Neurocrine Biosciences (NBIX) FY2022 results: revenue $1.5 billion, up 31.3% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $1.5 billion for fiscal 2022, the year ended 31 December 2022, up 31.3% on the year before. Net income was $154 million, up 72.4%, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2023.

Revenue

$1.5 billion

+31.3% on the year

FY2015FY2022

Operating margin

16.7%

9.0% a year earlier

FY2015FY2022

Net income

$154 million

+72.4% on the year

FY2015FY2022

Diluted EPS

$1.56

+69.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,489	1,134	1,046	+31.3%
Cost of revenue	23.2	14.3	10.1	+62.2%
Gross profit	1,466	1,119	1,036	+30.9%
Gross margin	98.4%	98.7%	99.0%
Research and development	464	328	275	+41.4%
Selling, general and administrative	753	583	433	+29.0%
Operating income	249	102	163	+142.9%
Operating margin	16.7%	9.0%	15.6%
Interest expense	7.1	25.8	32.8	-72.5%
Pre-tax income	214	101	107	+110.9%
Income tax	59.4	11.8	-301	+403.4%
Effective tax rate	27.8%	11.6%	-281.7%
Net income	154	89.6	407	+72.4%
Net margin	10.4%	7.9%	38.9%
Diluted EPS	$1.56	$0.92	$4.16	+69.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	339	256	228	+32.3%
Capital expenditure	16.5	23.4	10.9	-29.5%
Free cash flow	323	233	218	+38.5%
Free cash flow margin	21.7%	20.6%	20.8%
Cash from investing	-177	-130	4.1
Cash from financing	-234	27.4	-158
Depreciation and amortisation	15.6	10.9	8.6	+43.1%
Share-based compensation	173	134	100	+29.0%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	99m	98m	98m	+1.0%
Shares outstanding at period end	96m	95m	94m	+1.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,708	1,374	1,126	+24.3%
Debt	169	335	318	-49.4%
Operating lease liabilities	93.5	105	94.4	-11.2%
Other liabilities	398	258	196	+54.2%
Total liabilities and equity	2,369	2,072	1,735	+14.3%
Fixed assets	58.6	58.6	44.6	0.0%
Goodwill	5.4	0.0	n/a
Intangible assets	37.2	0.0	n/a
Investments	1,026	931	841	+10.2%
Cash and equivalents	263	341	187	-22.9%
Receivables	350	186	157	+88.7%
Inventory	35.1	30.5	28.0	+15.1%
Other assets	594	526	477	+12.9%
Total assets	2,369	2,072	1,735	+14.3%

10-K for the year ended 31 December 2022, filed 9 February 2023: the filing.