A Business at a Glance
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NEUROCRINE BIOSCIENCES INC
NBIX
$18.0B
Mkt Cap
$175.77
+0.93%
NEUROCRINE BIOSCIENCES INC (NBIX) has a current P/E ratio of 37.6, compared to its historical median P/E of 47.9. The stock is currently considered Fair based on its historical valuation range.
NEUROCRINE BIOSCIENCES INC (NBIX) has a 5-year average return on invested capital (ROIC) of 17.8%. This indicates strong capital allocation and a potential competitive advantage.
NEUROCRINE BIOSCIENCES INC (NBIX) has a market capitalization of $17.7B. It is classified as a large-cap stock.
NEUROCRINE BIOSCIENCES INC (NBIX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.41%.
Based on historical P/E analysis, NEUROCRINE BIOSCIENCES INC (NBIX) appears fair. The current P/E of 37.6 is 21% below its historical median of 47.9. The estimated fair value CAGR (P/E method) is 25.3%.
NEUROCRINE BIOSCIENCES INC (NBIX) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
Neurocrine Biosciences is a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and commercializing treatments for neurological, psychiatric, endocrine, and immunological disorders. The company's commercial portfolio includes INGREZZA (valbenazine), FDA-approved for tardive dyskinesia and chorea associated with Huntington's disease, and CRENESSITY (crinecerfont), a first-in-class treatment for classic congenital adrenal hyperplasia, with additional marketed products for endometriosis and uterine fibroids developed in collaboration with AbbVie. Neurocrine employs a specialized sales force of approximately 600 professionals focused on neurology, psychiatry, long-term care, and rare diseases, distributing INGREZZA through a limited specialty network and CRENESSITY through a single specialty pharmacy provider to ensure high-touch patient support and supply management. The company relies entirely on third-party manufacturers for production of its commercial products and candidates, enabling it to direct resources toward commercial execution and research and development while maintaining long-term supply agreements with multiple manufacturers. Neurocrine's pipeline includes diversified mid- to late-phase programs across multiple modalities—small molecules, peptides, proteins, antibodies, conjugates, and gene therapies—with late-stage candidates in major depressive disorder and schizophrenia, positioning the company to expand its addressable market beyond its current core therapeutic areas. The company targets large patient populations, including approximately 800,000 people with tardive dyskinesia in the U.S., roughly 36,000 with Huntington's disease chorea, and at least 20,000 with classic congenital adrenal hyperplasia, with geographic presence in the U.S., Japan, and select Asian markets.
【Strong pipeline momentum ahead】 Management expects 2026 to deliver record net product sales driven by continued double-digit volume growth for INGREZZA supported by the expanded sales force and rising prevalence of tardive dyskinesia, while CRENESSITY is positioned to become a blockbuster medicine with strong persistency and new patient enrollment. The company anticipates multiple significant clinical data catalysts in 2027, including Phase III readouts for osavampator in major depressive disorder and direclidine in schizophrenia, alongside Phase I data for obesity programs, shaping what management describes as the most data-rich year in Neurocrine's history. Capital allocation priorities remain focused on driving revenue growth through commercial investments and advancing the pipeline, with management emphasizing that the expanded sales force and enhanced infrastructure position the company for potential upcoming product launches from its diversified pipeline. Management expects net pricing for INGREZZA to remain relatively consistent with 2025 exit levels in 2026, with volume growth expected to offset prior-year price declines, while CRENESSITY's market dynamics continue to evolve as the company reaches beyond early adopters and educates the broader CAH community.
| Metric | Target | Period |
|---|---|---|
| INGREZZA net product sales | $2.7 billion–$2.8 billion | FY2026 |
| CRENESSITY annualized sales run rate | over $600 million per year | FY2026 |
INGREZZA net product sales (FY2026): “With INGREZZA guidance reaffirmed at $2.7 billion-$2.8 billion”
CRENESSITY annualized sales run rate (FY2026): “CRENESSITY now annualizing at over $600 million per year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 2.9B | 2.4B | 1.9B | 1.5B | 1.1B |
| Net Income | 669M | 479M | 341M | 250M | 155M | 90M |
| EPS | $6.69 | $4.67 | $3.29 | $2.47 | $1.56 | $0.92 |
| Free Cash Flow | 831M | 749M | 557M | 362M | 323M | 233M |
| ROIC | 26.9% | 22.4% | 23.7% | 14.8% | 18.0% | 10.3% |
| Gross Margin | - | 98.2% | 98.6% | 91.6% | 98.4% | 92.7% |
| Debt/Equity | 0.00 | 0.14 | 0.19 | 0.21 | 0.16 | 0.33 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 789M | 619M | 571M | 251M | 249M | 103M |
| Operating Margin | 25.4% | 21.6% | 24.2% | 13.3% | 16.7% | 9.0% |
| ROE | 19.6% | 16.4% | 14.2% | 12.7% | 10.0% | 7.2% |
| Shares Outstanding | 101M | 102M | 104M | 101M | 99M | 97M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 0 | N/A | N/A | 162M | 451M | 788M | 1.0B | 1.1B | 1.5B | 1.9B | 2.4B | 2.9B | 3.1B |
| Gross Margin | N/A | N/A | N/A | 99.2% | 98.9% | N/A | 87.3% | 92.7% | 98.4% | 91.6% | 98.6% | 98.2% | N/A |
| R&D | 46M | 81M | 94M | 122M | 161M | N/A | 275M | 328M | 464M | 565M | 731M | 1.0B | 1.0B |
| SG&A | 18M | 32M | 68M | 170M | 249M | 354M | 433M | 583M | 753M | 888M | 1.0B | 1.2B | 1.2B |
| EBIT | -64M | -94M | -147M | -131M | 37M | 72M | 163M | 103M | 249M | 251M | 571M | 619M | 789M |
| Op. Margin | N/A | N/A | N/A | -81.3% | 8.2% | 9.2% | 15.6% | 9.0% | 16.7% | 13.3% | 24.2% | 21.6% | 25.4% |
| Net Income | -61M | -89M | -141M | -143M | 21M | 37M | 407M | 90M | 155M | 250M | 341M | 479M | 669M |
| Net Margin | N/A | N/A | N/A | -88.2% | 4.7% | 4.7% | 38.9% | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% | 21.6% |
| Non-Recurring | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -36.8% | -28.1% | -38.2% | -27.0% | 16.0% | 16.7% | 29.0% | 10.3% | 18.0% | 14.8% | 23.7% | 22.4% | 26.9% |
| ROE | -36.8% | -28.1% | -38.2% | -41.5% | 4.9% | 6.6% | 46.2% | 7.2% | 10.0% | 12.7% | 14.2% | 16.4% | 19.6% |
| ROA | -30.4% | -24.8% | -33.6% | -24.1% | 2.3% | 3.2% | 26.8% | 4.7% | 7.0% | 8.9% | 9.8% | 11.5% | 13.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -47M | -38M | -106M | -94M | 101M | 147M | 229M | 257M | 339M | 390M | 595M | 783M | 864M |
| Free Cash Flow | -49M | -40M | -110M | -101M | 77M | 132M | 218M | 233M | 323M | 362M | 557M | 749M | 831M |
| Owner Earnings | -58M | -67M | -136M | -139M | 39M | 64M | 120M | 111M | 151M | 174M | 373M | 535M | 523M |
| CapEx | 1.6M | 1.9M | 4.1M | 6.9M | 25M | 15M | 11M | 23M | 17M | 28M | 38M | 34M | 32M |
| Maint. CapEx | 827K | 1.0M | 1.5M | 2.4M | 4.0M | 7.4M | 8.6M | 11M | 16M | 21M | 27M | 30M | 119M |
| Growth CapEx | 785K | 925K | 2.7M | 4.5M | 21M | 7.3M | 2.3M | 13M | 900K | 7.0M | 11M | 3.9M | 0 |
| D&A | 827K | 1.0M | 1.5M | 2.4M | 4.0M | 7.4M | 8.6M | 11M | 16M | 21M | 27M | 30M | 119M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 24.5% | 10.0% | 4.8% | 9.1% | 4.9% | 7.3% | 6.4% | 4.3% | 3.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300M | 168M | 72M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.1% | 1.1% | 0.4% |
| Stock-Based Comp | 10M | 28M | 28M | 43M | 58M | 75M | 100M | 134M | 173M | 194M | 196M | 218M | 222M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 187M | 100K | 279M | 0 | 309M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | -307M | -146M | -262M | -167M | -378M | -254M | -709M | -571M | -580M | -1.0B | -1.3B |
| Cash & Equiv. | 31M | 74M | 83M | 255M | 142M | 112M | 187M | 341M | 263M | 251M | 233M | 713M | 1.3B |
| Long-Term Debt | N/A | N/A | 0 | 370M | 388M | 0 | 318M | 335M | 0 | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.16 | 0.12 | 0.00 | 0.99 | 0.81 | 0.79 | 0.38 | 0.33 | 0.16 | 0.21 | 0.19 | 0.14 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | -6.7 | 1.2 | 2.3 | 5.0 | 4.0 | 35.1 | 54.5 | 356.6 | N/A | N/A |
| Equity | 209M | 424M | 315M | 372M | 481M | 637M | 1.1B | 1.4B | 1.7B | 2.2B | 2.6B | 3.3B | 3.4B |
| Total Assets | 243M | 475M | 365M | 818M | 993M | 1.3B | 1.7B | 2.1B | 2.4B | 3.3B | 3.7B | 4.6B | 4.9B |
| Total Liabilities | 34M | 50M | 50M | 445M | 512M | 669M | 609M | 699M | 661M | 1.0B | 1.1B | 1.4B | 1.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 37M | 36M | 37M | N/A | N/A |
| Retained Earnings | -826M | -915M | -1.1B | -1.2B | -1.2B | -1.1B | -725M | -636M | -407M | -157M | 29M | 448M | 590M |
| Working Capital | 183M | 358M | 280M | 500M | 650M | 266M | 830M | 727M | 916M | 952M | 1.2B | 1.8B | 1.6B |
| Current Assets | 198M | 384M | 310M | 555M | 738M | 831M | 1.0B | 973M | 1.5B | 1.6B | 1.7B | 2.5B | 2.4B |
| Current Liabilities | 16M | 26M | 30M | 54M | 88M | 565M | 187M | 246M | 538M | 655M | 508M | 743M | 832M |
| Per Share Data | |||||||||||||
| EPS | -0.81 | -1.05 | -1.63 | -1.62 | 0.22 | 0.39 | 4.16 | 0.92 | 1.56 | 2.47 | 3.29 | 4.67 | 6.69 |
| Owner EPS | -0.78 | -0.80 | -1.57 | -1.58 | 0.41 | 0.68 | 1.22 | 1.14 | 1.52 | 1.72 | 3.59 | 5.22 | 5.19 |
| Book Value | 2.79 | 5.01 | 3.64 | 4.23 | 5.01 | 6.71 | 11.50 | 14.11 | 17.24 | 22.08 | 24.96 | 31.74 | 33.87 |
| Cash Flow/Share | -0.63 | -0.45 | -1.23 | -1.07 | 1.06 | 1.55 | 2.33 | 2.63 | 3.43 | 3.86 | 5.74 | 7.64 | 7.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 74.7M | 84.7M | 86.6M | 88.0M | 95.9M | 94.9M | 97.9M | 97.4M | 99.0M | 101.1M | 103.7M | 102.5M | 100.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 311.0 | 278.1 | 23.0 | 92.1 | 76.1 | 53.5 | 42.4 | 31.1 | 26.3 |
| P/FCF | N/A | N/A | N/A | N/A | 85.7 | 77.8 | 43.0 | 35.4 | 36.4 | 36.9 | 26.0 | 19.9 | 21.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | 170.9 | 144.3 | 54.4 | 76.8 | 44.6 | 50.5 | N/A | N/A | 20.7 |
| Price/Book | 8.2 | 10.6 | 10.4 | 17.8 | 13.7 | 16.2 | 8.3 | 6.0 | 6.9 | 6.0 | 5.6 | 4.6 | 5.2 |
| Price/Sales | N/A | N/A | N/A | 28.8 | 20.4 | 10.9 | 9.9 | 8.3 | 6.6 | 5.7 | 5.9 | 4.7 | 5.7 |
| FCF Yield | -2.9% | -0.9% | -3.4% | -1.5% | 1.2% | 1.3% | 2.3% | 2.8% | 2.7% | 2.7% | 3.9% | 5.0% | 4.7% |
| Market Cap | 1.7B | 4.5B | 3.3B | 6.6B | 6.6B | 10.3B | 9.4B | 8.3B | 11.8B | 13.4B | 14.5B | 14.9B | 17.7B |
| Avg. Price | 16.15 | 44.04 | 45.45 | 52.85 | 95.81 | 90.78 | 105.33 | 96.82 | 98.61 | 105.64 | 133.54 | 130.53 | 175.77 |
| Year-End Price | 22.77 | 53.01 | 37.99 | 75.39 | 68.43 | 108.44 | 95.53 | 84.73 | 118.68 | 132.15 | 139.44 | 145.26 | 175.77 |
NEUROCRINE BIOSCIENCES INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
NEUROCRINE BIOSCIENCES INC trades at 37.6x trailing earnings, compared to its 15-year median P/E of 47.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 23.6x vs a median of 36.7x. The company's 5-year average ROIC is 17.8% with a gross margin of 95.9%. Total shareholder yield (buybacks) is 0.4%. At current prices, the estimated annualized return to fair value is +31.3%.
NEUROCRINE BIOSCIENCES INC (NBIX) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
NEUROCRINE BIOSCIENCES INC (NBIX) has a net profit margin of 16.7%. This is a healthy margin.
NEUROCRINE BIOSCIENCES INC (NBIX) generated $749 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEUROCRINE BIOSCIENCES INC (NBIX) has a debt-to-equity ratio of 0.14. This indicates a conservatively financed balance sheet.
NEUROCRINE BIOSCIENCES INC (NBIX) reported earnings per share (EPS) of $4.67 in its most recent fiscal year.
NEUROCRINE BIOSCIENCES INC (NBIX) has a return on equity (ROE) of 16.4%. This indicates the company generates strong returns for shareholders.
NEUROCRINE BIOSCIENCES INC (NBIX) has a 5-year average gross margin of 95.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for NEUROCRINE BIOSCIENCES INC (NBIX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEUROCRINE BIOSCIENCES INC (NBIX) has a book value per share of $31.74, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver record net product sales driven by continued double-digit volume growth for INGREZZA supported by the expanded sales force and rising prevalence of tardive dyskinesia, while CRENESSITY is positioned to become a blockbuster medicine with strong persistency and new patient enrollment. The company anticipates multiple significant clinical data catalysts in 2027, including Phase III readouts for osavampator in major depressive disorder and direclidine in schizophrenia, alongside Phase I data for obesity programs, shaping what management describes as the most data-rich year in Neurocrine's history. Capital allocation priorities remain focused on driving revenue growth through commercial investments and advancing the pipeline, with management emphasizing that the expanded sales force and enhanced infrastructure position the company for potential upcoming product launches from its diversified pipeline. Management expects net pricing for INGREZZA to remain relatively consistent with 2025 exit levels in 2026, with volume growth expected to offset prior-year price declines, while CRENESSITY's market dynamics continue to evolve as the company reaches beyond early adopters and educates the broader CAH community.
Based on recent SEC filings and earnings calls, NEUROCRINE BIOSCIENCES INC (NBIX) has provided the following forward guidance: INGREZZA net product sales: $2.7 billion–$2.8 billion (FY2026); CRENESSITY annualized sales run rate: over $600 million per year (FY2026).