Neurocrine Biosciences (NBIX) FY2023 results: revenue $1.9 billion, up 26.8% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $1.9 billion for fiscal 2023, the year ended 31 December 2023, up 26.8% on the year before. Net income was $250 million, up 61.6%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue

$1.9 billion

+26.8% on the year

FY2016FY2023

Operating margin

13.3%

16.7% a year earlier

FY2016FY2023

Net income

$250 million

+61.6% on the year

FY2016FY2023

Diluted EPS

$2.47

+58.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,887	1,489	1,134	+26.8%
Cost of revenue	39.7	23.2	14.3	+71.1%
Gross profit	1,847	1,466	1,119	+26.1%
Gross margin	97.9%	98.4%	98.7%
Research and development	565	464	328	+21.8%
Selling, general and administrative	888	753	583	+17.9%
Operating income	251	249	102	+0.8%
Operating margin	13.3%	16.7%	9.0%
Interest expense	4.6	7.1	25.8	-35.2%
Pre-tax income	332	214	101	+55.3%
Income tax	82.4	59.4	11.8	+38.7%
Effective tax rate	24.8%	27.8%	11.6%
Net income	250	154	89.6	+61.6%
Net margin	13.2%	10.4%	7.9%
Diluted EPS	$2.47	$1.56	$0.92	+58.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	390	339	256	+14.9%
Capital expenditure	28.3	16.5	23.4	+71.5%
Free cash flow	362	323	233	+12.0%
Free cash flow margin	19.2%	21.7%	20.6%
Cash from investing	-467	-177	-130
Cash from financing	65.3	-234	27.4
Depreciation and amortisation	21.3	15.6	10.9	+36.5%
Share-based compensation	194	173	134	+12.2%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	101m	99m	98m	+2.1%
Shares outstanding at period end	99m	96m	95m	+2.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,232	1,708	1,374	+30.7%
Debt	170	169	335	+0.4%
Operating lease liabilities	258	93.5	105	+176.3%
Other liabilities	591	398	258	+48.5%
Total liabilities and equity	3,251	2,369	2,072	+37.3%
Fixed assets	70.8	58.6	58.6	+20.8%
Goodwill	5.8	5.4	0.0	+7.4%
Intangible assets	35.5	37.2	0.0	-4.6%
Investments	1,468	1,026	931	+43.1%
Cash and equivalents	251	263	341	-4.5%
Receivables	439	350	186	+25.5%
Inventory	38.3	35.1	30.5	+9.1%
Other assets	943	594	526	+58.8%
Total assets	3,251	2,369	2,072	+37.3%

10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.