At a glance
Neurocrine Biosciences Inc is worth $14.73B, about 31 times its fiscal 2025 earnings. Revenue grew 21.4% to $2.86B in fiscal 2025, with 16.7% kept as profit; over 5 years it has grown 22.3% a year. It pays no dividend; it spent $467.7M buying back its shares over FY2021–FY2025. The stock returned −1.3% over the past year with dividends reinvested and +7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.9% in the 2020 crash (S&P 500: 33.7%) and 24.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
Neurocrine Biosciences is a drug company focused on brain, hormone and immune disorders. Most of its money comes from one medicine, INGREZZA (valbenazine). It treats tardive dyskinesia, which is uncontrolled movement that can follow long-term use of some psychiatric drugs. It also treats chorea, the jerky movements of Huntington's disease. INGREZZA's net product sales were $2.51 billion in 2025, out of total revenue of $2.86 billion. A second drug, CRENESSITY (crinecerfont), treats classic congenital adrenal hyperplasia (CAH), a rare inherited hormone disorder. It launched in December 2024 and sold $301.2 million in 2025, its first full year.
Neurocrine sells INGREZZA only in the U.S., to a small network of specialty pharmacies and distributors. CRENESSITY goes through a single specialty pharmacy. About 600 sales staff focus on neurologists, psychiatrists, long-term care and rare-disease doctors. Partners handle other markets and products: Tanabe Pharma markets valbenazine in Japan and select Asian markets, and AbbVie holds global rights to elagolix for endometriosis and uterine fibroids. Outside manufacturers make all its drugs.
Making the drugs costs little: gross margin, the share of sales left after production costs, was 98.2% in 2025. Growth also depends on two late-stage candidates, osavampator for hard-to-treat depression and direclidine for schizophrenia. Both were in final-stage (Phase 3) trials, with first results expected in 2027, per its annual report filed February 11, 2026.
Price history
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NBIX -1.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.12B, up 41.2% from a year earlier, and net income was $206.5M (-1.4%).
- For fiscal 2025, revenue was $2.86B (+21.4% year over year; +22.3% a year from FY2020 to FY2025) with a 16.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +22.3% good |
|---|---|
| Operating margin | 21.6% good |
| Free cash flow margin | 26.2% good |
| Return on equity (FY2025) | 14.7% watch |
| Return on assets (FY2025) | 10.3% good |
| Cash and investments | $789.7M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.05B | $407.3M | $217.6M |
| FY2021 | $1.13B | $89.6M | $233.1M |
| FY2022 | $1.49B | $154.5M | $322.9M |
| FY2023 | $1.89B | $249.7M | $361.6M |
| FY2024 | $2.36B | $341.3M | $557.2M |
| FY2025 | $2.86B | $478.6M | $748.7M |
Valuation snapshot
| Market value | $14.73B |
|---|---|
| P/E ratio | 31.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Neurocrine Biosciences’s market value went from $3.36B at the end of 2016 to $14.73B on Oct 28, 2026, about 4.4 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.73B | +4.2% |
| 2025 | $14.14B | +2.3% |
| 2024 | $13.82B | +6.8% |
| 2023 | $12.95B | +12.7% |
| 2022 | $11.48B | +42.1% |
| 2021 | $8.08B | -9.8% |
| 2020 | $8.96B | -9.5% |
| 2019 | $9.90B | +52.9% |
| 2018 | $6.48B | -5.7% |
| 2017 | $6.87B | +104.2% |
| 2016 | $3.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NBIX price data to Oct 28, 2026 | +2.6% | -1.3% | +11.1% | +7.4% | +12.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.6% |
| 2025 | +3.9% |
| 2024 | +3.6% |
| 2023 | +10.3% |
| 2022 | +40.2% |
| 2021 | -11.1% |
| 2020 | -10.8% |
| 2019 | +50.5% |
| 2018 | -8.0% |
| 2017 | +100.5% |
| 2016 | -31.6% |
| 2015 | +153.2% |
| 2014 | +139.2% |
| 2013 | +24.9% |
| 2012 | -12.0% |
| 2011 | +11.3% |
| 2010 | +180.9% |
| 2009 | -15.0% |
| 2008 | -29.5% |
| 2007 | -56.4% |
| 2006 | -83.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68.3% over that stretch · deepest drop along the way 82.9%, back to its old high 54 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.2% over that stretch · deepest drop along the way 27.9%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 22.5% over that stretch · deepest drop along the way 24.3%, back to its old high 2.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 25 sales ($20.2M), 25 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 2, 2026 | Julie Cooke Chief Human Resources Officer | sell (plan) | $2.2M |
| Jul 9, 2026 | Darin Lippoldt Chief Legal Officer | sell (plan) | $1.8M |
| Jun 1, 2026 | Jude Onyia Chief Scientific Officer | sell (plan) | $1.8M |
| Jul 9, 2026 | Ingrid Delaet Chief Regulatory Officer | sell (plan) | $1.5M |
| Jun 2, 2026 | Julie Cooke Chief Human Resources Officer | sell (plan) | $1.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.1% | Mar 31, 2025 |
| Dodge & Cox | 5.6% | Mar 31, 2025 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.2% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5% | Sep 30, 2026 |
| STATE STREET CORPORATION | 4.8% | Dec 31, 2024 |
ETFs with the most weight in NBIX
| PBE Invesco Biotechnology & Genome ETF | 4.48% |
| IBRN iShares Neuroscience and Healthcare ETF | 4.37% |
| PSIL AdvisorShares Psychedelics ETF | 4.27% |
| MNTL Tema Neuroscience and Mental Health ETF | 3.85% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 2.83% |
| XBI SPDR S&P Biotech ETF | 2.45% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 2.33% |
| GDOC Future Health Care Equity ETF | 2% |
What could go wrong
- One drug brings in most sales. INGREZZA's net product sales were $2.51 billion of the $2.86 billion total revenue in 2025. Any setback for it, such as new rivals, safety concerns or weaker prescribing, would hit the whole company hard.
- CRENESSITY may not catch on. CRENESSITY sold $301.2 million in 2025, its first full year. If doctors and patients adopt it slowly, or insurers limit coverage, the launch could fall short of expectations.
- Late-stage drug trials could fail. Osavampator for depression and direclidine for schizophrenia were in Phase 3 trials, with first results expected in 2027. Drug development is uncertain. Failures or delays could weaken future growth and hurt the share price.
- Drug price controls and pricing laws. Governments and insurers can cap prices or restrict coverage. The Inflation Reduction Act of 2022 lets Medicare negotiate prices for some drugs, and the company warns such measures could cut its product revenue.
- Reliance on few suppliers and customers. Neurocrine has no factories and depends on a limited number of outside suppliers. It also sells through a small group of pharmacies and distributors, so losing one supplier or major customer could disrupt sales.
- Competition and patent protection. Neurocrine faces intense competition. If it cannot protect its patents and other intellectual property, rivals could develop and sell drugs based on its discoveries, reducing demand for INGREZZA and CRENESSITY.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Executive or board change
For income and retirement investors
Neurocrine Biosciences pays no dividend and paid none from fiscal 2021 through 2025. For an income investor, any return comes only from the share price, so drawing income would mean selling shares. The company does buy back stock. It spent $300 million in fiscal 2024 and $167.7 million in fiscal 2025, or $467.7 million over those five years. Even so, the share count rose 7.4% between July 28, 2021 and July 22, 2026, and the company warns buybacks may not add long-term value.
The stock has fallen hard in past downturns. In the 2008 financial crisis, long before INGREZZA's 2017 launch, it dropped 82.9% and took 54 months to recover. In the 2020 COVID crash it fell 27.9% but was back to its peak by May 7, 2020. In 2022 it slid 24.3% between April and May, yet rose 22.5% across the market's January-to-October slump. As a single stock, it carries more risk than a diversified fund.
Questions investors ask
How does Neurocrine Biosciences make money?
Mainly by selling INGREZZA (valbenazine), a drug for tardive dyskinesia and for chorea linked to Huntington's disease. INGREZZA's net product sales were $2.51 billion in 2025, out of total revenue of $2.86 billion. A newer drug, CRENESSITY, for the rare hormone disorder classic congenital adrenal hyperplasia, added $301.2 million in 2025, its first full year. Neurocrine sells both in the U.S. through specialty pharmacies and distributors. Tanabe Pharma sells valbenazine in Japan and select Asian markets, and AbbVie holds global rights to elagolix.
Does Neurocrine Biosciences pay a dividend?
No. Neurocrine Biosciences paid no dividends from fiscal 2021 through 2025. Instead it returns cash by buying back shares. It spent $300 million on buybacks in fiscal 2024 and $167.7 million in fiscal 2025. Buybacks have not shrunk the share count, though. It rose 7.4% between July 2021 and July 2026, to about 101.6 million shares. The stock may suit investors focused on growth rather than regular income.
Is Neurocrine Biosciences profitable?
Yes. For the year ended December 31, 2025, revenue was $2.86 billion, up 21.4%, and net income was $478.6 million, or $4.67 per diluted share. Free cash flow, the cash left after running the business and investing in equipment, was $748.7 million. Profits have been uneven, though: net income fell from $407.3 million in 2020 to $89.6 million in 2021. In the quarter ended June 30, 2026, revenue rose 39.5% from a year earlier to $959 million.
How has Neurocrine Biosciences stock performed?
It has gained over the long run, but with big swings. As of October 28, 2026, the share price was down 1.3% over one year. It rose an average of 7.4% a year over five years and 12.6% a year over ten years, a total gain of 228% for the decade. The price had fallen 20.4% over the prior three months. Its worst peak-to-bottom drop in 21 years of price history was 97.2%.
What new drugs is Neurocrine Biosciences developing?
Its two most advanced candidates are osavampator, for adults with major depressive disorder who have not responded well to standard antidepressants, and direclidine, for schizophrenia. Both were in Phase 3, the final stage of testing before seeking FDA approval, with first results expected in 2027, according to the 10-K filed February 11, 2026. The company also began a Phase 2 study of direclidine in bipolar mania in late 2025. Earlier programs target Alzheimer's disease, epilepsy and possible long-acting injectable successors to INGREZZA. Any of these could fail in testing.