Neurocrine Biosciences Inc (NBIX)

Price$156.56Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth offsets a still-demanding earnings multiple.

Using the supplied SEC-derived history, trailing twelve-month diluted earnings are about $6.83 per share and free cash flow is about $870 million; free cash flow means cash left after operating needs and capital spending. At the observed market value, that is roughly 22 times earnings and 18 times free cash flow. A simple reverse valuation using a 10% required return and 3% long-run growth needs only about 5% annual cash-flow growth for ten years. Using 2025 cash flow instead lifts that requirement to roughly 7%.

Big pictureRevenue and cash generation are rising quickly, but spending is rising alongside them.

Revenue rose from $2.36 billion in 2024 to $2.86 billion in 2025, then reached about $3.37 billion over the latest twelve months, roughly 34% above the prior comparable period. Operating cash flow was positive every year shown and reached about $898 million over the latest twelve months; after roughly $28 million of capital spending, free cash flow was about $870 million, up around 65%. Research spending also climbed sharply, including about $623 million in the first half of 2026. Demand is less economically cyclical than many industries, but drug life cycles matter greatly.

Business strengthA debt-free balance sheet and growing products provide resilience despite heavy reliance on Ingrezza.

Second-quarter revenue was still concentrated: Ingrezza supplied about 75%, while Crenessity contributed about $184 million and Vykat about $54 million. Liquidity remains sound but is thinner after the Soleno deal: cash plus marketable securities fell from $2.54 billion at year-end to about $482 million, with no debt outstanding and a $1 billion unused bank credit line. Capital allocation is mixed. Neurocrine spent $66 million repurchasing shares in the first half, yet shares outstanding rose about 2.6% year over year and stock-based pay was about $122 million, creating dilution.

What could change the storyVykat safety, pipeline results, and extra shares will decide whether today’s valuation proves conservative.

The bull case is continued Ingrezza growth, faster Crenessity adoption, and useful Vykat sales, with late-stage depression and schizophrenia results due in 2027 offering diversification. The bear case is more specific: Vykat safety concerns could reduce use or impair the value of the recent acquisition, while lower negotiated pricing for competing Austedo from 2027 could increase pricing pressure on Ingrezza. The current valuation does not require heroic cash-flow growth, but it does assume recent cash generation is broadly durable. Sustained free cash flow below 2025 levels would weaken that conclusion.

AI: News

Q2 growth and guidanceSecond-quarter sales beat expectations and management raised its main product outlook, reinforcing near-term growth.

On July 30, Neurocrine reported second-quarter revenue of $959 million, up 39% year over year. Ingrezza sales rose 15% to about $716 million, Crenessity reached about $184 million, and management raised full-year Ingrezza sales guidance to $2.825-$2.875 billion. The next regular session closed about 10% lower on unusually heavy volume. The timing shows a sharp reassessment, but available sources do not establish one cause; higher spending and very high pre-report expectations are plausible contributors, not proven explanations.

Vykat safety concernsPost-launch safety reports raised concern around Vykat, threatening confidence in the newly acquired growth asset.

On August 12, Prader-Willi syndrome experts and patient groups highlighted post-marketing reports involving seven deaths and more than 100 serious adverse events in patients who had received Vykat XR. The groups did not say the medicine caused those events, and spontaneous reports cannot establish causation. Reuters reported a stock decline around the news, while another market report showed a larger intraday drop. This matters because weaker prescribing, tighter monitoring, or regulatory action could reduce the value of the Soleno acquisition.

Crenessity data previewLonger-term Crenessity evidence strengthened the case for a second meaningful growth product.

On June 3, Neurocrine previewed two-year Crenessity analyses covering long-term hormone control, lower steroid exposure, and patient-reported outcomes in adults and children with classic congenital adrenal hyperplasia. The shares gained roughly 6% that day. One market report linked the move to anticipation of the longer-term data, but that attribution is not definitive. The business significance is clearer: durable evidence can support physician confidence and reimbursement, helping Crenessity reduce dependence on Ingrezza over time.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$2.86B	$2.36B	$1.89B	$1.49B	$1.13B	$1.05B	$788.1M	$451.2M	$161.6M	$15.0M	$19.8M	$0	$2.9M	$53.1M	$77.4M	$33.5M	$3.0M
Gross profit	$2.81B	$2.32B	$1.85B	$1.47B	$1.12B	$1.04B	—	$446.3M	$160.4M	$15.0M	$19.8M	—	—	—	—	—	—
Gross margin	98.18%	98.56%	97.90%	98.44%	98.74%	99.03%	—	98.92%	99.22%	100.00%	100.00%	—	—	—	—	—	—
Research & development	$1.02B	$731.1M	$565.0M	$463.8M	$328.1M	$275.0M	—	$160.5M	$121.8M	$94.3M	$81.5M	$46.4M	$39.2M	$37.2M	$31.0M	$31.2M	$33.7M
Operating expenses	$2.24B	$1.78B	$1.64B	$1.24B	$1.03B	$882.9M	$715.8M	$414.4M	$293.0M	$162.4M	$114.0M	$64.4M	$52.6M	$51.7M	$43.5M	$47.2M	$56.6M
Operating income	$619.1M	$570.5M	$250.9M	$249.0M	$102.5M	$163.0M	$72.3M	$36.8M	−$131.4M	−$147.4M	−$94.2M	−$64.4M	−$49.7M	$1.4M	$33.9M	−$13.7M	−$53.7M
Operating margin	21.64%	24.22%	13.30%	16.73%	9.04%	15.58%	9.17%	8.16%	−81.27%	−982.48%	−476.51%	—	−1,701.88%	2.72%	43.82%	−40.96%	−1,817.47%
EBITDA	$649.2M	$597.6M	$272.2M	$264.6M	$113.4M	$171.6M	$79.7M	$40.8M	−$129.0M	−$145.9M	−$93.2M	−$63.6M	−$49.0M	$2.1M	$34.6M	−$12.3M	−$50.5M
EBITDA margin	22.70%	25.37%	14.42%	17.77%	10.00%	16.41%	10.11%	9.05%	−79.79%	−972.79%	−471.41%	—	−1,678.90%	3.96%	44.72%	−36.67%	−1,709.82%
Net income	$478.6M	$341.3M	$249.7M	$154.5M	$89.6M	$407.3M	$37.0M	$21.1M	−$142.5M	−$141.1M	−$88.9M	−$60.5M	−$46.1M	$5.0M	$37.6M	−$8.0M	−$51.0M
Net profit margin	16.73%	14.49%	13.23%	10.38%	7.90%	38.94%	4.69%	4.68%	−88.19%	−940.60%	−449.84%	—	−1,578.97%	9.46%	48.53%	−23.78%	−1,728.34%
Basic EPSper basic share	$4.81	$3.40	$2.56	$1.61	$0.95	$4.38	$0.40	$0.23	-$1.62	-$1.63	-$1.05	-$0.81	-$0.69	$0.08	$0.68	-$0.15	-$1.30
Diluted EPSper diluted share	$4.67	$3.29	$2.47	$1.56	$0.92	$4.16	$0.39	$0.22	-$1.62	-$1.63	-$1.05	-$0.81	-$0.69	$0.08	$0.67	-$0.15	-$1.30

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.50%of listed shares

BlackRock, Inc.13.71M shares · Jun 30, 2026

View holders

Top 20 reported holders of NBIX
Holder	% owned
BlackRock, Inc.	13.50%13.71M shares
JPMORGAN CHASE & CO	6.30%6.4M shares
Dodge & Cox	5.50%5.58M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.90%4.97M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.47%4.55M shares
STATE STREET CORP	4.32%4.39M shares
AQR CAPITAL MANAGEMENT LLC	3.76%3.82M shares
RENAISSANCE TECHNOLOGIES LLC	2.30%2.34M shares
GEODE CAPITAL MANAGEMENT, LLC	2.11%2.14M shares
TWO SIGMA INVESTMENTS, LP	2.04%2.08M shares
Vestal Point Capital, LP	1.85%1.88M shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	1.47%1.49M shares
MORGAN STANLEY	1.30%1.32M shares
RTW INVESTMENTS, LP	1.25%1.27M shares
NORTHERN TRUST CORP	1.24%1.26M shares
Invesco Ltd.	1.06%1.08M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.96%974.28K shares
NORGES BANK	0.96%973.88K shares
FIRST TRUST ADVISORS LP	0.91%923.13K shares
DIMENSIONAL FUND ADVISORS LP	0.72%732.88K shares

Percentages use 101.6M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)104$152.54M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Lippoldt DarinChief Legal Officer	SellCommon Stock	1.7K	$170.81	$288.7K	54.7K
Jun 29, 2026Form 4 · 10b5-1	Lippoldt DarinChief Legal Officer	SellCommon Stock	8.1K	$170.03	$1.38M	54.7K
Jun 26, 2026Form 4 · 10b5-1	Lippoldt DarinChief Legal Officer	SellCommon Stock	200	$169.57	$33.9K	54.7K
Jun 5, 2026Form 4 · 10b5-1	SHERWIN STEPHEN ADirector	SellCommon Stock	1.8K	$167.31	$308.4K	15.9K
Jun 5, 2026Form 4 · 10b5-1	SHERWIN STEPHEN ADirector	SellCommon Stock	5.8K	$166.56	$970.9K	17.7K

Review ownership filings at SEC.gov ↗

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Neurocrine Biosciences Inc (NBIX)

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