$NBIX
NEUROCRINE BIOSCIENCES INC

2019 Q2 Form 10-Q Financial Statement

#000156459019026602 Filed on July 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $183.5M $96.91M
YoY Change 89.36% 1429.68%
Cost Of Revenue $1.600M $854.0K
YoY Change 87.35% 1300.0%
Gross Profit $181.9M $96.05M
YoY Change 89.38% 1430.94%
Gross Profit Margin 99.13% 99.12%
Selling, General & Admin $80.80M $60.92M
YoY Change 32.64% 46.17%
% of Gross Profit 44.42% 63.42%
Research & Development $61.69M $36.99M
YoY Change 66.78% 69.14%
% of Gross Profit 33.91% 38.51%
Depreciation & Amortization $1.800M $900.0K
YoY Change 100.0% 50.0%
% of Gross Profit 0.99% 0.94%
Operating Expenses $149.1M $98.76M
YoY Change 50.98% 55.27%
Operating Profit $34.40M -$1.852M
YoY Change -1957.45% -96.77%
Interest Expense $7.900M $7.591M
YoY Change 4.07% 59.24%
% of Operating Profit 22.97%
Other Income/Expense, Net $17.70M $200.0K
YoY Change 8750.0% -107.36%
Pretax Income $52.10M -$5.900M
YoY Change -983.05% -90.17%
Income Tax $800.0K
% Of Pretax Income 1.54%
Net Earnings $51.30M -$5.913M
YoY Change -967.58% -90.14%
Net Earnings / Revenue 27.96% -6.1%
Basic Earnings Per Share $0.56 -$0.07
Diluted Earnings Per Share $0.54 -$0.07
COMMON SHARES
Basic Shares Outstanding 91.40M shares 90.10M
Diluted Shares Outstanding 94.80M shares 90.10M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $620.0M $508.7M
YoY Change 21.87% -3.1%
Cash & Equivalents $141.0M $171.9M
Short-Term Investments $479.0M $342.3M
Other Short-Term Assets $21.46M $16.30M
YoY Change 31.63% 194.81%
Inventory $12.02M
Prepaid Expenses
Receivables $95.36M $42.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $748.8M $567.7M
YoY Change 31.9% 5.77%
LONG-TERM ASSETS
Property, Plant & Equipment $39.62M $18.80M
YoY Change 110.76% 170.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $223.9M $249.4M
YoY Change -10.22% 21.19%
Other Assets $5.500M $5.500M
YoY Change 0.0% 19.57%
Total Long-Term Assets $318.1M $273.6M
YoY Change 16.25% 25.89%
TOTAL ASSETS
Total Short-Term Assets $748.8M $567.7M
Total Long-Term Assets $318.1M $273.6M
Total Assets $1.067B $841.3M
YoY Change 26.81% 11.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.00M $61.00M
YoY Change 55.74% 127.61%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.6M $61.76M
YoY Change 62.87% 122.8%
LONG-TERM LIABILITIES
Long-Term Debt $398.5M $378.9M
YoY Change 5.17% 5.05%
Other Long-Term Liabilities $17.92M $23.20M
YoY Change -22.78% 20430.97%
Total Long-Term Liabilities $17.92M $402.1M
YoY Change -95.54% 355740.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.6M $61.76M
Total Long-Term Liabilities $17.92M $402.1M
Total Liabilities $583.2M $463.9M
YoY Change 25.71% 13.46%
SHAREHOLDERS EQUITY
Retained Earnings -$1.220B -$1.247B
YoY Change -2.09% 4.35%
Common Stock $1.704B $1.627B
YoY Change 4.72% 5.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $483.7M $377.4M
YoY Change
Total Liabilities & Shareholders Equity $1.067B $841.3M
YoY Change 26.81% 11.57%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $51.30M -$5.913M
YoY Change -967.58% -90.14%
Depreciation, Depletion And Amortization $1.800M $900.0K
YoY Change 100.0% 50.0%
Cash From Operating Activities $64.20M $20.50M
YoY Change 213.17% -142.53%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$4.600M
YoY Change -2.17% 1050.0%
Acquisitions
YoY Change
Other Investing Activities $4.200M -$29.80M
YoY Change -114.09% -85.97%
Cash From Investing Activities -$300.0K -$34.50M
YoY Change -99.13% -83.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.300M 6.200M
YoY Change -30.65% -98.78%
NET CHANGE
Cash From Operating Activities 64.20M 20.50M
Cash From Investing Activities -300.0K -34.50M
Cash From Financing Activities 4.300M 6.200M
Net Change In Cash 68.20M -7.800M
YoY Change -974.36% -103.18%
FREE CASH FLOW
Cash From Operating Activities $64.20M $20.50M
Capital Expenditures -$4.500M -$4.600M
Free Cash Flow $68.70M $25.10M
YoY Change 173.71% -152.51%

Facts In Submission

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CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11851000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6123000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
377436000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
480765000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-102115000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1699000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
15764000
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2538000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
409275000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
51338000
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
878000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17931000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4284000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
483706000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
702861000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
725227000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
53569000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
26000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
116149000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
93000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
169718000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
119000
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
CY2019Q2 us-gaap Investments
Investments
702861000
CY2018Q4 us-gaap Investments
Investments
725227000
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6672000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7855000
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3451000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2208000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1895000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
801000
CY2019Q2 us-gaap Inventory Net
InventoryNet
12018000
CY2018Q4 us-gaap Inventory Net
InventoryNet
10864000
CY2007Q4 us-gaap Sale Leaseback Transaction Gross Proceeds Investing Activities
SaleLeasebackTransactionGrossProceedsInvestingActivities
109000000.0
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
61000000.0
CY2008Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
39100000
CY2018Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
8000000.0
CY2007Q4 nbix Number Of Buildings Leased
NumberOfBuildingsLeased
2
CY2007Q4 nbix Sale Leaseback Transaction Lease Period
SaleLeasebackTransactionLeasePeriod
P12Y
nbix Number Of Buildings Leased
NumberOfBuildingsLeased
1
nbix Number Of Vacated Buildings
NumberOfVacatedBuildings
1
CY2017Q2 nbix Letters Of Credit Collateral
LettersOfCreditCollateral
3000000.0
CY2019Q2 nbix Number Of Renewal Options
NumberOfRenewalOptions
2
nbix Lease Extension Period
LeaseExtensionPeriod
P10Y
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.
us-gaap Operating Lease Cost
OperatingLeaseCost
3900000
us-gaap Operating Lease Payments
OperatingLeasePayments
3300000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
49100000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
69900000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M18D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0665
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4129000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8399000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8624000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8888000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
9160000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
59462000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
98662000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
28728000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
69934000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3749000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
66185000
CY2019Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
517500000
CY2018Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
517500000
CY2019Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
398466000
CY2019Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7639000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8326000
CY2019Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
111395000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
120678000
CY2018Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
388496000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
51338000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-5913000
us-gaap Net Income Loss
NetIncomeLoss
-50777000
us-gaap Net Income Loss
NetIncomeLoss
-47731000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91389000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91226000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89814000
CY2019Q2 nbix Incremental Common Shares Attributable To Employee Stock Purchase Program
IncrementalCommonSharesAttributableToEmployeeStockPurchaseProgram
41000
CY2019Q2 nbix Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
2551000
CY2019Q2 nbix Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
285000
CY2019Q2 nbix Incremental Common Shares Attributable To Convertible Debt
IncrementalCommonSharesAttributableToConvertibleDebt
513000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94779000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90100000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91226000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89814000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53

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