Neurocrine Biosciences Q2 2024 Update

Ticker: NBIX · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, biotech, financials, revenue

TL;DR

NBIX Q2 earnings out, showing product and collaboration revenue trends for H1 2024 vs 2023.

AI Summary

Neurocrine Biosciences Inc. reported its financial results for the period ending June 30, 2024. The company's filing indicates ongoing operations in the biological products sector, with a fiscal year end of December 31st. Specific financial figures and revenue breakdowns for product sales and collaboration revenue are detailed for the second quarter and the first half of 2024 compared to the same periods in 2023.

Why It Matters

This filing provides investors with a look into Neurocrine Biosciences' financial performance and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a biotechnology company, Neurocrine Biosciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

Key Players & Entities

FAQ

What were the key revenue streams for Neurocrine Biosciences in Q2 2024?

The filing details revenue from 'ProductMember' and 'CollaborationRevenueMember' for the period of April 1, 2024, to June 30, 2024.

How does the first half of 2024 revenue compare to the first half of 2023?

The filing provides comparative data for 'ProductMember' and 'CollaborationRevenueMember' for the periods January 1, 2024, to June 30, 2024, and January 1, 2023, to June 30, 2023.

What is Neurocrine Biosciences' fiscal year end?

The company's fiscal year ends on December 31st.

Where is Neurocrine Biosciences headquartered?

The company's business address is in San Diego, California.

What industry does Neurocrine Biosciences operate in?

The company is classified under 'BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES)' with SIC code 2836.

Filing Stats: 4,661 words · 19 min read · ~16 pages · Grade level 9.2 · Accepted 2024-08-01 07:04:01

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income and Comprehensive Income 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 24

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 per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 139.7 $ 251.1 Debt securities available-for-sale 899.2 780.5 Accounts receivable 468.2 439.3 Inventory 42.5 38.3 Other current assets 120.2 97.8 Total current assets 1,669.8 1,607.0 Deferred tax assets 419.5 362.6 Debt securities available-for-sale 637.8 687.5 Right-of-use assets 262.9 276.5 Equity security investments 143.6 161.9 Property and equipment, net 80.1 70.8 Intangible assets, net 33.5 35.5 Other noncurrent assets 57.8 49.6 Total assets $ 3,305.0 $ 3,251.4 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 358.5 $ 448.8 Convertible senior notes — 170.1 Other current liabilities 40.0 35.9 Total current liabilities 398.5 654.8 Noncurrent operating lease liabilities 256.2 258.3 Other noncurrent liabilities 141.1 106.3 Total liabilities 795.8 1,019.4 Stockholders' equity: Preferred stock, $ 0.001 par value; 5.0 shares authorized; no shares issued and outstanding — — Common stock, $ 0.001 par value; 220.0 shares authorized; 100.9 and 98.7 shares issued and outstanding, respectively 0.1 0.1 Additional paid-in capital 2,555.3 2,382.0 Accumulated other comprehensive income 2.5 7.0 Accumulated deficit ( 48.7 ) ( 157.1 ) Total stockholders' equity 2,509.2 2,232.0 Total liabilities and stockholders' equity $ 3,305.0 $ 3,251.4 See accompanying notes to the condensed consolidated financial statements. 3 NEUROCRINE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2024 2023 2024 2023 Revenues: Net product sales $ 583.8 $ 446.3 $ 1,092.8 $ 861.6 Collaboration revenues 6.4 6.4 12.7 11.5 Total revenu

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