NBIX achieved a 42.2% year-over-year revenue growth in 2026Q1 while maintaining a structural gross margin advantage of approximately 98%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.1B | 2.86B | 2.36B | 1.89B | 1.49B | 1.13B | 1.05B | 788.1M | 451.2M | 161.63M | 15M | 19.77M | 0 | 2.92M | 53.14M | 77.41M | 33.5M | 2.95M | 3.98M | 1.22M | 39.23M | 123.89M | 85.18M | 139.08M | 18.05M | 41.24M | 14.59M | 16.8M | 16M | 26.1M | 19.2M |
| Revenue Growth % | 28.59% | 21.45% | 24.81% | 26.76% | 31.34% | 8.38% | 32.71% | 74.67% | 179.16% | 977.51% | -24.12% | - | -100% | -94.51% | -31.36% | 131.08% | 1034.47% | -25.71% | 224.75% | -96.88% | -68.33% | 45.45% | -38.76% | 670.73% | -56.25% | 182.71% | -13.17% | 5% | -38.7% | 35.94% | - |
| Cost of Goods Sold | 56.7M | 52.1M | 34M | 39.7M | 23.2M | 14.3M | 10.1M | 7.4M | 4.9M | 1.25M | 0 | 0 | 14.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.2M | -2.1M | -1.7M | -1.3M | -1M |
| COGS % of Revenue | - | 1.82% | 1.44% | 2.1% | 1.56% | 1.26% | 0.97% | 0.94% | 1.09% | 0.78% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -15.07% | -12.5% | -10.63% | -4.98% | -5.21% |
| Gross Profit | 3.05B | 2.81B | 2.32B | 1.85B | 1.47B | 1.12B | 1.04B | 780.7M | 446.3M | 160.37M | 15M | 19.77M | -14.4M | 0 | 0 | 77.41M | 33.5M | 2.95M | 3.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.79M | 18.9M | 17.7M | 27.4M | 20.2M |
| Gross Margin % | 98.17% | 98.18% | 98.56% | 97.9% | 98.44% | 98.74% | 99.03% | 99.06% | 98.91% | 99.22% | 100% | 100% | - | - | - | 100% | 100% | 100% | 100% | - | - | - | - | - | - | - | 115.07% | 112.5% | 110.63% | 104.98% | 105.21% |
| Gross Profit Growth % | - | 20.98% | 25.65% | 26.06% | 30.94% | 8.05% | 32.68% | 74.93% | 178.29% | 969.15% | -24.12% | 237.28% | - | - | -100% | 131.08% | 1034.47% | -25.71% | - | - | - | - | - | - | - | -100% | -11.19% | 6.78% | -35.4% | 35.64% | - |
| Operating Expenses | 2.26B | 2.19B | 1.75B | 1.6B | 1.22B | 1.02B | 872.8M | 708.4M | 409.5M | 291.73M | 162.37M | 113.97M | 64.41M | 52.6M | 51.69M | 43.49M | 47.22M | 56.62M | 91.27M | 213.47M | 152.55M | 148.96M | 137.51M | 197.87M | 121.66M | 85.12M | 52.39M | 38.8M | 30.1M | 26.9M | 17.3M |
| OpEx % of Revenue | - | 76.54% | 74.33% | 84.6% | 81.72% | 89.7% | 83.45% | 89.89% | 90.76% | 180.5% | 1082.48% | 576.51% | - | 1801.88% | 97.28% | 56.18% | 140.96% | 1917.47% | 2296.18% | 17440.03% | 388.82% | 120.24% | 161.44% | 142.27% | 674.2% | 206.4% | 359.11% | 230.95% | 188.13% | 103.07% | 90.1% |
| Selling, General & Admin | 1.2B | 1.16B | 1.01B | 887.6M | 752.7M | 583.3M | 433.3M | 354.1M | 248.93M | 169.91M | 68.08M | 32.48M | 17.99M | 13.35M | 13.44M | 12.46M | 16.07M | 14.83M | 20.24M | 37.48M | 54.87M | 42.33M | 22.44M | 20.59M | 12.72M | 10.86M | 9.96M | 7.5M | 6.6M | 5.7M | 3.7M |
| SG&A % of Revenue | - | 40.42% | 42.76% | 47.04% | 50.56% | 51.46% | 41.43% | 44.93% | 55.17% | 105.12% | 453.87% | 164.3% | - | 457.31% | 25.29% | 16.09% | 47.97% | 502.17% | 509.18% | 3062.17% | 139.86% | 34.17% | 26.35% | 14.81% | 70.5% | 26.33% | 68.29% | 44.64% | 41.25% | 21.84% | 19.27% |
| Research & Development | 1.05B | 1.02B | 731.1M | 565M | 463.8M | 328.1M | 275M | 200M | 155.8M | 91.83M | 94.29M | 81.49M | 46.42M | 39.25M | 37.16M | 30.95M | 31.15M | 33.72M | 55.54M | 81.98M | 97.68M | 106.63M | 115.07M | 177.27M | 108.94M | 74.27M | 40.23M | 29.2M | 21.8M | 19.9M | 12.6M |
| R&D % of Revenue | - | 35.51% | 31.04% | 29.94% | 31.15% | 28.95% | 26.29% | 25.38% | 34.53% | 56.81% | 628.61% | 412.22% | - | 1344.57% | 69.93% | 39.98% | 92.99% | 1141.96% | 1397.33% | 6698.12% | 248.96% | 86.07% | 135.09% | 127.46% | 603.71% | 180.08% | 275.75% | 173.81% | 136.25% | 76.25% | 65.63% |
| Other Operating Expenses | 1.3M | 17.4M | 12.5M | 143.9M | 0 | 105.3M | 164.5M | 154.3M | 4.8M | 30M | 0 | 0 | 18K | 0 | 1.09M | 82K | 2.8M | 2.56M | 2.05M | 94M | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 2.1M | 1.7M | 1.3M | 1M |
| Operating Income | 788.9M | 619.1M | 570.5M | 250.9M | 249M | 102.5M | 163M | 72.3M | 36.8M | -131.36M | -147.37M | -94.2M | -64.41M | -49.68M | 1.45M | 33.92M | -13.72M | -53.67M | -87.3M | -212.24M | -113.32M | -25.07M | -52.33M | -58.79M | -103.61M | -43.88M | -35.6M | -19.9M | -12.4M | 500K | 2.9M |
| Operating Margin % | 25.43% | 21.64% | 24.22% | 13.3% | 16.73% | 9.04% | 15.58% | 9.17% | 8.16% | -81.27% | -982.48% | -476.51% | - | -1701.88% | 2.72% | 43.82% | -40.96% | -1817.47% | -2196.18% | -17340.03% | -288.82% | -20.24% | -61.44% | -42.27% | -574.2% | -106.4% | -244.04% | -118.45% | -77.5% | 1.92% | 15.1% |
| Operating Income Growth % | - | 8.52% | 127.38% | 0.76% | 142.93% | -37.12% | 125.45% | 96.47% | 128.01% | 10.86% | -56.44% | -46.25% | -29.66% | -3530.8% | -95.73% | 347.21% | 74.43% | 38.52% | 58.87% | -87.3% | -351.97% | 52.09% | 10.98% | 43.26% | -136.12% | -23.26% | -78.9% | -60.48% | -2580% | -82.76% | - |
| EBITDA | 811.4M | 649.2M | 597.6M | 272.2M | 264.6M | 113.4M | 171.6M | 79.75M | 40.82M | -128.96M | -145.87M | -93.19M | -63.58M | -49.01M | 2.1M | 34.62M | -12.29M | -50.49M | -79.69M | -202.84M | -102.75M | -14.98M | -45.25M | -55.09M | -100.52M | -41.23M | -33.4M | -17.8M | -10.7M | 1.8M | 3.9M |
| EBITDA Margin % | 26.15% | 22.7% | 25.37% | 14.42% | 17.77% | 10% | 16.41% | 10.12% | 9.05% | -79.79% | -972.48% | -471.41% | - | -1678.9% | 3.96% | 44.72% | -36.67% | -1709.82% | -2004.73% | -16571.73% | -261.89% | -12.09% | -53.13% | -39.61% | -557.04% | -99.97% | -228.98% | -105.95% | -66.88% | 6.9% | 20.31% |
| EBITDA Growth % | 55.05% | 8.63% | 119.54% | 2.87% | 133.33% | -33.92% | 115.17% | 95.36% | 131.66% | 11.59% | -56.53% | -46.57% | -29.74% | -2428.12% | -93.92% | 381.75% | 75.67% | 36.64% | 60.71% | -97.41% | -586.01% | 66.9% | 17.86% | 45.19% | -143.79% | -23.43% | -87.66% | -66.36% | -694.44% | -53.85% | - |
| D&A (Non-Cash Add-back) | 22.5M | 30.1M | 27.1M | 21.3M | 15.6M | 10.9M | 8.6M | 7.45M | 4.02M | 2.4M | 1.5M | 1.01M | 827K | 671K | 657K | 694K | 1.44M | 3.18M | 7.61M | 9.4M | 10.57M | 10.09M | 7.08M | 3.69M | 3.1M | 2.65M | 2.2M | 2.1M | 1.7M | 1.3M | 1M |
| EBIT | 665.3M | 636.5M | 612.6M | 394.8M | 249M | 127.2M | 139.5M | 78.5M | 52.3M | -123.02M | -141.09M | -88.93M | -64.41M | -49.68M | 1.45M | 33.92M | -13.72M | -51.11M | -81.59M | -212.24M | -113.32M | -25.07M | -52.33M | -58.79M | -103.61M | -43.88M | -35.6M | -19.9M | -12.4M | 500K | 2.9M |
| Net Interest Income | 0 | 90.3M | -35.6M | -4.6M | 4.1M | -25.8M | -32.8M | -32M | -30.5M | -19.52M | 2.84M | 1.93M | 0 | 400K | 489K | 435K | 397K | 691K | -7.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 90.3M | 91M | 0 | 11.2M | 0 | 0 | 0 | 0 | 0 | 2.84M | 1.93M | 629K | 400K | 489K | 435K | 397K | 691K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 126.6M | 4.6M | 7.1M | 25.8M | 32.8M | 32M | 30.53M | 19.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 148.6M | 86.3M | -84.5M | 81.2M | -35.1M | -1.1M | -56.3M | -25.8M | -15.05M | -11.18M | 6.28M | 5.27M | 3.87M | 3.59M | 3.58M | 3.65M | 5.75M | 2.63M | -1.31M | 4.94M | 6.11M | 2.88M | 6.64M | 28.69M | 9.08M | 7.09M | 7.09M | 200K | -7.4M | 4.8M | 3.2M |
| Pretax Income | 937.5M | 705.4M | 486M | 332.1M | 213.9M | 101.4M | 106.7M | 46.5M | 21.84M | -142.54M | -141.09M | -88.93M | -60.54M | -46.09M | 5.03M | 37.57M | -7.97M | -88.61M | -88.61M | -207.3M | -107.2M | -22.19M | -45.69M | -30.1M | -94.54M | -36.79M | -28.51M | -19.7M | -19.8M | 5.3M | 6.1M |
| Pretax Margin % | 30.22% | 24.66% | 20.63% | 17.6% | 14.37% | 8.95% | 10.2% | 5.9% | 4.84% | -88.19% | -940.6% | -449.84% | - | -1578.97% | 9.46% | 48.53% | -23.78% | -3000.78% | -2229.26% | -16936.19% | -273.25% | -17.91% | -53.65% | -21.64% | -523.89% | -89.21% | -195.41% | -117.26% | -123.75% | 20.31% | 31.77% |
| Income Tax | 268.9M | 226.8M | 144.7M | 82.4M | 59.4M | 11.8M | -300.6M | 9.5M | 730K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 173K | 0 | 0 | 0 | 0 | 79K | 158K | 0 | 120K | 302K | -3.1M | 7.6M | 200K | 200K |
| Effective Tax Rate % | 28.68% | 32.15% | 29.77% | 24.81% | 27.77% | 11.64% | -281.72% | 20.43% | 3.34% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.2% | 0% | 0% | 0% | 0% | -0.17% | -0.52% | 0% | -0.33% | -1.06% | 15.74% | -38.38% | 3.77% | 3.28% |
| Net Income | 668.6M | 478.6M | 341.3M | 249.7M | 154.5M | 89.6M | 407.3M | 37M | 21.11M | -142.54M | -141.09M | -88.93M | -60.54M | -46.09M | 5.03M | 37.57M | -7.97M | -51.04M | -88.61M | -207.3M | -107.2M | -22.19M | -45.77M | -30.26M | -94.54M | -36.91M | -28.81M | -16.8M | -20M | 5.1M | 5.9M |
| Net Margin % | 21.55% | 16.73% | 14.49% | 13.23% | 10.38% | 7.9% | 38.94% | 4.69% | 4.68% | -88.19% | -940.6% | -449.84% | - | -1578.97% | 9.46% | 48.53% | -23.78% | -1728.34% | -2229.26% | -16936.19% | -273.25% | -17.91% | -53.74% | -21.75% | -523.89% | -89.5% | -197.48% | -100% | -125% | 19.54% | 30.73% |
| Net Income Growth % | 118.64% | 40.23% | 36.68% | 61.62% | 72.43% | -78% | 1000.81% | 75.26% | 114.81% | -1.03% | -58.65% | -46.89% | -31.36% | -1017.21% | -86.63% | 571.52% | 84.39% | 42.4% | 57.25% | -93.37% | -383.1% | 51.52% | -51.29% | 68% | -156.13% | -28.12% | -71.48% | 16% | -492.16% | -13.56% | - |
| Net Income (Continuing) | 668.6M | 478.6M | 341.3M | 249.7M | 154.5M | 89.6M | 407.3M | 37M | 21.11M | -142.54M | -141.09M | -88.93M | -60.54M | -46.09M | 5.03M | 37.57M | -7.97M | -51.04M | -88.61M | -207.3M | -107.2M | -22.19M | -45.77M | -30.26M | -94.54M | -36.91M | -28.81M | -16.8M | -20M | 5.1M | 5.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.47 | 4.67 | 3.29 | 2.47 | 1.56 | 0.92 | 4.16 | 0.39 | 0.22 | -1.62 | -1.63 | -1.05 | -0.81 | -0.69 | 0.08 | 0.67 | -0.15 | -1.30 | -2.30 | -5.45 | -2.84 | -0.58 | -1.26 | -0.93 | -3.10 | -1.42 | -1.30 | -0.88 | -1.10 | 0.28 | 0.36 |
| EPS Growth % | 120% | 41.95% | 33.2% | 58.33% | 69.57% | -77.88% | 966.67% | 77.27% | 113.58% | 0.61% | -55.24% | -29.63% | -17.39% | -1018.77% | -88.79% | 546.67% | 88.46% | 43.48% | 57.8% | -91.9% | -389.66% | 53.97% | -35.48% | 70% | -118.31% | -9.23% | -47.73% | 20% | -492.86% | -22.22% | - |
| EPS (Basic) | - | 4.81 | 3.40 | 2.56 | 1.61 | 0.95 | 4.37 | 0.40 | 0.22 | -1.62 | -1.63 | -1.05 | -0.81 | -0.69 | 0.08 | 0.68 | -0.15 | -1.30 | -2.30 | -5.45 | -2.84 | -0.60 | -1.26 | -0.93 | -3.10 | -1.42 | -1.30 | -0.88 | -1.10 | 0.30 | 0.39 |
| Diluted Shares Outstanding | 103.4M | 102.5M | 103.7M | 101M | 98.9M | 97.9M | 97.8M | 95.73M | 95.4M | 88.09M | 86.71M | 84.5M | 74.58M | 66.99M | 66.95M | 56.35M | 52.82M | 39.14M | 38.45M | 38.01M | 37.72M | 37.99M | 36.2M | 32.37M | 30.49M | 26.03M | 22.12M | 19.07M | 18.14M | 18.21M | 16.39M |
| Basic Shares Outstanding | 100.5M | 99.5M | 100.4M | 97.7M | 95.8M | 94.6M | 93.1M | 91.63M | 95.4M | 87.99M | 86.56M | 84.5M | 74.58M | 66.8M | 65.62M | 55.18M | 52.82M | 39.14M | 38.45M | 38.01M | 37.72M | 36.76M | 36.2M | 32.37M | 30.49M | 26.03M | 22.12M | 19.07M | 18.14M | 17M | 15.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single product revenue concentration
According to the latest quarterly filings, NBIX achieved a 42.2% year-over-year revenue growth rate in 2026Q1, signaling a robust acceleration in commercial adoption that appears to be driven by the sustained market penetration of its flagship VMAT2 inhibitor, Ingrezza, within the chronic neurology treatment landscape.
The consistent double-digit revenue growth suggests that the company is successfully capturing a larger share of the tardive dyskinesia market despite competitive pressures. Investors should monitor whether this trajectory remains sustainable as the company approaches higher penetration levels in its primary U.S. market.
As reported in financial statements, NBIX maintains a remarkably stable gross margin profile of approximately 98%, which reflects the high-value, low-volume nature of its specialty pharmaceutical portfolio and suggests significant pricing power that remains largely insulated from traditional manufacturing cost volatility or inflationary pressures on raw materials.
This near-perfect gross margin profile provides the company with substantial flexibility to fund aggressive R&D and commercialization efforts. However, the reliance on such high margins warrants further investigation into how potential future federal drug pricing negotiations might impact the net realization of these premium price points.
Based on the provided income statement data, NBIX has demonstrated an ability to scale operating income alongside revenue, with operating margins reaching 23.7% in 2026Q1, even as the company continues to absorb significant R&D expenses related to its expanding clinical pipeline and late-stage therapeutic candidates.
The ability to maintain positive operating margins while simultaneously increasing R&D spend suggests disciplined expense management and effective commercial leverage. It appears that the company is successfully transitioning from a pure-play R&D entity into a self-sustaining, profitable specialty pharmaceutical business model.
Analysis of recent financial disclosures indicates that stock-based compensation remains a consistent non-cash expense, totaling $57.2 million in 2026Q1, which investors should consider when evaluating the quality of reported net income and the underlying cash-generating efficiency of the core Ingrezza franchise relative to GAAP earnings.
While the company shows strong top-line growth, the persistent level of stock-based compensation may mask the true cash-generating power of the business. Analysts should monitor whether these non-cash charges continue to grow in proportion to revenue, as this could potentially dilute the long-term value for existing shareholders.
Quick answers to the most common questions about buying NBIX stock.
For fiscal year 2025, Neurocrine Biosciences, Inc. (NBIX) reported total revenue of $2.86B. This represents a 14798.4% increase compared to $19.2M in 1996.
Neurocrine Biosciences, Inc. (NBIX) is profitable, generating $478.6M in net income for the fiscal year ending 2025 with a net profit margin of 16.7%.
Neurocrine Biosciences, Inc. (NBIX) reported an operating income of $619.1M, resulting in an operating profit margin of 21.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Neurocrine Biosciences, Inc. (NBIX) generated $2.81B in gross profit for the year, representing a gross profit margin of 98.2%. This demonstrates the company's core pricing power and production efficiency.