greeksoup/ stock research
Stock research / United States / NBIX / FY2025

Neurocrine Biosciences (NBIX) FY2025 results: revenue $2.9 billion, up 21.4% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $2.9 billion for fiscal 2025, the year ended 31 December 2025, up 21.4% on the year before. Net income was $479 million, up 40.2%, and diluted earnings per share $4.67. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$2.9 billion
+21.4% on the year
FY2018FY2025
Operating margin
21.6%
24.2% a year earlier
FY2018FY2025
Net income
$479 million
+40.2% on the year
FY2018FY2025
Diluted EPS
$4.67
+41.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new, 1 kept.

  • Net product sales up 29% in quarter: Total net product sales were $798.3 million in the fourth quarter and $2.83 billion for 2025. Total revenues were $805.5 million in the quarter, against $627.7 million a year earlier.
  • INGREZZA sales up 7% in quarter: INGREZZA net product sales were $657.5 million in the fourth quarter, up 7%, and $2.51 billion for 2025, up 9%. The third-quarter release reported $686.6 million.
  • Volume growth met lower net price: Double-digit growth in TRx and NRx prescription volume was partly offset by a lower net price, which the company attributed to new formulary access investments.
  • CRENESSITY sales reached $135.3 million: CRENESSITY net product sales were $135.3 million in the fourth quarter and $301.2 million for 2025, against $1.7 million in each prior-year period.
  • INGREZZA 2026 sales guided to $2.7-2.8B: Full-year 2026 INGREZZA net product sales are guided to $2.7 billion to $2.8 billion, covering tardive dyskinesia and chorea associated with Huntington's disease.
Read the Q4 FY2025 earnings call summary

From this 10-K

Neurocrine Biosciences is a biopharmaceutical company that discovers, develops and sells treatments for neurological, psychiatric, endocrine and immunological disorders. Its marketed products are FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia (CAH), and, in collaboration with AbbVie, endometriosis and uterine fibroids. It was incorporated in California in January 1992, reincorporated in Delaware in May 1996, and is based in San Diego, California.

Neurocrine Biosciences Inc., the 10-K for 2025

Neurocrine Biosciences is a biopharmaceutical company that discovers, develops and sells treatments for neurological, psychiatric, endocrine and immunological disorders. Its marketed products are FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia (CAH), and, in collaboration with AbbVie, endometriosis and uterine fibroids. It was incorporated in California in January 1992, reincorporated in Delaware in May 1996, and is based in San Diego, California.

Products

It launched INGREZZA (valbenazine) in the U.S. in May 2017 for tardive dyskinesia, which the company states was the first FDA-approved drug for that condition, and added chorea associated with Huntington's disease in August 2023. Valbenazine is sold as DYSVAL in Japan and REMLEAS in other select Asian markets, where Tanabe Pharma Corporation holds commercialization rights. It launched CRENESSITY (crinecerfont) for CAH in the U.S. in December 2024. AbbVie holds global commercialization rights to elagolix, the endometriosis and uterine fibroids treatment. The company estimates that tardive dyskinesia affects approximately 800,000 people in the U.S. and CAH at least 20,000.

Selling and supply

It sells INGREZZA only in the U.S. through select specialty pharmacy providers, wholesale distributors and specialty distributors, and it sells CRENESSITY through a single specialty pharmacy provider. Its sales force of approximately 600 people covers neurology, psychiatry, long-term care and rare diseases. Third-party manufacturers make its products and product candidates, and third-party logistics providers handle packaging, warehousing and shipping.

Pipeline

Its late-stage candidates are osavampator, an AMPA receptor potentiator in a Phase 3 program for adults with major depressive disorder who have not responded adequately to oral antidepressants, and direclidine, an oral muscarinic M4 receptor agonist for schizophrenia and bipolar mania. Osavampator was in-licensed from Takeda in 2020, and Takeda keeps the rights in Japan. Its earlier programs include muscarinic agonists for schizophrenia and Alzheimer's disease, next-generation VMAT2 inhibitors designed for long-acting injection, a sodium channel inhibitor for certain types of epilepsy, and new compounds targeting corticotropin-releasing factor pathways for endocrine and metabolic diseases.

People

It had approximately 2,000 full-time employees, primarily based in the U.S., as of December 31, 2025, up from approximately 200 in 2017.

From Neurocrine Biosciences' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,8602,3551,887+21.4%
Cost of revenue52.134.039.7+53.2%
Gross profit2,8082,3211,847+21.0%
Gross margin98.2%98.6%97.9%
Research and development1,016731565+38.9%
Selling, general and administrative1,1561,007888+14.8%
Operating income619570251+8.5%
Operating margin21.6%24.2%13.3%
Interest expensen/an/a4.6
Pre-tax income705486332+45.1%
Income tax22714582.4+56.7%
Effective tax rate32.2%29.8%24.8%
Net income479341250+40.2%
Net margin16.7%14.5%13.2%
Diluted EPS$4.67$3.29$2.47+41.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow783595390+31.5%
Capital expenditure34.038.228.3-11.0%
Free cash flow749557362+34.4%
Free cash flow margin26.2%23.7%19.2%
Cash from investing-264-127-467
Cash from financing-38.3-48765.3
Depreciation and amortisation30.127.121.3+11.1%
Share-based compensation218196194+11.5%
Buybacks1683000.0-44.1%
Diluted shares, weighted102m104m101m-1.2%
Shares outstanding at period end100m99m99m+0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,2532,5902,232+25.6%
Debt0.00.0170
Operating lease liabilities415455258-8.7%
Other liabilities963674591+42.9%
Total liabilities and equity4,6323,7193,251+24.5%
Fixed assets89.882.670.8+8.7%
Goodwill6.15.75.8+7.0%
Intangible assets4.736.535.5-87.1%
Investments1,8301,5831,468+15.7%
Cash and equivalents713233251+206.0%
Receivables687479439+43.4%
Inventory69.057.438.3+20.2%
Other assets1,2321,242943-0.8%
Total assets4,6323,7193,251+24.5%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.