Neurocrine Biosciences Inc

Biological Products, (No Diagnostic Substances)

NBIXStrong10 of 10 basics passed

$142.44

+0.84%

Market cap $14.5B

$142.44

+0.84%

Market cap $14.5B

Neurocrine Biosciences Inc is a biopharmaceutical firm focused on the research, development, and commercialization of treatments for neurological, psychiatric, endocrine, and immunological disorders.

It is a $14.5B healthcare company. Revenue grew 34.4% over the last year, it keeps 21¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 20.5× earnings — near the lowest of its own history.

Website: neurocrine.com
Location: San Diego, CA
Employees: 2 500
Sector: Healthcare
Founded: 1992

Share price · 3 years

$114.27 → $142.44+24.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $3.37B
Profit: keeps 21¢ of every $1 sold; $706M
Free cash flow: cash left after running the business; $866M
Net cash: more cash than debt; $1.01B
P/E: years of profit in the price; 20.5
EPS: earnings per share, TTM; $6.88
Shares: up 18% since 2016 — dilution; 102.5M
Volatility: beta vs the market — under 1 swings less; 0.33

Revenue, last 10 years

52-week range

Low $123.10$142.44High $185.50

Today's price is 31% of the way from the year's low to its high.

P/E vs its history5y

20.5×median 39.2×

Higher than 10% of past days — near the lowest of its own history.

Valuation vs own history

P/E

20.5×

90%

P/S

4.3×

98%

EV/EBITDA

17.1×

90%

P/B

3.9×

98%

FCF yield

6.0%

97%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$493Knet selling

Purchases$0

Sales$493K

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$14.5Btop 64%
Revenue growth+24%top 14%
Net margin21%top 19%
Return on equity21%top 31%
P/E20.5×top 30%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth, profitability and health.

Valuation77

P/E vs own history10th pct · 25/25
FCF yield6.0% · 20/25
P/S4.3x · 20/25
EV/EBITDA16.9x · 12/25

Growth81

Revenue CAGR26.0% · 25/25
Net income CAGR52.0% · 25/25
EPS CAGR ~5Y2.3% · 6/25
Fwd implied growth31.7% · 25/25

Profitability85

ROIC21.3% · 20/25
ROE21.1% · 20/25
Net margin20.9% · 25/25
Operating margin23.6% · 20/25

Health86

Altman Z6.23 · 25/25
Current ratio1.87 · 18/25
Interest coverage6.8x · 18/25
Net cash / debtNet cash · 25/25

Quality60

Piotroski F6/9 · 15/25
Beneish M-2.47 · 20/25
FCF conversion123% · 25/25
Margin stabilityσ 379.3% · 0/25

Moat63

ROIC >12% years6/8 yrs · 20/25
Median gross margin98.4% · 25/25
FCF-positive years8/10 yrs · 18/25
Worst-year net marginworst -940.6% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$479M net income
FY2020Financial
Revenue crossed $1B
$1.05B for the year
FY2018Financial
Turned profitable
$21.1M net income after a loss year
FY2018Financial
Positive free cash flow every year since
8-year streak
1992Founded
Neurocrine Biosciences, Inc. is an American biopharmaceutical company founded in 1992

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$15 008 today — price return only

$2.9B revenue in FY2025

Revenue up 34.4% year over year

Profitable 8 years in a row

Positive free cash flow 8 years in a row

2 500 employees

ROIC of 21.3%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (98.0%)
Strongly profitable — 20.9% net margin
Revenue growing 34.4% year over year
Strong cash conversion — FCF is 25.7% of revenue
Net cash position after subtracting debt from cash

Watch-outs

Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 10 checks passed

Revenue growing — the company sells more than a year ago+34.4% YoY
Profitable — makes more than it spends$706M TTM
Profit growing — earnings are higher than last year+44.0% YoY
Generates cash — cash left after running and investing$866M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$14.5B market cap
Not printing shares — share count not ballooning — you keep your slice+4.8% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distressAltman Z 6.2 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 20.5

Peer comparisonNeurocrine Biosciences Inc vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NBIX this company	$14.5B	20.5	+34.4%	20.9%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: NBIX vs LLY · NBIX vs JNJ · NBIX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 14Buy 17Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $3.37B · net income $706M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$3.37B

YoY 34.4%

Net income (TTM)

$706M

Margin 20.9%

Gross margin

98.0%

Operating margin

23.6%

P/E ratio

20.5

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.0	1.1	1.5	1.9	2.4	2.9
Gross profit	—	0.8	1.5	1.8	2.3	2.8
Operating income (EBIT)	0.2	0.2	0.2	0.3	0.6	0.6
Net income	0.4	0.1	0.2	0.2	0.3	0.5
EPS (diluted)	4.16	0.92	1.56	2.47	3.29	4.67

Cash flowFree cash flow $866M · operating cash flow $898M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$866M

Margin 25.7%

Operating cash flow (TTM)

$898M

FCF margin

25.8%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.3	0.3	0.4	0.6	0.8
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	0.2	0.3	0.4	0.6	0.7
FCF margin	20.8%	20.6%	21.7%	19.2%	23.7%	26.2%

Balance sheetAssets $4.63B · net cash $1.01B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $4.63B of assets is financed

30%

70%

Liabilities $1.38B — borrowed moneyEquity $3.25B — owners' stake

Cash vs debt

Total debt $471M − cash $1.48B = net cash $1.01B

Cash on hand covers all debt.

Altman Z-Score

6.23

Safe zone

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

6.8x

EBIT ÷ interest expense

ROE

21.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.8	0.7	1.0	1.0	1.1	1.5
Total assets	1.7	2.1	2.4	3.3	3.7	4.6
Total liabilities	0.6	0.7	0.7	1.0	1.1	1.4
Total debt	—	0.4	0.3	0.4	0.5	0.5
Equity	1.1	1.4	1.7	2.2	2.6	3.3
Net debt	—	-0.3	-0.7	-0.6	-0.6	-1.0

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Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $142.44 · market cap $14.5B.