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1. Company Snapshot

1.a. Company Description

Neurocrine Biosciences, Inc.discovers, develops, and markets pharmaceuticals for neurological, endocrine, and psychiatric disorders.The company's portfolio includes treatments for tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids, as well as clinical programs in various therapeutic areas.


Its lead asset is INGREZZA, a VMAT2 inhibitor for the treatment of tardive dyskinesia.The company's commercial products include ONGENTYS, a catechol-O-methyltransferase inhibitor used as an adjunct therapy to levodopa/DOPA decarboxylase inhibitors for patients with Parkinson's disease; ORILISSA for the management of moderate to severe endometriosis pain in women; and ORIAHNN, a non-surgical oral medication option for the management of heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women.Its product candidates in clinical development include NBI-921352 for treating pediatric patients, as well as adult focal epilepsy indications; and NBI-827104 to treat rare pediatric epilepsy and essential tremor.


The company's products in clinical development also comprise NBI-1065845 for the treatment of major depressive disorder; NBI-1065846 for treating anhedonia in major depressive disorder; and NBI-118568 for the treatment of schizophrenia.It has license and collaboration agreements with Heptares Therapeutics Limited; Takeda Pharmaceutical Company Limited; Idorsia Pharmaceuticals Ltd; Xenon Pharmaceuticals Inc.; Voyager Therapeutics, Inc.; BIAL – Portela & Ca, S.A.; Mitsubishi Tanabe Pharma Corporation; and AbbVie Inc.Neurocrine Biosciences, Inc.


was incorporated in 1992 and is headquartered in San Diego, California.

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1.b. Last Insights on NBIX

Neurocrine Biosciences' recent performance was negatively impacted by disappointing Ingrezza guidance and Q4 earnings miss. The company's adjusted earnings of $1.88 per share missed the consensus of $1.89. Ingrezza's full-year 2026 net product sales guidance of $2.7-$2.8 billion was in line with expectations but considered lackluster. Additionally, the company's Q4 earnings miss and weak guidance led to a decrease in investor confidence. According to analysts, the stock's performance may be muted due to concerns over future pricing pressure on Ingrezza.

1.c. Company Highlights

2. Neurocrine Biosciences' Strong FY 2025 Results Driven by INGREZZA and CRENESSITY

Neurocrine Biosciences reported total product sales of over $2.8 billion for 2025, representing a 22% year-over-year growth. INGREZZA generated $2.5 billion in revenue, up 9% year-over-year, driven by double-digit volume growth. The company's earnings per share (EPS) came in at $1.88, below analyst estimates of $2.25. The strong revenue growth was fueled by the continued strength of INGREZZA and the successful launch of CRENESSITY, which has seen prescriptions cover over 10% of the classic and general adrenal hyperplasia patient population.

Publication Date: Feb -15

📋 Highlights
  • Revenue Growth:: Total product sales reached $2.8B in 2025 (22% YoY), driven by INGREZZA ($2.5B, +9% YoY) and CRENESSITY’s launch.
  • INGREZZA Performance:: Achieved record prescriptions with double-digit volume growth, supported by sales force expansion and access investments.
  • CRENESSITY Adoption:: Secured 10% of classic CAH patient population within the first year, with high retention and focus on endocrinology specialty.
  • Clinical Pipeline Progress:: Completed Phase I–III objectives in 2025, including head-to-head data showing INGREZZA’s superior efficacy vs. AUSTEDO XR.

Revenue Growth and Product Performance

The success of INGREZZA is underscored by its superior efficacy in treating tardive dyskinesia, as highlighted by the head-to-head data comparing INGREZZA and AUSTEDO XR, which showed INGREZZA's superior efficacy. CRENESSITY's launch has also been strong, with prescriptions trending towards a majority of pediatric patients, and the company estimating that approximately 10% of the classic CAH population is on therapy. As Eric Benevich noted, "once the patient initiates treatment with CRENESSITY, they tend to stay on CRENESSITY," indicating a high level of patient retention.

Valuation and Growth Expectations

With a P/E Ratio of 25.8 and an EV/EBITDA of 20.26, the market appears to be pricing in a certain level of growth for Neurocrine Biosciences. Analysts estimate next year's revenue growth at 9.5%, which is slightly lower than the current year's growth rate. Given the company's strong track record of executing on its pipeline and commercializing its products, it is likely that the company will continue to grow at a healthy rate. The company's return on equity (ROE) of 17.69% and return on invested capital (ROIC) of 11.58% also suggest a strong ability to generate returns for shareholders.

Future Prospects and Pipeline

Neurocrine Biosciences has a robust pipeline, with a focus on advancing its next-gen VMAT2 inhibitors and other programs. The company expects top-line data from the osavampator studies in 2027 and has started a Phase II study of its first follow-on VMAT2 inhibitor in tardive dyskinesia. With a strong financial position and a proven ability to execute on its pipeline, Neurocrine Biosciences is well-positioned for continued growth and success.

3. NewsRoom

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Neurocrine Biosciences, Inc. (NBIX) Presents at TD Cowen 46th Annual Health Care Conference Transcript

Mar -03

Source: seekingalpha.com

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Neurocrine Biosciences to Present at Upcoming Investor Conferences in March

Feb -24

Source: prnewswire.com

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Here Are Tuesday’s Top Wall Street Analyst Research Calls: Blackstone, Blue Owl Capital, Booking Holdings, Cheniere Energy, Comcast, Domino’s Pizza, KeyCorp, Qualcomm, and More

Feb -24

Source: 247wallst.com

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New Strong Sell Stocks for February 18th

Feb -18

Source: zacks.com

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JPMorgan Chase & Co. Has $664.02 Million Stock Holdings in Neurocrine Biosciences, Inc. $NBIX

Feb -18

Source: defenseworld.net

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Neurocrine Biosciences: Growth Beyond Just Ingrezza

Feb -13

Source: seekingalpha.com

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Analysts Stay Bullish As Neurocrine Shares Tumble On Disappointing Ingrezza Guidance

Feb -12

Source: benzinga.com

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Neurocrine Biosciences: Expanding Opportunities, 2026 Will Be Less Exciting

Feb -12

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.00%)

6. Segments

Pharmaceuticals

Expected Growth: 14%

Neurocrine Biosciences' 14% growth in Pharmaceuticals is driven by increasing demand for its novel treatments for neurological and endocrine-related disorders, such as Ingrezza for tardive dyskinesia and Ongentys for Parkinson's disease. Strong sales momentum, expanded product portfolio, and strategic partnerships also contribute to the growth.

7. Detailed Products

Ingrezza (Valbenazine) Capsules

A prescription medicine used to treat adults with tardive dyskinesia (TD).

Ongentys (Opicapone) Capsules

A prescription medicine used to treat Parkinson's disease in patients taking levodopa-based therapy.

Orladeyo (Berotralstat) Capsules

A prescription medicine used to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 12 years and older.

8. Neurocrine Biosciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Neurocrine Biosciences, Inc. has a moderate threat of substitutes due to the presence of alternative treatments for neurological and endocrine-related disorders.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Neurocrine Biosciences, Inc.'s products, which are often prescribed by healthcare professionals.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers for raw materials and services, but the company's dependence on a few key suppliers for certain components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the pharmaceutical industry, including significant research and development costs and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive landscape of the pharmaceutical industry, with multiple companies competing for market share in the neurological and endocrine-related disorder treatment markets.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.10%
Debt Cost 3.95%
Equity Weight 83.90%
Equity Cost 5.34%
WACC 5.11%
Leverage 19.19%

11. Quality Control: Neurocrine Biosciences, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Neurocrine Biosciences

A-Score: 5.8/10

Value: 2.0

Growth: 9.3

Quality: 8.5

Yield: 0.0

Momentum: 8.5

Volatility: 6.7

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Stock-Card
Intra-Cellular Therapies

A-Score: 5.3/10

Value: 6.0

Growth: 7.1

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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Viatris

A-Score: 5.2/10

Value: 8.9

Growth: 2.0

Quality: 3.2

Yield: 7.0

Momentum: 3.0

Volatility: 7.0

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Lantheus Holdings

A-Score: 4.9/10

Value: 4.0

Growth: 9.0

Quality: 8.0

Yield: 0.0

Momentum: 5.5

Volatility: 2.7

1-Year Total Return ->

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Amneal Pharmaceuticals

A-Score: 4.2/10

Value: 4.0

Growth: 3.7

Quality: 3.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Deciphera Pharmaceuticals

A-Score: 4.0/10

Value: 6.2

Growth: 6.0

Quality: 5.0

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

131.14$

Current Price

131.14$

Potential

-0.00%

Expected Cash-Flows