$NBIX
NEUROCRINE BIOSCIENCES INC

2021 Q1 Form 10-Q Financial Statement

#000091447521000036 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $236.6M $237.1M
YoY Change -0.21% 71.32%
Cost Of Revenue $2.900M $2.100M
YoY Change 38.1% 86.01%
Gross Profit $233.7M $235.0M
YoY Change -0.55% 71.19%
Gross Profit Margin 98.77% 99.11%
Selling, General & Admin $129.0M $117.8M
YoY Change 9.51% 34.57%
% of Gross Profit 55.2% 50.13%
Research & Development $73.20M $58.30M
YoY Change 25.56% 54.84%
% of Gross Profit 31.32% 24.81%
Depreciation & Amortization $2.500M $2.100M
YoY Change 19.05% 31.25%
% of Gross Profit 1.07% 0.89%
Operating Expenses $202.2M $178.2M
YoY Change 13.47% -25.56%
Operating Profit $31.50M $58.90M
YoY Change -46.52% -158.32%
Interest Expense $6.400M $8.200M
YoY Change -21.95% 4.42%
% of Operating Profit 20.32% 13.92%
Other Income/Expense, Net -$4.300M -$20.00M
YoY Change -78.5% 1152.35%
Pretax Income $27.20M $38.90M
YoY Change -30.08% -137.91%
Income Tax -$4.900M $1.500M
% Of Pretax Income -18.01% 3.86%
Net Earnings $32.10M $37.40M
YoY Change -14.17% -136.63%
Net Earnings / Revenue 13.57% 15.77%
Basic Earnings Per Share $0.34 $0.40
Diluted Earnings Per Share $0.33 $0.39
COMMON SHARES
Basic Shares Outstanding 94.20M shares 92.60M shares
Diluted Shares Outstanding 98.20M shares 97.00M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $873.7M $771.7M
YoY Change 13.22% 47.25%
Cash & Equivalents $352.6M $187.0M
Short-Term Investments $521.1M $584.7M
Other Short-Term Assets $33.80M $26.70M
YoY Change 26.59% 10.56%
Inventory $30.10M $21.20M
Prepaid Expenses
Receivables $147.8M $148.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.085B $968.2M
YoY Change 12.1% 52.91%
LONG-TERM ASSETS
Property, Plant & Equipment $45.30M $41.90M
YoY Change 8.11% 14.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $288.5M $275.3M
YoY Change 4.79% 18.1%
Other Assets $1.400M $3.200M
YoY Change -56.25% -41.82%
Total Long-Term Assets $761.0M $393.7M
YoY Change 93.29% 21.31%
TOTAL ASSETS
Total Short-Term Assets $1.085B $968.2M
Total Long-Term Assets $761.0M $393.7M
Total Assets $1.846B $1.362B
YoY Change 35.58% 42.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.9M $125.9M
YoY Change 36.54% 84.33%
Accrued Expenses $12.20M $8.800M
YoY Change 38.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $190.0M $140.3M
YoY Change 35.42% 94.85%
LONG-TERM LIABILITIES
Long-Term Debt $322.0M $414.1M
YoY Change -22.24% 5.26%
Other Long-Term Liabilities $21.30M $21.60M
YoY Change -1.39% 36.17%
Total Long-Term Liabilities $21.30M $21.60M
YoY Change -1.39% 36.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $190.0M $140.3M
Total Long-Term Liabilities $21.30M $21.60M
Total Liabilities $640.8M $161.9M
YoY Change 295.8% 84.26%
SHAREHOLDERS EQUITY
Retained Earnings -$693.3M
YoY Change
Common Stock $1.898B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.206B $700.3M
YoY Change
Total Liabilities & Shareholders Equity $1.846B $1.362B
YoY Change 35.58% 42.2%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $32.10M $37.40M
YoY Change -14.17% -136.63%
Depreciation, Depletion And Amortization $2.500M $2.100M
YoY Change 19.05% 31.25%
Cash From Operating Activities $87.30M $35.50M
YoY Change 145.92% -131.56%
INVESTING ACTIVITIES
Capital Expenditures $4.500M $1.300M
YoY Change 246.15% -66.67%
Acquisitions
YoY Change
Other Investing Activities $67.60M $34.50M
YoY Change 95.94% -23.16%
Cash From Investing Activities $63.10M $33.20M
YoY Change 90.06% -19.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.20M $6.000M
YoY Change 153.33% 130.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $15.10M $6.000M
YoY Change 151.67% 130.77%
NET CHANGE
Cash From Operating Activities $87.30M $35.50M
Cash From Investing Activities $63.10M $33.20M
Cash From Financing Activities $15.10M $6.000M
Net Change In Cash $165.5M $74.70M
YoY Change 121.55% -208.42%
FREE CASH FLOW
Cash From Operating Activities $87.30M $35.50M
Capital Expenditures $4.500M $1.300M
Free Cash Flow $82.80M $34.20M
YoY Change 142.11% -129.38%

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CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15200000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6000000.0 USD
CY2021Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
100000 USD
CY2020Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15100000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6000000.0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
165500000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
74700000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190300000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115500000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190200000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
800000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16000000.0 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 nbix Number Of Irish Subsidiaries
NumberOfIrishSubsidiaries
2 subsidiary
CY2021Q1 nbix Debt Securities Available For Sale Position Number Of Positions
DebtSecuritiesAvailableForSalePositionNumberOfPositions
126 security
CY2021Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
39 security
CY2021Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
3200000 USD
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
3700000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0 USD
CY2021Q1 us-gaap Investments
Investments
1165400000 USD
CY2020Q4 us-gaap Investments
Investments
1069500000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
14800000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16600000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2500000 USD
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2400000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
12800000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2500000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9000000.0 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
30100000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
28000000.0 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
352600000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
187000000.0 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
3200000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
3200000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
355800000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
190200000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3400000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2600000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2100000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M18D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9100000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14900000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
15500000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16000000.0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15500000 USD
CY2021Q1 nbix Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
85400000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
156400000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36700000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
119700000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12200000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
107500000 USD
CY2021Q1 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommenced
5800000 USD
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
381200000 USD
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
381300000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3700000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4000000.0 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
55500000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
59400000 USD
CY2021Q1 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
322000000.0 USD
CY2020Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
317900000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
32100000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
37400000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94200000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92600000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98200000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97000000.0 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2700000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3300000 shares

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