Neurocrine Biosciences (NBIX) Q2 FY2026 earnings: revenue $959 million, up 39.5% on the year

Neurocrine Biosciences Inc. (NBIX) reported revenue of $959 million for Q2 FY2026, the quarter ended 30 June 2026, up 39.5% on the same quarter a year earlier. Net income was $144 million, up 34.3% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue$959 millionup 39.5%

Net income$144 millionup 34.3%

Diluted EPS$1.39

QuarterQ2 FY2026ended 30 June 2026

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	959	814	688	+39.5%
Cost of revenue	23.2	13.8	11.3	+105.3%
Gross profit	936	801	676	+38.4%
Gross margin	97.6%	98.3%	98.4%
Research and development	327	296	244	+33.7%
Selling, general and administrative	440	318	286	+53.6%
Operating income	152	193	146	+4.1%
Operating margin	15.8%	23.7%	21.2%
Interest expense	2.9	n/a	0.0	n/a
Pre-tax income	162	247	160	+1.7%
Income tax	17.8	48.9	52.0	-65.8%
Effective tax rate	11.0%	19.8%	32.6%
Net income	144	198	108	+34.3%
Net margin	15.1%	24.3%	15.6%
Diluted EPS	$1.39	$1.91	$1.06	+31.1%

$ 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 and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	136	146	102	+33.7%
Capital expenditure	7.8	9.1	12.5	-37.6%
Free cash flow	129	137	89.5	+43.7%
Free cash flow margin	13.4%	16.8%	13.0%
Cash from investing	-135	-506	-29.0	n/a
Cash from financing	63.4	-86.1	-3.3	n/a
Depreciation and amortisation	24.8	7.3	7.3	+239.7%
Share-based compensation	65.0	57.2	52.8	+23.1%
Buybacks	12.0	54.0	17.7	-32.2%
Diluted shares, weighted	104m	103m	101m	+3.2%
Shares outstanding at period end	102m	101m	99m	+2.6%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	3,694	3,407	2,694	+37.1%
Debt	0.0	0.0	0.0	n/a
Operating lease liabilities	402	406	439	-8.5%
Other liabilities	1,264	1,093	756	+67.1%
Total liabilities and equity	5,359	4,906	3,890	+37.8%
Fixed assets	90.5	90.9	91.7	-1.3%
Goodwill	501	6.0	n/a	n/a
Intangible assets	2,226	n/a	37.2	+5883.9%
Investments	149	2,381	1,585	-90.6%
Cash and equivalents	332	266	264	+25.9%
Receivables	887	768	596	+48.9%
Inventory	104	64.5	56.9	+83.1%
Other assets	1,069	1,330	1,259	-15.1%
Total assets	5,359	4,906	3,890	+37.8%

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-Q for the period ended 30 June 2026, filed 31 July 2026, accession 0000914475-26-000037: the filing on EDGAR. All of Neurocrine Biosciences Inc.'s filings: EDGAR company page.

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