Is the business good?
How good a business is NBIX?
Neurocrine Biosciences, Inc. earns 30% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
30%
Return on invested capital · cost of capital 9.0% · 21 points above what the capital costs: growth creates value
- Operating margin
- 25%
Operating margin · Drug Manufacturers - Specialty & Generic median 12% · 12 months to Q1 2026
- Cash conversion
- 1.24×
Cash conversion · 1.61× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.88%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 9.0% |
| FY2022 | 17% |
| FY2023 | 13% |
| FY2024 | 24% |
| FY2025 | 22% |
Details›
- Gross margin12 months to Q1 2026
- 98%
- Operating margin12 months to Q1 2026
- 25%
- Net margin12 months to Q1 2026
- 22%
- Free cash flow margin
- 27%
- R&D as % of revenue
- 34%
- Revenue, trailing twelve months
- $3.10B
- Free cash flow, trailing twelve months
- $827M
- Net income, trailing twelve months
- $669M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 30%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Drug Manufacturers - Specialty & Generic
Ranks #8 of 28 by Smart Score