Neurocrine Biosciences
NBIX · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Neurocrine Biosciences reported revenue of $2.9B in the fiscal year ended Dec 2025, up 21.4% from the year before. Operating income was $619M, an operating margin of 21.6%, and net income was $479M. Operating cash flow of $783M less capital expenditure of $34M left free cash flow of $749M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.5B | $1.9B | $2.4B | $2.9B |
| Cost of revenue | $14M | $23M | $40M | $34M | $52M |
| Gross profit | $1.1B | $1.5B | $1.8B | $2.3B | $2.8B |
| Selling, general & admin | $583M | $753M | $888M | $1B | $1.2B |
| Operating income | $103M | $249M | $251M | $571M | $619M |
| Interest expense | $26M | $7M | $5M | – | – |
| Pre-tax income | $101M | $214M | $332M | $486M | $705M |
| Income tax | $12M | $59M | $82M | $145M | $227M |
| Net income | $90M | $155M | $250M | $341M | $479M |
| Diluted EPS | 0.92 | 1.56 | 2.47 | 3.29 | 4.67 |
| Diluted shares | 98M | 99M | 101M | 104M | 103M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $341M | $263M | $251M | $233M | $713M |
| Receivables | $186M | $350M | $439M | $479M | $687M |
| Inventory | $31M | $35M | $38M | $57M | $69M |
| Current assets | $973M | $1.5B | $1.6B | $1.7B | $2.5B |
| Net PP&E | $59M | $59M | $71M | $83M | $90M |
| Goodwill | $0 | $5M | $6M | $6M | $6M |
| Total assets | $2.1B | $2.4B | $3.3B | $3.7B | $4.6B |
| Current liabilities | $246M | $538M | $655M | $508M | $743M |
| Total liabilities | $699M | $661M | $1B | $1.1B | $1.4B |
| Shareholders' equity | $1.4B | $1.7B | $2.2B | $2.6B | $3.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $257M | $339M | $390M | $595M | $783M |
| Capital expenditure | $23M | $17M | $28M | $38M | $34M |
| Free cash flow | $233M | $323M | $362M | $557M | $749M |
| Depreciation & amortisation | $11M | $15M | $18M | $24M | $26M |
| Stock-based compensation | $134M | $173M | $194M | $196M | $218M |
| Acquisitions | $0 | $43M | $0 | $0 | – |
| Share buybacks | – | $0 | $0 | $300M | $168M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.3% | 26.8% | 24.8% | 21.4% |
| Operating income growth (YoY) | – | 142.9% | 0.8% | 127.4% | 8.5% |
| EPS growth (YoY) | – | 69.6% | 58.3% | 33.2% | 41.9% |
| Gross margin | 98.7% | 98.4% | 97.9% | 98.6% | 98.2% |
| Operating margin | 9.0% | 16.7% | 13.3% | 24.2% | 21.6% |
| Net margin | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% |
| Return on equityBlank when equity is negative | 6.5% | 9.0% | 11.2% | 13.2% | 14.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 13.6% | 9.7% | 17.8% | 15.9% |
| Free cash flow margin | 20.6% | 21.7% | 19.2% | 23.7% | 26.2% |
| Cash conversion (CFO ÷ net income) | 2.86x | 2.20x | 1.56x | 1.74x | 1.64x |
| Receivable days | 60 | 86 | 85 | 74 | 88 |
| Inventory days | 778 | 552 | 352 | 616 | 483 |
| Interest cover | 3.97x | 35.1x | 54.5x | – | – |
| Current ratio | 3.96x | 2.70x | 2.45x | 3.40x | 3.39x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.