$NBIX
NEUROCRINE BIOSCIENCES INC

2012 Q3 Form 10-Q Financial Statement

#000119312512443884 Filed on October 31, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $9.357M $41.63M
YoY Change -77.53% 189.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.300M $3.800M
YoY Change -13.16% 5.56%
% of Gross Profit
Research & Development $9.860M $7.456M
YoY Change 32.24% -9.07%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% -33.33%
% of Gross Profit
Operating Expenses $13.32M $11.19M
YoY Change 18.98% -5.93%
Operating Profit -$3.962M $30.44M
YoY Change -113.02%
Interest Expense $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Operating Profit 0.33%
Other Income/Expense, Net $884.0K $942.0K
YoY Change -6.16% 34.57%
Pretax Income -$3.100M $31.40M
YoY Change -109.87% 851.52%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$3.078M $31.38M
YoY Change -109.81% 850.97%
Net Earnings / Revenue -32.9% 75.38%
Basic Earnings Per Share -$0.05 $0.57
Diluted Earnings Per Share -$0.05 $0.56
COMMON SHARES
Basic Shares Outstanding 66.34M shares 55.25M shares
Diluted Shares Outstanding 66.34M shares 56.38M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.0M $111.6M
YoY Change 55.91% -10.72%
Cash & Equivalents $44.49M $39.52M
Short-Term Investments $129.5M $72.10M
Other Short-Term Assets $2.688M $2.100M
YoY Change 28.0% 50.0%
Inventory
Prepaid Expenses
Receivables $1.400M $22.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.0M $136.1M
YoY Change 30.8% 3.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.034M $1.700M
YoY Change 19.65% -5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.900M $5.100M
YoY Change 74.51% -50.0%
Other Assets $4.300M $6.100M
YoY Change -29.51% -3.17%
Total Long-Term Assets $15.23M $12.90M
YoY Change 18.09% -29.51%
TOTAL ASSETS
Total Short-Term Assets $178.0M $136.1M
Total Long-Term Assets $15.23M $12.90M
Total Assets $193.3M $149.0M
YoY Change 29.7% -0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.416M $800.0K
YoY Change 77.0% -11.11%
Accrued Expenses $8.130M $7.600M
YoY Change 6.97% -8.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.11M $48.40M
YoY Change -52.25% -9.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $152.0K $42.80M
YoY Change -99.64% -46.57%
Total Long-Term Liabilities $152.0K $42.80M
YoY Change -99.64% -46.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.11M $48.40M
Total Long-Term Liabilities $152.0K $42.80M
Total Liabilities $49.95M $91.30M
YoY Change -45.29% -31.51%
SHAREHOLDERS EQUITY
Retained Earnings -$729.2M
YoY Change
Common Stock $66.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $143.3M $57.70M
YoY Change
Total Liabilities & Shareholders Equity $193.3M $149.0M
YoY Change 29.7% -0.6%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$3.078M $31.38M
YoY Change -109.81% 850.97%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% -33.33%
Cash From Operating Activities -$8.300M $2.800M
YoY Change -396.43% 133.33%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$600.0K
YoY Change -50.0% 500.0%
Acquisitions
YoY Change
Other Investing Activities $11.00M $18.40M
YoY Change -40.22% -197.35%
Cash From Investing Activities $10.70M $17.80M
YoY Change -39.89% -193.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 100.0K
YoY Change 0.0%
NET CHANGE
Cash From Operating Activities -8.300M 2.800M
Cash From Investing Activities 10.70M 17.80M
Cash From Financing Activities 100.0K 100.0K
Net Change In Cash 2.500M 20.70M
YoY Change -87.92% -216.29%
FREE CASH FLOW
Cash From Operating Activities -$8.300M $2.800M
Capital Expenditures -$300.0K -$600.0K
Free Cash Flow -$8.000M $3.400M
YoY Change -335.29% 161.54%

Facts In Submission

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dei Trading Symbol
TradingSymbol
NBIX
dei Entity Registrant Name
EntityRegistrantName
NEUROCRINE BIOSCIENCES INC
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
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2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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dei Entity Central Index Key
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WeightedAverageNumberOfSharesOutstandingBasic
65355000 shares
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
77789000
us-gaap Revenues
Revenues
31193000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-2480000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2300000 shares
us-gaap Net Income Loss
NetIncomeLoss
-4465000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2669000
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
684000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1400000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i>. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.</font></p> </div>
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
50000 shares
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
106000
nbix Deferred Gain Recognized
DeferredGainRecognized
2300000
nbix Sponsored Research And Development Revenue
SponsoredResearchAndDevelopmentRevenue
4938000
nbix License Fees And Milestones Revenue
LicenseFeesAndMilestonesRevenue
26255000
nbix Cease Use Expense
CeaseUseExpense
135000
nbix Deferred Gain On Sale Of Real Estate
DeferredGainOnSaleOfRealEstate
2276000
nbix Increase Decrease In Cease Use Expense
IncreaseDecreaseInCeaseUseExpense
135000
nbix Increase Decrease In Cease Use Liability
IncreaseDecreaseInCeaseUseLiability
-193000
nbix Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
1300000 shares
nbix Lease Expiration Year
LeaseExpirationYear
2019
nbix Share Based Compensation Arrangement By Share Based Payment Award Contractual Life
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualLife
P10Y
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
31382000
CY2007Q4 us-gaap Sale Leaseback Transaction Lease Terms
SaleLeasebackTransactionLeaseTerms
the Company entered into a lease agreement (Lease) with DMH Campus Investors, LLC (DMH) whereby the Company leased back for an initial term of 12 years its corporate headquarters comprised of two buildings located at 12790 El Camino Real (Front Building) and 12780 El Camino Real (Rear Building) in San Diego, California. The Company also entered into a series of lease amendments (Amendments), beginning in late 2008, through which it vacated the Front Building, but continues to occupy the Rear Building.
CY2007Q4 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
61000000
CY2007Q4 nbix Mortgage Loans Assumed By Purchaser
MortgageLoansAssumedByPurchaser
47700000
CY2007Q4 nbix Property Plant Equipment Selling Price
PropertyPlantEquipmentSellingPrice
109000000
CY2011Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
942000
CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
83000000
CY2012Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10900000 shares
CY2012Q1 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
8.10
CY2007Q4 nbix Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
P12Y
CY2010Q4 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
600000
CY2010Q4 nbix Subleased Agreement Area
SubleasedAgreementArea
16000 sqft
CY2010Q4 nbix Sublease Term
SubleaseTerm
P3Y
CY2011Q4 nbix Operating Loss Carryforwards Utilized During Period
OperatingLossCarryforwardsUtilizedDuringPeriod
17500000
CY2012Q3 nbix Subleased Agreement Area
SubleasedAgreementArea
17000 sqft
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
30440000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
18000
CY2011Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
86000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
31242000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2011Q3 us-gaap Investment Income Net
InvestmentIncomeNet
102000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3825000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56378000 shares
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2011Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7456000
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
11194000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55248000 shares
CY2011Q3 us-gaap Revenues
Revenues
41634000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000
CY2011Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-140000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1400000 shares
CY2011Q3 nbix Deferred Gain Recognized
DeferredGainRecognized
700000
CY2011Q3 nbix Sponsored Research And Development Revenue
SponsoredResearchAndDevelopmentRevenue
2396000
CY2011Q3 nbix License Fees And Milestones Revenue
LicenseFeesAndMilestonesRevenue
39238000
CY2011Q3 nbix Cease Use Expense
CeaseUseExpense
-87000
CY2011Q3 nbix Deferred Gain On Sale Of Real Estate
DeferredGainOnSaleOfRealEstate
736000
CY2011Q3 nbix Increase Decrease In Cease Use Liability
IncreaseDecreaseInCeaseUseLiability
-729000
CY2011Q3 nbix Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
1100000 shares
CY2011Q3 nbix Change In Estimate On Cease Use Liability
ChangeInEstimateOnCeaseUseLiability
427000
CY2011Q3 nbix Accrued Cease Use Costs
AccruedCeaseUseCosts
-63000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3962000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2916000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2012Q3 us-gaap Investment Income Net
InvestmentIncomeNet
123000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3324000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66342000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9860000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
13319000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66342000 shares
CY2012Q3 us-gaap Revenues
Revenues
9357000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-3078000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
884000
CY2012Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
162000
CY2012Q3 nbix Deferred Gain Recognized
DeferredGainRecognized
800000
CY2012Q3 nbix Sponsored Research And Development Revenue
SponsoredResearchAndDevelopmentRevenue
1369000
CY2012Q3 nbix License Fees And Milestones Revenue
LicenseFeesAndMilestonesRevenue
7988000
CY2012Q3 nbix Cease Use Expense
CeaseUseExpense
135000
CY2012Q3 nbix Deferred Gain On Sale Of Real Estate
DeferredGainOnSaleOfRealEstate
759000
CY2012Q3 nbix Increase Decrease In Cease Use Liability
IncreaseDecreaseInCeaseUseLiability
-64000
CY2012Q3 nbix Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
1300000 shares

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