Neurocrine Biosciences, Inc.
- Open
- 170.43
- Day high
- 172.57
- Day low
- 169.40
- Prev close
- 171.55
- Volume
- 912K
- Mkt cap
- $17.2B
- P/E (TTM)
- 25.5
- EPS (TTM)
- $6.71
- P/B
- 5.0
- P/S
- 5.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$57.0M over the last 3 months (0 open-market buys, 21 sales)
- 🏛Institutions accumulating (13F)
Neurocrine Biosciences, Inc. (NBIX) is a Healthcare company listed on NASDAQ. The stock is up 29% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 21 sales (SEC Form 4).
Neurocrine Biosciences, Inc. (NBIX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NBIX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.28 | $1.94 | +51.6% | $815M | +6.0% |
| Feb 11, 2026 | $2.25 | $1.88 | -16.4% | $806M | +3.9% |
| Jul 30, 2025 | $0.98 | $1.06 | +8.2% | $688M | -7.9% |
| Feb 6, 2025 | $1.62 | $1.00 | -38.3% | $628M | -0.3% |
| Oct 30, 2024 | $1.51 | $1.24 | -17.9% | $622M | +3.6% |
| Aug 1, 2024 | $1.05 | $0.63 | -40.0% | $590M | +8.1% |
| May 1, 2024 | $1.01 | $0.42 | -58.4% | $515M | +0.6% |
| Feb 7, 2024 | $1.15 | $1.44 | +25.2% | $515M | -0.8% |
| Oct 31, 2023 | $0.97 | $0.82 | -15.5% | $499M | +6.5% |
| Aug 1, 2023 | $0.78 | $0.95 | +21.8% | $453M | +1.2% |
| May 3, 2023 | $0.26 | $-0.79 | -403.8% | $420M | +2.7% |
| Feb 6, 2023 | $1.16 | $0.88 | -24.1% | $412M | +0.8% |
NBIX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Option | 200 | $81.49 |
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Sell | 8,110 | $170.03 |
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Option | 1,690 | $81.49 |
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Option | 8,110 | $81.49 |
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Sell | 1,690 | $170.81 |
| Jun 30, 2026 | Lippoldt Darinofficer: Chief Legal Officer | Sell | 200 | $169.56 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Option | 15,000 | $53.64 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Sell | 5,829 | $166.56 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Sell | 2,549 | $164.44 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Option | 10,000 | $79.79 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Sell | 7,883 | $163.81 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Sell | 6,896 | $165.79 |
| Jun 9, 2026 | SHERWIN STEPHEN Adirector | Sell | 1,843 | $167.31 |
| Jun 8, 2026 | Norwalk Leslie Vdirector | Sell | 1,250 | $168.06 |
| Jun 4, 2026 | Cooke Julieofficer: Chief Human Resources Officer | Sell | 14,214 | $154.83 |
Source: NBIX SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full NBIX insider & 13F page →Neurocrine Biosciences, Inc. company profile
Overview
Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a San Diego-based biopharmaceutical company founded in 1992 and publicly traded since 1996. The company specializes in developing and commercializing treatments for neurological, endocrine, and psychiatric disorders. Originally focused on research and development, Neurocrine has evolved into a commercial-stage company with multiple marketed products and a robust pipeline of investigational therapies. The company has established itself as a leader in movement disorders and rare diseases, with its flagship product INGREZZA becoming a blockbuster treatment for tardive dyskinesia.
Business
Neurocrine Biosciences operates in the specialty pharmaceutical industry, focusing on complex neurological and endocrine conditions that often have limited treatment options. The company's business spans three main therapeutic areas: movement disorders, rare endocrine diseases, and psychiatric conditions. The company's primary commercial product is INGREZZA (valbenazine), which generated approximately $2.35 billion in revenue in 2024. INGREZZA is a VMAT2 (vesicular monoamine transporter 2) inhibitor used to treat tardive dyskinesia, a debilitating movement disorder characterized by involuntary, repetitive movements that can affect the face, tongue, and other body parts. Tardive dyskinesia typically develops as a side effect of long-term use of antipsychotic medications used to treat mental health conditions like schizophrenia and bipolar disorder. INGREZZA works by reducing the amount of dopamine released in specific brain regions, helping to control these abnormal movements. The company's second commercial product is CRENESSITY (crinecerfont), launched in late 2024 for treating congenital adrenal hyperplasia (CAH). CAH is a rare genetic disorder affecting the adrenal glands' ability to produce certain hormones, leading to excessive androgen production. CRENESSITY works by targeting the hypothalamic-pituitary-adrenal axis to control ACTH (adrenocorticotropic hormone) levels, potentially allowing patients to reduce their reliance on glucocorticoids, which are the standard treatment but come with significant long-term side effects. Neurocrine also markets ONGENTYS for Parkinson's disease, ORILISSA for endometriosis pain, and ORIAHNN for heavy menstrual bleeding associated with uterine fibroids, though these represent smaller portions of the company's revenue. The company's extensive pipeline includes multiple investigational therapies in various stages of development. Key programs include NBI-921352 for pediatric and adult epilepsy, NBI-1065845 and NBI-1065846 for major depressive disorder, and NBI-118568 for schizophrenia. The pipeline also features several muscarinic receptor agonists, which represent a novel approach to treating psychiatric and neurological conditions by targeting specific brain receptors involved in cognition and behavior.
Revenue model
Neurocrine generates revenue primarily through direct product sales of its commercial pharmaceuticals. The company sells its products through specialty pharmacies, hospitals, and traditional retail pharmacies, with patients typically covered by commercial insurance, Medicare, or Medicaid. INGREZZA accounts for the vast majority of revenue, representing over 95% of total sales. The company's customers are primarily healthcare providers who prescribe the medications, including psychiatrists, neurologists, endocrinologists, and primary care physicians. However, the ultimate payers are insurance companies and government programs that reimburse for these specialty medications. Given the high cost of these treatments (INGREZZA can cost over $100,000 annually), insurance coverage and prior authorization requirements significantly impact market access. Several factors influence Neurocrine's profitability and margins. Positive factors include the company's strong intellectual property position with patents extending into the 2030s, limited competition in specialized therapeutic areas, and the ability to command premium pricing for first-in-class or best-in-class treatments. The company benefits from expanding market awareness and diagnosis rates, particularly for tardive dyskinesia where an estimated 80-90% of patients remain undiagnosed or untreated. Margin pressures come from increasing healthcare cost containment efforts, with payers implementing more restrictive prior authorization requirements and step therapy protocols. The company faces ongoing investment requirements in sales force expansion, direct-to-consumer marketing, and substantial R&D spending (approximately 30% of revenue). Generic competition, while not immediately threatening due to patent protection, represents a long-term risk. Additionally, the company must navigate complex regulatory environments and potential safety concerns that could impact prescribing patterns or require additional clinical studies.
Competitive moat
Neurocrine's competitive moat is moderately strong, built primarily on intellectual property protection, regulatory barriers, and specialized market expertise. The company's patents for INGREZZA extend into the 2030s, providing over a decade of exclusivity protection from generic competition. This is particularly valuable given the complexity of developing VMAT2 inhibitors and the extensive clinical trial requirements for movement disorder treatments. The regulatory moat is significant, as developing treatments for neurological and psychiatric conditions requires substantial clinical expertise, lengthy FDA approval processes, and specialized manufacturing capabilities. The company has built deep relationships with key opinion leaders in neurology and psychiatry, creating switching costs for physicians who become familiar with their products and clinical support programs. However, the moat faces several potential challenges. Large pharmaceutical companies with greater resources could develop competing treatments or acquire smaller biotech companies with promising alternatives. The company operates in therapeutic areas where mechanism-of-action competition is possible - for example, other approaches to treating tardive dyskinesia or CAH could emerge. Additionally, the company's reliance on a single blockbuster product (INGREZZA) creates concentration risk, though the pipeline diversity helps mitigate this concern. The specialized nature of the company's therapeutic focus provides some protection, as competitors need significant expertise in neuroscience and rare diseases. The company's growing pipeline in muscarinic receptor modulators represents a potentially differentiated platform, though this technology is still in early development stages. Overall, while Neurocrine has built meaningful competitive advantages, the moat is not impregnable and requires continued innovation and execution to maintain.
Risks & safety
Neurocrine demonstrates a solid margin of safety with strong financial fundamentals and reasonable valuation metrics, though some concerns exist around growth sustainability and valuation. **Financial Strength:** - Cash position of $233 million with additional short-term investments, providing adequate liquidity - Strong free cash flow generation of $557 million in 2024 - Current ratio of 3.4x indicating strong short-term liquidity - Debt-to-equity ratio of 0.18x showing conservative capital structure - No significant solvency concerns given profitable operations and strong balance sheet **Valuation Metrics:** - Price-to-earnings ratio of 40.2x based on 2024 results, elevated but reasonable for a growing specialty pharma - EV/EBITDA of 21.8x, moderately high but supported by growth prospects - Price-to-book ratio of 5.3x reflects premium valuation typical of successful biotech companies **Other Considerations:** - Heavy dependence on single product (INGREZZA) creates concentration risk - Substantial R&D spending requirements may pressure margins if pipeline programs fail - Patent cliff risk in the 2030s requires successful pipeline execution - Strong market position in specialized therapeutic areas provides some downside protection
Recent development
Over the past few years, Neurocrine has executed a strategic transformation from a single-product company to a diversified neuroscience-focused pharmaceutical company. The most significant development was the successful launch of CRENESSITY in late 2024, marking the company's entry into rare endocrine diseases and reducing dependence on INGREZZA. The company has substantially expanded its clinical pipeline from 12 to 18 programs, with particular focus on psychiatric and neurological conditions. Key strategic moves include advancing multiple programs into Phase 3 trials, including osuvampator for major depressive disorder and NBI-118568 for schizophrenia. The company has also built a distinctive muscarinic receptor platform, developing selective agonists targeting M1, M4, and dual M1/M4 receptors for various psychiatric conditions. Neurocrine has significantly expanded its commercial capabilities, growing its sales force to target psychiatry, neurology, and long-term care segments more effectively. The company launched INGREZZA Sprinkle formulation to improve patient accessibility and has invested heavily in direct-to-consumer marketing to increase disease awareness for tardive dyskinesia. Leadership transitions have been notable, with Kyle Gano becoming CEO in 2024 and Dr. Sanjay Keswani joining as Chief Medical Officer. The company has also returned capital to shareholders through a $300 million share repurchase program while maintaining substantial investment in R&D. Strategic partnerships and licensing agreements have expanded the pipeline, including collaborations with companies like Takeda, Idorsia, and Xenon Pharmaceuticals.
NBIX company profile · for informational purposes only — not investment advice.
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