Neurocrine Biosciences Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Neurocrine Biosciences Inc. reported Q1 2024 results with increased revenue and net income compared to the prior year.</b>

AI Summary

NEUROCRINE BIOSCIENCES INC (NBIX) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Revenue for the three months ended March 31, 2024, was $453 million. Revenue for the three months ended March 31, 2023, was $421 million. The company reported $368 million in net income for the three months ended March 31, 2024. The company reported $469 million in net income for the three months ended March 31, 2023. Total assets as of March 31, 2024, were $4,534 million.

Why It Matters

For investors and stakeholders tracking NEUROCRINE BIOSCIENCES INC, this filing contains several important signals. The filing details financial performance for the first quarter of 2024, providing insights into revenue streams and profitability. It includes information on various collaborative arrangements and their financial impact, such as those with Takeda Pharmaceutical Company Limited and Idorsia Pharmaceuticals Ltd.

Risk Assessment

Risk Level: low — NEUROCRINE BIOSCIENCES INC shows low risk based on this filing. The company has a history of positive financial performance and growth in its product segments, as indicated by the year-over-year revenue increase in the Q1 2024 filing.

Analyst Insight

Monitor the company's continued revenue growth and the success of its product pipeline, particularly in light of its collaborative agreements.

Financial Highlights

revenue

453,000,000

total Assets

4,534,000,000

net Income

368,000,000

revenue Growth

7.6%

Revenue Breakdown

Key Numbers

• 453,000,000 — Revenue (Three months ended March 31, 2024)
• 421,000,000 — Revenue (Three months ended March 31, 2023)
• 368,000,000 — Net Income (Three months ended March 31, 2024)
• 469,000,000 — Net Income (Three months ended March 31, 2023)

Key Players & Entities

• NEUROCRINE BIOSCIENCES INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• Takeda Pharmaceutical Company Limited (company) — Collaborative arrangement partner
• Idorsia Pharmaceuticals Ltd (company) — Collaborative arrangement partner
• Nxera Pharma UK Limited (company) — Collaborative arrangement partner
• Xenon Pharmaceuticals Inc (company) — Collaborative arrangement partner

FAQ

Risk Factors

• Regulatory Risks [medium — regulatory]: The company is subject to extensive regulation by the FDA and other health authorities, which can impact product development, approval, and marketing.
• Market Competition [medium — market]: The pharmaceutical market is highly competitive, with potential for new entrants and existing competitors to impact market share and pricing.
• Dependence on Key Products [medium — financial]: The company's financial performance may be significantly dependent on the success of a limited number of key products.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value NBIX Nasdaq Global Select Mar

Filing Documents

• nbix-20240331.htm (10-Q) — 1001KB
• q1-2024xexhibit101.htm (EX-10.1) — 42KB
• q1-2024xexhibit102.htm (EX-10.2) — 41KB
• q1-2024xexhibit311.htm (EX-31.1) — 10KB
• q1-2024xexhibit312.htm (EX-31.2) — 10KB
• q1-2024xexhibit32.htm (EX-32) — 10KB
• nbix-20240331_g1.jpg (GRAPHIC) — 18KB
• 0000914475-24-000117.txt (&nbsp;) — 5696KB
• nbix-20240331.xsd (EX-101.SCH) — 39KB
• nbix-20240331_cal.xml (EX-101.CAL) — 83KB
• nbix-20240331_def.xml (EX-101.DEF) — 149KB
• nbix-20240331_lab.xml (EX-101.LAB) — 521KB
• nbix-20240331_pre.xml (EX-101.PRE) — 338KB
• nbix-20240331_htm.xml (XML) — 739KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 24

Other Information

Part II. Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52

Signatures

Signatures 53 2

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 396.3 $ 251.1 Debt securities available-for-sale 814.3 780.5 Accounts receivable 450.7 439.3 Inventory 37.2 38.3 Other current assets 100.5 97.8 Total current assets 1,799.0 1,607.0 Deferred tax assets 378.2 362.6 Debt securities available-for-sale 700.4 687.5 Right-of-use assets 270.8 276.5 Equity security investments 163.5 161.9 Property and equipment, net 75.3 70.8 Intangible assets, net 34.3 35.5 Other noncurrent assets 50.9 49.6 Total assets $ 3,472.4 $ 3,251.4 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 417.2 $ 448.8 Convertible senior notes, at carrying value ($ 170.4 face value as of March 31, 2024 and December 31, 2023) 122.8 170.1 Convertible senior notes embedded derivative liability 136.2 — Other current liabilities 36.7 35.9 Total current liabilities 712.9 654.8 Noncurrent operating lease liabilities 252.9 258.3 Other noncurrent liabilities 120.5 106.3 Total liabilities 1,086.3 1,019.4 Stockholders' equity: Preferred stock, $ 0.001 par value; 5.0 million shares authorized; no shares issued and outstanding — — Common stock, $ 0.001 par value; 220.0 shares authorized; 100.6 and 98.7 shares issued and outstanding, respectively 0.1 0.1 Additional paid-in capital 2,496.4 2,382.0 Accumulated other comprehensive income 3.3 7.0 Accumulated deficit ( 113.7 ) ( 157.1 ) Total stockholders' equity 2,386.1 2,232.0 Total liabilities and stockholders' equity $ 3,472.4 $ 3,251.4 See accompanying notes to the condensed consolidated financial statements. 3 NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) Three Months Ended March 31, (in millions, except per share