Neurocrine Biosciences Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The quality of this company is well documented across most dimensions: the business is profitable, operating cash flow reached $782.7 million in 2025, the balance sheet carried no financial debt as of March 31, 2026, and the Altman Z-Score stood at 9.44. There is no sign of earnings management, no going-concern qualification and no governance breach. What remains open is the core operating question, and it carries weight: 87.9 percent of 2025 revenues came from a single active ingredient whose price protection, per the annual report, runs only to 2027 and whose patent shield begins eroding in 2027. Whether CRENESSITY and VYKAT XR close that gap in time is not settled today — it is an open bet, not a documented fact. Hence yellow: strong numbers, unresolved dependence. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Neurocrine is not a turnaround bet but a profitable specialist with a very concrete expiration date in the fine print. Revenue of $2,860.5 million and net income of $478.6 million in 2025, plus a strong first quarter of 2026 — but 87.9 percent of revenue from a single ingredient whose price protection is granted only until 2027. To address exactly that dependence, the company spent roughly $2.9 billion in May 2026, deployed its entire liquidity and drew on a secured credit facility for the first time. Whether that was early enough comes down to one number: the revenue of CRENESSITY and VYKAT XR over the coming quarters. Not investment advice.
Earnings power
Neurocrine earns real money: $478.6 million of net income in 2025 on $2,860.5 million of revenue (2024: $341.3 million on $2,355.3 million), plus $782.7 million of operating cash flow. The first quarter of 2026 brought $814.5 million of revenue and $197.9 million of net income, against $572.6 million and $7.9 million a year earlier. Even after $1,015.7 million of research spending, 2025 operating income came to $619.1 million.
Product dependence
INGREZZA delivered $2,513.7 million in 2025, roughly 87.9 percent of total revenues, and still 80.7 percent in the first quarter of 2026 ($656.9 million of $814.5 million). The ratio is falling because CRENESSITY grew from $1.7 million in 2024 to $301.2 million in 2025 — but it remains the central weak point of the business model.
Exclusivity and price regulation
The 2025 annual report lists 22 Orange Book patents expiring between 2027 and 2040 and an agreed generic start of March 1, 2038 — "or earlier under certain circumstances." The second deadline matters more: the exemption from Medicare price negotiation runs only until 2027 (initial price applicability year 2029). Competitor AUSTEDO was selected in 2025 and received a lower maximum fair price. On top of that, the Zydus dispute over INGREZZA SPRINKLE has been running since April 2025.
Balance sheet and financing
As of March 31, 2026, the balance sheet showed $3,407.4 million of equity and $2,647.2 million of liquidity with no financial debt whatsoever. On May 18, 2026, the company paid roughly $2.9 billion in cash for Soleno Therapeutics and on May 14 drew a first $600.0 million on a $1.0 billion secured facility backed by a pledge of substantially all its assets. The covenants (total net leverage no higher than 3.75x, interest coverage no lower than 2.00x) sit far away for a company with this earnings power — but they exist now.
Diversification
One product has become three: CRENESSITY already reached $153.3 million in the first quarter of 2026, up from $14.5 million a year earlier, and VYKAT XR joined on May 18, 2026, as the first and only approved medicine for hyperphagia in Prader-Willi syndrome. All three run through the same field organization of roughly 600 professionals (as of December 31, 2025), with late-stage candidates in major depressive disorder and schizophrenia behind them.
Valuation
At a market capitalization of roughly $17.7 billion (Nasdaq closing price of $175.77 on July 24, 2026, times 100,549,983 shares), the stock trades at about 27 times earnings and 5.7 times sales. For a growing, profitable drugmaker that is unremarkable. The caveat matters: debt-to-equity, the Altman Z-Score and the equity ratio all come from the balance sheet as of March 31, 2026, and do not yet reflect the acquisition.
Worth Noting
Neurocrine reached our research list through our in-house stock scanner: the stock sits in the U.S. selection of the "Fundamental Rank (A / A+)" screen and, on the same date, appeared on 18 scanner screens in total — including quality filters such as "Buffett criteria" and "Quality stocks" as well as trend screens such as "Stan Weinstein: Stage 2" (as of July 26, 2026; 38 U.S. names met the Fundamental Rank criteria, and the page shows the 25 highest-ranked). These screens are recalculated daily.
Possible confusion: "Neurocrine Group Limited" (formerly Diurnal Group plc), sold to Immedica Pharma AB in January 2026 for $63.2 million, was a former British subsidiary, not the listed Neurocrine Biosciences, Inc. The listed company has traded under the same name and the same SEC file number, CIK 0000914475, since its registration; there are no predecessor or successor entities.
Data basis and cross-check: all balance sheet and earnings figures come from the annual report 10-K for 2025 and the quarterly report 10-Q as of March 31, 2026; all acquisition details come from the current reports 8-K dated April 6 and May 18, 2026. The market capitalization of roughly $17.7 billion is the Nasdaq closing price of July 24, 2026 ($175.77) times the 100,549,983 shares named in the quarterly report. Cross-check against the most recent price documented in a mandatory filing, $181.02 (Form 4 filed July 13, 2026, for the July 10, 2026, trade date): $18.2 billion, a deviation of roughly three percent. Analyses are evergreen; daily prices are not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at NBIX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 123.10 $ to 185.50 $ · Last price: 151.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - Specialty & Generic
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Neurocrine Biosciences Inc NBIX | 15.3 | 24.1 | 17.4 | 64.5 | 22.8 | 21.5 | 6.4 |
| Takeda Pharmaceutical Co Ltd TAK | 60.9 | – | 23.2 | 64.5 | 16.5 | 4.3 | 28.2 |
| Teva Pharma Industries Ltd TEVA | 45.7 | 65.3 | 17.8 | 52.5 | 4.0 | 4.3 | 106.3 |
| Zoetis Inc ZTS | 30.8 | 12.2 | 9.5 | 71.7 | 36.6 | 2.3 | -49.5 |
| United Therapeutics Corporation UTHR | 21.1 | 18.0 | 11.0 | 86.1 | 41.7 | 10.6 | 23.2 |
| Viatris Inc VTRS | 19.4 | – | 11.9 | 40.3 | 6.8 | -3.0 | 84.4 |
| Elanco Animal Health ELAN | 11.3 | – | 19.3 | 55.4 | 12.3 | 6.2 | 23.4 |
| Dr. Reddy’s Laboratories Ltd RDY | 10.1 | 28.9 | 14.2 | 50.2 | 4.3 | 8.6 | -19.9 |
| Alkermes Plc ALKS | 7.8 | 54.4 | 39.6 | 87.2 | -0.2 | -5.3 | 67.6 |
| Median of companies shown | 19.4 | 26.5 | 17.4 | 64.5 | 12.3 | 4.3 | 23.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 15 | -147 | -141 | -1.63 | -106 | 315 | 365 |
| 2017 | 162 | -131 | -143 | -1.62 | -94 | 372 | 818 |
| 2018 | 451 | 37 | 21 | 0.22 | 101 | 481 | 993 |
| 2019 | 788 | 72 | 37 | 0.39 | 147 | 637 | 1,306 |
| 2020 | 1,046 | 163 | 407 | 4.16 | 229 | 1,126 | 1,735 |
| 2021 | 1,134 | 103 | 90 | 0.92 | 257 | 1,374 | 2,073 |
| 2022 | 1,489 | 249 | 155 | 1.56 | 339 | 1,708 | 2,369 |
| 2023 | 1,887 | 251 | 250 | 2.47 | 390 | 2,232 | 3,251 |
| 2024 | 2,355 | 571 | 341 | 3.29 | 595 | 2,590 | 3,719 |
| 2025 | 2,861 | 619 | 479 | 4.67 | 783 | 3,253 | 4,632 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.00 | -30.60 | 628 | 21.80 | 16.40 | 243 | 235 |
| 2025: Q1 | 0.08 | -81.60 | 573 | 11.10 | 1.40 | 65 | 54 |
| 2025: Q2 | 1.06 | 70.10 | 688 | 16.50 | 15.60 | 102 | 90 |
| 2025: Q3 | 2.04 | 64.20 | 795 | 27.80 | 26.40 | 228 | 214 |
| 2025: Q4 | 1.50 | 49.70 | 806 | 28.30 | 19.10 | 388 | 391 |
| 2026: Q1 | 1.91 | 2,383.30 | 815 | 42.20 | 24.30 | 146 | 137 |
| 2026: Q2 | 1.39 | 31.10 | 959 | 39.50 | 15.10 | 136 | 129 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
- Buffett Criteria (Buffettology)
- Buffett: Owner Earnings Yield
- Fundamental Rank (A / A+)
- Institutional Accumulation
- Levermann
- Pros 80%
Aktien.Guide
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Mike Webster: Swing Trading List
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 10.20 | 8.70 – 11.35 | 3,902 | 59.6% | 16 |
| 12/31/2027 | 11.97 | 8.37 – 17.67 | 4,554 | 17.4% | 16 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 5.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $870.4M |
|---|---|
| Market cap | $15.27B |
| Free cash flow in year ten | $1.55B |
| Terminal value as a share of market value | 53.4% |
For comparison: over the past five years free cash flow grew by 28.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Neurocrine verkauft keine KI-Produkte, gestattet den Einsatz generativer KI im eigenen Betrieb aber ausdrücklich und hat dafür eine KI-Governance mit Verantwortungsgremien eingerichtet (Geschäftsbericht 10-K für 2025, Quartalsbericht 10-Q zum 31.03.2026).
View the full file — quotes, sources, reviewed filings
„Our employees and personnel are permitted to use generative AI technologies to perform some of their work, and the disclosure and use of personal information data in generative AI technologies is subject to various privacy laws and other privacy obligations."
Unseren Mitarbeitenden und unserem Personal ist es gestattet, generative KI-Technologien für einen Teil ihrer Arbeit einzusetzen; die Offenlegung und Verwendung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
10-K · 2026-02-11 · View SEC filing
„Our CIO has 24 years of experience in global information technology leadership focused on digital transformation and artificial intelligence (AI) automation, including establishing responsible AI councils and leading AI governance."
Unser Chief Information Officer verfügt über 24 Jahre Erfahrung in der Leitung globaler Informationstechnologie mit Schwerpunkt auf digitaler Transformation und Automatisierung mittels künstlicher Intelligenz (KI), einschließlich des Aufbaus von Gremien für verantwortungsvolle KI und der Leitung der KI-Governance.
10-K · 2026-02-11 · View SEC filing
„If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages."
Wenn wir generative KI nicht einsetzen können, könnte das unser Geschäft weniger effizient machen und zu Wettbewerbsnachteilen führen.
10-Q · 2026-05-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-11 · 10-Q 2025-10-28 · 10-Q 2025-07-30 · 10-Q 2025-05-05 · 10-K 2025-02-10
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 24.3%
- More than 10% revenue growth is expected for the coming year 19.0%
- Share count grows by less than 3% a year 1.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 47.6%
- Gross margin at 40% or higher and without meaningful erosion 98.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1,065 m net cash
- Operating cash flow covers the profits of the last three years 698 m
- Return on capital at 15% or higher, or up versus two years ago 15.9%
- Insiders hold at least 10% or are net buyers 1.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 79.2%
- Exp. sales growth 3Y > 5% 26.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 60.1%
- Net debt < 4x EBIT -1.7x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 37.1%
- Return on equity > 15% 14.7%
- ROCE > 15% 15.9%
- Expected return > 10% 68.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Boyer David W. | Chief Corp. Affairs Officer | Sell | 826 | 157.45 | 130,051 |
| Sep 14, 2026 | Abernethy Matt | Chief Financial Officer | Sell | 2,311 | 157.20 | 363,285 |
| Sep 11, 2026 | Delaet Ingrid | Chief Regulatory Officer | Other | 2,419 | 156.22 | 377,896 |
| Sep 11, 2026 | Delaet Ingrid | Chief Regulatory Officer | Other | 4,483 | 0.00 | – |
| Sep 11, 2026 | Boyer David W. | Chief Corp. Affairs Officer | Other | 1,936 | 156.22 | 302,442 |
| Sep 11, 2026 | Boyer David W. | Chief Corp. Affairs Officer | Other | 3,587 | 0.00 | – |
| Sep 11, 2026 | Onyia Jude | Chief Scientific Officer | Other | 1,936 | 156.22 | 302,442 |
| Sep 11, 2026 | Onyia Jude | Chief Scientific Officer | Other | 3,587 | 0.00 | – |
| Sep 11, 2026 | Keswani Sanjay Chandru | Chief Medical Officer | Other | 2,112 | 156.22 | 329,937 |
| Sep 11, 2026 | Keswani Sanjay Chandru | Chief Medical Officer | Other | 3,914 | 0.00 | – |
The company
About the Company
Neurocrine Biosciences, Inc. entdeckt, entwickelt und kommerzialisiert Pharmazeutika für neurologische, psychiatrische, endokrine und immunologische Erkrankungen in den USA und international.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 2,500
- Headquarters
- San Diego, CA
- Address
- 6027 Edgewood Bend Court, 92130 San Diego, United States
- Phone
- 858 617 7600
- Website
- neurocrine.com
- IPO Date
- 05/23/1996
- ISIN
- US64125C1099
Management
| Name | Title | Birth Year |
|---|---|---|
| Kyle W. Gano Ph.D. | President, CEO & Director | 1973 |
| Matthew C. Abernethy CPA | Chief Financial Officer | 1980 |
| Jude Onyia Ph.D. | Chief Scientific Officer | 1964 |
| Eric S. Benevich | Chief Commercial Officer | 1965 |
| Eiry Wyn Roberts M.D. | Strategic Advisor | 1964 |
| Sanjay Keswani B.Sc., M.D., MBBS | Chief Medical Officer | 1971 |
| Wylie W. Vale Ph.D. | Co-Founder | 1942 |
| Lawrence Steinman BA, M.D., Ph.D. | Co-Founder of Neurocrine | 1948 |
| Aaron Vosburgh | Senior Vice President of Finance & Accounting | – |
| Lewis Choi | Chief Information Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/30/2026 NEUROCRINE BIOSCIENCES INC (NBIX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.