$NBIX
NEUROCRINE BIOSCIENCES INC

2017 Q3 Form 10-Q Financial Statement

#000119312517329460 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $60.77M $0.00 $0.00
YoY Change
Cost Of Revenue $433.0K $0.00
YoY Change
Gross Profit $60.34M $0.00
YoY Change
Gross Profit Margin 99.29%
Selling, General & Admin $43.87M $23.70M $17.49M
YoY Change 150.79% 166.29% 52.12%
% of Gross Profit 72.71%
Research & Development $22.46M $22.60M $20.94M
YoY Change 7.26% 3.67% -14.13%
% of Gross Profit 37.23%
Depreciation & Amortization $600.0K $500.0K $400.0K
YoY Change 50.0% 66.67% 100.0%
% of Gross Profit 0.99%
Operating Expenses $66.77M $46.25M $38.44M
YoY Change 73.71% 50.42% 7.23%
Operating Profit -$5.995M -$38.44M
YoY Change -84.4% 7.23%
Interest Expense $7.337M $700.0K $0.00
YoY Change 16.67% -100.0%
% of Operating Profit
Other Income/Expense, Net -$5.130M $900.0K $1.549M
YoY Change -431.18% 12.5% 9.94%
Pretax Income -$11.10M -$44.70M -$36.90M
YoY Change -69.92% 52.56% 7.27%
Income Tax
% Of Pretax Income
Net Earnings -$11.13M -$44.66M -$36.89M
YoY Change -69.84% 52.34% 7.12%
Net Earnings / Revenue -18.31%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.13 -$514.4K -$425.1K
COMMON SHARES
Basic Shares Outstanding 88.33M 86.87M shares 86.75M shares
Diluted Shares Outstanding 88.33M

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $511.0M $307.4M $353.0M
YoY Change 44.76% -18.93% -6.32%
Cash & Equivalents $267.8M $83.27M $99.76M
Short-Term Investments $243.2M $224.1M $253.3M
Other Short-Term Assets $7.407M $3.092M $4.849M
YoY Change 52.75% -36.68% -18.37%
Inventory $242.0K $0.00
Prepaid Expenses
Receivables $29.82M $0.00
Other Receivables $0.00
Total Short-Term Assets $548.5M $310.4M $357.9M
YoY Change 53.25% -19.17% -6.5%
LONG-TERM ASSETS
Property, Plant & Equipment $9.140M $6.271M $6.180M
YoY Change 47.9% 82.72% 115.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $210.3M $43.50M $30.20M
YoY Change 596.36% -47.27% -70.39%
Other Assets $4.600M $4.900M $4.900M
YoY Change -6.12% 2.08% 2.08%
Total Long-Term Assets $224.0M $54.64M $41.27M
YoY Change 442.79% -39.76% -62.36%
TOTAL ASSETS
Total Short-Term Assets $548.5M $310.4M $357.9M
Total Long-Term Assets $224.0M $54.64M $41.27M
Total Assets $772.5M $365.1M $399.2M
YoY Change 93.53% -23.1% -18.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.30M $5.085M $1.719M
YoY Change 2069.87% 98.56% 43.61%
Accrued Expenses $21.10M $20.75M
YoY Change 10.84% 42.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.14M $30.41M $26.67M
YoY Change 43.03% 18.27% 34.53%
LONG-TERM LIABILITIES
Long-Term Debt $365.1M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $113.0K $113.0K $113.0K
YoY Change 0.0% -48.87% -48.64%
Total Long-Term Liabilities $113.0K $113.0K $113.0K
YoY Change 0.0% -48.87% -48.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.14M $30.41M $26.67M
Total Long-Term Liabilities $113.0K $113.0K $113.0K
Total Liabilities $425.0M $50.21M $47.51M
YoY Change 794.51% -0.24% 4.43%
SHAREHOLDERS EQUITY
Retained Earnings -$1.206B -$1.056B -$1.012B
YoY Change 19.19% 15.42% 14.19%
Common Stock $1.554B $1.372B $1.364B
YoY Change 13.96% 2.3% 2.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $347.5M $314.9M $351.7M
YoY Change
Total Liabilities & Shareholders Equity $772.5M $365.1M $399.2M
YoY Change 93.53% -23.1% -18.94%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$11.13M -$44.66M -$36.89M
YoY Change -69.84% 52.34% 7.12%
Depreciation, Depletion And Amortization $600.0K $500.0K $400.0K
YoY Change 50.0% 66.67% 100.0%
Cash From Operating Activities -$9.300M -$31.60M -$31.10M
YoY Change -70.1% 107.89% 67.2%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$300.0K -$800.0K
YoY Change 250.0% -62.5% 166.67%
Acquisitions
YoY Change
Other Investing Activities -$32.60M $15.50M $44.00M
YoY Change -174.09% -32.31% -192.44%
Cash From Investing Activities -$35.40M $15.20M $43.20M
YoY Change -181.94% -31.22% -190.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.000M 100.0K 1.300M
YoY Change 130.77% -90.0% 85.71%
NET CHANGE
Cash From Operating Activities -9.300M -31.60M -31.10M
Cash From Investing Activities -35.40M 15.20M 43.20M
Cash From Financing Activities 3.000M 100.0K 1.300M
Net Change In Cash -41.70M -16.30M 13.40M
YoY Change -411.19% -306.33% -120.36%
FREE CASH FLOW
Cash From Operating Activities -$9.300M -$31.60M -$31.10M
Capital Expenditures -$2.800M -$300.0K -$800.0K
Free Cash Flow -$6.500M -$31.30M -$30.30M
YoY Change -78.55% 117.36% 65.57%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000914475
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dei Trading Symbol
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NBIX
dei Amendment Flag
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us-gaap Property Management Fee Percent Fee
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dei Current Fiscal Year End Date
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--12-31
dei Document Period End Date
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2017-09-30
dei Entity Filer Category
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Large Accelerated Filer
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <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.</p> </div>
us-gaap Earnings Per Share Basic And Diluted
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dei Entity Registrant Name
EntityRegistrantName
NEUROCRINE BIOSCIENCES INC
us-gaap Revenue Recognition Sales Of Goods
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <b><i>Revenue Recognition Policy.</i></b>&#xA0;The Company&#x2019;s net product sales consist of U.S. sales of INGREZZA and are recognized when (i)&#xA0;persuasive evidence of an arrangement exists, (ii)&#xA0;delivery has occurred and title to the product and associated risk of loss has passed to the customer, (iii)&#xA0;the price is fixed or determinable, and (iv)&#xA0;collectability is reasonably assured.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> INGREZZA was approved by the FDA on April&#xA0;11, 2017 and the Company commenced shipments of INGREZZA to select pharmacies (SPs) and a select distributor (SD) in late April 2017. The&#xA0;SPs&#xA0;dispense&#xA0;product to a patient based on the fulfillment&#xA0;of&#xA0;a prescription and&#xA0;the SD&#xA0;sells&#xA0;product to government facilities, long-term care pharmacies <font style="WHITE-SPACE: nowrap">or&#xA0;in-patient</font> hospital&#xA0;pharmacies. The Company&#x2019;s agreements with SPs and SDs provide for transfer of title to the product at the time the product is delivered to the SP or SD. In addition, except for limited circumstances, the SPs and SDs have no right of product return to the Company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company has determined it can reasonably estimate its allowances for rebates and chargebacks at the time title and risk of loss transfers to the SP or SD. Therefore, the Company records revenue when the product is delivered to the SPs or SD, which is an approach frequently referred to as the <font style="WHITE-SPACE: nowrap">&#x201C;sell-in&#x201D;</font> revenue&#xA0;recognition&#xA0;model.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company recognizes revenue from product sales net of the following allowances:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Distribution Fees:</i>&#xA0;Distribution fees include fees paid to the SPs and SD for data and prompt payment discounts. Distribution fees are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Rebates:</i>&#xA0;Rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with, or statutory requirements pertaining to, Medicaid and Medicare benefit providers. The allowance for rebates is based on statutory discount rates and expected utilization. The Company&#x2019;s expected utilization of rebates is based on data received from the SPs and SD.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Chargebacks:</i>&#xA0;Chargebacks are discounts that relate to contracts with government and other entities purchasing from the SD at a discounted price. The SD charges back to the Company the difference between the price initially paid by the SD and the discounted price paid to the SD by these entities. The Company allowance for chargebacks is based on known SD sales to contracted entities.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i><font style="WHITE-SPACE: nowrap">Co-Payment</font> Assistance:</i>&#xA0;The Company offers <font style="WHITE-SPACE: nowrap">co-payment</font> assistance to commercially insured patients meeting certain eligibility requirements. <font style="WHITE-SPACE: nowrap">Co-payment</font> assistance is recorded as an offset to gross revenue at the time revenue from the product sale is recognized based on expected and actual program participation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Product Returns:</i>&#xA0;The Company offers the SPs and SD limited product return rights for damages and shipment errors provided it is within a very limited period after the original shipping date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient or for drug expiration. The Company receives real-time shipping reports and inventory reports from the SPs and SD and has the ability to control the amount of product that is sold to the SPs and SD. It is also able to make a reasonable estimate of potential product returns due to the limited time-frame allowed for the SPs and SD to process returns due to shipment error or damaged product.</p> </div>
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