$NBIX
NEUROCRINE BIOSCIENCES INC

2018 Q3 Form 10-Q Financial Statement

#000156459018026844 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $151.8M $60.77M
YoY Change 149.71%
Cost Of Revenue $1.600M $433.0K
YoY Change 269.52%
Gross Profit $150.2M $60.34M
YoY Change 148.92%
Gross Profit Margin 98.97% 99.29%
Selling, General & Admin $60.40M $43.87M
YoY Change 37.67% 150.79%
% of Gross Profit 40.21% 72.71%
Research & Development $35.48M $22.46M
YoY Change 57.96% 7.26%
% of Gross Profit 23.62% 37.23%
Depreciation & Amortization $1.000M $600.0K
YoY Change 66.67% 50.0%
% of Gross Profit 0.67% 0.99%
Operating Expenses $97.43M $66.77M
YoY Change 45.93% 73.71%
Operating Profit $54.32M -$5.995M
YoY Change -1006.14% -84.4%
Interest Expense $7.672M $7.337M
YoY Change 4.57%
% of Operating Profit 14.12%
Other Income/Expense, Net -$3.559M -$5.130M
YoY Change -30.62% -431.18%
Pretax Income $50.76M -$11.10M
YoY Change -557.33% -69.92%
Income Tax
% Of Pretax Income
Net Earnings $50.76M -$11.13M
YoY Change -556.31% -69.84%
Net Earnings / Revenue 33.45% -18.31%
Basic Earnings Per Share $0.56 -$0.13
Diluted Earnings Per Share $0.52 -$0.13
COMMON SHARES
Basic Shares Outstanding 90.56M 88.33M
Diluted Shares Outstanding 96.80M 88.33M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $635.3M $511.0M
YoY Change 24.32% 44.76%
Cash & Equivalents $201.2M $267.8M
Short-Term Investments $439.6M $243.2M
Other Short-Term Assets $18.90M $7.407M
YoY Change 155.16% 52.75%
Inventory $6.100M $242.0K
Prepaid Expenses
Receivables $54.10M $29.82M
Other Receivables $0.00 $0.00
Total Short-Term Assets $714.4M $548.5M
YoY Change 30.25% 53.25%
LONG-TERM ASSETS
Property, Plant & Equipment $28.62M $9.140M
YoY Change 213.11% 47.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $185.3M $210.3M
YoY Change -11.89% 596.36%
Other Assets $5.500M $4.600M
YoY Change 19.57% -6.12%
Total Long-Term Assets $219.3M $224.0M
YoY Change -2.08% 442.79%
TOTAL ASSETS
Total Short-Term Assets $714.4M $548.5M
Total Long-Term Assets $219.3M $224.0M
Total Assets $933.7M $772.5M
YoY Change 20.87% 93.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.00M $37.30M
YoY Change 93.03% 2069.87%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $383.6M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $456.4M $38.14M
YoY Change 1096.61% 43.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $365.1M
YoY Change -100.0%
Other Long-Term Liabilities $29.80M $113.0K
YoY Change 26271.68% 0.0%
Total Long-Term Liabilities $29.80M $113.0K
YoY Change 26271.68% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $456.4M $38.14M
Total Long-Term Liabilities $29.80M $113.0K
Total Liabilities $486.2M $425.0M
YoY Change 14.41% 794.51%
SHAREHOLDERS EQUITY
Retained Earnings -$1.196B -$1.206B
YoY Change -0.82% 19.19%
Common Stock $1.645B $1.554B
YoY Change 5.89% 13.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $447.5M $347.5M
YoY Change
Total Liabilities & Shareholders Equity $933.7M $772.5M
YoY Change 20.87% 93.53%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $50.76M -$11.13M
YoY Change -556.31% -69.84%
Depreciation, Depletion And Amortization $1.000M $600.0K
YoY Change 66.67% 50.0%
Cash From Operating Activities $68.90M -$9.300M
YoY Change -840.86% -70.1%
INVESTING ACTIVITIES
Capital Expenditures -$12.40M -$2.800M
YoY Change 342.86% 250.0%
Acquisitions
YoY Change
Other Investing Activities -$32.80M -$32.60M
YoY Change 0.61% -174.09%
Cash From Investing Activities -$45.10M -$35.40M
YoY Change 27.4% -181.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.400M 3.000M
YoY Change 80.0% 130.77%
NET CHANGE
Cash From Operating Activities 68.90M -9.300M
Cash From Investing Activities -45.10M -35.40M
Cash From Financing Activities 5.400M 3.000M
Net Change In Cash 29.20M -41.70M
YoY Change -170.02% -411.19%
FREE CASH FLOW
Cash From Operating Activities $68.90M -$9.300M
Capital Expenditures -$12.40M -$2.800M
Free Cash Flow $81.30M -$6.500M
YoY Change -1350.77% -78.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Interest Paid Net
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Reclassifications<font style="font-weight:normal;font-style:normal;">.</font><font style="font-weight:normal;font-style:normal;"> Certain amounts in prior year periods have been reclassified to conform with the presentation adopted in current year periods.</font></p></div>
us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates<font style="font-weight:normal;font-style:normal;">. 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.</font><font style="font-weight:normal;font-style:normal;"> Estimates for revenues, cost of sales, inventory, and R&amp;D expenses</font><font style="font-style:normal;"> </font><font style="font-weight:normal;font-style:normal;">are evaluated on an ongoing basis and are based on historical experience or other relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</font></p></div>
us-gaap Revenue Recognition Sales Of Goods
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Product Sales, Net.<font style="font-weight:normal;font-style:normal;"> </font><font style="font-weight:normal;font-style:normal;">The Company&#8217;s product sales consist of U.S. sales of INGREZZA</font><font style="Background-color:#FFFFFF;color:#000000;font-weight:normal;font-style:normal;">.&#160;</font><font style="font-weight:normal;font-style:normal;">INGREZZA was approved by the FDA on April&#160;11, 2017 and the Company commenced shipments of INGREZZA to select pharmacies (SPs) and a select distributor (SD), or collectively, its customers, in late April 2017. The&#160;SPs&#160;dispense&#160;product to a patient based on the fulfillment&#160;of&#160;a prescription and&#160;the SD&#160;sells&#160;product to government facilities, long-term care pharmacies, or&#160;in-patient hospital&#160;pharmacies. The Company&#8217;s agreements with the SPs and SD 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 SD have no right of product return to the Company. Product sales are recognized when the customer obtains control of the Company&#8217;s product, typically upon delivery to the customer.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from product sales is recorded at the net sales price (transaction price), which includes an estimate of variable consideration for which reserves are established and which results from contractual discounts, returns, chargebacks, rebates, co-pay assistance, and other allowances relating to the Company&#8217;s sales of its products.&#160;These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer).&#160;Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as the Company&#8217;s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns.&#160;Overall, these reserves reflect the Company&#8217;s best estimates of the amount of consideration to which it is entitled based on the terms of the contract.&#160;The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period.&#160;Actual amounts of consideration ultimately received may differ from the Company&#8217;s estimates.&#160;If actual results in the future vary from the Company&#8217;s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The following are the Company&#8217;s significant categories of sales discounts and allowances: </p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Trade Discounts and Allowances:<font style="font-style:normal;">&#160;The Company generally provides customers with discounts that include prompt payment discounts, discounts for providing sales data, and other off-invoice discounts that are explicitly stated in the Company&#8217;s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized.&#160;&#160;</font><font style="color:#000000;font-style:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Product Returns:&#160;<font style="font-style:normal;">The Company offers customers 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 customers and has the ability to control the amount of product that is sold to the customers. Product returns to date have not been significant and the Company has not considered it necessary to record a reserve for product returns. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Government Rebates:<font style="font-style:normal;">&#160;The Company is subject to discount obligations under state Medicaid programs and Medicare prescription drug coverage gap program. The Company estimates its Medicaid and Medicare prescription drug coverage gap rebates based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are&#160;recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability that is included in accrued expenses on the Condensed Consolidated Balance Sheet.&#160;The Company&#8217;s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Provider Chargebacks and Discounts:<font style="font-style:normal;">&#160;Chargebacks for fees and discounts to providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to customers who directly purchase the product from the Company.&#160;Customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers.&#160;These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable.&#160;Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by customers, and the Company generally issues credits for such amounts following the customer&#8217;s notification to the Company of the resale.&#160;Reserves for chargebacks consist of credits that the Company expects to issue for units that remain in the distribution channel inventories at each reporting period end that the Company expects will be sold to qualified healthcare providers</font><font style="color:#000000;font-style:normal;">.</font><font style="font-style:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.54%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Co-Payment Assistance:<font style="font-style:normal;">&#160;The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period</font><font style="color:#000000;font-style:normal;">. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shipping and handling costs related to the Company&#8217;s product sales are included in selling, general and administrative expenses.</p></div>
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AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
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CY2018Q3 us-gaap Investments
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CY2017Q4 us-gaap Investments
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InventoryWorkInProcessNetOfReserves
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CY2017Q3 nbix Incremental Common Shares Attributable To Employee Stock Purchase Program
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0
nbix Incremental Common Shares Attributable To Employee Stock Purchase Program
IncrementalCommonSharesAttributableToEmployeeStockPurchaseProgram
2000
nbix Incremental Common Shares Attributable To Employee Stock Purchase Program
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0
nbix Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
3322000
nbix Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
0
CY2018Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
629000
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0
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IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
558000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
1326000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0
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CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44800000
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AllocatedShareBasedCompensationExpense
29070000
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300000
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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8200000
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500000
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2029
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2
nbix Lease Extension Period
LeaseExtensionPeriod
P10Y

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