# NEUROCRINE BIOSCIENCES INC (NBIX)

Informational only - not investment advice.

CIK: 0000914475
SIC: 2836 Biological Products, (No Diagnostic Substances)
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2836 Biological Products, (No Diagnostic Substances)](/industry/2836/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=914475
Filing source: https://www.sec.gov/Archives/edgar/data/914475/000091447526000007/nbix-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0000914475-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914475.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,860,500,000 USD | 2025 | verified |
| Net income | 478,600,000 USD | 2025 | verified |
| Assets | 4,631,500,000 USD | 2025 | verified |
| Free cash flow | 748,700,000 USD | 2025 | computed |
| Net margin | 16.73% | 2025 | computed |
| Operating margin | 21.64% | 2025 | computed |
| Revenue YoY | +21.45% | 2025 | computed |
| ROE | 14.71% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NBIX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 16.7% | -14.7% | 66 | 33 |
| Operating margin | 21.6% | -16.8% | 68 | 32 |
| Revenue growth | 21.4% | 20.9% | 51 | 42 |
| FCF margin | 26.2% | -127.6% | 88 | 43 |
| ROE | 14.7% | -38.7% | 88 | 60 |
| ROA | 10.3% | -30.4% | 88 | 66 |
| Liabilities / equity | 0.42 | 0.38 | 59 | 62 |
| Current ratio | 3.39 | 5.52 | 20 | 66 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2836 Biological Products, (No Diagnostic Substances), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2860500000 | USD | 2025 | 2026-02-11 |
| Net income | 478600000 | USD | 2025 | 2026-02-11 |
| Assets | 4631500000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914475.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 15,000,000 | 161,626,000 | 451,200,000 | 788,100,000 | 1,045,900,000 | 1,133,500,000 | 1,488,700,000 | 1,887,100,000 | 2,355,300,000 | 2,860,500,000 |
| Net income | -141,090,000 | -142,542,000 | 21,100,000 | 37,000,000 | 407,300,000 | 89,600,000 | 154,500,000 | 249,700,000 | 341,300,000 | 478,600,000 |
| Operating income | -147,372,000 | -131,361,000 | 36,800,000 | 72,300,000 | 163,000,000 | 102,500,000 | 249,000,000 | 250,900,000 | 570,500,000 | 619,100,000 |
| Diluted EPS | -1.63 | -1.62 | 0.22 | 0.39 | 4.16 | 0.92 | 1.56 | 2.47 | 3.29 | 4.67 |
| Operating cash flow | -106,181,000 | -94,331,000 | 101,400,000 | 147,000,000 | 228,500,000 | 256,500,000 | 339,400,000 | 389,900,000 | 595,400,000 | 782,700,000 |
| Capital expenditures | 4,108,000 | 6,940,000 | 24,800,000 | 14,700,000 | 10,900,000 | 23,400,000 | 16,500,000 | 28,300,000 | 38,200,000 | 34,000,000 |
| Share buybacks |  |  |  |  |  |  | 0.00 | 0.00 | 300,000,000 | 167,700,000 |
| Assets | 365,086,000 | 817,591,000 | 993,151,000 | 1,306,000,000 | 1,734,700,000 | 2,072,500,000 | 2,368,700,000 | 3,251,400,000 | 3,718,700,000 | 4,631,500,000 |
| Liabilities | 50,209,000 | 445,453,000 | 512,386,000 | 669,100,000 | 608,500,000 | 698,500,000 | 660,900,000 | 1,019,400,000 | 1,129,000,000 | 1,378,400,000 |
| Stockholders' equity | 314,877,000 | 372,200,000 | 480,800,000 | 636,900,000 | 1,126,200,000 | 1,374,000,000 | 1,707,800,000 | 2,232,000,000 | 2,589,700,000 | 3,253,100,000 |
| Cash and cash equivalents | 83,267,000 | 254,712,000 | 141,714,000 | 112,300,000 | 187,100,000 | 340,800,000 | 262,900,000 | 251,100,000 | 233,000,000 | 713,000,000 |
| Free cash flow | -110,289,000 | -101,271,000 | 76,600,000 | 132,300,000 | 217,600,000 | 233,100,000 | 322,900,000 | 361,600,000 | 557,200,000 | 748,700,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -88.19% | 4.68% | 4.69% | 38.94% | 7.90% | 10.38% | 13.23% | 14.49% | 16.73% |
| Operating margin |  | -81.27% | 8.16% | 9.17% | 15.58% | 9.04% | 16.73% | 13.30% | 24.22% | 21.64% |
| Return on equity | -44.81% | -38.30% | 4.39% | 5.81% | 36.17% | 6.52% | 9.05% | 11.19% | 13.18% | 14.71% |
| Return on assets | -38.65% | -17.43% | 2.12% | 2.83% | 23.48% | 4.32% | 6.52% | 7.68% | 9.18% | 10.33% |
| Liabilities / equity | 0.16 | 1.20 | 1.07 | 1.05 | 0.54 | 0.51 | 0.39 | 0.46 | 0.44 | 0.42 |
| Current ratio | 10.21 | 10.20 | 8.36 | 1.47 | 5.45 | 3.96 | 2.70 | 2.45 | 3.40 | 3.39 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NBIX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000914475.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.69 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.79 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.95 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 498,800,000 | 83,100,000 | 0.82 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 515,200,000 | 147,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 515,300,000 | 43,400,000 | 0.42 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 590,200,000 | 65,000,000 | 0.63 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 622,100,000 | 129,800,000 | 1.24 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 627,700,000 | 103,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 572,600,000 | 7,900,000 | 0.08 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 687,500,000 | 107,500,000 | 1.06 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 794,900,000 | 209,500,000 | 2.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 805,500,000 | 153,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 814,500,000 | 197,900,000 | 1.91 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 959,000,000 | 144,400,000 | 1.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NBIX's latest 10-K: [/company/NBIX/business/](/company/NBIX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NBIX's latest 10-K: [/company/NBIX/risk-factors/](/company/NBIX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/914475/000091447526000037/nbix-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations section contains forward-looking statements, which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part II, Item 1A under the caption “Risk Factors.” The interim financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2025 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, which are contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2026.

Overview

Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders.

Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency (CAH), hyperphagia in Prader-Willi syndrome (PWS), and endometriosis and uterine fibroids in collaboration with AbbVie Inc. (AbbVie). In addition, we have a diversified portfolio of multiple compounds in mid- to late-phase development across our core therapeutic areas and an expanding early-phase pipeline that includes a range of modalities including small molecules, peptides, proteins, antibodies, conjugates, and gene therapies.

We launched INGREZZA® (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of chorea associated with Huntington's disease in August 2023 and launched CRENESSITY® (crinecerfont) in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024. We acquired VYKAT® (diazoxide choline) XR, the first and only FDA-approved treatment for hyperphagia in PWS, through the acquisition of Soleno Therapeutics, Inc. (Soleno) in May 2026.

We estimate that TD affects approximately 800,000 people in the U.S., that approximately 90% of the 40,000 people in the U.S. affected by Huntington’s disease will develop chorea, that CAH affects at least 20,000 people in the U.S., and that hyperphagia in PWS affects approximately 10,000 people in the U.S. Key elements of our commercial strategy include maximizing the opportunities of our FDA approved products through consistent and effective commercial execution, including continued development of valbenazine as the best-in-class treatment for new patient populations, and to lead the evolving understanding of vesicular monoamine transporter 2 (VMAT2) biology and its role in disease.

2026 Business Highlights

•Total net product sales for the first six months of 2026 increased $519.6 million, or 41.7%, to $1.77 billion, primarily reflecting increased net product sales of CRENESSITY, which was launched in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024, increased net product sales of INGREZZA, driven by volume growth in total prescriptions and record new prescriptions on strong patient demand, and the inclusion of VYKAT XR net product sales following the acquisition of Soleno in May 2026.

•On May 18, 2026, we completed our acquisition of Soleno in an all-cash transaction representing a total equity value of approximately $2.9 billion, adding VYKAT XR, the first and only FDA-approved treatment for hyperphagia in PWS, to our rare disease commercial portfolio.

•In May 2026, we entered into a $1.0 billion senior secured revolving credit facility (the 2026 Credit Facility). In June 2026, we repaid $600.0 million of principal that was borrowed under the 2026 Credit Facility in May 2026. As of June 30, 2026, we had $1.0 billion of available borrowing capacity under the 2026 Credit Facility. We may use borrowings under the 2026 Credit Facility for general corporate purposes and other purposes permitted by the credit agreement. Our ability to borrow under the 2026 Credit Facility is subject to the satisfaction of customary conditions, including compliance with the covenants contained in the credit agreement.

•On January 21, 2026, we completed the sale of Neurocrine Group Limited to Immedica Pharma AB for $63.2 million in cash. As a result of the transaction, during the first quarter of 2026 we recognized a pre-tax gain on sale of $28.6 million in "Gain on sale of business, net of transaction costs" within income from continuing operations.

•Promoted Samir Siddhanti to the executive management team as Chief Business Officer where he will lead the Company’s business development, corporate strategy, and R&D portfolio management functions helping guide Neurocrine’s continued evolution into a leading, global biotechnology company.

21

•Promoted Andrew Ratz, Ph.D., to the executive management team as the Chief Technical Operations Officer. In his new role, Dr. Ratz will lead the company's global technical development, manufacturing, and supply chain functions, supporting Neurocrine's expansion beyond small molecules into biologics and device-based therapies.

2026 Pipeline Highlights

•Initiated Phase 2 clinical study to assess the safety and tolerability of crinecerfont in children aged 3 months to under 4 years with CAH.

•Initiated and dosed the first patients in a Phase 2 clinical study of NBI-1117570, a dual M1/M4 selective agonist in adults with schizophrenia.

•Initiated Phase 1 first-in-human clinical study evaluating the safety and tolerability of NBIP-2118 in adult participants. NBIP-2118 is an investigational corticotropin-releasing factor 2 receptor (CRF2) peptide agonist and a potential first-in-class therapy for obesity.

•Announced new two-year data from the Phase 3 CAHtalyst® Pediatric study showing positive growth outcomes in children and adolescents with CAH treated with CRENESSITY.

•Announced new two-year data from the Phase 3 CAHtalyst® Adult study demonstrating improved cardiometabolic outcomes alongside sustained glucocorticoid dose reduction through up to two years of treatment with CRENESSITY for CAH.

•Announced publication of expert recommendations for glucocorticoid dose reduction after initiating CRENESSITY for the treatment of CAH.

•Announced new post-hoc data from the KINECT® 4 clinical trial demonstrating that adults with TD treated with INGREZZA capsules experienced clinically meaningful and robust improvements in involuntary movement severity, including those who did not meet the stringent symptomatic remission threshold.

•Presented new VYKAT XR data demonstrating meaningful and durable improvements in hyperphagia and behavioral symptoms in PWS following randomized withdrawal period.

•Presented new real-world evidence demonstrating that adult patients with TD receiving INGREZZA (valbenazine) capsules showed higher treatment persistence compared to those on AUSTEDO XR (deutetrabenazine). The findings were presented at the Academy of Managed Care Pharmacy 2026 Annual Meeting in Nashville.

•Presented the first expert consensus recommendations focused on screening, diagnosis and treatment of TD among older adults in long-term care settings. The recommendations address persistent gaps in recognizing and managing TD in this higher-risk population. Findings were presented at the Society for Post-Acute and Long-Term Care Medical Association (PALTmed) PALTC26 Annual Conference in Anaheim, CA.

•Presented new two-year CRENESSITY data demonstrating durable hormonal control, reduced glucocorticoid exposure and meaningful clinical improvements in pediatric patients with CAH. The findings were presented at the Pediatric Endocrine Society 2026 Annual Meeting in San Francisco.

Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(in millions, except per share data)","2026","","2025","","2026","","2025"],["Revenues","$","959.0","","","$","687.5","","","$","1,773.5","","","$","1,260.1"],["Operating expenses","807.5","","","541.9","","","1,428.6","","","1,090.9"],["Operating income","151.5","","","145.6","","","344.9","","","169.2"],["Other income","10.7","","","13.9","","","64.1","","","5.0"],["Provision for income taxes","17.8","","","52.0","","","66.7","","","58.8"],["Net income","$","144.4","","","$","107.5","","","$","342.3","","","$","115.4"],["Earnings per share, diluted","$","1.39","","","$","1.06","","","$","3.30","","","$","1.13"],["Weighted average common shares outstanding, diluted","104.2","","101.0","","103.8","","101.8"]]
[[/GREPCENT_TABLE]]

22

Revenues

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(in millions)","2026","","2025","","2026","","2025"],["INGREZZA net product sales","$","716.5","","","$","624.4","","","$","1,373.3","","","$","1,169.6"],["CRENESSITY net product sales","183.5","","","53.2","","","336.8","","","67.7"],["VYKAT XR net product sales","54.3","","","\u2014","","","54.3","","","\u2014"],["Other","\u2014","","","4.4","","","0.9","","","8.4"],["Total net product sales","954.3","","","682.0","","","1,765.3","","","1,245.7"],["Collaboration revenues","4.7","","","5.5","","","8.2","","","14.4"],["Total revenues","$","959.0","","","$","687.5","","","$","1,773.5","","","$","1,260.1"]]
[[/GREPCENT_TABLE]]

Net Product Sales

Compared with the comparable periods last year, the increase primarily reflected the increased net product sales of CRENESSITY, which was launched in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024, increased net product sales of INGREZZA, driven by volume growth in total prescriptions and record new prescriptions on strong patient demand, and the inclusion of VYKAT XR net product sales following the acquisition of Soleno in May 2026.

Collaboration Revenues

Collaboration revenues for all periods presented primarily reflected royalties earned on AbbVie net sales of elagolix and Tanabe Pharma Corporation (formerly Mitsubishi Tanabe Pharma Corporation) net sales of valbenazine.

Operating Expenses

Cost of Revenues

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in millions)","2026","","2025","","2026","","2025"],["Cost of revenues, excluding amortization of acquired intangible assets","$","23.2","","","$","10.3","","","$","36.9","","","$","18.5"],["as a % of total revenues","2.4","%","","1.6","%","","2.1","%","","1.5","%"]]
[[/GREPCENT_TABLE]]

Compared with the comparable periods last year, the increase primarily reflected increased total net product sales, increased royalties on net product sales of CRENESSITY, $3.0 million of expense related to the amortization of the acquisition-date fair value step-up of VYKAT XR inventory acquired through the acquisition of Soleno in May 2026 and $2.0 million of acquisition related expenses, including $1.8 million of stock-based compensation expense related to Soleno equity awards for which vesting was accelerated in connection with the acquisition of Soleno in May 2026. The acquired fair value step-up is expected to be recognized in cost of revenues as the acquired inventory is sold over approximately four to six years following the acquisition date.

Research and Development

We support our drug discovery and development efforts through the commitment of significant resources to discovery, research and development

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/914475/000091447526000007/nbix-20251231.htm
Complete FY 2025 MD&A: /company/NBIX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations section contains forward-looking statements pertaining to, among other things, the commercialization of our product and product candidates, the expected continuation of our collaborative agreements, the progress, timing, results or implications of clinical trials and other development activities, our plans and timing with respect to seeking regulatory approvals, the period of time that our existing capital resources will meet our funding requirements, and our financial results of operations. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various risks and uncertainties, including those set forth in this Annual Report on Form 10-K under the heading “Item 1A. Risk Factors.” See “Forward-Looking Statements” in Part I of this Annual Report on Form 10-K.

Overview

Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders.

Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency (CAH), and endometriosis and uterine fibroids in collaboration with AbbVie Inc. (AbbVie). In addition, we have a diversified portfolio of multiple compounds in mid- to late-phase development across our core therapeutic areas and an expanding early-phase pipeline that includes a range of modalities including small molecules, peptides, proteins, antibodies, conjugates, and gene therapies.

We launched INGREZZA® (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of chorea associated with Huntington's disease in August 2023 and launched CRENESSITY® (crinecerfont) in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024.

We estimate that TD affects approximately 800,000 people in the U.S., that approximately 90% of the 40,000 people in the U.S. affected by Huntington’s disease will develop chorea, and that CAH affects at least 20,000 people in the U.S. Key elements of our commercial strategy include maximizing the opportunities in INGREZZA and CRENESSITY through consistent and effective commercial execution, continued development of valbenazine as the best-in-class treatment for new patient populations, and to lead the evolving understanding of vesicular monoamine transporter 2 (VMAT2) biology and its role in disease. Net product sales of INGREZZA were $2.51 billion for 2025, $2.31 billion for 2024, and $1.84 billion for 2023 and accounted for a significant portion of our total net product sales during each of these years. Net product sales of CRENESSITY were $301.2 million for 2025 during its first full-year of launch.

2025 Business Highlights

•Total net product sales for 2025 increased $503.3 million, or 21.6%, to $2.83 billion, reflecting increased net product sales of CRENESSITY, which was launched in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024, and INGREZZA, driven by record total prescriptions on strong patient demand, partially offset by a lower net price due to new market access investments to support long-term growth.

•In October 2025, we announced the planned expansion of the INGREZZA and CRENESSITY sales teams to maximize our commercial momentum. The expansion is expected to be completed by the end of the first quarter of 2026.

•Appointed Sanjay Keswani, M.D., as Chief Medical Officer (CMO) and member of our executive management team, effective June 2, 2025.

•In February 2025, our Board of Directors authorized a new share repurchase program (the 2025 Repurchase Program) under which we may repurchase up to $500.0 million of our common stock, subject to market conditions. The 2025 Repurchase Program is in addition to the $300.0 million accelerated repurchase program (the 2024 Repurchase Program) that was announced in October 2024 and completed in February 2025. During 2025, we repurchased 1.5 million shares on the open market under the 2025 Repurchase Program and received an additional 0.3 million shares upon settlement of the 2024 Repurchase Program in February 2025.

56

•In January 2025, we received Centers for Medicare and Medicaid Services (CMS) notification that INGREZZA qualifies for the small biotech exception under the Medicare Drug Price Negotiation Program, which provides exemption from selection until 2027 for initial price applicability in 2029. In addition, we expanded formulary access for INGREZZA, significantly improving coverage to include approximately 70% of TD and Huntington's disease Medicare beneficiaries to support long-term growth.

2025 Pipeline Highlights

•Announced the initiation of a Phase 2 clinical study of investigational compound NBI-1065890 in adults with TD. NBI-1065890 is a next-generation, selective inhibitor of VMAT2.

•Initiated a comprehensive Phase 3 clinical program for direclidine (NBI-1117568) in schizophrenia, including studies evaluating efficacy in acutely psychotic hospitalized patients and long-term safety. In addition, we initiated a Phase 2 study evaluating direclidine in bipolar mania in the fourth quarter of 2025.

•Initiated a comprehensive Phase 3 clinical program for osavampator (NBI-1065845) in major depressive disorder (MDD), including three acute randomized, double‑blind, placebo‑controlled studies, a randomized‑withdrawal maintenance‑of‑effect study, and a long‑term open‑label safety extension.

•Initiated a Phase 1 clinical study for NBIP-01435, an investigational, long-acting corticotropin-releasing factor type 1 (CRF-1) receptor antagonist administered as a subcutaneous injection for the potential treatment of CAH.

•Initiated a Phase 1 clinical study for NBI-921355, an investigational, selective inhibitor of voltage-gated sodium channels Nav1.2 and Nav1.6 in development for the potential treatment of certain types of epilepsy.

•Initiated a Phase 1 clinical study for NBI-1140675, an investigational, oral, selective second-generation small molecule VMAT2 inhibitor in development for the potential treatment of certain neurological and neuropsychiatric conditions.

•Announced top-line data from a Phase 4 study, KINECT-PRO™, demonstrating clinically meaningful and sustained effects of INGREZZA capsules on the physical, social, and emotional impacts experienced by patients living with TD, irrespective of TD severity or underlying psychiatric condition.

•Presented new data from a post-hoc analysis of the Phase 4 KINECT-PRO open-label study confirming that robust rates of symptomatic remission of TD were achieved with once-daily INGREZZA capsules. The analysis also showed sustained improvements in patient-reported outcomes among participants who achieved symptomatic remission.

•Presented new data from the Phase 2 SAVITRI™ study, which showed statistically significant and clinically meaningful improvement in depression severity at Day 28 and Day 56 with once-daily oral administration of 1 mg osavampator.

•Announced the Phase 3 studies of valbenazine in schizophrenia and dyskinesia due to cerebral palsy (DCP) and Phase 2 study of NBI-1070770 in major depressive disorder (MDD) did not meet their primary endpoints.

Results of Operations

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions, except per share data)","2025","","2024","","2023"],["Revenues","$","2,860.5","","","$","2,355.3","","","$","1,887.1"],["Operating expenses","2,241.4","","","1,784.8","","","1,636.2"],["Operating income","619.1","","","570.5","","","250.9"],["Other income (expense)","86.3","","","(84.5)","","","81.2"],["Provision for income taxes","226.8","","","144.7","","","82.4"],["Net income","$","478.6","","","$","341.3","","","$","249.7"],["Earnings per share, diluted","$","4.67","","","$","3.29","","","$","2.47"],["Weighted average common shares outstanding, diluted","102.5","","","103.7","","","101.0"]]
[[/GREPCENT_TABLE]]

57

Revenues

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions)","2025","","2024","","2023"],["INGREZZA","$","2,513.7","","","$","2,313.5","","","$","1,836.0"],["CRENESSITY","301.2","","","1.7","","","\u2014"],["Other","19.0","","","15.4","","","24.6"],["Total net product sales","2,833.9","","","2,330.6","","","1,860.6"],["Collaboration revenues","26.6","","","24.7","","","26.5"],["Total revenues","$","2,860.5","","","$","2,355.3","","","$","1,887.1"]]
[[/GREPCENT_TABLE]]

Net Product Sales

For 2025 compared to 2024, the increase primarily reflected increased net product sales of CRENESSITY, which was launched in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024, and INGREZZA, driven by record total prescriptions on strong patient demand, partially offset by a lower net price due to new market access investments to support long-term growth.

For 2024 compared to 2023, the increase primarily reflected increased net product sales of INGREZZA driven by strong underlying patient demand and improved gross-to-net dynamics.

Collaboration Revenues

Collaboration revenues for all periods presented primarily reflected royalties earned on AbbVie net sales of elagolix and Tanabe Pharma Corporation (formerly Mitsubishi Tanabe Pharma Corporation) net sales of valbenazine.

Operating Expenses

Cost of Revenues

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(dollars in millions)","2025","","2024","","2023"],["Cost of revenues","$","52.1","","","$","34.0","","","$","39.7"],["as a % of total revenues","1.8","%","","1.4","%","","2.1","%"]]
[[/GREPCENT_TABLE]]

For 2025 compared to 2024, the increase primarily reflected increased net product sales of INGREZZA and increased royalties payable on net product sales of CRENESSITY. In addition, cost of revenues for 2025 excluded costs that were charged to R&D expense prior to FDA approval of CRENESSITY. As a result, this lower-cost drug product reduced our cost of revenues and improved related product gross margins for 2025. In future periods, we expect to incur a higher cost of revenues that includes the cost of CRENESSITY active pharmaceutical ingredients produced following FDA approval.

For 2024 compared to 2023, the decrease primarily reflected decreased net product sales of ONGENTYS® (opicapone) and decreased ONGENTYS inventory reserves in connection with the termination of our license agreement with BIAL, which became effective in December 2023, partially offset by increased net product sales of INGREZZA.

Research and Development

We support our drug discovery and development efforts through the commitment of significant resources to discovery, research and development programs, and business development opportunities. Costs are reflected in the applicable development stage based upon the program status when incurred. Therefore, the same program could be reflected in different development stages in the same reporting period. For several of our programs, the research and development activities are part of our collaborative arrangements.

58

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NBIX/mda/fy2025/
All MD&A years: /company/NBIX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NBIX/mda/fy2024/): filed 2025-02-10; accession 0000914475-25-000037 (https://www.sec.gov/Archives/edgar/data/914475/000091447525000037/nbix-20241231.htm)
- [FY 2023 MD&A](/company/NBIX/mda/fy2023/): filed 2024-02-09; accession 0000914475-24-000054 (https://www.sec.gov/Archives/edgar/data/914475/000091447524000054/nbix-20231231.htm)
- [FY 2022 MD&A](/company/NBIX/mda/fy2022/): filed 2023-02-09; accession 0000914475-23-000011 (https://www.sec.gov/Archives/edgar/data/914475/000091447523000011/nbix-20221231.htm)
- [FY 2021 MD&A](/company/NBIX/mda/fy2021/): filed 2022-02-11; accession 0000914475-22-000013 (https://www.sec.gov/Archives/edgar/data/914475/000091447522000013/nbix-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2836 Biological Products, (No Diagnostic Substances)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NBIX.md · JSON record: /company/NBIX.json · verified financials: /company/NBIX/financials.json / /company/NBIX/financials.csv · machine TOC for the whole site: /llms.txt