-243	-211	4.10	-130	-177	-467	-127	-264
Net Cash From Continuing Investing Activities	-196	113	-251	-243	-211	4.10	-130	-177	-467	-127	-264
Purchase of Property, Plant & Equipment	-1.93	-4.11	-6.94	-25	-15	-11	-23	-17	-28	-38	-34
Purchase of Investments	-449	-299	-583	-546	-866	-736	-805	-629	-1,411	-1,056	-1,320
Sale and/or Maturity of Investments	255	416	339	328	670	751	698	511	972	968	1,089
Net Cash From Financing Activities	277	2.39	517	30	32	-158	27	-234	65	-487	-38
Net Cash From Continuing Financing Activities	277	2.39	517	30	32	-158	27	-234	65	-487	-38
Repayment of Debt	-	-	-	0.00	0.00	-187	-0.10	-279	0.00	-309	0.00
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-300	-168
Issuance of Common Equity	277	2.39	14	30	32	29	28	45	65	122	129
Effect of Exchange Rate Changes	-	-	-	-	-	0.00	0.00	-1.30	0.30	0.00	0.00
Cash Interest Paid	0.00	0.00	6.24	12	12	12	8.60	6.60	3.80	1.60	0.00
Cash Income Taxes Paid	0.00	-	0.00	0.00	0.50	15	5.10	14	52	218	81

This table details how cash moves in and out of Neurocrine Biosciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-43	145	-257	209	-116	-39	70	76	373	-447	64
Net Cash From Operating Activities	124	130	65	158	243	65	102	228	388	146	136
Net Cash From Continuing Operating Activities	124	130	65	158	243	65	102	228	388	146	136
Net Income / (Loss) Continuing Operations	148	43	65	130	103	7.90	108	210	154	198	144
Consolidated Net Income / (Loss)	148	43	65	130	103	7.90	108	210	154	198	144
Depreciation Expense	4.90	5.30	6.40	5.60	6.20	6.60	6.30	6.70	6.40	7.20	8.40
Amortization Expense	-5.50	-6.20	-6.10	-5.60	-4.70	-3.60	-2.40	-1.70	-0.90	-1.20	19
Non-Cash Adjustments To Reconcile Net Income	9.10	132	127	58	54	91	75	30	62	6.00	70
Changes in Operating Assets and Liabilities, net	-33	-44	-127	-30	84	-37	-84	-17	167	-64	-105
Net Cash From Investing Activities	-202	-55	-28	25	-68	14	-29	-197	-53	-506	-135
Net Cash From Continuing Investing Activities	-202	-55	-28	25	-68	14	-29	-197	-53	-506	-135
Purchase of Property, Plant & Equipment	-5.40	-11	-12	-8.10	-7.30	-11	-13	-13	2.40	-9.10	-7.80
Purchase of Investments	-487	-320	-192	-233	-312	-273	-315	-409	-323	-820	-37
Sale and/or Maturity of Investments	291	276	175	265	251	298	299	225	268	259	2,268
Net Cash From Financing Activities	35	70	-293	26	-290	-118	-3.30	46	37	-86	63
Net Cash From Continuing Financing Activities	35	70	-293	26	-290	-118	-3.30	46	37	-86	63
Repurchase of Common Equity	-	0.00	-	-	-	-150	-18	-	-	-54	-12
Issuance of Common Equity	35	70	16	26	10	32	14	46	37	24	85
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	-	-56	-2.70

This table presents Neurocrine Biosciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	475	365	818	993	1,306	1,735	2,073	2,369	3,251	3,719	4,632
Total Current Assets	384	310	555	738	831	1,016	973	1,454	1,607	1,725	2,523
Cash & Equivalents	74	83	255	142	112	187	341	263	251	233	713
Short-Term Investments	305	224	261	509	558	614	371	726	781	843	767
Accounts Receivable	-	0.00	31	57	127	157	186	350	439	479	687
Inventories, net	-	-	1.02	11	17	28	31	35	38	57	69
Prepaid Expenses	-	-	-	-	-	-	-	-	-	49	171
Other Current Assets	4.88	3.09	6.84	19	17	30	46	79	98	64	116
Plant, Property, & Equipment, net	3.43	6.27	11	34	42	45	59	59	71	83	90
Total Noncurrent Assets	87	48	252	222	433	674	1,041	857	1,574	1,911	2,019
Long-Term Investments	82	43	247	216	356	265	624	299	849	864	1,184
Goodwill	-	-	-	-	-	-	-	-	-	-	6.10
Intangible Assets	-	-	-	-	-	-	0.00	37	36	-	4.70
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	0.00	319	315	306	363	486	320
Other Noncurrent Operating Assets	-	-	-	-	74	89	102	214	326	561	504
Total Liabilities & Shareholders' Equity	475	365	818	993	1,306	1,735	2,073	2,369	3,251	3,719	4,632
Total Liabilities	50	50	445	512	669	609	699	661	1,019	1,129	1,378
Total Current Liabilities	26	30	54	88	565	187	246	538	655	508	743
Accounts Payable	2.56	26	54	86	141	169	226	348	449	462	674
Other Current Liabilities	0.43	0.24	0.91	1.86	15	18	20	21	36	46	69
Total Noncurrent Liabilities	25	20	391	424	104	422	453	123	365	621	635
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	13	8.10	8.04	36	104	104	118	123	365	621	635
Total Equity & Noncontrolling Interests	424	315	372	481	637	1,126	1,374	1,708	2,232	2,590	3,253
Total Preferred & Common Equity	424	315	372	481	637	1,126	1,374	1,708	2,232	2,590	3,253
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	424	315	372	481	637	1,126	1,374	1,708	2,232	2,590	3,253
Common Stock	1,341	1,372	1,573	1,660	1,768	1,850	2,012	2,123	2,382	2,555	2,792
Retained Earnings	-915	-1,056	-1,199	-1,178	-1,133	-725	-636	-407	-157	29	448
Accumulated Other Comprehensive Income / (Loss)	-0.98	-0.32	-1.85	-1.93	1.40	1.80	-1.70	-7.90	7.00	5.80	13

This table presents Neurocrine Biosciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,360	2,613	2,848	3,472	3,305	3,535	3,688	3,890	4,266	4,906	5,359
Total Current Assets	1,433	1,497	1,650	1,799	1,670	1,877	1,638	1,749	2,158	2,436	1,638
Cash & Equivalents	104	160	294	396	140	349	194	264	340	267	332
Short-Term Investments	791	817	801	814	899	879	749	712	775	1,050	57
Accounts Receivable	392	388	418	451	468	481	516	596	728	768	887
Inventories, net	33	32	29	37	43	46	59	57	69	65	104
Prepaid Expenses	-	-	-	-	-	-	-	-	178	225	217
Other Current Assets	113	101	108	101	120	122	119	121	68	63	39
Plant, Property, & Equipment, net	63	66	69	75	80	80	87	92	97	91	91
Total Noncurrent Assets	864	1,051	1,130	1,598	1,555	1,578	1,963	2,049	2,010	2,379	3,631
Long-Term Investments	245	343	455	864	638	771	910	874	1,117	1,477	239
Goodwill	-	-	-	-	-	-	-	-	-	-	501
Intangible Assets	37	37	35	34	34	35	36	37	36	-	2,226
Noncurrent Deferred & Refundable Income Taxes	337	379	383	378	420	454	499	537	369	381	8.90
Other Noncurrent Operating Assets	245	292	257	322	464	319	518	601	489	521	656
Total Liabilities & Shareholders' Equity	2,360	2,613	2,848	3,472	3,305	3,535	3,688	3,890	4,266	4,906	5,359
Total Liabilities	675	760	846	1,086	796	816	1,152	1,196	1,262	1,499	1,666
Total Current Liabilities	374	583	692	713	399	430	523	546	638	832	875
Accounts Payable	356	392	503	417	359	393	475	490	584	773	808
Other Current Liabilities	18	21	19	173	40	37	48	57	54	59	66
Total Noncurrent Liabilities	301	178	155	373	397	386	629	649	624	667	791
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	92
Other Noncurrent Operating Liabilities	132	178	155	373	397	386	629	649	624	667	700
Total Equity & Noncontrolling Interests	1,685	1,853	2,002	2,386	2,509	2,719	2,536	2,694	3,004	3,407	3,694
Total Preferred & Common Equity	1,685	1,853	2,002	2,386	2,509	2,719	2,536	2,694	3,004	3,407	3,694
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,685	1,853	2,002	2,386	2,509	2,719	2,536	2,694	3,004	3,407	3,694
Common Stock	2,171	2,242	2,309	2,497	2,555	2,623	2,532	2,597	2,696	2,817	2,965
Retained Earnings	-483	-388	-305	-114	-49	81	-5.30	85	294	590	724
Accumulated Other Comprehensive Income / (Loss)	-2.70	-1.10	-1.70	3.30	2.50	15	9.00	13	13	0.40	5.10

This table displays calculated financial ratios and metrics derived from Neurocrine Biosciences' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-24.12%	977.51%	179.16%	74.67%	32.71%	8.38%	31.34%	26.76%	24.81%	21.45%
EBITDA Growth	-48.21%	-69.89%	18.95%	151.72%	45.73%	101.49%	-9.30%	88.11%	-5.62%	89.27%	18.38%
EBIT Growth	-48.53%	-62.20%	10.86%	128.01%	61.14%	145.03%	-15.07%	126.74%	-0.18%	90.98%	15.32%
NOPAT Growth	-46.25%	-56.44%	10.86%	138.74%	61.52%	981.56%	-85.44%	98.57%	4.89%	112.38%	4.84%
Net Income Growth	-46.89%	-58.65%	-1.03%	114.80%	75.36%	1,000.81%	-78.00%	72.43%	61.62%	36.68%	40.23%
EPS Growth	-29.63%	-55.24%	0.61%	113.58%	77.27%	966.67%	-77.88%	69.57%	58.33%	33.20%	41.95%
Operating Cash Flow Growth	19.40%	-179.45%	11.16%	207.49%	44.97%	55.44%	12.25%	32.32%	14.88%	52.71%	31.46%
Free Cash Flow Firm Growth	-8.29%	-103.14%	-2.33%	111.93%	198.02%	586.85%	-63.59%	-137.11%	826.43%	6.40%	76.35%
Invested Capital Growth	-53.16%	2.78%	36.26%	87.87%	619.48%	2,203.66%	-1.16%	57.61%	-11.45%	24.60%	-9.30%
Revenue Q/Q Growth	0.00%	0.00%	140.84%	8.92%	16.68%	0.36%	5.99%	7.20%	5.79%	5.02%	6.63%
EBITDA Q/Q Growth	-12.84%	-16.43%	35.32%	5.71%	48.75%	20.23%	-29.58%	58.84%	26.88%	10.53%	13.96%
EBIT Q/Q Growth	-12.73%	-14.73%	30.66%	13.24%	78.08%	25.26%	-37.55%	73.47%	32.62%	10.23%	13.57%
NOPAT Q/Q Growth	-12.25%	-11.76%	30.66%	32.62%	27.06%	392.97%	-84.83%	132.41%	21.91%	-6.44%	12.13%
Net Income Q/Q Growth	-12.49%	-12.20%	26.56%	112.55%	75.63%	336.08%	-79.86%	165.46%	30.73%	-11.56%	11.82%
EPS Q/Q Growth	-11.70%	-10.88%	27.35%	0.00%	0.00%	320.20%	-79.87%	168.97%	30.69%	-12.96%	11.72%
Operating Cash Flow Q/Q Growth	0.28%	-18.30%	43.36%	10.84%	47.01%	-1.30%	-26.04%	69.19%	-4.76%	24.98%	22.91%
Free Cash Flow Firm Q/Q Growth	-4.19%	-12.78%	31.48%	49.76%	4,542.06%	118.33%	-67.42%	68.70%	203.58%	-17.47%	48.87%
Invested Capital Q/Q Growth	-14.55%	-11.97%	-96.23%	-162.11%	-66.90%	571.05%	3.21%	6.65%	-16.25%	-9.86%	-23.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	99.22%	98.91%	99.06%	99.03%	98.74%	98.44%	97.90%	98.56%	98.18%
EBITDA Margin	-423.98%	-949.33%	-71.41%	13.23%	11.04%	16.76%	14.03%	20.09%	14.96%	22.69%	22.11%
Operating Margin	-476.51%	-982.48%	-81.27%	8.16%	9.17%	15.58%	9.04%	16.73%	13.30%	24.22%	21.64%
EBIT Margin	-459.59%	-982.48%	-81.27%	8.16%	7.52%	13.89%	10.89%	18.79%	14.80%	22.65%	21.50%
Profit (Net Income) Margin	-449.84%	-940.60%	-88.19%	4.68%	4.69%	38.94%	7.90%	10.38%	13.23%	14.49%	16.73%
Tax Burden Percent	100.00%	100.00%	100.00%	96.79%	79.57%	381.72%	88.36%	72.23%	75.19%	70.23%	67.85%
Interest Burden Percent	97.88%	95.74%	108.51%	59.24%	78.41%	73.43%	82.17%	76.45%	118.90%	91.11%	114.68%
Effective Tax Rate	0.00%	0.00%	0.00%	3.21%	20.43%	-281.72%	11.64%	27.77%	24.81%	29.77%	32.15%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	868.82%	315.68%	24.11%	37.40%	34.00%	68.46%	67.85%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	872.54%	347.08%	24.23%	39.79%	29.69%	71.71%	65.30%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-862.20%	-269.48%	-16.95%	-27.37%	-21.33%	-54.31%	-51.47%
Return on Equity (ROE)	-28.09%	-38.17%	-41.50%	4.95%	6.62%	46.20%	7.17%	10.03%	12.68%	14.16%	16.38%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	231.54%	132.32%	25.29%	-7.33%	46.15%	46.56%	77.60%
Operating Return on Assets (OROA)	-25.31%	-35.09%	-22.21%	4.06%	5.16%	9.56%	6.48%	12.60%	9.94%	15.31%	14.73%
Return on Assets (ROA)	-24.78%	-33.60%	-24.11%	2.33%	3.22%	26.79%	4.71%	6.96%	8.89%	9.79%	11.46%
Return on Common Equity (ROCE)	-28.09%	-38.17%	-41.50%	4.95%	6.62%	46.20%	7.17%	10.03%	12.68%	14.16%	16.38%
Return on Equity Simple (ROE_SIMPLE)	-20.95%	-44.81%	-38.30%	4.39%	5.81%	36.17%	6.52%	9.05%	11.19%	13.18%	0.00%
Net Operating Profit after Tax (NOPAT)	-66	-103	-92	36	58	622	91	180	189	401	420
NOPAT Margin	-333.56%	-687.74%	-56.89%	7.89%	7.30%	59.49%	7.99%	12.08%	10.00%	17.01%	14.68%
Net Nonoperating Expense Percent (NNEP)	-6.54%	-9.23%	-13.42%	-3.29%	-3.72%	-31.40%	-0.11%	-2.39%	4.31%	-3.25%	2.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.58%	7.85%	15.47%	12.91%
Cost of Revenue to Revenue	0.00%	0.00%	0.78%	1.09%	0.94%	0.97%	1.26%	1.56%	2.10%	1.44%	1.82%
SG&A Expenses to Revenue	164.30%	453.87%	105.12%	55.16%	44.93%	41.43%	51.46%	50.56%	47.04%	42.76%	40.42%
R&D to Revenue	412.22%	628.61%	75.38%	35.59%	44.96%	42.02%	38.24%	31.15%	37.57%	31.57%	36.12%
Operating Expenses to Revenue	576.51%	1,082.48%	180.50%	90.76%	89.89%	83.45%	89.70%	81.72%	84.60%	74.33%	76.54%
Earnings before Interest and Taxes (EBIT)	-91	-147	-131	37	59	145	123	280	279	533	615
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-84	-142	-115	60	87	175	159	299	282	534	633
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.49	10.68	18.45	13.47	15.54	7.95	5.88	6.72	5.80	5.34	4.35
Price to Tangible Book Value (P/TBV)	11.49	10.68	18.45	13.47	15.54	7.95	5.88	6.87	5.89	5.41	4.35
Price to Revenue (P/Rev)	246.66	224.13	42.48	14.35	12.56	8.56	7.13	7.71	6.86	5.87	4.94
Price to Earnings (P/E)	0.00	0.00	0.00	306.90	267.54	21.99	90.18	74.32	51.84	40.49	29.55
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.33%	0.37%	4.55%	1.11%	1.35%	1.93%	2.47%	3.38%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	565.97	21.72	18.96	17.61	21.56	18.30	19.49
Enterprise Value to Revenue (EV/Rev)	223.30	200.74	40.05	13.29	11.78	7.85	6.25	6.96	5.95	5.04	4.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	100.46	106.69	46.82	44.52	34.65	39.80	22.23	18.15
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	162.97	156.52	56.48	57.37	37.04	40.22	22.27	18.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	168.37	161.34	13.19	78.16	57.62	59.55	29.65	27.32
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	59.14	63.14	35.92	27.60	30.53	28.81	19.95	14.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	470.69	244.44	31.47	74.54	0.00	43.88	43.61	23.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.99	0.81	0.64	0.28	0.24	0.10	0.08	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.99	0.81	0.00	0.28	0.24	0.00	0.00	0.00	0.00
Financial Leverage	-1.11	-1.11	-1.10	-1.03	-0.99	-0.78	-0.70	-0.69	-0.72	-0.76	-0.79
Leverage Ratio	1.13	1.14	1.72	2.12	2.06	1.72	1.52	1.44	1.43	1.45	1.43
Compound Leverage Factor	1.11	1.09	1.87	1.26	1.61	1.27	1.25	1.10	1.70	1.32	1.64
Debt to Total Capital	0.00%	0.00%	49.83%	44.69%	39.09%	22.01%	19.61%	9.02%	7.08%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	39.09%	0.00%	0.00%	9.02%	7.08%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	49.83%	44.69%	0.00%	22.01%	19.61%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	50.17%	55.31%	60.91%	77.99%	80.39%	90.98%	92.92%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	-3.20	6.51	4.70	1.81	2.11	0.57	0.60	0.00	0.00
Net Debt to EBITDA	0.00	0.00	3.41	-8.01	-7.10	-4.27	-6.29	-3.74	-6.06	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	-3.20	6.51	0.00	1.81	2.11	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	-4.02	10.91	7.11	0.51	3.70	0.94	0.90	0.00	0.00
Net Debt to NOPAT	0.00	0.00	4.28	-13.43	-10.73	-1.20	-11.05	-6.22	-9.07	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	-4.02	10.91	0.00	0.51	3.70	0.00	0.00	0.00	0.00
Altman Z-Score	55.75	35.75	7.60	7.28	8.66	9.70	7.68	11.67	8.77	8.86	7.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	14.94	10.21	10.20	8.36	1.47	5.45	3.96	2.70	2.45	3.40	3.39
Quick Ratio	14.75	10.11	10.05	8.03	1.41	5.14	3.65	2.49	2.25	3.06	2.92
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	-104	-107	13	38	261	95	-35	256	272	480
Operating Cash Flow to CapEx	-1,973.87%	-2,592.94%	-1,360.61%	408.87%	1,000.00%	2,096.33%	1,096.15%	2,056.97%	1,377.74%	1,558.64%	2,302.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-5.47	0.42	1.19	5.09	3.68	-0.50	0.00	1.97	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-4.83	3.32	4.59	4.46	9.94	4.85	0.00	4.30	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-5.19	2.51	4.13	4.25	9.03	4.61	0.00	4.03	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.04	0.27	0.50	0.69	0.69	0.60	0.67	0.67	0.68	0.69
Accounts Receivable Turnover	0.00	0.00	0.00	10.19	8.57	7.37	6.62	5.56	4.78	5.13	4.91
Inventory Turnover	0.00	0.00	0.00	0.82	0.53	0.45	0.49	0.71	1.08	0.71	0.82
Fixed Asset Turnover	6.66	3.09	18.92	20.20	20.80	24.18	21.97	25.40	29.17	30.71	33.18
Accounts Payable Turnover	0.00	0.00	0.03	0.07	0.07	0.07	0.07	0.08	0.10	0.07	0.09
Days Sales Outstanding (DSO)	0.00	0.00	0.00	35.81	42.61	49.50	55.16	65.65	76.33	71.16	74.38
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	442.77	694.59	818.54	746.59	516.03	337.42	513.68	442.76
Days Payable Outstanding (DPO)	0.00	0.00	11,599.37	5,210.45	5,615.01	5,601.49	5,034.70	4,510.58	3,661.03	4,886.71	3,978.92
Cash Conversion Cycle (CCC)	0.00	0.00	-11,599.37	-4,731.87	-4,877.81	-4,733.44	-4,232.95	-3,928.90	-3,247.28	-4,301.86	-3,461.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-42	-41	-26	-3.16	16	378	373	589	521	649	589
Invested Capital Turnover	-0.57	-0.36	-4.83	-30.91	119.02	5.31	3.02	3.10	3.40	4.02	4.62
Increase / (Decrease) in Invested Capital	-15	1.17	15	23	20	361	-4.40	215	-67	128	-60
Enterprise Value (EV)	4,414	3,011	6,473	5,997	9,282	8,207	7,079	10,363	11,235	11,880	11,477
Market Capitalization	4,876	3,362	6,866	6,476	9,899	8,955	8,080	11,482	12,946	13,820	14,141
Book Value per Share	$4.92	$3.62	$4.21	$5.30	$6.92	$12.05	$14.48	$17.76	$22.72	$25.58	$32.63
Tangible Book Value per Share	$4.92	$3.62	$4.21	$5.30	$6.92	$12.05	$14.48	$17.38	$22.36	$25.22	$32.63
Total Capital	424	315	742	869	1,046	1,444	1,709	1,877	2,402	2,590	3,253
Total Debt	0.00	0.00	370	388	409	318	335	169	170	0.00	0.00
Total Long-Term Debt	0.00	0.00	370	388	0.00	318	335	0.00	0.00	0.00	0.00
Net Debt	-462	-351	-394	-478	-617	-748	-1,001	-1,119	-1,711	-1,940	-2,664
Capital Expenditures (CapEx)	1.93	4.10	6.93	25	15	11	23	17	28	38	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-27	-15	-1.37	4.00	29	16	96	91	141	299
Debt-free Net Working Capital (DFNWC)	358	280	500	650	675	830	727	1,085	1,122	1,217	1,779
Net Working Capital (NWC)	358	280	500	650	266	830	727	916	952	1,217	1,779
Net Nonoperating Expense (NNE)	23	38	51	15	21	215	0.97	25	-61	59	-59
Net Nonoperating Obligations (NNO)	-466	-356	-398	-484	-621	-748	-1,001	-1,119	-1,711	-1,940	-2,664
Total Depreciation and Amortization (D&A)	7.04	4.97	16	23	28	30	36	19	3.00	0.90	17
Debt-free, Cash-free Net Working Capital to Revenue	-105.38%	-182.15%	-9.55%	-0.30%	0.51%	2.74%	1.39%	6.44%	4.81%	5.98%	10.45%
Debt-free Net Working Capital to Revenue	1,812.73%	1,866.85%	309.66%	143.96%	85.59%	79.33%	64.14%	72.90%	59.47%	51.67%	62.20%
Net Working Capital to Revenue	1,812.73%	1,866.85%	309.66%	143.96%	33.71%	79.33%	64.14%	61.52%	50.46%	51.67%	62.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.05)	($1.63)	($1.62)	$0.23	$0.40	$4.38	$0.95	$1.61	$2.56	$3.40	$4.81
Adjusted Weighted Average Basic Shares Outstanding	84.50M	86.71M	88.09M	90.24M	91.63M	93.10M	94.60M	95.80M	97.70M	100.40M	99.50M
Adjusted Diluted Earnings per Share	($1.05)	($1.63)	($1.62)	$0.22	$0.39	$4.16	$0.92	$1.56	$2.47	$3.29	$4.67
Adjusted Weighted Average Diluted Shares Outstanding	84.50M	86.71M	88.09M	95.39M	95.73M	97.80M	97.90M	98.90M	101M	103.70M	102.50M
Adjusted Basic & Diluted Earnings per Share	($1.05)	$0.00	($1.62)	$0.23	$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	86.45M	87.11M	89.27M	90.82M	92.29M	93.94M	95.24M	96.59M	99.51M	99.70M	100.36M
Normalized Net Operating Profit after Tax (NOPAT)	-66	-103	-92	36	58	114	91	180	189	401	420
Normalized NOPAT Margin	-333.56%	-687.74%	-56.89%	7.89%	7.30%	10.91%	7.99%	12.08%	10.00%	17.01%	14.68%
Pre Tax Income Margin	-449.84%	-940.60%	-88.19%	4.83%	5.90%	10.20%	8.95%	14.37%	17.60%	20.63%	24.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-6.73	1.21	1.85	2.84	4.78	4.00	0.00	3.85	0.00
NOPAT to Interest Expense	0.00	0.00	-4.71	1.17	1.80	12.15	3.51	2.57	0.00	2.89	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-7.08	0.39	1.39	2.63	3.88	3.76	0.00	3.58	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-5.07	0.35	1.34	11.94	2.60	2.33	0.00	2.62	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	87.90%	35.04%

This table displays calculated financial ratios and metrics derived from Neurocrine Biosciences' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	100,363,463.00	100,549,983.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	100,363,463.00	100,549,983.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.97	1.44
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.05%	22.57%	30.37%	24.72%	21.84%	11.12%	16.49%	27.78%	28.33%	42.25%	39.49%
EBITDA Growth	51.83%	110.36%	12.22%	65.90%	28.88%	-104.00%	13.51%	64.53%	54.73%	5,717.50%	10.28%
EBIT Growth	62.12%	110.89%	13.17%	65.08%	27.61%	-106.94%	10.68%	61.53%	52.46%	3,224.29%	-4.26%
NOPAT Growth	43.50%	256.26%	65.83%	23.51%	-19.61%	-89.85%	2.38%	36.87%	50.38%	1,122.74%	37.44%
Net Income Growth	65.96%	156.66%	-31.94%	56.20%	-30.20%	-81.80%	65.38%	61.40%	49.08%	2,405.06%	34.33%
EPS Growth	63.74%	153.16%	-33.68%	51.22%	-32.89%	-80.95%	68.25%	64.52%	49.00%	2,287.50%	31.13%
Operating Cash Flow Growth	-13.64%	204.07%	-64.03%	-25.47%	96.36%	-50.27%	57.89%	43.99%	60.16%	125.00%	33.73%
Free Cash Flow Firm Growth	230.91%	274.83%	68.84%	-12.33%	-121.27%	-158.13%	357.85%	338.97%	613.08%	194.93%	-2,531.80%
Invested Capital Growth	-11.45%	-39.23%	18.35%	15.77%	24.60%	57.16%	1.49%	7.21%	-9.30%	-10.05%	262.72%
Revenue Q/Q Growth	3.29%	0.02%	14.54%	5.40%	0.90%	-8.78%	20.07%	15.62%	1.33%	1.12%	17.74%
EBITDA Q/Q Growth	77.63%	-93.23%	1,013.27%	32.67%	37.99%	-101.74%	3,670.00%	92.30%	-20.21%	2.56%	-19.80%
EBIT Q/Q Growth	77.35%	-93.20%	928.69%	32.99%	37.09%	-103.06%	2,084.29%	94.10%	-20.77%	2.39%	-30.18%
NOPAT Q/Q Growth	10.35%	11.53%	-23.27%	30.79%	-28.18%	-85.91%	673.73%	74.86%	-21.09%	14.53%	-13.03%
Net Income Q/Q Growth	77.74%	-70.62%	49.77%	99.69%	-20.57%	-92.34%	1,260.76%	94.88%	-26.63%	28.76%	-27.03%
EPS Q/Q Growth	81.71%	-71.81%	50.00%	96.83%	-19.35%	-92.00%	1,225.00%	92.45%	-26.96%	28.19%	-27.23%
Operating Cash Flow Q/Q Growth	-41.75%	5.51%	-50.42%	144.58%	53.48%	-73.28%	57.41%	123.04%	70.73%	-62.46%	-6.45%
Free Cash Flow Firm Q/Q Growth	476.81%	125.92%	-108.20%	182.01%	-239.96%	-517.41%	136.39%	39.61%	63.59%	14.24%	-1,032.06%
Invested Capital Q/Q Growth	-16.25%	-16.64%	91.64%	-13.48%	-9.86%	5.14%	23.76%	-8.60%	-23.74%	4.28%	399.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.35%	98.54%	98.44%	98.71%	98.52%	98.39%	98.36%	98.24%	97.82%	98.31%	100.00%
EBITDA Margin	34.69%	2.19%	21.31%	26.83%	36.69%	-0.70%	20.77%	34.55%	27.20%	27.59%	18.79%
Operating Margin	29.17%	19.27%	24.64%	29.55%	22.62%	4.12%	21.18%	30.07%	26.18%	23.74%	15.80%
EBIT Margin	34.80%	2.37%	21.26%	26.83%	36.45%	-1.22%	20.20%	33.92%	26.52%	26.85%	15.92%
Profit (Net Income) Margin	28.67%	8.42%	11.01%	20.86%	16.43%	1.38%	15.64%	26.36%	19.08%	24.30%	15.06%
Tax Burden Percent	74.52%	125.80%	65.92%	68.21%	63.41%	53.74%	67.40%	71.80%	64.20%	80.19%	89.03%
Interest Burden Percent	110.54%	282.79%	78.57%	114.02%	71.07%	-210.00%	114.83%	108.23%	112.08%	112.85%	106.22%
Effective Tax Rate	25.48%	-25.80%	34.08%	31.79%	36.59%	46.26%	32.60%	28.20%	35.80%	19.81%	10.97%
Return on Invested Capital (ROIC)	73.95%	83.62%	44.82%	67.33%	57.73%	9.57%	42.72%	77.60%	77.67%	91.10%	24.27%
ROIC Less NNEP Spread (ROIC-NNEP)	71.42%	89.20%	47.01%	67.07%	57.02%	9.82%	42.18%	75.81%	76.87%	89.26%	23.51%
Return on Net Nonoperating Assets (RNNOA)	-51.31%	-64.02%	-30.46%	-48.00%	-43.18%	-7.59%	-28.59%	-56.04%	-60.58%	-69.78%	-9.12%
Return on Equity (ROE)	22.64%	19.60%	14.37%	19.34%	14.56%	1.98%	14.13%	21.56%	17.09%	21.32%	15.15%
Cash Return on Invested Capital (CROIC)	46.15%	112.39%	36.18%	49.18%	46.56%	13.65%	37.52%	43.25%	77.60%	97.35%	-83.04%
Operating Return on Assets (OROA)	23.37%	1.61%	15.23%	18.85%	24.63%	-0.82%	14.10%	23.33%	18.17%	19.39%	11.62%
Return on Assets (ROA)	19.25%	5.72%	7.89%	14.66%	11.10%	0.93%	10.91%	18.13%	13.07%	17.54%	10.99%
Return on Common Equity (ROCE)	22.64%	19.60%	14.37%	19.34%	14.56%	1.98%	14.13%	21.56%	17.09%	21.32%	15.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.49%	13.52%	14.19%	0.00%	12.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	112	125	96	125	90	13	98	172	135	155	135
NOPAT Margin	21.74%	24.24%	16.24%	20.15%	14.34%	2.22%	14.27%	21.59%	16.81%	19.04%	14.06%
Net Nonoperating Expense Percent (NNEP)	2.52%	-5.58%	-2.18%	0.26%	0.72%	-0.25%	0.53%	1.79%	0.79%	1.84%	0.77%
Return On Investment Capital (ROIC_SIMPLE)	4.66%	-	-	-	3.48%	0.50%	3.64%	5.71%	4.16%	4.55%	3.65%
Cost of Revenue to Revenue	1.65%	1.46%	1.56%	1.29%	1.48%	1.61%	1.64%	1.76%	2.19%	1.69%	0.00%
SG&A Expenses to Revenue	42.49%	47.18%	41.00%	37.66%	45.85%	48.29%	41.64%	36.68%	37.47%	39.10%	45.85%
R&D to Revenue	26.69%	32.10%	32.80%	31.51%	30.05%	45.98%	35.53%	31.49%	34.17%	38.97%	34.22%
Operating Expenses to Revenue	69.18%	79.27%	73.81%	69.17%	75.90%	94.27%	77.18%	68.17%	71.63%	74.56%	84.20%
Earnings before Interest and Taxes (EBIT)	179	12	126	167	229	-7.00	139	270	214	219	153
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	179	11	126	167	230	-4.00	143	275	219	225	180
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.80	5.68	5.52	4.28	5.34	4.35	4.62	4.64	4.35	3.88	4.59
Price to Tangible Book Value (P/TBV)	5.89	5.76	5.60	4.33	5.41	4.41	4.68	4.69	4.35	3.88	17.52
Price to Revenue (P/Rev)	6.86	6.84	6.54	5.19	5.87	4.57	4.96	5.19	4.94	4.26	5.02
Price to Earnings (P/E)	51.84	36.65	40.85	30.15	40.49	36.06	35.71	32.53	29.55	19.78	24.02
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.93%	2.73%	2.45%	3.32%	2.47%	2.77%	2.80%	3.07%	3.38%	5.06%	4.16%
Enterprise Value to Invested Capital (EV/IC)	21.56	26.70	14.63	13.38	18.30	13.44	12.53	15.14	19.49	16.98	5.32
Enterprise Value to Revenue (EV/Rev)	5.95	5.85	5.75	4.30	5.04	3.80	4.22	4.36	4.01	3.36	4.84
Enterprise Value to EBITDA (EV/EBITDA)	39.80	28.75	29.20	19.93	22.23	21.32	23.67	21.07	18.15	12.11	18.58
Enterprise Value to EBIT (EV/EBIT)	40.22	28.75	29.13	19.91	22.27	21.56	24.13	21.59	18.66	12.40	19.57
Enterprise Value to NOPAT (EV/NOPAT)	59.55	31.75	29.92	22.50	29.65	28.27	32.38	31.21	27.32	18.54	27.36
Enterprise Value to Operating Cash Flow (EV/OCF)	28.81	17.97	22.96	20.23	19.95	17.31	18.67	18.36	14.66	12.07	18.17
Enterprise Value to Free Cash Flow (EV/FCFF)	43.88	17.96	43.82	29.19	43.61	120.30	33.65	36.23	23.89	16.52	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.72	-0.72	-0.65	-0.72	-0.76	-0.77	-0.68	-0.74	-0.79	-0.78	-0.39
Leverage Ratio	1.43	1.43	1.36	1.35	1.45	1.45	1.38	1.36	1.43	1.45	1.45
Compound Leverage Factor	1.58	4.05	1.07	1.54	1.03	-3.06	1.59	1.48	1.60	1.63	1.54
Debt to Total Capital	7.08%	4.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	7.08%	4.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.92%	95.11%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.60	0.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-6.06	-4.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.90	0.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-9.07	-5.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	8.67	8.40	11.65	9.87	8.58	6.75	7.41	7.98	7.52	6.63	7.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.45	2.52	4.19	4.37	3.40	3.13	3.20	3.38	3.39	2.93	1.87
Quick Ratio	2.25	2.33	3.78	3.98	3.06	2.79	2.88	2.89	2.92	2.51	1.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	179	405	-33	27	-38	-236	86	120	196	224	-2,085
Operating Cash Flow to CapEx	2,287.04%	1,163.39%	556.90%	1,950.62%	3,321.92%	605.61%	816.00%	1,723.48%	0.00%	1,602.20%	1,748.72%
Free Cash Flow to Firm to Interest Expense	0.00	368.47	-0.67	0.00	-0.44	0.00	0.00	0.00	0.00	0.00	-718.91
Operating Cash Flow to Interest Expense	0.00	118.45	1.30	0.00	2.77	0.00	0.00	0.00	0.00	0.00	47.03
Operating Cash Flow Less CapEx to Interest Expense	0.00	108.27	1.07	0.00	2.68	0.00	0.00	0.00	0.00	0.00	44.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.68	0.72	0.70	0.68	0.67	0.70	0.69	0.69	0.72	0.73
Accounts Receivable Turnover	4.78	4.71	4.95	4.99	5.13	4.99	4.72	4.44	4.91	4.83	4.55
Inventory Turnover	1.08	1.10	0.98	0.89	0.71	0.74	0.76	0.76	0.82	0.92	0.58
Fixed Asset Turnover	29.17	28.70	29.09	30.15	30.71	29.73	29.22	30.26	33.18	34.88	37.04
Accounts Payable Turnover	0.10	0.10	0.10	0.07	0.07	0.08	0.09	0.09	0.09	0.09	0.07
Days Sales Outstanding (DSO)	76.33	77.56	73.69	73.14	71.16	73.13	77.36	82.25	74.38	75.54	80.20
Days Inventory Outstanding (DIO)	337.42	332.93	372.02	410.08	513.68	492.29	479.91	479.58	442.76	397.83	633.64
Days Payable Outstanding (DPO)	3,661.03	3,644.81	3,760.80	4,923.65	4,886.71	4,561.99	4,094.18	4,070.83	3,978.92	4,017.58	5,104.49
Cash Conversion Cycle (CCC)	-3,247.28	-3,234.32	-3,315.10	-4,440.43	-4,301.86	-3,996.57	-3,536.91	-3,509.00	-3,461.77	-3,544.21	-4,390.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	521	434	833	720	649	683	845	772	589	614	3,065
Invested Capital Turnover	3.40	3.45	2.76	3.34	4.02	4.32	2.99	3.59	4.62	4.78	1.73
Increase / (Decrease) in Invested Capital	-67	-280	129	98	128	248	12	52	-60	-69	2,220
Enterprise Value (EV)	11,235	11,599	12,178	9,636	11,880	9,174	10,590	11,692	11,477	10,429	16,317
Market Capitalization	12,946	13,551	13,855	11,634	13,820	11,027	12,439	13,923	14,141	13,222	16,946
Book Value per Share	$22.72	$23.91	$24.93	$26.93	$25.58	$25.43	$27.22	$30.28	$32.63	$33.95	$36.73
Tangible Book Value per Share	$22.36	$23.57	$24.60	$26.58	$25.22	$25.07	$26.85	$29.92	$32.63	$33.95	$9.62
Total Capital	2,402	2,509	2,509	2,719	2,590	2,536	2,694	3,004	3,253	3,407	3,694
Total Debt	170	123	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,711	-1,952	-1,677	-1,999	-1,940	-1,853	-1,849	-2,231	-2,664	-2,793	-629
Capital Expenditures (CapEx)	5.40	11	12	8.10	7.30	11	13	13	-2.40	9.10	7.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	91	-1.70	232	219	141	172	227	406	299	288	373
Debt-free Net Working Capital (DFNWC)	1,122	1,209	1,271	1,447	1,217	1,115	1,203	1,520	1,779	1,604	763
Net Working Capital (NWC)	952	1,086	1,271	1,447	1,217	1,115	1,203	1,520	1,779	1,604	763
Net Nonoperating Expense (NNE)	-36	82	31	-4.43	-13	4.78	-9.37	-38	-18	-43	-9.53
Net Nonoperating Obligations (NNO)	-1,711	-1,952	-1,677	-1,999	-1,940	-1,853	-1,849	-2,231	-2,664	-2,793	-629
Total Depreciation and Amortization (D&A)	-0.60	-0.90	0.30	0.00	1.50	3.00	3.90	5.00	5.50	6.00	28
Debt-free, Cash-free Net Working Capital to Revenue	4.81%	-0.09%	10.96%	9.76%	5.98%	7.11%	9.04%	15.12%	10.45%	9.29%	11.06%
Debt-free Net Working Capital to Revenue	59.47%	60.99%	59.98%	64.51%	51.67%	46.22%	47.91%	56.67%	62.20%	51.71%	22.61%
Net Working Capital to Revenue	50.46%	54.80%	59.98%	64.51%	51.67%	46.22%	47.91%	56.67%	62.20%	51.71%	22.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.52	$0.43	$0.64	$1.28	$1.05	$0.08	$1.09	$2.11	$1.53	$1.97	$1.43
Adjusted Weighted Average Basic Shares Outstanding	97.70M	99.80M	100.80M	101.10M	100.40M	99.70M	99M	99.40M	99.50M	100.50M	101M
Adjusted Diluted Earnings per Share	$1.49	$0.42	$0.63	$1.24	$1.00	$0.08	$1.06	$2.04	$1.49	$1.91	$1.39
Adjusted Weighted Average Diluted Shares Outstanding	101M	103.60M	103.90M	104.30M	103.70M	102.50M	101M	102.50M	102.50M	103.40M	104.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.51M	100.64M	100.98M	101.25M	99.70M	98.97M	99.18M	99.71M	100.36M	100.55M	101.65M
Normalized Net Operating Profit after Tax (NOPAT)	112	70	96	125	90	13	98	172	135	155	135
Normalized NOPAT Margin	21.74%	13.49%	16.24%	20.15%	14.34%	2.22%	14.27%	21.59%	16.81%	19.04%	14.06%
Pre Tax Income Margin	38.47%	6.70%	16.71%	30.59%	25.90%	2.57%	23.20%	36.71%	29.72%	30.30%	16.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	11.09	2.53	0.00	2.61	0.00	0.00	0.00	0.00	0.00	52.66
NOPAT to Interest Expense	0.00	113.56	1.93	0.00	1.03	0.00	0.00	0.00	0.00	0.00	46.51
EBIT Less CapEx to Interest Expense	0.00	0.91	2.29	0.00	2.53	0.00	0.00	0.00	0.00	0.00	49.97
NOPAT Less CapEx to Interest Expense	0.00	103.38	1.70	0.00	0.94	0.00	0.00	0.00	0.00	0.00	43.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	87.90%	147.16%	134.28%	109.28%	35.04%	10.72%	9.36%

Financials Breakdown Chart

Key Financial Trends

Neurocrine Biosciences’ financial results show a company with strong long-term revenue growth, improving profitability versus 2023 and a substantial equity base. However, the latest quarter also points to higher operating expenses, weaker sequential margins and significant volatility in investment-related cash flows.

Revenue growth remains strong. Q2 2026 revenue reached $959.0 million, up 39.5% from $687.5 million in Q2 2025 and nearly double the $515.2 million reported in Q4 2023. Revenue has increased in each reported quarter from Q2 2025 through Q2 2026.
Profitability is substantially better than a few years ago. Q2 2026 net income was $144.4 million, compared with a restated loss of $76.6 million in Q1 2023 and $65.0 million in Q2 2024. Diluted EPS rose to $1.39 from $1.06 a year earlier.
Operating cash flow is consistently positive. Neurocrine generated $136.4 million of operating cash flow in Q2 2026 and $145.8 million in Q1. Operating cash flow has been positive in every quarter provided except Q1 2023, when the company reported negative $125.2 million.
The balance sheet has expanded significantly. Total assets increased to $5.36 billion in Q2 2026 from $3.89 billion in Q2 2025 and $2.36 billion in Q1 2023. Total equity reached $3.69 billion, providing a substantial financial cushion.
Debt exposure appears limited. The company had no reported short- or long-term debt in Q2 2026. Debt that was present in early 2023 had been eliminated by Q2 2024, reducing interest-rate and refinancing risk.
Liquidity remains adequate despite portfolio changes. Q2 2026 current assets of $1.64 billion exceeded current liabilities of $874.5 million, implying a current ratio of approximately 1.9. Cash and equivalents totaled $332.4 million, supplemented by $57.4 million of short-term investments and $239.2 million of long-term investments.
Research investment is supporting the company’s growth pipeline. Research and development spending increased to $328.2 million in Q2 2026 from $244.3 million a year earlier and $137.5 million in Q4 2022. While this weighs on near-term margins, sustained investment can support future products and indications.
Investment activity is unusually large and volatile. Q2 2026 included $2.27 billion of investment sales or maturities and $37.4 million of investment purchases, while Q1 included $819.5 million of purchases. These transactions appear largely related to managing the investment portfolio rather than core operations, so investors should avoid treating them as recurring operating cash flow.
Working capital is absorbing cash. Changes in operating assets and liabilities reduced operating cash flow by $105.4 million in Q2 2026 and $64.1 million in Q1. Accounts receivable increased to $887.0 million, while accounts payable reached $808.3 million, making future collections and payment timing important to cash generation.
Sequential profitability weakened in Q2. Net income declined from $197.9 million in Q1 2026 to $144.4 million in Q2, while diluted EPS fell from $1.91 to $1.39. Operating income dropped from $193.4 million to $151.5 million, and the operating margin fell to approximately 15.8% from 23.8%.
Operating expenses are growing rapidly. Q2 2026 SG&A expense rose to $439.7 million from $318.5 million a year earlier, while total operating expenses increased to $807.5 million from $607.3 million. Expense growth could limit earnings leverage if revenue growth slows.
Share count has trended upward over the longer term. Basic weighted-average shares increased from 95.8 million in Q4 2022 to 101.0 million in Q2 2026. Although Neurocrine has conducted buybacks, equity issuance and stock-based compensation have contributed to dilution.
Asset concentration creates impairment risk. Intangible assets totaled $2.23 billion in Q2 2026, or roughly 42% of total assets, and goodwill added another $500.6 million. Any deterioration in product expectations could result in impairment charges and pressure reported equity.

Overall, the statements depict a financially stronger Neurocrine than in 2023, with rapidly growing revenue, recurring operating cash generation and no reported debt. The main issues for investors are whether the company can convert its revenue growth into steadier operating margins, control rising SG&A and R&D spending, and maintain cash flow as receivables and other working-capital needs expand.

09/04/26 01:12 PM ETAI Generated. May Contain Errors.

Neurocrine Biosciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Neurocrine Biosciences' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Neurocrine Biosciences' net income appears to be on an upward trend, with a most recent value of $478.60 million in 2025, falling from -$88.93 million in 2015. The previous period was $341.30 million in 2024. View Neurocrine Biosciences' forecast to see where analysts expect Neurocrine Biosciences to go next.

Neurocrine Biosciences' total operating income in 2025 was $619.10 million, based on the following breakdown:

Total Gross Profit: $2.81 billion
Total Operating Expenses: $2.19 billion

Over the last 10 years, Neurocrine Biosciences' total revenue changed from $19.77 million in 2015 to $2.86 billion in 2025, a change of 14,369.6%.

Neurocrine Biosciences' total liabilities were at $1.38 billion at the end of 2025, a 22.1% increase from 2024, and a 2,638.7% increase since 2015.

In the past 10 years, Neurocrine Biosciences' cash and equivalents has ranged from $74.20 million in 2015 to $713 million in 2025, and is currently $713 million as of their latest financial filing in 2025.

Over the last 10 years, Neurocrine Biosciences' book value per share changed from 4.92 in 2015 to 32.63 in 2025, a change of 562.6%.

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Financial statements for NASDAQ:NBIX last updated on 7/31/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Neurocrine Biosciences (NBIX) Financials

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Neurocrine Biosciences (NBIX) Financials

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