2023 Q4 Form 10-Q Financial Statement

#000091447523000073 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $515.2M $498.8M
YoY Change 25.05% 28.59%
Cost Of Revenue $8.500M $11.20M
YoY Change 10.39% 83.61%
Gross Profit $506.7M $487.6M
YoY Change 25.33% 27.71%
Gross Profit Margin 98.35% 97.75%
Selling, General & Admin $218.9M $204.2M
YoY Change 19.68% 9.61%
% of Gross Profit 43.2% 41.88%
Research & Development $137.5M $142.2M
YoY Change 16.53% 32.03%
% of Gross Profit 27.14% 29.16%
Depreciation & Amortization $5.700M $5.500M
YoY Change 29.55% 37.5%
% of Gross Profit 1.12% 1.13%
Operating Expenses $356.4M $346.4M
YoY Change 18.44% 17.82%
Operating Profit $150.3M $141.2M
YoY Change 45.36% 60.82%
Interest Expense $47.90M $1.100M
YoY Change 230.34% -8.33%
% of Operating Profit 31.87% 0.78%
Other Income/Expense, Net -$25.60M
YoY Change -353.47%
Pretax Income $198.2M $115.6M
YoY Change 68.11% 18.08%
Income Tax $50.50M $32.50M
% Of Pretax Income 25.48% 28.11%
Net Earnings $147.7M $83.10M
YoY Change 65.96% 21.31%
Net Earnings / Revenue 28.67% 16.66%
Basic Earnings Per Share $0.85
Diluted Earnings Per Share $1.44 $0.82
COMMON SHARES
Basic Shares Outstanding 98.25M shares 97.65M shares
Diluted Shares Outstanding 101.1M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.032B $1.095B
YoY Change 4.28% 36.99%
Cash & Equivalents $251.1M $293.7M
Short-Term Investments $780.5M $801.4M
Other Short-Term Assets $97.80M $108.2M
YoY Change 23.64% 59.35%
Inventory $38.30M $28.80M
Prepaid Expenses
Receivables $439.3M $417.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.607B $1.650B
YoY Change 10.56% 36.86%
LONG-TERM ASSETS
Property, Plant & Equipment $70.80M $68.80M
YoY Change 20.82% 12.97%
Goodwill $5.800M $5.500M
YoY Change 7.41%
Intangibles $35.50M $34.90M
YoY Change -4.57%
Long-Term Investments $849.4M $587.5M
YoY Change 111.56% 28.42%
Other Assets $49.60M $43.10M
YoY Change 98.4% 310.48%
Total Long-Term Assets $1.644B $1.198B
YoY Change 79.68% 27.76%
TOTAL ASSETS
Total Short-Term Assets $1.607B $1.650B
Total Long-Term Assets $1.644B $1.198B
Total Assets $3.251B $2.848B
YoY Change 37.27% 32.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $318.3M $394.9M
YoY Change -8.43% 32.61%
Accrued Expenses $162.5M $125.9M
YoY Change 833.91% 627.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $170.1M $169.9M
YoY Change 0.41% 0.41%
Total Short-Term Liabilities $654.8M $691.6M
YoY Change 21.78% 42.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $106.3M $68.60M
YoY Change 257.91% 301.17%
Total Long-Term Liabilities $106.3M $68.60M
YoY Change 257.91% 301.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $654.8M $691.6M
Total Long-Term Liabilities $106.3M $68.60M
Total Liabilities $1.019B $846.1M
YoY Change 54.24% 41.3%
SHAREHOLDERS EQUITY
Retained Earnings -$157.1M -$304.8M
YoY Change -61.38% -38.52%
Common Stock $2.382B $2.309B
YoY Change 12.23% 12.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.232B $2.002B
YoY Change
Total Liabilities & Shareholders Equity $3.251B $2.848B
YoY Change 37.27% 32.88%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $147.7M $83.10M
YoY Change 65.96% 21.31%
Depreciation, Depletion And Amortization $5.700M $5.500M
YoY Change 29.55% 37.5%
Cash From Operating Activities $123.5M $212.0M
YoY Change -13.64% 114.57%
INVESTING ACTIVITIES
Capital Expenditures $5.400M $7.600M
YoY Change 200.0% 347.06%
Acquisitions
YoY Change
Other Investing Activities -$196.4M -$89.70M
YoY Change 72.58% 42.38%
Cash From Investing Activities -$201.8M -$97.30M
YoY Change 74.57% 58.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.40M 18.80M
YoY Change 43.9% 64.91%
NET CHANGE
Cash From Operating Activities 123.5M 212.0M
Cash From Investing Activities -201.8M -97.30M
Cash From Financing Activities 35.40M 18.80M
Net Change In Cash -42.90M 133.5M
YoY Change -182.5% 173.01%
FREE CASH FLOW
Cash From Operating Activities $123.5M $212.0M
Capital Expenditures $5.400M $7.600M
Free Cash Flow $118.1M $204.4M
YoY Change -16.36% 110.5%

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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5600000 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
10400000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
17500000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
28800000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
35100000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
212200000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8000000.0 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7800000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
301700000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
5400000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
100000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
5500000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
34900000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
900000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17000000.0 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
293700000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
220000000.0 usd
CY2023Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
184000000.0 usd
CY2022Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
131900000 usd
CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
72700000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
9000000.0 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
68600000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
72800000 usd
CY2023Q3 nbix Accrued Branded Prescription Drug Fee
AccruedBrandedPrescriptionDrugFee
44500000 usd
CY2022Q4 nbix Accrued Branded Prescription Drug Fee
AccruedBrandedPrescriptionDrugFee
27500000 usd
CY2023Q3 nbix Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
39500000 usd
CY2022Q4 nbix Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
39100000 usd
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
93800000 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
67300000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
503000000.0 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
347600000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
12300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
12500000 usd
us-gaap Sublease Income
SubleaseIncome
300000 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
nbix Operating Lease Cost Net
OperatingLeaseCostNet
12000000.0 usd
nbix Operating Lease Cost Net
OperatingLeaseCostNet
12500000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
13400000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
12200000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y1M6D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
us-gaap Interest Expense
InterestExpense
6000000.0 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4500000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
400000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
18500000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1700000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
17000000.0 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1700000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
15700000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1700000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
16000000.0 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1700000 usd
CY2023Q3 nbix Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
54400000 usd
CY2023Q3 nbix Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
6000000.0 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
126100000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
13200000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
22400000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
103700000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
17800000 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
85900000 usd
CY2023Q3 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced Year One
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommencedYearOne
17200000 usd
CY2023Q3 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced Year Two
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommencedYearTwo
33300000 usd
CY2023Q3 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced Year Three
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommencedYearThree
41900000 usd
CY2023Q3 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced Year Four
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommencedYearFour
43200000 usd
CY2023Q3 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced After Year Four
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommencedAfterYearFour
436500000 usd
CY2022Q1 nbix Lessee Operating Lease Option Term To Construct Fifth Building
LesseeOperatingLeaseOptionTermToConstructFifthBuilding
P6Y
CY2022Q1 nbix Rent Abatement Period
RentAbatementPeriod
P10M
CY2022Q1 nbix Lessee Operating Lease Monthly Base Rent Per Square Foot
LesseeOperatingLeaseMonthlyBaseRentPerSquareFoot
6 usd
CY2022Q1 nbix Annual Rent Escalation Percentage
AnnualRentEscalationPercentage
0.03
CY2022Q1 nbix Number Of Renewal Options
NumberOfRenewalOptions
2 renewaloption
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q3 nbix Debt Instrument Coupon Interest
DebtInstrumentCouponInterest
900000 usd
CY2022Q3 nbix Debt Instrument Coupon Interest
DebtInstrumentCouponInterest
1000000.0 usd
nbix Debt Instrument Coupon Interest
DebtInstrumentCouponInterest
2900000 usd
nbix Debt Instrument Coupon Interest
DebtInstrumentCouponInterest
5000000.0 usd
CY2023Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
200000 usd
CY2022Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
200000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
600000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1000000.0 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
1100000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
1200000 usd
us-gaap Interest Expense
InterestExpense
3500000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
102000000.0 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
102000000.0 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65500000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
65500000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97900000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95600000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101100000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99000000.0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98300000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4400000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4900000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5500000 shares

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