NASDAQ$NBIX

Neurocrine Biosciences Inc · Q3 2020 earnings

Q3 2020 earnings · · Investor relations

Briefing

Reported financial results for the third quarter ended September 30, 2020, with INGREZZA® net product sales of $254 million and the launch of ONGENTYS® in the U.S.

Neurocrine Biosciences announced its Q3 2020 financial results, with INGREZZA net product sales reaching $254 million, a 28% increase year-over-year. The company reported a GAAP net loss of $58 million, or $0.62 per share, and a non-GAAP net income of $96 million, or $0.97 per share. ONGENTYS was launched in the U.S. in late September.

  • INGREZZA net product sales for Q3 2020 were $254 million, a 28% increase year-over-year.
  • New prescriptions of INGREZZA increased slightly in Q3 2020 compared to Q2 2020.
  • ONGENTYS launched in the United States in late September 2020, with net product sales of approximately $0.1 million in Q3 2020.
  • The company initiated a Phase II study of NBI-827104 for the treatment of Continuous Spikes and Waves During Sleep (CSWS) Epilepsy.

Headline financials

Total Revenue

$259M

Previous: $222M+16.4%
EPS (adj)

$0.97

Previous: $0.56+73.2%
GAAP R&D Expense

$69.1M

Previous: $45.3M+52.5%
GAAP SG&A Expense

$113M

Previous: $84.5M+33.1%
Capital Expenditures

-$6.4M

Previous: -$11.9M+46.4%
Free Cash Flow

-$64M

Previous: $41.9M-252.9%
Net Income

-$57.6M

Previous: $53.8M-207.1%
Operating Income

-$44.3M

Previous: $90.1M-149.2%
Gross Profit

$256M

Previous: $220M+16.3%
Cash & Equivalents

$425M

Previous: $167M+155.2%
Total Assets

$1.5B

Previous: $1.18B+27.3%
Stock-Based Comp

$26.7M

Previous: $20.3M+31.9%

Revenue & EPS history

Neurocrine Biosciences · Revenue · Quarterly

$259M

Q3 2020+16.4%vs Q3 2019
Beat estimate in 7 of 16 quarters(44%)
ActualEstimate

Revenue by segment

Neurocrine Biosciences · $254M total across 1 segment · Q3 2020

  • INGREZZA Net Product Sales
    $254M+28.2%

Forward guidance

The company provided full-year 2020 expense guidance.

Tailwinds

  • Combined GAAP R&D and SG&A expenses are expected to be in the range of $880 million to $900 million.
  • Combined Non-GAAP R&D and SG&A expenses are expected to be in the range of $590 million to $610 million.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2020

Historical avgQ3 2020

-0.3%

Avg return

Earnings day

+1.1%

Avg return

5 days after

+1.6%

Avg return

30 days after

45%

29 / 65 earnings

Positive

+17.2%

Q3 2017

Best reaction

-18.5%

Q4 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.8%+11.5%+21.3%
Q4 2025-10.4%-7.0%-5.6%
Q3 2025-6.3%-3.7%+3.2%
Q1 2025+8.3%+5.4%+13.5%
Q4 2024-18.5%-22.1%-24.9%
Q3 2024+3.5%+3.7%+9.1%
Q2 2024+8.2%+2.9%-10.2%
Q1 2024+1.7%+3.0%-1.5%
Q4 2023-6.0%-8.8%-2.6%
Q3 2023+4.1%+5.0%+8.8%
Q2 2023+2.2%-0.3%+6.9%
Q1 2023-7.4%-5.4%-10.8%
Q4 2022-5.6%-6.2%-11.1%
Q3 2022+6.0%+5.8%+9.7%
Q2 2022+10.6%+14.5%+9.5%
Q1 2022-3.9%-14.6%+7.7%
Q4 2021+8.7%+7.9%+12.2%
Q3 2021-9.3%-11.6%-23.4%
Q2 2021-2.8%-6.6%+0.4%
Q1 2021-2.3%-0.3%+3.2%
Q4 2020+3.1%+2.6%-17.3%
Q3 2020-9.1%-4.5%-4.5%
Q2 2020-0.2%-4.4%-3.7%
Q1 2020+7.0%+11.6%+13.8%
Q4 2019+2.0%+3.5%-5.4%
Q3 2019-1.2%+6.9%+14.4%
Q2 2019+9.7%+7.5%+11.3%
Q1 2019-6.7%+2.0%+1.4%
Q4 2018-4.6%-4.6%-12.9%
Q3 2018-8.0%-9.0%-25.5%
Q2 2018+14.7%+17.2%+23.3%
Q1 2018+3.3%+1.5%+17.1%
Q4 2017+3.9%+3.7%+11.6%
Q3 2017+17.2%+20.0%+18.5%
Q2 2017+10.2%+10.5%+17.4%
Q1 2017+3.4%+3.8%-15.3%
Q4 2016+0.7%+4.5%+7.2%
Q3 2016-10.0%-1.1%-3.1%
Q2 2016-0.7%-3.6%-2.0%
Q1 2016-0.1%
Q4 2015+6.9%
Q3 2015-4.5%
Q2 2015-3.7%
Q1 2015-4.4%
Q4 2014+5.7%
Q3 2014-4.9%
Q2 2014-2.3%
Q1 2014-3.5%
Q4 2013+1.3%
Q3 2013-6.3%
Q2 2013+0.5%
Q1 2013+2.3%
Q4 2012+6.5%
Q3 2012-1.7%
Q2 2012-9.6%
Q1 2011-3.2%
Q1 2012-3.2%
Q4 2011-8.0%
Q4 2009-8.0%
Q3 2010+13.7%
Q3 2011+13.7%
Q4 2010-6.5%
Q2 2010-6.5%
Q2 2011-6.5%
Q1 2010-1.5%

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