Neurocrine Biosciences Inc
NBIX—
Build a strategy around NBIX
Neurocrine Biosciences Inc AI Insights
Informational only. Not investment advice.Snapshot
- Gross margin 98.4% TTM vs industry median 54.7% - royalty-like economics with minimal COGS (14M reconciled cost)[Gross Margin TTM]
- R&D spend 943M TTM (35% of revenue) funds pipeline while still generating 593M FCF - self-funding growth model[Free Cash Flow TTM]
- EPS 3Y CAGR 39.9% vs industry median 0.8% - 50x faster earnings growth with positive ROE 15% vs median -39%[EPS Growth 3yr]
Watch Triggers
- R&D as % of Revenue: Drops below 30% while revenue grows >10% — Signals pipeline maturation and margin expansion inflection point
- Operating Margin TTM: Falls below 15% for 2 consecutive quarters — Would indicate pricing pressure or competitive erosion on Ingrezza
- Accounts Receivable: Growth exceeds revenue growth by >10% — 728M AR already 27% of revenue - collection issues signal channel problems
Bull Case
Near-zero COGS (14M on 2.7B revenue) creates 98% gross margin moat - every incremental dollar of Ingrezza sales drops almost entirely to gross profit
Gross Margin TTMReconciled Cost of Revenue
Balance sheet optionality: 340M cash, 0.14 debt/equity, 1.5B working capital enables M&A or pipeline expansion without dilution
Debt to EquityWorking CapitalCash and Equivalents
Bear Case
P/E 45x vs industry median 20x - premium valuation requires flawless execution; any pipeline setback severely punishes stock
PE RatioPS Ratio
Single-product concentration risk: Ingrezza drives majority of 2.7B revenue; patent expiry or competitive entry creates cliff risk
Total Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
Leverage NBIX's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
FCF margin expansion to 25%+ as R&D leverage improves with maturing pipeline
1-3ymed
- R&D at 35% of revenue vs 22% FCF margin - room to converge
- Operating leverage on fixed SG&A as Ingrezza scales
- Minimal capex needs (1.6% of revenue)
FCF 593M TTM on 2.7B revenue (22% margin)Capex only 44M TTM vs 637M operating cash flowOperating margin 20.6% already profitable
Valuation Context
Caveats
NBIX Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$16.06B | — | ||
$16.2B | — | ||
25 | — | ||
$3.1B | +28.6% | — | |
$6.50 | +75.6% | — | |
25.8% | +5.0% | — | |
21.6% | +8.9% | — | |
$831.3M | +68.9% | — | |
22.5% | +10.1% | — | |
Beta 5Y (Monthly) | unknown | — |
NBIX Dividend History
No dividends
NBIX Stock Splits
No stock splits
NBIX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/05/26 | 03/31/26 | 10-Q | |
02/11/26 | 12/31/25 | Unknown | |
10/28/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
05/05/25 | 03/31/25 | 10-Q | |
02/10/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/09/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
11/01/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
08/03/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/07/20 | 12/31/19 | 10-K | |
11/04/19 | 09/30/19 | 10-Q | |
07/29/19 | 06/30/19 | 10-Q | |
04/29/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
11/05/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
02/13/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/14/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/11/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/09/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/11/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/26/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
02/08/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/31/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/09/12 | 12/31/11 | 10-K | |
10/31/11 | 09/30/11 | 10-Q | |
07/29/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/10/11 | 12/31/10 | 10-K | |
10/29/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/08/10 | 12/31/09 | 10-K | |
10/29/09 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
05/06/09 | 03/30/09 | 10-Q | |
02/04/09 | 12/31/08 | 10-K | |
10/28/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/11/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/07/07 | 03/30/07 | Unknown | -- |
02/09/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | PRE 14A | |
05/03/06 | 03/30/06 | Unknown | -- |
02/07/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/04/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
02/16/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 8-K | |
05/10/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 8-K | |
11/07/03 | 09/30/03 | 8-K | |
08/08/03 | 06/30/03 | 8-K | |
05/02/03 | 03/30/03 | Unknown | -- |
03/04/03 | 12/31/02 | 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/08/02 | 03/30/02 | Unknown | -- |
03/26/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/04/01 | 03/30/01 | Unknown | -- |
03/30/01 | 12/31/00 | 10-K | |
11/08/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |