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Neurocrine Biosciences, Inc.

NBIX Healthcare Drug Manufacturers Specialty & Generic

Neurocrine Biosciences, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 21.4% from fiscal 2024.

Revenue
+41.2%
EPS
−3.67%
Free cash flow
+79.0%

Quarter to September 2026, against a year earlier

160.47 5.58 −3.36%
Market cap
$16.2B
P/E
23.0×
Fwd P/E
20.6×
Dividend yield
—
F-score
7/9
Altman Z
7.80
Beneish M
−2.64
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 74.38
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 1 — — — 6 5 4 — 3 1 —
Insider Ownership 1.57%

Capital & Financial Ratios $m

Size
Market Cap 16,170.00
Revenue ttm 3,701.70
Net income ttm 702.50
Free cash flow ttm 1,039.70
Net debt Q (737.90)
Valuation
P/E 23.01
Forward P/E 20.60
Price / sales 4.40
Forward P/S Powerpack
Price / FCF 15.68
Price / book 4.20
Financial health
Current ratio Q 2.04 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1,104.33
Growth
Revenue growth Q +41.24% (above 0%: growing)
Operating income growth Q +38.62% (above 0%: growing)
EPS, this year +56.80% (at or above 15%: strong)
EPS, next year A +33.56% (at or above 15%: strong)
Revenue, next year A +36.44% (at or above 10%: strong)
EPS, past 5 yrs +2.34%
EPS, next 5 yrs A +37.41% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.4×, against a ten-year median of 8.4×; over the ten years it ranged from 3.8× in 2026 to 147× in 2016.
P/E against its own 10 years 12.11%
10-year low 10-year high
P/S against its own 10 years 2.79%
10-year low 10-year high
P/B against its own 10 years 5.13%
10-year low 10-year high
EV/Sales against its own 10 years 4.25%
10-year low 10-year high
EV/FCF against its own 10 years 2.48%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,032 1,076 1,480 738
Receivables 439 479 687 957
Inventory 38 57 69 66
Other 98 64 116 35
1,607 1,725 2,523 2,008
2023 2024 2025 Q'26
Payables 449 462 674 923
ST’ Debt — — — —
Other 36 46 69 61
655 508 743 985

Compound Annual Growth %

10y 5y 3y
Sales 64.45% 22.29% 24.32%
Cash Flow 0.00% 27.92% 32.12%
Earnings 0.00% 3.28% 45.77%
Book Value 22.59% 23.63% 23.96%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.54 Actual 3.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.25 1.88 Miss by 0.37
Q1 FY26 1.68 1.94 Beat by 0.26
Q2 FY26 2.26 2.85 Beat by 0.59
Q3 FY26 2.54 3.29 Beat by 0.75
Q4 FY26 2.73 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.91 1.39 1.96 — —
’25 0.08 1.06 2.04 1.48 4.67
’24 0.42 0.63 1.24 1.00 3.29
’23 (0.79) 0.95 0.82 1.44 2.47
’22 0.14 (0.18) 0.69 0.88 1.56
’21 0.33 0.43 0.23 (0.08) 0.92
’20 0.39 0.81 (0.62) 3.58 4.16
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 815 959 1,123 — —
’25 573 688 795 806 2,861
’24 515 590 622 628 2,355
’23 420 453 499 515 1,887
’22 311 378 388 412 1,489
’21 237 289 296 312 1,134
’20 237 302 259 248 1,046
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 146 136 395 — —
’25 65 102 228 388 783
’24 130 65 158 243 595
’23 (125) 180 212 124 390
’22 (40) 138 99 143 339
’21 87 103 62 4 257
’20 36 119 (20) 95 229
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 137 129 384 — —
’25 54 90 214 391 749
’24 119 53 150 235 557
’23 (134) 173 204 118 362
’22 (48) 129 101 141 323
’21 83 99 56 (5) 233
’20 34 114 (21) 90 218
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.5% a year for ten years.

Implied
5.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 15 162 451 788 1,046 1,134 1,489 1,887 2,355 2,861 3,702 +79.2% 3,903 4,552 5,053 +20.9%
Gross margin, % 100.00 99.22 98.91 99.06 99.03 98.74 98.44 97.90 98.56 98.18 97.75 (1.8) pt
EBT (141) (143) 22 47 107 101 214 332 486 705 932 n/m
EBT margin, % (940.60) (88.19) 4.83 5.90 10.20 8.95 14.37 17.60 20.63 24.66 25.18 +965.3 pt
Net income (141) (143) 21 37 407 90 155 250 341 479 703 n/m
Per share, $
Per share, $ Revenue 0.17 1.83 5.00 8.60 11.23 11.98 15.54 19.32 23.46 28.75 36.43 +76.5%
Earnings (1.63) (1.62) 0.23 0.40 4.38 0.95 1.61 2.56 3.40 4.81 6.97 n/m
Cash flow (1.22) (1.07) 1.12 1.60 2.45 2.71 3.54 3.99 5.93 7.87 10.49 n/m
Capex (0.05) (0.08) (0.27) (0.16) (0.12) (0.25) (0.17) (0.29) (0.38) (0.34) (0.26) +24.6%
Free cash flow (1.27) (1.15) 0.85 1.44 2.34 2.46 3.37 3.70 5.55 7.52 10.23 n/m
Book value 3.63 4.22 5.33 6.95 12.10 14.52 17.83 22.85 25.79 32.69 38.18 +27.7%
Shares, m 87 88 90 92 93 95 96 98 100 100 101 +1.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 324.59 268.73 21.98 89.65 74.58 51.86 40.38 29.43 23.01 90.1
P/S 92.53 39.55 14.28 12.49 8.53 7.11 7.73 6.82 5.82 4.93 4.40 20.0
P/B 10.65 18.77 13.40 15.46 7.92 5.86 6.74 5.77 5.29 4.34 4.20 9.4
EV/Sales 84.07 38.72 14.54 12.24 8.44 7.11 7.38 6.57 5.60 4.61 4.35 18.9
EV/FCF (27.62) (67.54) 85.67 72.91 40.55 34.60 34.04 34.27 23.66 17.61 15.50 24.8
Cash, $m
Cash, $m Operating cash flow (106) (94) 101 147 229 257 339 390 595 783 1,066 n/m
Capex (4) (7) (25) (15) (11) (23) (16) (28) (38) (34) (26) +26.5%
Free cash flow (110) (101) 77 132 218 233 323 362 557 749 1,040 n/m
Balance, $m
Balance, $m Working capital 280 500 650 266 830 727 916 952 1,217 1,779 1,024 +22.8%
Net debt (307) (146) (262) (583) (483) (376) (989) (1,032) (1,076) (1,480) (738) +19.1%
Shareholders’ equity 315 372 481 637 1,126 1,374 1,708 2,232 2,590 3,253 3,879 +29.6%
Returns, %
Returns, % ROA (33.60) (24.10) 2.33 3.22 26.79 4.71 6.96 8.89 9.79 11.46 14.20 +45.1 pt
ROIC (1,130.99) (36.36) 10.53 84.62 15.84 6.42 21.66 13.06 23.56 21.83 17.65 +1,152.8 pt
ROE (38.17) (41.50) 4.95 6.62 46.20 7.17 10.03 12.68 14.16 16.38 20.41 +54.6 pt
People
People Employees 196 400 585 700 845 900 1,200 1,400 1,800 2,000 — +29.4%
Revenue/emp, $m 0.08 0.40 0.77 1.13 1.24 1.26 1.24 1.35 1.31 1.43 — +38.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Neurocrine Biosciences is a neuroscience-focused biopharmaceutical company that discovers, develops and sells treatments for neurological, psychiatric, endocrine and immunological disorders. Founded in 1992, it is headquartered in San Diego.

Its largest product, INGREZZA, treats tardive dyskinesia, a condition involving involuntary movements, and chorea associated with Huntington’s disease. CRENESSITY treats classic congenital adrenal hyperplasia, or CAH, a genetic disorder that affects hormone production. Neurocrine sells both medicines in the United States.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 2,861 100.00%
Gross margin 98.18%
Operating margin 21.64%
Pre-tax margin 24.66%

Revenue by segment since 2016

Neurocrine Biosciences, Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HLN Haleon PLC Sponsored ADR $40.2B 20.5× 16.5× −0.32% (below 0%: shrinking) +40.00% (above 0%: growing) −42.94% (below 0%: shrinking) 62.88% 25.36% Compare
ZTS Zoetis Inc. $33.9B 13.4× 14.2× −0.24% (below 0%: shrinking) +2.48% (above 0%: growing) +17.43% (above 0%: growing) 72.73% 37.56% Compare
UTHR United Therapeutics Corporation $24.3B 19.7× 22.5× +4.13% (above 0%: growing) −21.65% (below 0%: shrinking) −63.65% (below 0%: shrinking) 88.10% 36.97% Compare
VTRS Viatris Inc. $21.8B — (loss-making) 82.6× −0.28% (below 0%: shrinking) n/m +38.78% (above 0%: growing) 38.35% 6.97% Compare
NBIX Neurocrine Biosciences, Inc. $16.2B 23.0× 20.6× +41.24% (above 0%: growing) −3.67% (below 0%: shrinking) +79.00% (above 0%: growing) 97.63% 29.51%
RDY Dr. Reddy's Laboratories Ltd $12.1B 44.4× 30.7× −10.09% (below 0%: shrinking) −36.84% (below 0%: shrinking) −70.49% (below 0%: shrinking) 52.13% 14.63% Compare
ELAN Elanco Animal Health Incorporated $11.8B — (loss-making) 161× +10.23% (above 0%: growing) +450.00% (above 0%: growing) +35.56% (above 0%: growing) 58.33% 7.97% Compare
ALKS Alkermes plc $7.5B — (loss-making) — (loss-making) +21.80% (above 0%: growing) −80.60% (below 0%: shrinking) +6.78% (above 0%: growing) 80.38% 7.50% Compare
KNSA Kiniksa Pharmaceuticals International, plc $6.9B 62.1× 67.8× +58.12% (above 0%: growing) +142.20% (above 0%: growing) +43.51% (above 0%: growing) 90.29% 18.97% Compare
Median of peers $16.9B 20.5× 30.7× +1.95% +2.48% +12.11% 67.81% 16.80%

All 84 Drug Manufacturers Specialty & Generic stocks →

From the latest earnings call

Updated

  • Chief Commercial Officer Eric Benevich said CRENESSITY’s prescriber base had nearly tripled from a year earlier, with adoption across pediatric and adult endocrinology practices.
  • CEO Kyle Gano said VYKAT XR patient starts had been steady and that Neurocrine expected sequential growth as it exited 2026.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.23%
Held by the ten largest 51.79%
Holder Shares Stake Change
BlackRock 13.71m 13.50% +326.00k
Vanguard 10.31m 10.15% +295.89k
JPMorgan Chase 6.40m 6.30% +956.61k
Dodge & Cox 5.58m 5.50% +123.67k
State Street 4.39m 4.32% +31.07k
AQR Capital Management 3.80m 3.74% −1.11m
RENAISSANCE TECHNOLOGIES LLC 2.34m 2.30% −83.00k
Geode Capital Management 2.14m 2.11% +2.11k
Two Sigma 2.08m 2.04% −984.31k
Vestal Point Capital, LP 1.88m 1.85% +630.00k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 15 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.94m 6.02m 147.97

Ownership

Directors and executive officers, together 4.60%
BlackRock, Inc. 12.00%
The Vanguard Group 10.10%
Dodge & Cox 5.50%
JPMorgan Chase & Co. 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Neurocrine Biosciences, Inc. (NBIX) Latest News

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · MT Newswires
Impact 3 · · Zacks
Impact 3 · · Moby

2 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press
Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · PR Newswire

30 Oct

Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

25 Oct

Impact 4 · · The Motley Fool

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · PR Newswire

20 Oct

Impact 4 · · PR Newswire

16 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · PR Newswire

30 Sep

Impact 3 · · PR Newswire

28 Sep

Impact 4 · · PR Newswire

23 Sep

Impact 4 · · MarketBeat

18 Sep

Impact 4 ·

8 Sep

Impact 3 ·

31 Aug

Impact 4 ·

27 Aug

Impact 4 ·
Impact 3 ·

26 Aug

Impact 3 ·

20 Aug

Impact 4 ·

NBIX metrics, ten years each

stockrow.com/NBIX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com