Neurocrine Biosciences Inc (NBIX)
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Neurocrine Biosciences makes real money: $2,860.5 million in revenue and $478.6 million in net income in 2025, followed by a first quarter of 2026 with $814.5 million in revenue. Almost all of it came from a single active ingredient — INGREZZA accounted for 87.9 percent of 2025 revenues. So in May 2026 the company spent practically its entire war chest: roughly $2.9 billion for Soleno Therapeutics, plus a first-ever $600.0 million draw on a secured credit facility backed by a pledge of substantially all of its assets. Not investment advice — just the question of what an insurance policy against your own dependence is allowed to cost.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AINeurocrine verkauft keine KI-Produkte, gestattet den Einsatz generativer KI im eigenen Betrieb aber ausdrücklich und hat dafür eine KI-Governance mit Verantwortungsgremien eingerichtet (Geschäftsbericht 10-K für 2025, Quartalsbericht 10-Q zum 31.03.2026).
View the full file — quotes, sources, reviewed filings
„Our employees and personnel are permitted to use generative AI technologies to perform some of their work, and the disclosure and use of personal information data in generative AI technologies is subject to various privacy laws and other privacy obligations."
Unseren Mitarbeitenden und unserem Personal ist es gestattet, generative KI-Technologien für einen Teil ihrer Arbeit einzusetzen; die Offenlegung und Verwendung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
„Our CIO has 24 years of experience in global information technology leadership focused on digital transformation and artificial intelligence (AI) automation, including establishing responsible AI councils and leading AI governance."
Unser Chief Information Officer verfügt über 24 Jahre Erfahrung in der Leitung globaler Informationstechnologie mit Schwerpunkt auf digitaler Transformation und Automatisierung mittels künstlicher Intelligenz (KI), einschließlich des Aufbaus von Gremien für verantwortungsvolle KI und der Leitung der KI-Governance.
„If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages."
Wenn wir generative KI nicht einsetzen können, könnte das unser Geschäft weniger effizient machen und zu Wettbewerbsnachteilen führen.
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-11 · 10-Q 2025-10-28 · 10-Q 2025-07-30 · 10-Q 2025-05-05 · 10-K 2025-02-10
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.00 | -30.60 | 628 | 21.80 | 16.40 | 243 | 235 |
| 2025: Q1 | 0.08 | -81.60 | 573 | 11.10 | 1.40 | 65 | 54 |
| 2025: Q2 | 1.06 | 70.10 | 688 | 16.50 | 15.60 | 102 | 90 |
| 2025: Q3 | 2.04 | 64.20 | 795 | 27.80 | 26.40 | 228 | 214 |
| 2025: Q4 | 1.50 | 49.70 | 806 | 28.30 | 19.10 | 388 | 391 |
| 2026: Q1 | 1.91 | 2,383.30 | 815 | 42.20 | 24.30 | 146 | 137 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Neurocrine earns real money: $478.6 million of net income in 2025 on $2,860.5 million of revenue (2024: $341.3 million on $2,355.3 million), plus $782.7 million of operating cash flow. The first quarter of 2026 brought $814.5 million of revenue and $197.9 million of net income, against $572.6 million and $7.9 million a year earlier. Even after $1,015.7 million of research spending, 2025 operating income came to $619.1 million.
INGREZZA delivered $2,513.7 million in 2025, roughly 87.9 percent of total revenues, and still 80.7 percent in the first quarter of 2026 ($656.9 million of $814.5 million). The ratio is falling because CRENESSITY grew from $1.7 million in 2024 to $301.2 million in 2025 — but it remains the central weak point of the business model.
The 2025 annual report lists 22 Orange Book patents expiring between 2027 and 2040 and an agreed generic start of March 1, 2038 — "or earlier under certain circumstances." The second deadline matters more: the exemption from Medicare price negotiation runs only until 2027 (initial price applicability year 2029). Competitor AUSTEDO was selected in 2025 and received a lower maximum fair price. On top of that, the Zydus dispute over INGREZZA SPRINKLE has been running since April 2025.
As of March 31, 2026, the balance sheet showed $3,407.4 million of equity and $2,647.2 million of liquidity with no financial debt whatsoever. On May 18, 2026, the company paid roughly $2.9 billion in cash for Soleno Therapeutics and on May 14 drew a first $600.0 million on a $1.0 billion secured facility backed by a pledge of substantially all its assets. The covenants (total net leverage no higher than 3.75x, interest coverage no lower than 2.00x) sit far away for a company with this earnings power — but they exist now.
One product has become three: CRENESSITY already reached $153.3 million in the first quarter of 2026, up from $14.5 million a year earlier, and VYKAT XR joined on May 18, 2026, as the first and only approved medicine for hyperphagia in Prader-Willi syndrome. All three run through the same field organization of roughly 600 professionals (as of December 31, 2025), with late-stage candidates in major depressive disorder and schizophrenia behind them.
At a market capitalization of roughly $17.7 billion (Nasdaq closing price of $175.77 on July 24, 2026, times 100,549,983 shares), the stock trades at about 27 times earnings and 5.7 times sales. For a growing, profitable drugmaker that is unremarkable. The caveat matters: debt-to-equity, the Altman Z-Score and the equity ratio all come from the balance sheet as of March 31, 2026, and do not yet reflect the acquisition.
Neurocrine is not a turnaround bet but a profitable specialist with a very concrete expiration date in the fine print. Revenue of $2,860.5 million and net income of $478.6 million in 2025, plus a strong first quarter of 2026 — but 87.9 percent of revenue from a single ingredient whose price protection is granted only until 2027. To address exactly that dependence, the company spent roughly $2.9 billion in May 2026, deployed its entire liquidity and drew on a secured credit facility for the first time. Whether that was early enough comes down to one number: the revenue of CRENESSITY and VYKAT XR over the coming quarters. Not investment advice.
- Neurocrine reached our research list through our in-house stock scanner: the stock sits in the U.S. selection of the "Fundamental Rank (A / A+)" screen and, on the same date, appeared on 18 scanner screens in total — including quality filters such as "Buffett criteria" and "Quality stocks" as well as trend screens such as "Stan Weinstein: Stage 2" (as of July 26, 2026; 38 U.S. names met the Fundamental Rank criteria, and the page shows the 25 highest-ranked). These screens are recalculated daily.
- Possible confusion: "Neurocrine Group Limited" (formerly Diurnal Group plc), sold to Immedica Pharma AB in January 2026 for $63.2 million, was a former British subsidiary, not the listed Neurocrine Biosciences, Inc. The listed company has traded under the same name and the same SEC file number, CIK 0000914475, since its registration; there are no predecessor or successor entities.
- Data basis and cross-check: all balance sheet and earnings figures come from the annual report 10-K for 2025 and the quarterly report 10-Q as of March 31, 2026; all acquisition details come from the current reports 8-K dated April 6 and May 18, 2026. The market capitalization of roughly $17.7 billion is the Nasdaq closing price of July 24, 2026 ($175.77) times the 100,549,983 shares named in the quarterly report. Cross-check against the most recent price documented in a mandatory filing, $181.02 (Form 4 filed July 13, 2026, for the July 10, 2026, trade date): $18.2 billion, a deviation of roughly three percent. Analyses are evergreen; daily prices are not a reason to buy.
About the Company
Neurocrine Biosciences, Inc. entdeckt, entwickelt und kommerzialisiert Pharmazeutika für neurologische, psychiatrische, endokrine und immunologische Erkrankungen in den USA und international.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,000 |
| Headquarters | San Diego, CA |
| Website | neurocrine.com |
| IPO Date | 23. May 1996 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Kyle W. Gano Ph.D. | President, CEO & Director | 1973 |
| Matthew C. Abernethy CPA | Chief Financial Officer | 1980 |
| Jude Onyia Ph.D. | Chief Scientific Officer | 1964 |
| Eric S. Benevich | Chief Commercial Officer | 1965 |
| Eiry Wyn Roberts M.D. | Strategic Advisor | 1964 |
| Sanjay Keswani B.Sc., M.D., MBBS | Chief Medical Officer | 1971 |
| Wylie W. Vale Ph.D. | Co-Founder | 1942 |
| Lawrence Steinman BA, M.D., Ph.D. | Co-Founder of Neurocrine | 1948 |
| Lewis Choi | Chief Information Officer | – |
| Todd Tushla | Vice President of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.