Neurocrine Biosciences, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Neurocrine Biosciences, Inc. has submitted its comprehensive 2023 annual report detailing financial performance and key balance sheet items.</b>

AI Summary

NEUROCRINE BIOSCIENCES INC (NBIX) filed a Annual Report (10-K) with the SEC on February 9, 2024. Neurocrine Biosciences, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and operates in the Biological Products sector. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are detailed. The report covers various financial periods, including year-end data for 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking NEUROCRINE BIOSCIENCES INC, this filing contains several important signals. This 10-K filing provides a detailed overview of Neurocrine Biosciences' financial health and operational results for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The report contains specific financial data and disclosures required by the SEC, offering transparency into the company's revenue streams, assets, liabilities, and equity, which are vital for market analysis and investment decisions.

Risk Assessment

Risk Level: medium — NEUROCRINE BIOSCIENCES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it provides a wealth of information, the sheer volume and detail can make it challenging to extract specific forward-looking insights or immediate actionable data without further analysis.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Neurocrine Biosciences' financial position and strategic outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-09 — Filing Date (Filed as of date)
• 2836 — Standard Industrial Classification (SIC code for Biological Products)
• 000-22705 — SEC File Number (SEC file number for the company)

Key Players & Entities

• NEUROCRINE BIOSCIENCES INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240209 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• SAN DIEGO (location) — Business address city
• CA (location) — Business address state
• 92130 (postal_code) — Business address zip
• 0000914475-24-000054 (accession_number) — Accession number

Forward-Looking Statements

• Neurocrine Biosciences will continue to see product revenue growth in 2024. (NEUROCRINE BIOSCIENCES INC) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Neurocrine Biosciences operates within the biotechnology and pharmaceutical industry, focusing on the development and commercialization of treatments for neurological and endocrine-related diseases.

Regulatory Implications

The company is subject to regulatory oversight by the U.S. Securities and Exchange Commission (SEC) for its financial reporting, as evidenced by this Form 10-K filing.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and balance sheet items for fiscal year 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare key financial metrics with previous years to identify trends and assess performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-09: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.001 — ction 12(b) of the Act: Common Stock, $0.001 par value NBIX Nasdaq Global Select Mar
• $1.8 billion — ase. INGREZZA net product sales totaled $1.8 billion for 2023, $1.4 billion for 2022 and $1.
• $1.4 billion — ct sales totaled $1.8 billion for 2023, $1.4 billion for 2022 and $1.1 billion for 2021 and
• $1.1 billion — ion for 2023, $1.4 billion for 2022 and $1.1 billion for 2021 and accounted for approximatel

Filing Documents

• nbix-20231231.htm (10-K) — 1741KB
• q4-2023xexhibit211.htm (EX-21.1) — 6KB
• q4-2023xexhibit231.htm (EX-23.1) — 5KB
• q4-2023xexhibit311.htm (EX-31.1) — 10KB
• q4-2023xexhibit312.htm (EX-31.2) — 10KB
• q4-2023xexhibit32.htm (EX-32) — 11KB
• q4-2023xexhibit97.htm (EX-97) — 43KB
• nbix-20231231_g1.jpg (GRAPHIC) — 18KB
• nbix-20231231_g2.jpg (GRAPHIC) — 14KB
• nbix-20231231_g3.jpg (GRAPHIC) — 14KB
• nbix-20231231_g4.jpg (GRAPHIC) — 8KB
• nbix-20231231_g5.jpg (GRAPHIC) — 12KB
• nbix-20231231_g6.jpg (GRAPHIC) — 177KB
• nbix-20231231_g7.jpg (GRAPHIC) — 104KB
• 0000914475-24-000054.txt (&nbsp;) — 10055KB
• nbix-20231231.xsd (EX-101.SCH) — 57KB
• nbix-20231231_cal.xml (EX-101.CAL) — 108KB
• nbix-20231231_def.xml (EX-101.DEF) — 251KB
• nbix-20231231_lab.xml (EX-101.LAB) — 853KB
• nbix-20231231_pre.xml (EX-101.PRE) — 525KB
• nbix-20231231_htm.xml (XML) — 1341KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 49 Item 1C. C ybersecurity 49

Properties

Item 2. Properties 50

Legal Proceedings

Item 3. Legal Proceedings 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 53

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 61

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 62

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92

Controls and Procedures

Item 9A. Controls and Procedures 92

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 96 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 97 NEUROCRINE, the Neurocrine logo, INGREZZA, the INGREZZA logo, and other Neurocrine Biosciences trademarks are the property of Neurocrine Biosciences, Inc. ALKINDI, EFMODY, and other Diurnal trademarks are the property of Diurnal Limited, a Neurocrine Biosciences company. Any other brand names or trademarks appearing in this Annual Report that are not the property of Neurocrine Biosciences, Inc. are the property of their respective holders. 2 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K and the information incorporated herein by reference contain forward-looking statements that involve a number of risks and uncertainties. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "hopes," "may," "will," "plan," "intends," "estimates," "could," "should," "would," "continue," "seeks," "pro forma," or "anticipates," or other similar words (including their use in the negative), or by discussions of future matters such as the development of new products, technology enhancements, possible changes in legislation and other statements that are not historical. These statements include but are not limited to statements under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business," as well as other sections in this report. You should be aware that the occurrence of any of the events discussed under the heading in Part I titled "Item 1A. Risk Factors" and elsewhere in this report could substantially harm our business, results of operations and financial condition and that if any of these events occurs, the trading price of our common stock could decline and you could lose all or a part of the value of your shares of our common stock. The cautionary statements made in this report are intended to be applicable to all related forward-looking statements wherever they may appear in this report. We urge you not to place undue reliance on these forward-looking statements, which speak only as of

Business

Item 1. Business Overview Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs, but few options. For three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to advance medicines for the treatment of under-addressed neurological, neuroendocrine and neuropsychiatric disorders and we will continue to relentlessly pursue medicines to ease the burden of debilitating diseases and disorders. We launched INGREZZA in the U.S. in May 2017 as the first U.S. Food and Drug Administration (FDA)-approved drug for the treatment of tardive dyskinesia and in August 2023 for the treatment of chorea associated with Huntington's disease. INGREZZA provides a once-daily dosing treatment option with a recommended dose of 40 mg taken for the first seven days of treatment for tardive dyskinesia and fourteen days for chorea associated with Huntington's disease, and an option to take 40 mg, 60 mg, or 80 mg thereafter, depending on the patient's dosing needs. In 2023, INGREZZA helped more people affected by tardive dyskinesia than ever before, reflecting higher prescription demand driven by increased commercial activities, including the continued investment in our branded direct-to-consumer INGREZZA advertising campaign and benefit from the expansion of our sales force completed in April 2022. Going forward, key elements of our commercial strategy include maximizing the opportunity in INGREZZA 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 VMAT2 biology and its role in disease. INGREZZA net product sales totaled $1.8 billion for 2023, $1.4 billion for 2022 and $1.1 billion for 2021 and accounted for approximately 99% of our total net product sales for 2023. Our internal research and de