$NBIX
NEUROCRINE BIOSCIENCES INC

2019 Q1 Form 10-Q Financial Statement

#000156459019013745 Filed on April 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $138.4M $131.5M $71.09M
YoY Change 94.69% 39.12%
Cost Of Revenue $1.129M $1.500M $950.0K
YoY Change 18.84% 87.5%
Gross Profit $137.3M $130.0M $70.14M
YoY Change 95.72% 38.59%
Gross Profit Margin 99.18% 98.87% 98.66%
Selling, General & Admin $87.54M $69.00M $58.64M
YoY Change 49.29% 22.56% 109.04%
% of Gross Profit 63.77% 53.08% 83.6%
Research & Development $37.65M $39.10M $48.95M
YoY Change -23.08% 52.73% -5.66%
% of Gross Profit 27.43% 30.08% 69.79%
Depreciation & Amortization $1.600M $1.300M $800.0K
YoY Change 100.0% 85.71% 60.0%
% of Gross Profit 1.17% 1.0% 1.14%
Operating Expenses $239.4M $109.6M $108.5M
YoY Change 120.58% 32.58% 35.78%
Operating Profit -$101.0M $20.38M -$37.45M
YoY Change 169.71% 83.31% -53.15%
Interest Expense $7.853M -$3.100M $7.504M
YoY Change 4.65% -39.22%
% of Operating Profit -15.21%
Other Income/Expense, Net -$1.597M -$4.371M
YoY Change -63.46% -372.17%
Pretax Income -$102.6M $18.80M -$41.82M
YoY Change 145.35% 172.46% -46.59%
Income Tax -$500.0K $700.0K
% Of Pretax Income 3.72%
Net Earnings -$102.1M $18.08M -$41.82M
YoY Change 144.15% 162.23% -46.61%
Net Earnings / Revenue -73.77% 13.75% -58.83%
Basic Earnings Per Share -$1.12 $0.20 -$0.47
Diluted Earnings Per Share -$1.12 $0.19 -$0.47
COMMON SHARES
Basic Shares Outstanding 91.10M shares 90.74M 89.53M
Diluted Shares Outstanding 91.10M shares 95.72M 89.53M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $524.1M $650.9M $460.5M
YoY Change 13.8% 26.16% 95.46%
Cash & Equivalents $72.78M $141.7M $175.3M
Short-Term Investments $451.3M $509.2M $285.2M
Other Short-Term Assets $24.15M $18.59M $8.613M
YoY Change 180.39% 171.88% 122.5%
Inventory $13.01M $10.86M
Prepaid Expenses
Receivables $71.96M $57.41M $44.62M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $633.2M $737.8M $513.7M
YoY Change 23.26% 32.95% 114.54%
LONG-TERM ASSETS
Property, Plant & Equipment $36.66M $33.87M $11.83M
YoY Change 210.03% 213.28% 65.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $233.1M $216.0M $276.3M
YoY Change -15.64% -12.69% 632.89%
Other Assets $5.500M $5.500M $4.500M
YoY Change 22.22% 22.22% -11.76%
Total Long-Term Assets $324.5M $255.4M $292.6M
YoY Change 10.9% -2.78% 486.31%
TOTAL ASSETS
Total Short-Term Assets $633.2M $737.8M $513.7M
Total Long-Term Assets $324.5M $255.4M $292.6M
Total Assets $957.7M $993.2M $806.4M
YoY Change 18.77% 21.47% 178.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.30M $13.80M $45.70M
YoY Change 49.45% 144.35% 5263.85%
Accrued Expenses
YoY Change
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 $72.00M $88.23M $46.47M
YoY Change 54.96% 62.12% 97.2%
LONG-TERM LIABILITIES
Long-Term Debt $393.4M $388.5M $374.2M
YoY Change 5.13% 5.11%
Other Long-Term Liabilities $15.86M $35.66M $21.20M
YoY Change -25.17% 18661.06%
Total Long-Term Liabilities $15.86M $35.66M $395.4M
YoY Change -95.99% 349811.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.00M $88.23M $46.47M
Total Long-Term Liabilities $15.86M $35.66M $395.4M
Total Liabilities $87.87M $512.4M $441.9M
YoY Change -80.12% 15.03% 946.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.272B -$1.178B -$1.241B
YoY Change 2.51% -1.76% 9.35%
Common Stock $1.681B $1.660B $1.609B
YoY Change 4.5% 5.57% 16.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $409.3M $480.8M $364.5M
YoY Change
Total Liabilities & Shareholders Equity $957.7M $993.2M $806.4M
YoY Change 18.77% 21.47% 178.67%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$102.1M $18.08M -$41.82M
YoY Change 144.15% 162.23% -46.61%
Depreciation, Depletion And Amortization $1.600M $1.300M $800.0K
YoY Change 100.0% 85.71% 60.0%
Cash From Operating Activities -$112.5M $50.50M -$38.49M
YoY Change 192.31% 24.38% -50.28%
INVESTING ACTIVITIES
Capital Expenditures $3.900M -$6.000M $1.800M
YoY Change 116.67% 160.87% 32.16%
Acquisitions
YoY Change
Other Investing Activities $44.90M -$100.2M -$55.30M
YoY Change -181.19% 74.87% -195.34%
Cash From Investing Activities $41.00M -$106.2M -$57.05M
YoY Change -171.87% 77.89% -200.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.600M $16.14M
YoY Change -83.89% 953.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.600M 1.800M 16.14M
YoY Change -83.89% -67.86% 975.67%
NET CHANGE
Cash From Operating Activities -112.5M 50.50M -38.49M
Cash From Investing Activities 41.00M -106.2M -57.05M
Cash From Financing Activities 2.600M 1.800M 16.14M
Net Change In Cash -68.90M -53.90M -79.40M
YoY Change -13.23% 299.26% 311.4%
FREE CASH FLOW
Cash From Operating Activities -$112.5M $50.50M -$38.49M
Capital Expenditures $3.900M -$6.000M $1.800M
Free Cash Flow -$116.4M $56.50M -$40.29M
YoY Change 188.93% 31.7% -48.85%

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CY2019Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
415000
CY2019Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
279965000
CY2019Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
506000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
331622000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
792000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
245745000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1376000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
577367000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2168000
CY2019Q1 us-gaap Investments
Investments
684400000
CY2018Q4 us-gaap Investments
Investments
725200000
CY2007Q4 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
47700000
CY2007Q4 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
61000000
CY2008Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
39100000
CY2018Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
8000000
CY2007Q4 nbix Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
P12Y
CY2007Q4 nbix Number Of Buildings Leased
NumberOfBuildingsLeased
2
CY2019Q1 nbix Number Of Buildings Leased
NumberOfBuildingsLeased
1
CY2019Q1 nbix Number Of Vacated Buildings
NumberOfVacatedBuildings
1
CY2017Q2 nbix Letters Of Credit Collateral
LettersOfCreditCollateral
3000000
CY2019Q1 nbix Number Of Renewal Options
NumberOfRenewalOptions
2
CY2019Q1 nbix Lease Extension Period
LeaseExtensionPeriod
P10Y
CY2019Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
At commencement of the lease, we were not reasonably certain to exercise either of the two 10-year extension options contained within the lease.
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1900000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1600000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
70414000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y6M25D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0665
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5777000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8399000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8624000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8888000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
9160000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
59462000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
100310000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29896000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3267000
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
517500000
CY2018Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
517500000
CY2019Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7985000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8326000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
116080000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
120678000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.12
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47

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