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Neurocrine Biosciences Inc (NBIX) stock

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NASDAQ: NBIX Nasdaq Biotechnology Next results ~February 10, 2027

B+ Fundamentals grade

Neurocrine Biosciences Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$210–$360 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 91% above it.

Price used: $145.35, November 2, 2026

Neurocrine Biosciences Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 15 selling0 purchases and 40 sales by directors and officers, last 12 monthsInsider trades
  • Funds458 adding, 286 cuttingOf 75 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Neurocrine Biosciences files

10-Q filed November 2: Neurocrine Biosciences

Model value +15.8%

Neurocrine Biosciences grew revenue to $3.70bn over the twelve months to September 2026, a 38.0% rise on the prior year and an acceleration from the 34.4% pace seen a quarter earlier. Profitability improved alongside that growth: the free-cash-flow margin climbed to 28.1% from 22.1%, while the operating margin widened to 24.0% from 20.5%. These gains lift the fundamentals grade from C+ to B+. Our model value increases from $240 to $278 a share, well above the current $146 price, and the rating remains Buy. At that share price, the market appears to be pricing in cash-flow growth of only about 7.5% a year over five years, far below the 26.7% annual revenue growth the company has actually delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Neurocrine Biosciences stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.37bn, up 34.4% on a year earlier, faster than 28.6% a quarter earlier. That growth ranks 73 of 931 among all the companies we cover. Free-cash-flow margin rose to 25.8% from 21.1% a year earlier. Operating margin widened to 23.6% from 19.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $236 a share, against a share price of $141. At that price, our model says the market is pricing in about 10.5% a year of cash-flow growth for five years, slower than the 24.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Neurocrine Biosciences Inc's trailing-twelve-month revenue grew 38.0% year on year, with a free-cash-flow margin of 28.1%. Where it stands out: gross margin of 98.2% ranks 5 of 75 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$210–$360 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 38.0% (+3.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $145.35 is 91% below our value per share of $280.
  • Fast growth. Revenue grew 38.0% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 3.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.5 points on a year ago.
  • Strong cash generation. 28.1% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.

Things to watch

  • Insiders selling. 15 insiders sold $78M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Short interest rising. Shares sold short rose 30% in a month to 8.2% of tradable shares.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$3.29 against an average estimate of $2.75: beat by 19.8%
Revenue
$1.12bn, up 41.2% on a year earlier
Guidance given
INGREZZA Net Sales Guidance $2.83bn to $2.88bn (2026); GAAP R&D $1,275m to $1,325m (Full Year 2026)
Next report
November 2, 2026; average EPS estimate $2.81

Neurocrine Biosciences' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.5%
  • 1 week-0.4%
  • 1 month+1.5%
  • This year+2.5%
  • 1 year+1.5%
  • 5 years+55.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.7B
Operating margin
24.0%
Net margin
19.0%
EPS (TTM, diluted)
$6.74

Growth

Revenue growth
+38.0%
Change in growth rate
+3.6 pts
Share count change
+1.9%

Cash

Free cash flow (TTM)
$1B
FCF margin
28.1%
Stock pay % of revenue
6.4%

Earnings

Last results
November 2, 2026
Next results (est.)
February 10, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Results
  4. Guidance
  5. Insider trade
  6. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Neurocrine Biosciences Inc valuation models and calculator

What the price is pricing in

The share price implies about 9.7% a year of cash-flow growth for five years.That is slower than the 26.7% a year revenue growth Neurocrine Biosciences has delivered.

  • Priced in9.7%
  • Last 12 months38.0%
  • 3 years a year27.5%
  • 5 years a year26.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($164.39, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$280
Price used
$164.39close November 3, 2026
Implied change
▲ +69%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Neurocrine Biosciences Inc's free cash flow after stock-based pay with after-tax interest added back ($620M, FY2026 Q3 TTM), growing 19.1% and 18.8% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$360 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Neurocrine Biosciences Inc's free cash flow after stock-based pay ( $620M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Neurocrine Biosciences Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$210–$360 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$81–$150 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$130–$280 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$65 ~$44–$98 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$63 ~$54–$75 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$160 ~$63–$280 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Neurocrine Biosciences Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +27%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $96$127$169$224$296$389
8.5% $75$98$128$167$219$285
10% $62$80$103$134$173$223

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$56.57$38.70$77.59$71.41$107.49$95.85$85.17$119.44$131.76$136.50$141.83$145.35
Market value$4.8bn$3.4bn$6.8bn$6.8bn$10.3bn$9.4bn$8.3bn$11.8bn$13.3bn$14.2bn$14.5bn$15.1bn
+ Net debt (− = net cash)−$74m−$83m$115m$247m$297m$131m−$6m−$94m−$251m−$233m−$713m−$642m
Enterprise value$4.7bn$3.3bn$6.9bn$7.1bn$10.6bn$9.5bn$8.3bn$11.7bn$13.1bn$13.9bn$13.8bn$14.5bn
Multiples
Price / sales n/mn/m42.3x15.1x13.1x9.0x7.4x7.9x7.1x6.0x5.1x4.1x
Price / earnings ———n/mn/m23.0x93.1x76.5x53.3x41.5x30.4x21.6x
Price / free cash flow ———88.9x77.8x43.1x35.8x36.6x36.8x25.4x19.4x14.6x
EV / EBITDA ———172.9x132.8x55.4x73.5x44.4x48.6x23.4x21.4x15.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

61 /100

Moderate moat

How hard Neurocrine Biosciences's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 32.4% of total assets over 7 years.

  • Pricing power 20 / 20

    Gross margin has been a median 98.6%, moving by 0.4 percentage points (standard deviation) across 8 years.

  • Durability 3 / 20

    Operating margin has been a median 12.4%; its worst year was -282.3%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 20.5% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 6.7% over five years; stock-based pay has been a median 10.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.24 +60% $3.9bn +37%
Next $11.97 +17% $4.6bn +17%

Next year's EPS estimate has moved −2.3% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 1 analyst raised Neurocrine Biosciences Inc's forecast and 1 cut it.

Consensus EPS forecast Neurocrine Biosciences Inc, last 90 days
$10.00 $11.00 $12.00 $13.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.17 Current fiscal year, 60 days ago: $10.20 Current fiscal year, 30 days ago: $10.23 Current fiscal year, 7 days ago: $10.27 Current fiscal year, Now: $10.24 $10.24 Next fiscal year, 90 days ago: $12.26 Next fiscal year, 60 days ago: $11.95 Next fiscal year, 30 days ago: $11.88 Next fiscal year, 7 days ago: $11.97 Next fiscal year, Now: $11.97 $11.97

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.17$12.26
60 days ago $10.20$11.95
30 days ago $10.23$11.88
7 days ago $10.27$11.97
Now $10.24$11.97

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.75 $3.29 +19.8%
Jun 2026 $1.96 $2.85 +45.4%
Mar 2026 $1.70 $1.94 +14.4%
Dec 2025 $2.30 $1.88 −18.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • INGREZZA Net Sales Guidance · INGREZZA (valbenazine) 2026 $2.825bn to $2.875bn Raised
    “INGREZZA ® (valbenazine) 2026 Net Sales Guidance Raised to $2.825 to $2.875 Billion” source
  • GAAP R&D Full Year 2026 $1,275m to $1,325m GAAP Raised
    “GAAP R&D 2 $1,200 - $1,250 $1,275 - $1,325” source
  • Non-GAAP R&D Full Year 2026 $1,140m to $1,190m Non-GAAP Raised
    “Non-GAAP R&D 2, 3 $1,110 - $1,160 $1,140 - $1,190” source
  • IPR&D Full Year 2026 about $23m Raised
    “IPR&D 4 $20 $23” source
  • GAAP SG&A Full Year 2026 $1,575m to $1,600m GAAP Raised
    “GAAP SG&A 5 $1,375 - $1,400 $1,575 - $1,600” source
  • Non-GAAP SG&A Full Year 2026 $1,325m to $1,350m Non-GAAP Raised
    “Non-GAAP SG&A 3, 5 $1,240 - $1,265 $1,325 - $1,350” source
Show 1 more item
  • GAAP Amortization of Acquired Intangible Assets Full Year 2026 $85m to $90m GAAP New
    “GAAP Amortization of Acquired Intangible Assets 6 Not applicable $85 - $90” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Neurocrine Biosciences Inc's revenue by +19.1% next year and +18.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+18.7%, weight 69%) and the company's own record (+20.0%, weight 31%) . How the weights are set.

Analyst recommendations

29 analysts, Nov 2026
Buy2586%
Hold414%
Sell00%

Monthly trend

  1. Nov 2026421429
  2. Oct 2026421429
  3. Sep 2026420428

Counts of recommendations published by analysts covering Neurocrine Biosciences Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.2%
of tradable shares
Days to cover
4.41
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +1.5%

$143.21 on October 31, 2025 to $145.35

ThenNowEffect
Revenue (last 12 months) $2.5bn $3.4bn +34.4%
Net margin 13.9% 20.9% +50.7%
P/E multiple 42.2x 21.3x −49.5%
Share count 103m 104m −0.8%

Biggest factor: p/e multiple.

Last 3 years +29.3%

$112.44 on November 3, 2023 to $145.35

ThenNowEffect
Revenue (last 12 months) $1.7bn $3.4bn +101.7%
Net margin 10.5% 20.9% +98.3%
P/E multiple 63.7x 21.3x −66.5%
Share count 100m 104m −3.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NBIX−11%+40%+10%+4%+4%+3%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NBIX58%67%50%58%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NBIX−33%−24%−27%−27%−43%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 46% from July 15, 2020 to January 27, 2022. Getting back needed a 87% gain, reached on January 17, 2024, 720 days after the low.

Price behaviour

52-week range
$123.10 – $185.50
From 52-week high
−21.6%
vs 50-day average
−0.8%
vs 200-day average
−1.4%
Volatility (1 year)
33%
Beta vs S&P 500
0.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±7.9%
After a week
5 up, 6 down
typical move ±8.6%
After a month
5 up, 6 down
typical move ±10.4%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −7.7% +2.4% −11.6% −14.8%
May 5, 2026 +9.7% +2.2% +16.2% +24.8%
February 11, 2026 −10.6% −1.6% −5.5% −5.7%
October 28, 2025 −7.3% +0.3% −3.9% +1.8%
July 30, 2025 −4.4% −0.5% −4.3% +3.5%
May 5, 2025 +8.4% −1.4% +9.8% +13.5%
February 6, 2025 −18.9% −0.6% −22.7% −26.7%
October 30, 2024 +3.5% −2.3% +7.8% +9.1%
August 1, 2024 +8.2% −3.3% +3.6% −10.2%
May 1, 2024 +1.7% +0.6% +1.1% −1.5%
February 7, 2024 −6.0% +0.9% −7.8% −2.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Neurocrine Biosciences Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Neurocrine Biosciences Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Neurocrine Biosciences Inc
$1.5B $2B $2.5B $3B $3.5B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $3.1B Revenue (TTM), FY26 Q2: $3.4B Revenue (TTM), FY26 Q3: $3.7B $3.7B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.9B
FY24 Q1 $2B
FY24 Q2 $2.1B
FY24 Q3 $2.2B
FY24 Q4 $2.4B
FY25 Q1 $2.4B
FY25 Q2 $2.5B
FY25 Q3 $2.7B
FY25 Q4 $2.9B
FY26 Q1 $3.1B
FY26 Q2 $3.4B
FY26 Q3 $3.7B
Revenue growth, TTM YoY Neurocrine Biosciences Inc
15% 20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 26.8% Revenue growth, TTM YoY, FY24 Q1: 24.0% Revenue growth, TTM YoY, FY24 Q2: 26.7% Revenue growth, TTM YoY, FY24 Q3: 25.7% Revenue growth, TTM YoY, FY24 Q4: 24.8% Revenue growth, TTM YoY, FY25 Q1: 21.7% Revenue growth, TTM YoY, FY25 Q2: 18.4% Revenue growth, TTM YoY, FY25 Q3: 19.6% Revenue growth, TTM YoY, FY25 Q4: 21.4% Revenue growth, TTM YoY, FY26 Q1: 28.6% Revenue growth, TTM YoY, FY26 Q2: 34.4% Revenue growth, TTM YoY, FY26 Q3: 38.0% 38.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 26.8%
FY24 Q1 24.0%
FY24 Q2 26.7%
FY24 Q3 25.7%
FY24 Q4 24.8%
FY25 Q1 21.7%
FY25 Q2 18.4%
FY25 Q3 19.6%
FY25 Q4 21.4%
FY26 Q1 28.6%
FY26 Q2 34.4%
FY26 Q3 38.0%
Operating margin (TTM) Neurocrine Biosciences Inc
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.3% Operating margin (TTM), FY24 Q1: 23.4% Operating margin (TTM), FY24 Q2: 25.3% Operating margin (TTM), FY24 Q3: 25.8% Operating margin (TTM), FY24 Q4: 24.2% Operating margin (TTM), FY25 Q1: 20.5% Operating margin (TTM), FY25 Q2: 19.7% Operating margin (TTM), FY25 Q3: 20.5% Operating margin (TTM), FY25 Q4: 21.6% Operating margin (TTM), FY26 Q1: 25.4% Operating margin (TTM), FY26 Q2: 23.6% Operating margin (TTM), FY26 Q3: 24.0% 24.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.3%
FY24 Q1 23.4%
FY24 Q2 25.3%
FY24 Q3 25.8%
FY24 Q4 24.2%
FY25 Q1 20.5%
FY25 Q2 19.7%
FY25 Q3 20.5%
FY25 Q4 21.6%
FY26 Q1 25.4%
FY26 Q2 23.6%
FY26 Q3 24.0%
FCF margin (TTM) Neurocrine Biosciences Inc
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 19.2% FCF margin (TTM), FY24 Q1: 31.0% FCF margin (TTM), FY24 Q2: 23.3% FCF margin (TTM), FY24 Q3: 19.6% FCF margin (TTM), FY24 Q4: 23.7% FCF margin (TTM), FY25 Q1: 20.4% FCF margin (TTM), FY25 Q2: 21.1% FCF margin (TTM), FY25 Q3: 22.1% FCF margin (TTM), FY25 Q4: 26.2% FCF margin (TTM), FY26 Q1: 26.8% FCF margin (TTM), FY26 Q2: 25.8% FCF margin (TTM), FY26 Q3: 28.1% 28.1%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 19.2%
FY24 Q1 31.0%
FY24 Q2 23.3%
FY24 Q3 19.6%
FY24 Q4 23.7%
FY25 Q1 20.4%
FY25 Q2 21.1%
FY25 Q3 22.1%
FY25 Q4 26.2%
FY26 Q1 26.8%
FY26 Q2 25.8%
FY26 Q3 28.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Neurocrine Biosciences took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Other income $86.3M · 3.0%
  3. Cost of revenue $52.1M · 1.8%
  4. Gross profit $2.8B · 98.2%
  5. Research and development $1B · 35.5%
  6. Selling, general and admin $1.2B · 40.4%
  7. Other operating costs $17.4M · 0.6%
  8. Operating income $619M · 21.6%
  9. Income tax $227M · 7.9%
  10. Net income $479M · 16.7%

Shares of revenue. Source: Neurocrine Biosciences's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3 34 77 53 3 0 20 15 162 451 788 1,046 1,134 1,489 1,887 2,355 2,861 3,702
Gross profit — — — — — — — 15 160 446 — 1,036 1,119 1,466 1,847 2,321 2,808 —
EBITDA −50 −12 35 2 −49 −64 −93 −146 −129 41 80 172 113 264 269 594 645 918
Operating income −54 −14 34 1 −50 −64 −94 −147 −131 37 72 163 103 249 251 571 619 887
Net income −51 −8 38 5 −46 −61 −89 −141 −143 21 37 407 90 155 250 341 479 703
Diluted EPS −$1.30 −$0.15 $0.67 $0.08 −$0.69 −$0.81 −$1.05 −$1.63 −$1.62 $0.22 $0.39 $4.16 $0.92 $1.56 $2.47 $3.29 $4.67 $6.74
Growth (year on year)
Revenue — +>999% +131.1% −31.4% −94.5% −100.0% — −24.1% +977.5% +179.2% +74.7% +32.7% +8.4% +31.3% +26.8% +24.8% +21.4% +38.0%
EBITDA — — — −93.9% <−999% — — — — — +95.2% +115.3% −33.9% +132.9% +1.7% +121.1% +8.6% +59.4%
Operating income — — — −95.7% <−999% — — — — — +96.5% +125.4% −37.1% +142.9% +0.8% +127.4% +8.5% +61.2%
Net income — — — −86.6% <−999% — — — — — +75.4% +>999% −78.0% +72.4% +61.6% +36.7% +40.2% +64.1%
Diluted EPS — — — −88.1% −962.5% — — — — — +77.3% +966.7% −77.9% +69.6% +58.3% +33.2% +41.9% +61.1%
Margins
Gross margin — — — — — — — 100.0% 99.2% 98.9% — 99.0% 98.7% 98.4% 97.9% 98.6% 98.2% —
EBITDA margin <−999% −36.7% 44.7% 4.0% <−999% — −471.4% −972.8% −79.8% 9.0% 10.1% 16.4% 10.0% 17.7% 14.2% 25.2% 22.6% 24.8%
Operating margin <−999% −41.0% 43.8% 2.7% <−999% — −476.5% −982.5% −81.3% 8.2% 9.2% 15.6% 9.0% 16.7% 13.3% 24.2% 21.6% 24.0%
Net margin <−999% −23.8% 48.5% 9.5% <−999% — −449.8% −940.6% −88.2% 4.7% 4.7% 38.9% 7.9% 10.4% 13.2% 14.5% 16.7% 19.0%
Free-cash-flow margin <−999% 148.1% −1.9% −68.2% <−999% — −202.0% −735.3% −62.7% 17.0% 16.8% 20.8% 20.6% 21.7% 19.2% 23.7% 26.2% 28.1%
Cash flow
Cash from operations −53 50 −1 −35 −30 −47 −38 −106 −94 101 147 229 257 339 390 595 783 1,066
Capital spending 0 0 1 1 1 2 2 4 7 25 15 11 23 17 28 38 34 26
Free cash flow −53 50 −1 −36 −30 −49 −40 −110 −101 77 132 218 233 323 362 557 749 1,040
Stock-based pay 6 3 3 5 7 10 28 28 43 58 75 100 134 173 194 196 218 235
Free cash flow after stock pay −59 46 −4 −42 −37 −59 −68 −139 −144 19 57 118 99 150 167 362 531 805
Balance sheet
Cash 37 54 50 64 45 31 74 83 255 142 112 187 341 263 251 233 713 642
Total debt 0 0 0 0 0 0 0 0 370 388 409 318 335 169 — 0 0 0
Net debt (negative = net cash) −37 −54 −50 −64 −45 −31 −74 −83 115 247 297 131 −6 −94 −251 −233 −713 −642
Diluted shares 39m 53m 56m 67m 67m 75m 84m 87m 88m 95m 96m 98m 98m 99m 101m 104m 103m 104m
Returned to shareholders
Buybacks — — — — — — — — — — — — — 0 0 300 168 158
Total returned — — — — — — — — — — — — — 0 0 300 168 158

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $5.6bn
Short-term assets $2.0bnLonger-term assets $3.6bn
What it owes, and who funded it · $5.6bn
Short-term liabilities $985mLonger-term liabilities $764mShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $985m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.0bn short-term assets against $764m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Neurocrine Biosciences Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$158M
Returned to shareholders
15%
of free cash flow
Buybacks, last 3 fiscal years
$468M
Diluted share count
+1.9%
year over year
Total shareholder yield
1.1%
dividends 0.0% + buybacks 1.1% of market value
R&D spending
33.3%
of revenue
Sales & admin spending
38.5%
of revenue
Days sales outstanding
94 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated NBIX BMRN ARGX BNTX UTHR NTRA Median
Revenue, last 12 months $3.7bn $3.4bn $4.2bn $3.2bn $3.2bn $2.7bn $56m
Revenue growth, last 12 months 38.0% 11.2% 89.9% 9.0% 2.5% 37.8% 12.6%
Revenue growth, 3-year average 27.5% 15.1% — — 14.3% 42.7% 13.7%
Revenue growth, latest quarter 41.2% 19.9% — — −1.9% 37.7% 10.2%
Gross margin 98.2% 76.1% 89.1% 77.6% 86.1% 42.0% 82.9%
Operating margin 24.0% 4.4% 25.4% −49.0% 44.4% −10.7% −189.4%
Operating margin, 3-year average 23.4% 13.3% — −22.6% 46.6% −16.2% −363.5%
Net margin 19.0% 2.1% 31.1% −39.6% 41.6% −7.1% −169.8%
Cash from operations / revenue 28.8% 25.2% 16.5% 15.9% 53.4% 8.4% −168.0%
Free-cash-flow margin 28.1% 21.7% 16.4% 9.8% 34.6% 3.1% −162.4%
Free-cash-flow margin, 3-year average 23.3% 17.8% — −37.0% 34.3% 0.2% −310.0%
Stock pay / revenue 6.4% 6.3% 6.0% 3.7% 4.9% 14.1% 20.0%
Change in share count 1.9% 1.0% 1.3% 0.5% −3.1% 6.5% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 38.0% 12.6% 61 of 172
Change in growth rate Growth +3.6pp -0.1pp 60 of 172
Gross margin Profitability 98.2% 82.4% 5 of 75
Operating margin Profitability 24.0% -189.4% 21 of 175
Net margin Profitability 19.0% -157.3% 26 of 180
Free-cash-flow margin Cash generation 28.1% -145.4% 17 of 176
Stock pay as % of revenue Cash generation 6.4% 19.2% 43 of 179
Change in share count Balance sheet 1.9% 7.9% 44 of 156
Days sales outstanding Balance sheet 94 days 75 days 63 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2.8B 99.1% ▲ 21.6%
Collaboration Revenue $26.6M 0.9% ▲ 7.7%

From Neurocrine Biosciences Inc's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$17B
Institutions reporting
769
Shares held vs prior quarter
▲ 1.0%
Positions opened / closed
137 / 63

Top buyers and sellers, Q2 2026: 458 institutions bought and 286 sold ; the biggest buyer was Jpmorgan Chase & Co (+957K shares) and the biggest seller Wellington Management Group LLP (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.3B 13.7M 13.6% ▲ 2.4%
Jpmorgan Chase & Co $1.1B 6.4M 6.4% ▲ 17.6%
Dodge & Cox $941M 5.6M 5.5% ▲ 2.3%
Vanguard Portfolio Management LLC $838M 5.0M 4.9% ▲ 5.2%
Vanguard Capital Management LLC $766M 4.5M 4.5% ▲ 0.7%
State Street Corp $739M 4.4M 4.3% ▲ 0.7%
AQR Capital Management LLC $643M 3.8M 3.8% ▼ 22.7%
Renaissance Technologies LLC $394M 2.3M 2.3% ▼ 3.4%
Geode Capital Management, LLC $360M 2.1M 2.1% ▲ 0.1%
Two Sigma Investments, LP $350M 2.1M 2.1% ▼ 32.2%
Vestal Point Capital, LP $317M 1.9M 1.9% ▲ 50.4%
BNP Paribas Asset Management Holding S.A. $252M 1.5M 1.5% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Neurocrine Biosciences Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $77.9M 40 trades by 15 insiders · 100% under pre-set plans
Net ▼ $77.9M net selling
Insider Date Trade Shares Price Value
Abernethy Matt Chief Financial Officer September 14, 2026 Sell pre-set plan 2,311 $157.20 $363,289
Boyer David W. Chief Corp. Affairs Officer September 14, 2026 Sell pre-set plan 826 $157.45 $130,054
Benevich Eric Chief Commercial Officer September 9, 2026 Sell pre-set plan 2,154 $154.61 $333,030
Norwalk Leslie V Director July 28, 2026 Sell pre-set plan 1,250 $182.01 $227,512
Delaet Ingrid Chief Regulatory Officer July 10, 2026 Sell pre-set plan 4,367 $181.02 $790,514
Delaet Ingrid Chief Regulatory Officer July 9, 2026 Sell pre-set plan 8,433 $178.72 $1.5M
Lippoldt Darin Chief Legal Officer July 9, 2026 Sell pre-set plan 10,000 $179.60 $1.8M
Delaet Ingrid Chief Regulatory Officer July 8, 2026 Sell pre-set plan 2,737 $178.54 $488,664
Delaet Ingrid Chief Regulatory Officer July 7, 2026 Sell pre-set plan 3,401 $178.57 $607,317
Lippoldt Darin Chief Legal Officer June 29, 2026 Sell pre-set plan 8,110 $170.03 $1.4M
Lippoldt Darin Chief Legal Officer June 29, 2026 Sell pre-set plan 1,690 $170.81 $288,669
Lippoldt Darin Chief Legal Officer June 26, 2026 Sell pre-set plan 200 $169.57 $33,914

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Neurocrine Biosciences Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (partial), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded December 21, 2020, filed January 11, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • July 30, 2026
  • May 5, 2026
  • February 11, 2026
  • October 28, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Neurocrine Biosciences Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Neurocrine Biosciences Inc in brief

What does Neurocrine Biosciences Inc do?
Neurocrine Biosciences Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Neurocrine Biosciences Inc's stock ticker?
Neurocrine Biosciences Inc trades under the ticker NBIX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Neurocrine Biosciences Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Neurocrine Biosciences Inc reported revenue of $3.7B, 38.0% higher than a year earlier, according to its SEC filings.
What is Neurocrine Biosciences Inc's free cash flow?
Neurocrine Biosciences Inc's free-cash-flow margin is 28.1% of revenue over the trailing twelve months, ranking 17 of the 176 biotechnology companies we cover.
What is Neurocrine Biosciences Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Neurocrine Biosciences Inc's free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$210–$360 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Neurocrine Biosciences Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jpmorgan Chase & Co and Dodge & Cox. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Neurocrine Biosciences Inc buying back stock, and does it pay a dividend?
Neurocrine Biosciences Inc spent $158M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.9% over the year.
What is Neurocrine Biosciences Inc's market cap?
On November 2, 2026, Neurocrine Biosciences Inc's market capitalisation was about $15.1B, with a price-to-earnings ratio of 21.6 and net debt of -$642M. Market figures come from third-party market data and may be delayed.
Who are Neurocrine Biosciences Inc's competitors?
In our Biotechnology peer group, the companies closest to Neurocrine Biosciences Inc are Biomarin Pharmaceutical Inc, Argenx SE, Biontech SE, United Therapeutics Corp and Natera, Inc. The side-by-side comparison below sets their revenue, margins and growth against Neurocrine Biosciences Inc's.
Are insiders buying or selling Neurocrine Biosciences Inc stock?
Over the last 12 months, Neurocrine Biosciences Inc's directors and officers reported 0 open-market purchases and 40 sales on Form 4. The insider trading page charts every trade.
When is Neurocrine Biosciences Inc's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Neurocrine Biosciences Inc announces its own schedule.