$NBIX

NEUROCRINE BIOSCIENCES INC

CIK:0000914475|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 959.0	$ 687.5	$ 1,773.5	$ 1,260.1
Operating expenses:
Cost of revenues, excluding amortization of acquired intangible assets	23.2	10.3	36.9	18.5
Research and development	326.7	244.3	622.9	507.5
Acquired in-process research and development	1.5	0.0	22.7	0.1
Selling, general, and administrative	439.7	286.3	758.2	562.8
Amortization of acquired intangible assets	16.4	1.0	16.5	2.0
Gain on sale of business, net of transaction costs	0.0	0.0	(28.6)	0.0
Total operating expenses	807.5	541.9	1,428.6	1,090.9
Operating income	151.5	145.6	344.9	169.2
Other income (expense):
Interest expense	(2.9)	0.0	(2.9)	0.0
Unrealized gain (loss) on equity investments	1.2	(6.7)	26.5	(37.3)
Investment income and other, net	12.4	20.6	40.5	42.3
Total other income, net	10.7	13.9	64.1	5.0
Income before provision for income taxes	162.2	159.5	409.0	174.2
Provision for income taxes	17.8	52.0	66.7	58.8
Net income	144.4	107.5	342.3	115.4
Foreign currency translation adjustments, net of tax	0.6	0.8	0.6	2.3
Unrealized gain (loss) on available-for-sale debt securities, net of tax	4.1	2.7	(8.6)	4.4
Comprehensive income	$ 149.1	$ 111.0	$ 334.3	$ 122.1
Earnings per share:
Basic (in USD per share)	$ 1.43	$ 1.09	$ 3.40	$ 1.16
Diluted (in USD per share)	$ 1.39	$ 1.06	$ 3.30	$ 1.13
Weighted-average shares outstanding:
Basic (in shares)	101.0	99.0	100.8	99.3
Diluted (in shares)	104.2	101.0	103.8	101.8
Net product sales
Revenues:
Total revenues	$ 954.3	$ 682.0	$ 1,765.3	$ 1,245.7
Collaboration revenues
Revenues:
Total revenues	$ 4.7	$ 5.5	$ 8.2	$ 14.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 342.3	$ 115.4
Adjustments to reconcile net income to net cash from operating activities:
Stock-based compensation	122.2	105.6
Depreciation	15.6	12.9
Amortization of inventory fair-value step-up	3.0	0.0
Accretion of discount on available-for-sale debt securities, net	(1.6)	(8.0)
Realized loss on sale of available-for-sale debt securities	5.2	0.0
Amortization of acquired intangible assets	16.5	2.0
Changes in fair values of equity investments	(26.5)	37.3
Deferred income taxes	(86.4)	(51.1)
Non-cash lease expense	3.6	14.3
Gain on sale of business, net of transaction costs	(28.6)	0.0
Other	0.0	1.2
Change in operating assets and liabilities:
Accounts receivable	(165.7)	(116.6)
Inventory	(2.2)	0.4
Accounts payable and accrued liabilities	(22.8)	12.1
Income tax assets and liabilities	60.2	15.8
Other assets and liabilities, net	47.4	25.5
Cash flows from operating activities	282.2	166.8
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(856.9)	(588.3)
Sales and maturities of available-for-sale debt securities	2,527.5	596.7
Acquisition of business, net of cash acquired	(2,358.5)	0.0
Proceeds from sale of business	63.2	0.0
Capital expenditures	(16.9)	(23.2)
Cash flows from investing activities	(641.6)	(14.8)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	600.0	0.0
Repayments of borrowings under revolving credit facility	(600.0)	0.0
Payment of debt issuance costs	(6.7)	0.0
Issuances of common stock under benefit plans	108.4	46.5
Taxes paid related to net share settlement of equity awards	(58.4)	0.0
Repurchases of common stock	(66.0)	(167.7)
Cash flows from financing activities	(22.7)	(121.2)
Effect of exchange rate changes on cash and cash equivalents	0.0	0.2
Change in cash, cash equivalents and restricted cash	(382.1)	31.0
Cash, cash equivalents and restricted cash at beginning of period	721.0	241.0
Cash, cash equivalents and restricted cash at end of period	$ 338.9	$ 272.0

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 332.4	$ 713.0
Available-for-sale debt securities	57.4	767.4
Accounts receivable	887.0	686.8
Inventory	104.2	69.0
Prepaid expenses	217.1	170.7
Other current assets	39.4	115.8
Total current assets	1,637.5	2,522.7
Noncurrent inventory	149.1	0.0
Noncurrent available-for-sale debt securities	91.9	1,063.0
Right-of-use assets	448.0	455.4
Equity investments	147.3	120.8
Property and equipment, net	90.5	89.8
Intangible assets, net	2,226.0	4.7
Goodwill	500.6	6.1
Deferred tax assets	8.9	320.3
Other noncurrent assets	59.3	48.7
Total assets	5,359.1	4,631.5
Current liabilities:
Accounts payable and accrued liabilities	808.3	674.3
Other current liabilities	66.2	69.1
Total current liabilities	874.5	743.4
Deferred tax liabilities	91.5	0.0
Noncurrent operating lease liabilities	401.8	415.3
Other noncurrent liabilities	297.7	219.7
Total liabilities	1,665.5	1,378.4
Stockholders’ equity:
Preferred stock, $0.001 par value; 5.0 shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 220.0 shares authorized; 101.6 and 100.1 shares issued and outstanding, respectively	0.1	0.1
Additional paid-in capital	2,964.4	2,792.2
Accumulated other comprehensive income	5.1	13.1
Retained earnings	724.0	447.7
Total stockholders’ equity	3,693.6	3,253.1
Total liabilities and stockholders’ equity	$ 5,359.1	$ 4,631.5