Neurocrine Biosciences (NBIX) FY2024 results: revenue $2.4 billion, up 24.8% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $2.4 billion for fiscal 2024, the year ended 31 December 2024, up 24.8% on the year before. Net income was $341 million, up 36.7%, and diluted earnings per share $3.29. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.

Revenue

$2.4 billion

+24.8% on the year

FY2017FY2024

Operating margin

24.2%

13.3% a year earlier

FY2017FY2024

Net income

$341 million

+36.7% on the year

FY2017FY2024

Diluted EPS

$3.29

+33.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,355	1,887	1,489	+24.8%
Cost of revenue	34.0	39.7	23.2	-14.4%
Gross profit	2,321	1,847	1,466	+25.7%
Gross margin	98.6%	97.9%	98.4%
Research and development	731	565	464	+29.4%
Selling, general and administrative	1,007	888	753	+13.5%
Operating income	570	251	249	+127.4%
Operating margin	24.2%	13.3%	16.7%
Interest expense	n/a	4.6	7.1
Pre-tax income	486	332	214	+46.3%
Income tax	145	82.4	59.4	+75.6%
Effective tax rate	29.8%	24.8%	27.8%
Net income	341	250	154	+36.7%
Net margin	14.5%	13.2%	10.4%
Diluted EPS	$3.29	$2.47	$1.56	+33.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	595	390	339	+52.7%
Capital expenditure	38.2	28.3	16.5	+35.0%
Free cash flow	557	362	323	+54.1%
Free cash flow margin	23.7%	19.2%	21.7%
Cash from investing	-127	-467	-177
Cash from financing	-487	65.3	-234
Depreciation and amortisation	27.1	21.3	15.6	+27.2%
Share-based compensation	196	194	173	+0.6%
Buybacks	300	0.0	0.0
Diluted shares, weighted	104m	101m	99m	+2.7%
Shares outstanding at period end	99m	99m	96m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,590	2,232	1,708	+16.0%
Debt	0.0	170	169
Operating lease liabilities	455	258	93.5	+76.2%
Other liabilities	674	591	398	+14.0%
Total liabilities and equity	3,719	3,251	2,369	+14.4%
Fixed assets	82.6	70.8	58.6	+16.7%
Goodwill	5.7	5.8	5.4	-1.7%
Intangible assets	36.5	35.5	37.2	+2.8%
Investments	1,583	1,468	1,026	+7.8%
Cash and equivalents	233	251	263	-7.2%
Receivables	479	439	350	+9.1%
Inventory	57.4	38.3	35.1	+49.9%
Other assets	1,242	943	594	+31.7%
Total assets	3,719	3,251	2,369	+14.4%

10-K for the year ended 31 December 2024, filed 10 February 2025: the filing.