Neurocrine Biosciences (NBIX) Q4 FY2025 earnings: revenue $806 million, up 28.3% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $806 million for Q4 FY2025, the quarter ended 31 December 2025, up 28.3% on the same quarter a year earlier. Net income was $154 million, up 49.1% on the year, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue$806 millionup 28.3%

Net income$154 millionup 49.1%

Diluted EPS$1.48

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	806	795	628	+28.3%
Cost of revenue	17.6	14.0	9.3	+89.2%
Gross profit	788	781	618	+27.4%
Gross margin	97.8%	98.2%	98.5%
Research and development	258	250	186	+39.1%
Selling, general and administrative	302	292	288	+4.9%
Operating income	211	239	142	+48.5%
Operating margin	26.2%	30.1%	22.6%
Pre-tax income	239	292	163	+47.2%
Income tax	85.7	82.3	59.5	+44.0%
Effective tax rate	35.8%	28.2%	36.6%
Net income	154	210	103	+49.1%
Net margin	19.1%	26.4%	16.4%
Diluted EPS	$1.48	$2.04	$1.00	+48.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	388	228	242	+60.2%
Capital expenditure	n/a	13.2	7.3	n/a
Free cash flow	n/a	214	235	n/a
Free cash flow margin	n/a	27.0%	37.5%
Cash from investing	-52.9	-197	-68.3	n/a
Cash from financing	37.3	45.6	-290	n/a
Depreciation and amortisation	7.5	7.7	7.1	+5.6%
Share-based compensation	58.6	53.7	66.4	-11.7%
Buybacks	0.0	0.0	300	n/a
Diluted shares, weighted	104m	102m	103m	+0.8%
Shares outstanding at period end	100m	100m	99m	+0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	3,253	3,004	2,590	+25.6%
Debt	0.0	0.0	0.0	n/a
Operating lease liabilities	415	428	455	-8.7%
Other liabilities	963	834	674	+42.9%
Total liabilities and equity	4,632	4,266	3,719	+24.5%
Fixed assets	89.8	97.3	82.6	+8.7%
Goodwill	6.1	n/a	5.7	+7.0%
Intangible assets	4.7	35.7	36.5	-87.1%
Investments	1,830	1,773	1,583	+15.7%
Cash and equivalents	713	340	233	+206.0%
Receivables	687	728	479	+43.4%
Inventory	69.0	69.3	57.4	+20.2%
Other assets	1,232	1,222	1,242	-0.8%
Total assets	4,632	4,266	3,719	+24.5%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	499	515	515	590	622	628	573	688	795	806	814	959
Cost of revenue	11.2	8.5	7.5	9.2	8.0	9.3	9.2	11.3	14.0	17.6	13.8	23.2
Gross profit	488	507	508	581	614	618	563	676	781	788	801	936
Gross margin	98%	98%	99%	98%	99%	99%	98%	98%	98%	98%	98%	98%
R&D	142	138	159	191	195	186	263	244	250	258	296	327
SG&A	204	219	243	242	234	288	276	286	292	302	318	440
Operating income	141	150	99.3	145	184	142	23.6	146	239	211	193	152
Operating margin	28%	29%	19%	25%	30%	23%	4%	21%	30%	26%	24%	16%
Interest expense	1.1	1.1	1.1	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	2.9
Pre-tax income	116	198	34.5	98.6	190	163	14.7	160	292	239	247	162
Tax rate	28%	25%	-26%	34%	32%	37%	46%	33%	28%	36%	20%	11%
Net income	83.1	148	43.4	65.0	130	103	7.9	108	210	154	198	144
Net margin	17%	29%	8%	11%	21%	16%	1%	16%	26%	19%	24%	15%
Diluted EPS	$0.82	$1.44	$0.42	$0.63	$1.24	$1.00	$0.08	$1.06	$2.04	$1.48	$1.91	$1.39
Operating cash flow	212	124	130	64.6	158	242	64.8	102	228	388	146	136
Capital expenditure	7.6	5.4	11.2	11.6	8.1	7.3	10.7	12.5	13.2	n/a	9.1	7.8
Free cash flow	204	118	119	53.0	150	235	54.1	89.5	214	n/a	137	129
Buybacks	n/a	n/a	0.0	0.0	0.0	300	150	17.7	0.0	0.0	54.0	12.0
Shares outstanding	98m	99m	101m	101m	101m	99m	99m	99m	100m	100m	101m	102m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 11 February 2026, accession 0000914475-26-000007: the filing on EDGAR. All of Neurocrine Biosciences Inc.'s filings: EDGAR company page.

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