Neurocrine Biosciences, Inc.NBIX
NasdaqGS•Healthcare•Drug Manufacturers - Specialty & Generic
Neurocrine Biosciences, Inc. discovers, develops, and commercialize pharmaceuticals for neurological, psychiatric, endocrine, and immunological disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; Orilissa tablets for endometriosis; Oriahnn capsules to treat uterine fibroids; and CRENESSITY to treat congenital adrenal hyperplasia, as well as offers products under the name of ALKINDI and Efmody. Its product candidates in clinical development includes NBI-1076986 to treat movement disorders; Osavampator for inadequate response to treatment in major depressive disorder; NBI-1117568 for the treatment of schizophrenia and bipolar mania; NBI-1117567 for the treatment of Alzheimer's disease; NBI 921355 for the treatment of epilepsy; NBIP-01435 for the treatment of congenital adrenal hyperplasia; NBIP-2118 for the treatment of obesity and related metabolic diseases; and NBI-1070770 to treat major depressive disorder; and NBI-1117570, NBI-1117567, NBI-1117569, NBI-1140675, and NBI-1065890 for neuropsychiatric and neurological conditions. The company also has license and collaboration agreements with Nxera Pharma UK Limited; Takeda Pharmaceutical Company Limited; Xenon Pharmaceuticals Inc.; Voyager Therapeutics, Inc.; Sanofi S.A.; Tanabe Pharma Corporation; and AbbVie Inc. The company was incorporated in 1992 and is headquartered in San Diego, California.
Neurocrine Biosciences, Inc. (NBIX) reported trailing twelve months revenue of $3.10B as of March 2026, a 28.6% increase year-over-year. Quarterly revenue reached $814.50M, reflecting continued top-line momentum.
Neurocrine Biosciences, Inc. generated $668.60M in TTM net income, with quarterly EBITDA of $200.70M. The operating margin expanded from 4.1% to 23.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (23.7%) and net margin (24.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.4% a year ago, signaling stronger bottom-line efficiency.
NBIX trades at a P/E of 19.3x (in line with broad market averages) and a P/S of 4.2x. The price-to-book ratio of 3.8x reflects a moderate premium to book value.
The company generated $136.70M in free cash flow over the trailing twelve months, a 152.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $4.91B in total assets with no in long-term debt against $3.41B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~22.8%, suggesting durable pricing power and cost discipline.
ROE is positive at ~14.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~46.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~25.3% — no sign of cost or pricing stress.
FCF covers net income by 2.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.