Neurocrine Biosciences (NBIX) financial statements
Neurocrine Biosciences reported revenue of $2.9B in fiscal 2025, up 79.2% a year over 9 years.
Net income was $479M and the operating margin 21.6%, against -982.5% in 2016.
Free cash flow was $749M, and the company returned $168M in net buybacks.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Neurocrine Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15M | $162M | $451M | $788M | $1.0B | $1.1B | $1.5B | $1.9B | $2.4B | $2.9B |
| Cost of revenue | $0 | $1M | $5M | $7M | $10M | $14M | $23M | $40M | $34M | $52M |
| Gross profit | $15M | $160M | $446M | $781M | $1.0B | $1.1B | $1.5B | $1.8B | $2.3B | $2.8B |
| Research and development | $94M | $122M | $161M | — | $275M | $328M | $464M | $565M | $731M | $1.0B |
| Selling, general and admin | $68M | $170M | $249M | $354M | $433M | $583M | $753M | $888M | $1.0B | $1.2B |
| Operating income | -$147M | -$131M | $37M | $72M | $163M | $102M | $249M | $251M | $570M | $619M |
| Interest expense | $0 | $20M | $30M | $32M | $33M | $26M | $7M | $5M | — | — |
| Pre-tax income | -$141M | -$143M | $22M | $46M | $107M | $101M | $214M | $332M | $486M | $705M |
| Income tax | $0 | $0 | $700,000 | $10M | -$301M | $12M | $59M | $82M | $145M | $227M |
| Net income | -$141M | -$143M | $21M | $37M | $407M | $90M | $154M | $250M | $341M | $479M |
| EPS (diluted) | -$1.63 | -$1.62 | $0.22 | $0.39 | $4.16 | $0.92 | $1.56 | $2.47 | $3.29 | $4.67 |
| Diluted shares | 87M | 88M | 95M | 96M | 98M | 98M | 99M | 101M | 104M | 102M |
| Gross margin | 100.0% | 99.2% | 98.9% | 99.1% | 99.0% | 98.7% | 98.4% | 97.9% | 98.6% | 98.2% |
| Operating margin | -982.5% | -81.3% | 8.2% | 9.2% | 15.6% | 9.0% | 16.7% | 13.3% | 24.2% | 21.6% |
| Net margin | -940.6% | -88.2% | 4.7% | 4.7% | 38.9% | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% |
Balance sheet
Fiscal years, from Neurocrine Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $307M | $516M | $651M | $670M | $801M | $711M | $989M | $1.0B | $1.1B | $1.5B |
| Receivables | $0 | $31M | $57M | $127M | $157M | $186M | $350M | $439M | $479M | $687M |
| Inventory | $0 | $1M | $11M | $17M | $28M | $30M | $35M | $38M | $57M | $69M |
| Total current assets | $310M | $555M | $738M | $831M | $1.0B | $973M | $1.5B | $1.6B | $1.7B | $2.5B |
| Property, plant and equipment | $6M | $11M | $34M | $42M | $45M | $59M | $59M | $71M | $83M | $90M |
| Goodwill | — | — | — | — | — | $0 | $5M | $6M | $6M | $6M |
| Total assets | $365M | $818M | $993M | $1.3B | $1.7B | $2.1B | $2.4B | $3.3B | $3.7B | $4.6B |
| Total current liabilities | $30M | $54M | $88M | $565M | $186M | $246M | $538M | $655M | $508M | $743M |
| Total liabilities | $50M | $445M | $512M | $669M | $608M | $698M | $661M | $1.0B | $1.1B | $1.4B |
| Shareholders' equity | $315M | $372M | $481M | $637M | $1.1B | $1.4B | $1.7B | $2.2B | $2.6B | $3.3B |
| Net debt | -$83M | -$255M | -$142M | -$112M | -$187M | -$341M | -$263M | -$251M | -$233M | -$713M |
Cash flow
Fiscal years, from Neurocrine Biosciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$106M | -$94M | $101M | $147M | $228M | $256M | $339M | $390M | $595M | $783M |
| Capital spending | $4M | $7M | $25M | $15M | $11M | $23M | $16M | $28M | $38M | $34M |
| Free cash flow | -$110M | -$101M | $77M | $132M | $218M | $233M | $323M | $362M | $557M | $749M |
| Stock-based compensation | $28M | $43M | $58M | $75M | $100M | $134M | $173M | $194M | $196M | $218M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$300M | -$168M |
| Free cash flow margin | -735.3% | -62.7% | 17.0% | 16.8% | 20.8% | 20.6% | 21.7% | 19.2% | 23.7% | 26.2% |
Questions
What was Neurocrine Biosciences's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Neurocrine Biosciences generate?
$749M in fiscal 2025 (operating cash flow minus capital spending).
From Neurocrine Biosciences's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.