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Neurocrine Biosciences (NBIX)

Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company dedicated to discovering, developing and delivering life-changing treatments for people with serious, challenging and under-addressed neurological, endocrine and psychiatric disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, Parkinson's disease, endometriosis*, uterine fibroids* and clinical programs in multiple therapeutic areas. For nearly three decades, Neurocrine Biosciences has specialized in targeting and interrupting disease-causing mechanisms involving the interconnected pathways of the nervous and endocrine systems.

Company profile

Ticker
NBIX
Exchange
CEO
Kevin Gorman
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Neurocrine Continental, Inc. • Neurocrine Europe, Ltd. • Neurocrine Therapeutics, Ltd. ...
IRS number
330525145

NBIX stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$118.00
Low target
$110.00
High target
$126.00
Barclays
Maintains
Overweight
$110.00
12 Apr 22
JP Morgan
Maintains
Overweight
$126.00
4 Apr 22

Calendar

4 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 278M 278M 278M 278M 278M 278M
Cash burn (monthly) 22M 6.48M (no burn) (no burn) 13.5M (no burn)
Cash used (since last report) 63.17M 18.62M n/a n/a 38.76M n/a
Cash remaining 214.83M 259.38M n/a n/a 239.24M n/a
Runway (months of cash) 9.8 40.0 n/a n/a 17.7 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 May 22 Lyons Gary A NQSO Common Stock Grant Acquire A No No 84.95 9,724 826.05K 9,724
18 May 22 Mercier Johanna NQSO Common Stock Grant Acquire A No No 84.95 9,724 826.05K 9,724
18 May 22 Morrow George J NQSO Common Stock Grant Acquire A No No 84.95 9,724 826.05K 9,724
18 May 22 Norwalk Leslie V NQSO Common Stock Grant Acquire A No No 84.95 9,724 826.05K 9,724
18 May 22 Richard F Pops NQSO Common Stock Grant Acquire A No No 84.95 9,724 826.05K 9,724
93.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 415 400 +3.8%
Opened positions 65 76 -14.5%
Closed positions 50 56 -10.7%
Increased positions 154 135 +14.1%
Reduced positions 142 141 +0.7%
13F shares Current Prev Q Change
Total value 21B 19.55B +7.4%
Total shares 89.08M 88.98M +0.1%
Total puts 706.2K 575.2K +22.8%
Total calls 904.6K 487.6K +85.5%
Total put/call ratio 0.8 1.2 -33.8%
Largest owners Shares Value Change
BLK Blackrock 11.6M $1.09B +1.0%
Vanguard 8.78M $822.89M -0.1%
JHG Janus Henderson 6.31M $591.55M -15.3%
TROW T. Rowe Price 4.29M $402.07M -1.6%
STT State Street 3.73M $350.08M +0.2%
BLVGF Bellevue 3.02M $283.45M -4.9%
JPM JPMorgan Chase & Co. 3.01M $281.75M +0.8%
BK Bank Of New York Mellon 1.7M $159.67M -8.5%
Deerfield Management 1.66M $155.42M +20.3%
GS Goldman Sachs 1.5M $140.29M -1.8%
Largest transactions Shares Bought/sold Change
JHG Janus Henderson 6.31M -1.14M -15.3%
Norges Bank 0 -768.42K EXIT
Citadel Advisors 93.1K -729.73K -88.7%
Polar Capital 759.29K +725K +2114.5%
American Century Companies 795.85K +670.42K +534.5%
Armistice Capital 650K +650K NEW
Logos Global Management 475K +475K NEW
Two Sigma Advisers 628.77K +435.6K +225.5%
FMR 239.66K -434.98K -64.5%
Partner Fund Management 0 -394.06K EXIT

Financial report summary

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Risks
  • *We may not be able to continue to successfully commercialize INGREZZA, ONGENTYS, or any of our product candidates if they are approved in the future.
  • If physicians and patients do not continue to accept INGREZZA or do not accept ONGENTYS or our sales and marketing efforts are not effective, we may not generate sufficient revenue.
  • Governmental and third-party payors may impose sales and pharmaceutical pricing controls on our products or limit coverage and/or reimbursement for our products or impose policies that could limit our product revenues and delay sustained profitability.
  • Our business could be adversely affected by the effects of health pandemics or epidemics, including the COVID-19 pandemic, which could also cause significant disruption in the operations of third-party manufacturers CROs, or other third parties upon whom we rely.
  • We face intense competition, and if we are unable to compete effectively, the demand for our products may be reduced.
  • Because the development of our product candidates is subject to a substantial degree of technological uncertainty, we may not succeed in developing any of our product candidates.
  • *Our clinical trials may be delayed for safety or other reasons or fail to demonstrate the safety and efficacy of our product candidates, which could prevent or significantly delay their regulatory approval.
  • *Several of our planned clinical trial sites have been impacted and could be delayed or suspended as a result of the conflict between Russia and Ukraine.
  • We depend on our current collaborators for the development and commercialization of several of our products and product candidates and may need to enter into future collaborations to develop and commercialize certain of our product candidates.
  • We may not be able to successfully commercialize ONGENTYS.
  • Use of our approved products or those of our collaborators could be associated with side effects or adverse events.
  • *We have recently increased the size of our organization and will need to continue to increase the size of our organization. We may encounter difficulties with managing our growth, which could adversely affect our results of operations.
  • If we are unable to retain and recruit qualified scientists and other employees or if any of our key senior executives discontinues his or her employment with us, it may delay our development efforts or impact our commercialization of INGREZZA, ONGENTYS or any product candidate approved by the FDA.
  • We currently have no manufacturing capabilities. If third-party manufacturers of INGREZZA, ONGENTYS or any of our product candidates fail to devote sufficient time and resources to our concerns, or if their performance is substandard, our clinical trials and product introductions may be delayed, and our costs may rise.
  • *We currently depend on a limited number of third-party suppliers. The loss of these suppliers, or delays or problems in the supply of INGREZZA or ONGENTYS, could materially and adversely affect our ability to successfully commercialize INGREZZA or ONGENTYS.
  • The independent clinical investigators and contract research organizations that we rely upon to conduct our clinical trials may not be diligent, careful or timely, and may make mistakes, in the conduct of our trials.
  • We do not and will not have access to all information regarding the products and product candidates we licensed to AbbVie.
  • We are subject to ongoing obligations and continued regulatory review for INGREZZA. Additionally, our other product candidates, if approved, could be subject to labeling and other post-marketing requirements and restrictions.
  • If the market opportunities for our products and product candidates are smaller than we believe they are, our expected revenues may be adversely affected, and our business may suffer.
  • We license some of our core technologies and drug candidates from third parties. If we default on any of our obligations under those licenses, or violate the terms of these licenses, we could lose our rights to those technologies and drug candidates or be forced to pay damages.
  • The conditional conversion feature of the 2024 Notes, if triggered, may adversely affect our financial condition, operating results, or liquidity.
  • Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations.
  • We have a history of losses and expect to increase our expenses for the foreseeable future, and we may not be able to sustain profitability.
  • We may be subject to claims that we or our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • *Because our operating results may vary significantly in future periods, our stock price may decline.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flows, financial condition or results of operations.
  • Our ability to use net operating loss carryforwards and certain other tax attributes may be limited.
  • Our effective tax rate may fluctuate, and we may incur obligations in tax jurisdictions in excess of accrued amounts.
  • *The price of our common stock is volatile.
  • *Our customers are concentrated and therefore the loss of a significant customer may harm our business.
  • *If we cannot raise additional funding, we may be unable to complete development of our product candidates or establish commercial and manufacturing capabilities in the future.
  • Compliance with changing regulation of corporate governance and public disclosure may result in additional expenses.
  • Increasing use of social media could give rise to liability and result in harm to our business.
  • If we are unable to protect our intellectual property, our competitors could develop and market products based on our discoveries, which may reduce demand for our products.
  • *Health care reform measures and other recent legislative initiatives could adversely affect our business.
  • *Any relationships with healthcare professionals, principal investigators, consultants, customers (actual and potential) and third-party payors in connection with our current and future business activities are and will continue to be subject, directly or indirectly, to federal and state healthcare laws. If we are unable to comply, or have not fully complied, with such laws, we could face penalties, contractual damages, reputational harm, diminished profits and future earnings and curtailment or restructuring of our operations.
  • We could face liability if a regulatory authority determines that we are promoting INGREZZA, ONGENTYS or any of our product candidates that receives regulatory approval, for “off-label” uses.
  • *If our information technology systems or data is or were compromised, we could experience adverse impacts resulting from such compromise, including, but not limited to, interruptions to our operations such as our clinical trials, claims that we breached our data protection obligations, harm to our reputation, and a loss of customers or sales.
  • If we fail to obtain or maintain orphan drug designation or other regulatory exclusivity for some of our product candidates, our competitive position would be harmed.
  • The technologies we use in our research as well as the drug targets we select may infringe the patents or violate the proprietary rights of third parties.
  • Our business operations may subject us to disputes, claims and lawsuits, which may be costly and time-consuming and could materially and adversely impact our financial position and results of operations.
  • Our employees, independent contractors, principal investigators, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • We face potential product liability exposure far in excess of our insurance coverage.
  • Our activities involve hazardous materials, and we may be liable for any resulting contamination or injuries.
  • *We are subject to stringent and changing obligations related to data privacy and information security. Our actual or perceived failure to comply with such obligations could have a material adverse effect on our reputation, business, financial condition or results of operations.
Management Discussion
  • Net Product Sales by Sales Product.
  • For 2021 compared to 2020, the increase in total net product sales primarily reflected increased INGREZZA net product sales mainly driven by increased total prescriptions reflecting higher customer demand and increased commercial activities.
  • For 2020 compared to 2019, the increase in total net product sales primarily reflected increased INGREZZA net product sales driven by increased total prescriptions.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Patents

Utility
High dosage valbenazine formulation and compositions, methods, and kits related thereto
26 Apr 22
Solid pharmaceutical compositions with high drug loading are provided.
Utility
Treatment of congenital adrenal hyperplasia
26 Apr 22
CRF1 receptor antagonists have the potential to directly inhibit ACTH release in patients with CAH and thereby allow normalization of androgen production while using lower, more physiologic doses of hydrocortisone, and thus reducing treatment-associated side effects.
Utility
Methods for the Administration of Certain VMAT2 Inhibitors
10 Feb 22
Provided is a method of administering a vesicular monoamine transport 2 (VMAT2) inhibitor to a patient in need thereof, wherein the patient experiences one or more clinically significant parkinson-like signs or symptoms.
Utility
CRF1 Receptor Antagonist, Pharmaceutical Formulations and Solid Forms Thereof for the Treatment of Congenital Adrenal Hyperplasia
27 Jan 22
Provided are methods related to treating congenital adrenal hyperplasia in a subject in need thereof comprising administering 4-(2-chloro-4-methoxy-5-methylphenyl)-N-[(1S)-2-cyclopropyl-1-(3-fluoro-4-methylphenyl)ethyl]-5-methyl-N-prop-2-ynyl-1,3-thiazol-2-amine (Formula 1), or a pharmaceutically acceptable salt thereof.
Utility
Treatment of Congenital Adrenal Hyperplasia
25 Nov 21
CRF1 receptor antagonists have the potential to directly inhibit ACTH release in patients with CAH and thereby allow normalization of androgen production while using lower, more physiologic doses of hydrocortisone, and thus reducing treatment-associated side effects.