NEUROCRINE BIOSCIENCES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEUROCRINE BIOSCIENCES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15	162	451	788	1,046	1,134	1,489	1,887	2,355	2,861
Cost of revenue	0	1.25	4.89		10.1	14.3	23.2	39.7	34	52.1
Gross profit	15	160	446		1,036	1,119	1,466	1,847	2,321	2,808
Research and development	94.3	122	161		275	328	464	565	731	1,016
Selling, general and administrative	68.1	170	249	354	433	583	753	888	1,007	1,156
General and administrative	68.1
Operating expenses	162	293	414	716	883	1,031
Operating income	-147	-131	36.8	72.3	163	103	249	251	571	619
Interest expense	0	19.5	30.5	32	32.8	25.8	7.1	4.6
Interest income	2.84
Other non-operating income	6.28	-11.2	-15	-25.8	-56.3	-1.1	-35.1	81.2	-84.5	86.3
Pre-tax income	-141	-143	21.8	46.5	107	101	214	332	486	705
Income tax	0	0	0.7	9.5	-301	11.8	59.4	82.4	145	227
Net income	-141	-143	21.1	37	407	89.6	155	250	341	479
EBITDA	-146	-129	40.8	79.7	172	113	264	269	594	645
EPS, basic	-1.63	-1.62	0.23	0.40	4.38	0.95	1.61	2.56	3.40	4.81
EPS, diluted	-1.63	-1.62	0.22	0.39	4.16	0.92	1.56	2.47	3.29	4.67
Shares, basic (weighted)	86.7	88.1	90.2	91.6	93.1	94.6	95.8	97.7	100	99.5
Shares, diluted (weighted)	86.7	88.1	95.4	95.7	97.8	97.9	98.9	101	104	103

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	83.3	255	142	112	187	341	263	251	233	713
Short-term investments		261	509	558	614	371	726	781	843	767
Receivables	0	31.1	57.4	127	157	186	350	439	479	687
Inventory	0	1.02	10.9	17.3	28	30.5	35.1	38.3	57.4	69
Other current assets	3.09	6.84	18.6	16.6	30.1	45.5	79.1	97.8	63.6	116
Total current assets	310	555	738	831	1,016	973	1,454	1,607	1,725	2,523
Property, plant and equipment	6.27	10.8	33.9	41.9	44.6	58.6	58.6	70.8	82.6	89.8
Lease right-of-use assets			0	74.3	82.8	97.2	87	277	509	455
Goodwill						0	5.4	5.8	5.7	6.1
Intangible assets						0	37.2	35.5	36.5	4.7
Long-term investments		247	216	300	227	561	299	688	740	1,063
Other non-current assets				0	6.4	4.4	25	49.6	52	48.7
Total assets	365	818	993	1,306	1,735	2,073	2,369	3,251	3,719	4,632
Accounts payable	5.09	5.65	13.8	141	169	226	348	449	462	674
Accrued liabilities	21.1	24.9	27.3	38.9	38.2	50.6	72.8	86.2	108	129
Total current liabilities	30.4	54.4	88.2	565	187	246	538	655	508	743
Lease liabilities			0	86.7	94.4	105	93.5	258	455	415
Other non-current liabilities	0.11	0	35.7	17.1	9.7	12.3	29.7	106	166	220
Total liabilities	50.2	445	512	669	609	699	661	1,019	1,129	1,378
Paid-in capital	1,371	1,573	1,660	1,768	1,850	2,011	2,122	2,382	2,555	2,792
Retained earnings	-1,056	-1,199	-1,178	-1,133	-725	-636	-407	-157	29.2	448
Other comprehensive income	-0.32	-1.85	-1.93	1.4	1.8	-1.7	-7.9	7	5.8	13.1
Shareholders' equity	315	372	481	637	1,126	1,374	1,708	2,232	2,590	3,253
Total equity	315	372	481	637	1,126	1,374	1,708	2,232	2,590	3,253
Total liabilities and equity	365	818	993	1,306	1,735	2,073	2,369	3,251	3,719	4,632
Shares outstanding	86.9	88.8	90.8	92.3	93.5	94.9	96.5	98.7	99.4	100

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-141	-143	21.1	37	407	89.6	155	250	341	479
Depreciation and amortization	1.45	2.4	4.02	7.4	8.6	10.9	15.1	17.8	23.5	26
Stock-based compensation	28.5	42.5	58.1	75.3	100	134	173	194	196	218
Deferred income tax			0	0	-311	5.5	22	-60.7	-123	164
Change in receivables	0	-31.1	-25.1	-69.2	-30.5	-28.4	-162	-89.3	-39.8	-211
Change in inventory	0	-1.02	-3.5	-6.4	-10.7	-2.5	-2.6	5.4	-19.1	-15.3
Change in payables	4.4	27.3	24.2	54	26.9	56.8	115	49	43.4	160
Cash from operations	-106	-94.3	101	147	229	257	339	390	595	783
Capital expenditures	-4.11	-6.94	-24.8	-14.7	-10.9	-23.4	-16.5	-28.3	-38.2	-34
Acquisitions					0	0	-42.7	0	0
Purchases of investments	-299	-583	-546	-797	-736	-800	-621	-1,380	-1,056	-1,320
Sales and maturities of investments	416	339	328	670
Cash from investing	113	-251	-243	-211	4.1	-130	-177	-467	-127	-264
Stock issued	2.39	13.9	29.5	32.4	29.1	27.5	44.7	65.3	122	129
Share buybacks							0	0	-300	-168
Cash from financing	2.39	517	29.5	32.4	-158	27.4	-234	65.3	-487	-38.3
Exchange rate effect					0	0	-1.3	0.3	0	0
Net change in cash	9.16	171	-112	-31.7	74.8	154	-73.3	-11.6	-18.1	480
Free cash flow	-110	-101	76.6	132	218	233	323	362	557	749
Interest paid	0	6.24	11.6	11.6	11.6	8.6	6.6	3.8	1.6	0
Income taxes paid	0	0	0	0.5	15.3	5.1	14.4	51.5	218	81.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $169.14 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	97.8%	Gross profit / revenue.
Operating margin	24.0%	Operating income / revenue.
EBITDA margin	24.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.2%	Pre-tax income / revenue.
Net margin	19.0%	Net income / revenue.
FCF margin	28.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.8%	Cash from operations / revenue.
Effective tax rate	24.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.5%	Net income / average total assets.
Return on invested capital (ROIC)	20.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	33.3%	Research and development expense / revenue.
SG&A / revenue	38.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	6.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	35.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	30.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	40.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	45.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	41.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	44.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	28.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	24.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.1%	Total liabilities / total assets.
Working capital	$1.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	47.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	40.1x	Revenue / average property, plant and equipment.
Inventory turnover	1.23x	Cost of revenue / average inventory.
Days inventory	297 days	365 x average inventory / cost of revenue.
Receivables turnover	3.87x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	4,151 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-3,759 days	Days inventory + days sales outstanding - days payables.
FCF conversion	148.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.19	Revenue / diluted weighted shares.
FCF per share	$9.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.13	Cash from operations / diluted weighted shares.
Book value per share	$38.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.72	Tangible book value / shares outstanding.
Cash per share	$7.28	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	15.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.19B	Share price x shares outstanding.
Enterprise value	$16.46B	Market cap + total debt - cash - short-term investments.
P/E	24.5x	Market cap / net income. Only when net income is positive.
P/S	4.64x	Market cap / revenue.
P/B	4.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.5x	Market cap / tangible book value, when positive.
P/FCF	16.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.1x	Market cap / cash from operations, when positive.
EV/Sales	4.45x	Enterprise value / revenue.
EV/EBIT	18.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NEUROCRINE BIOSCIENCES INC's revenue in fiscal 2025?

NEUROCRINE BIOSCIENCES INC reported revenue of $2.86B for fiscal 2025, 21.4% higher than the year before.

Was NEUROCRINE BIOSCIENCES INC profitable in fiscal 2025?

Yes. Net income was $478.6M, a net margin of 16.7%.

How much free cash flow did NEUROCRINE BIOSCIENCES INC generate in fiscal 2025?

Cash from operations of $782.7M minus capital expenditures of $34.0M left free cash flow of $748.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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