# Neurocrine Biosciences, Inc. (NBIX)

> Source: Nexqual · https://nexqual.com/NBIX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Neurocrine Biosciences, Inc. (NBIX), nexqual.com/NBIX" · informational, not investment advice.

**Price:** USD 143.29 (+1.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 141.31 · day 140.75–143.83 · 52w 122.14–186.12 · market cap $14.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.37B, net income $706M (20.9% margin), free cash flow $870M (SEC filings).
- Valuation: P/E 20.6x (avg 41.7x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold NBIX (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (29 analysts), mean target USD 206.22 (range 150–253).
- Total return with dividends: 1Y -0.3% vs S&P 500 +14.9%; 5Y +38.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 2.76, revenue estimate $1.05B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.13B | $1.49B | $1.89B | $2.36B | $2.86B | $3.37B |
| Gross profit | $1.12B | $1.47B | $1.85B | $2.32B | $2.81B | — |
| Operating income | $103M | $249M | $251M | $571M | $619M | $795M |
| Net income | $89.6M | $155M | $250M | $341M | $479M | $706M |
| EPS (diluted) | $0.92 | $1.56 | $2.47 | $3.29 | $4.67 | — |
| Free cash flow | $233M | $323M | $362M | $557M | $749M | $870M |
| Gross margin | 98.7% | 98.4% | 97.9% | 98.6% | 98.2% | — |
| Operating margin | 9.0% | 16.7% | 13.3% | 24.2% | 21.6% | 23.6% |
| Net margin | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% | 20.9% |
| Revenue growth | +8.4% | +31.3% | +26.8% | +24.8% | +21.4% | — |
| Cash + short-term investments | $711M | $989M | $1.03B | $1.08B | $1.48B | — |
| Total debt | $335M | $0K | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.6x · P/S 4.3x · P/FCF 16.7x · P/B 3.9x · FCF yield 5.98% · Earnings yield 4.84% · Buyback yield (TTM) 0.45%
P/E at fiscal year-ends: Dec 2025 30.4x, Dec 2024 41.5x, Dec 2023 53.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NBIX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.49% | $941M | Added +2.3% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 29 analysts; mean target USD 206.22 (low 150, high 253).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Needham | Reiterated | Buy | $204 |
| 2026-10-12 | BMO Capital | Target lowered | Market Perform | $164 → $150 |
| 2026-09-29 | UBS | Target lowered | Buy | $231 → $214 |
| 2026-09-11 | Morgan Stanley | Target raised | Equal-Weight | $182 → $183 |
| 2026-09-08 | RBC Capital | Reiterated | Outperform | $198 |
| 2026-09-03 | Citigroup | Target raised | Buy | $249 → $253 |
| 2026-08-13 | Morgan Stanley | Target lowered | Equal-Weight | $196 → $182 |
| 2026-08-03 | Canaccord Genuity | Target raised | Buy | $200 → $210 |
| 2026-08-03 | Truist Securities | Target raised | Buy | $200 → $213 |
| 2026-08-03 | Wedbush | Target raised | Outperform | $185 → $194 |
| 2026-07-31 | Citigroup | Target raised | Buy | $246 → $249 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $195 → $198 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.3% | +38.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.3% | +6.7% |
| Volatility (annualized) | 34.0% | 31.6% |
| Max drawdown | -27.1% (Jul 2026→Oct 2026) | -40.7% (Jul 2024→Apr 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
ELAN (Elanco Animal Health Incorporat) USD 22.69 +0.62% · RDY (Dr. Reddy's Laboratories Ltd) USD 13.23 +0.30% · VTRS (Viatris Inc.) USD 18.48 +0.16% · UTHR (United Therapeutics Corporation) USD 584.79 +3.78% · ALKS (Alkermes plc) USD 44.18 +1.61% · AMRX (Amneal Pharmaceuticals, Inc.) USD 20.48 +1.39%

## More
Full page: https://nexqual.com/NBIX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NBIX's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/914475/000091447526000007/nbix-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Voyager Therapeutics, Inc. (VYGR) | "For 2024 compared to 2023, the decrease primarily reflected the payment of a $143.9 million upfront fee in 2023 pursuant to the expansion of our collaboration with Voyager." |
| Partner | AbbVie (ABBV) | "Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hy…" |
| Partner | Nxera Pharma UK | "In 2021, we entered into a collaboration and license agreement with Nxera (formerly Sosei Heptares) to develop and commercialize certain compounds containing sub-type selective muscarinic M1, M4, or dual M1/M4 receptor a…" |
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "In 2020, we entered into an exclusive license agreement with Takeda (the 2020 Takeda Agreement), pursuant to which we acquired the exclusive rights to develop and commercialize certain early to mid-stage psychiatry compo…" |
| Partner | Tanabe Pharma | "We collaborate with TPC for the commercialization of DYSVAL in Japan and for the continued development and commercialization of valbenazine for movement disorders in other select Asian markets." |
| Partner | Xenon Pharmaceuticals Inc. (XENE) | "In 2019, we entered into a collaboration and license agreement with Xenon to identify, research, and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates, which compounds we have the e…" |
| Partner | Sanofi (SNY) | "In 2014, we entered into a license agreement with Sanofi, pursuant to which we acquired the global rights to develop and commercialize certain corticotropin-releasing factor type 1 (CRF-1) receptor antagonists, including…" |
| Partner | Sentia Medical Sciences | "This program represents the first biologic (peptide) to emerge from our internal discovery collaboration (with Sentia Medical Sciences, Inc.) on novel peptide CRF receptor antagonists, highlighting our expansion into bio…" |
| Partner | Mitsubishi Tanabe Pharma | "Cost of revenues primarily consists of third-party manufacturing, transportation, freight, and indirect overhead costs for the manufacture and distribution of INGREZZA and CRENESSITY drug product sold, royalties on net p…" |

Other companies that name NBIX in their own reports (relationship from NBIX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Lexeo Therapeutics, Inc. (LXEO) | 10-K 2026-03-30 | "With respect to LX2006, we are aware of clinical stage gene therapy programs in development at Solid Biosciences Inc. and those being developed in collaborations between Voyager Therapeutics, Inc. and…" |
| partner | Maze Therapeutics, Inc. (MAZE) | 10-K 2026-03-25 | "License revenue recognized in 2024 also included amounts related to the exclusive license agreement with Trace Neuroscience, Inc., or Trace, pursuant to which we received an upfront payment of $15.0 m…" |
| partner | Voyager Therapeutics, Inc. (VYGR) | 10-K 2026-03-09 | "Two of these programs are in collaboration with Neurocrine: a frataxin (FXN) gene therapy program for FA, which we refer to as the FA Program, and a glucosylceramidase beta 1, or GBA1, gene therapy pr…" |
| partner | Xenon Pharmaceuticals Inc. (XENE) | 10-K 2026-02-26 | "In December 2019, we entered into a license and collaboration agreement with Neurocrine Biosciences to develop treatments for epilepsy." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net product sales | $954.3M | 99.5% | +39.9% |
| Collaboration revenues | $4.7M | 0.5% | -14.5% |
| Total revenue | $959.0M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 34%, 28%, 26% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Company outlook (8-K filed 2026-07-30)

- "Results reflected double-digit prescription volume growth in TRx and record NRx driven by strong patient demand. • INGREZZA full year 2026 guidance was increased from a range of $2.7 billion to $2.8 billion up to $2.825 billion to $2.875 billion. • CRENESSITY second-quarter 2026 net product sales were $184 million, driven by strong patient demand with approximately 80% rei"

Analysts expect $1.05B for the current quarter, -62.0% vs the guidance midpoint $2.75B. Source: https://www.sec.gov/Archives/edgar/data/914475/000091447526000035/q2-2026xearningsrelease.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.76 | $2.73 | +1.3% | $1.05B | 17 |
| Next quarter (ends 2026-12-31) | $2.84 | $2.73 | +4.2% | $1.09B | 14 |
| Current fiscal year (ends 2026-12-31) | $10.27 | $9.95 | +3.2% | $3.90B | 17 |
| Next fiscal year (ends 2027-12-31) | $11.97 | $12.66 | -5.4% | $4.56B | 15 |