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. In the quarter to June 2026, revenue grew 39.5%, EPS grew 31.2% and free cash flow grew 43.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Neurocrine Biosciences, Inc. (NBIX) Altman Z-score
Neurocrine Biosciences, Inc.'s Altman Z-score for fiscal 2025 is 7.80, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.80 | (1.03) |
| FY2024 | 8.83 | 0.13 |
| FY2023 | 8.70 | (2.89) |
| FY2022 | 11.59 | 3.96 |
| FY2021 | 7.62 | (2.08) |
| FY2020 | 9.70 | 1.06 |
| FY2019 | 8.65 | 1.40 |
| FY2018 | 7.24 | (0.31) |
| FY2017 | 7.56 | (28.13) |
| FY2016 | 35.68 | (18.90) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.13 | — | 0.44 | |
| Market value of equity / total liabilities | 10.24 | — | 6.14 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Safe zone | 7.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.21 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UTHR United Therapeutics Corporation compare | 19.6× |
| KNSA Kiniksa Pharmaceuticals International, plc compare | 10.4× |
| NBIX Neurocrine Biosciences, Inc. | 7.8× |
| ALKS Alkermes plc compare | 5.3× |
| RDY Dr. Reddy's Laboratories Ltd compare | 5.3× |
| LNTH Lantheus Holdings, Inc. compare | 4.3× |
| HIMS Hims & Hers Health, Inc. compare | 4.1× |
| ELAN Elanco Animal Health Incorporated compare | 1.3× |
| VTRS Viatris Inc. compare | 0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets