Neurocrine Biosciences (NBIX) FY2021 results: revenue $1.1 billion, up 8.4% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $1.1 billion for fiscal 2021, the year ended 31 December 2021, up 8.4% on the year before. Net income was $90 million, down 78.0%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$1.1 billion

+8.4% on the year

FY2014FY2021

Operating margin

9.0%

15.6% a year earlier

FY2014FY2021

Net income

$90 million

-78.0% on the year

FY2014FY2021

Diluted EPS

$0.92

-77.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,134	1,046	788	+8.4%
Cost of revenue	14.3	10.1	n/a	+41.6%
Gross profit	1,119	1,036	n/a	+8.1%
Gross margin	98.7%	99.0%	n/a
Research and development	328	275	n/a	+19.3%
Selling, general and administrative	583	433	354	+34.6%
Operating income	102	163	72.3	-37.1%
Operating margin	9.0%	15.6%	9.2%
Interest expense	25.8	32.8	32.0	-21.3%
Pre-tax income	101	107	46.5	-5.0%
Income tax	11.8	-301	9.5
Effective tax rate	11.6%	-281.7%	20.4%
Net income	89.6	407	37.0	-78.0%
Net margin	7.9%	38.9%	4.7%
Diluted EPS	$0.92	$4.16	$0.39	-77.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	256	228	147	+12.3%
Capital expenditure	23.4	10.9	14.7	+114.7%
Free cash flow	233	218	132	+7.1%
Free cash flow margin	20.6%	20.8%	16.8%
Cash from investing	-130	4.1	-211
Cash from financing	27.4	-158	32.4
Depreciation and amortisation	10.9	8.6	n/a	+26.7%
Share-based compensation	134	100	75.3	+34.2%
Diluted shares, weighted	98m	98m	96m	+0.1%
Shares outstanding at period end	95m	94m	92m	+1.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,374	1,126	637	+22.0%
Debt	335	318	409	+5.4%
Operating lease liabilities	105	94.4	86.8	+11.5%
Other liabilities	258	196	174	+31.5%
Total liabilities and equity	2,072	1,735	1,306	+19.5%
Fixed assets	58.6	44.6	41.9	+31.4%
Goodwill	0.0	n/a	n/a
Intangible assets	0.0	n/a	n/a
Investments	931	841	858	+10.7%
Cash and equivalents	341	187	112	+82.1%
Receivables	186	157	127	+18.1%
Inventory	30.5	28.0	17.3	+8.9%
Other assets	526	477	150	+10.3%
Total assets	2,072	1,735	1,306	+19.5%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.