$NBIX
NEUROCRINE BIOSCIENCES INC

2020 Q1 Form 10-Q Financial Statement

#000156459020021952 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $237.1M $138.4M
YoY Change 71.32% 94.69%
Cost Of Revenue $2.100M $1.129M
YoY Change 86.01% 18.84%
Gross Profit $235.0M $137.3M
YoY Change 71.19% 95.72%
Gross Profit Margin 99.11% 99.18%
Selling, General & Admin $117.8M $87.54M
YoY Change 34.57% 49.29%
% of Gross Profit 50.13% 63.77%
Research & Development $58.30M $37.65M
YoY Change 54.84% -23.08%
% of Gross Profit 24.81% 27.43%
Depreciation & Amortization $2.100M $1.600M
YoY Change 31.25% 100.0%
% of Gross Profit 0.89% 1.17%
Operating Expenses $178.2M $239.4M
YoY Change -25.56% 120.58%
Operating Profit $58.90M -$101.0M
YoY Change -158.32% 169.71%
Interest Expense $8.200M $7.853M
YoY Change 4.42% 4.65%
% of Operating Profit 13.92%
Other Income/Expense, Net -$20.00M -$1.597M
YoY Change 1152.35% -63.46%
Pretax Income $38.90M -$102.6M
YoY Change -137.91% 145.35%
Income Tax $1.500M -$500.0K
% Of Pretax Income 3.86%
Net Earnings $37.40M -$102.1M
YoY Change -136.63% 144.15%
Net Earnings / Revenue 15.77% -73.77%
Basic Earnings Per Share $0.40 -$1.12
Diluted Earnings Per Share $0.39 -$1.12
COMMON SHARES
Basic Shares Outstanding 92.60M shares 91.10M shares
Diluted Shares Outstanding 97.00M shares 91.10M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $771.7M $524.1M
YoY Change 47.25% 13.8%
Cash & Equivalents $187.0M $72.78M
Short-Term Investments $584.7M $451.3M
Other Short-Term Assets $26.70M $24.15M
YoY Change 10.56% 180.39%
Inventory $21.20M $13.01M
Prepaid Expenses
Receivables $148.6M $71.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $968.2M $633.2M
YoY Change 52.91% 23.26%
LONG-TERM ASSETS
Property, Plant & Equipment $41.90M $36.66M
YoY Change 14.29% 210.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $275.3M $233.1M
YoY Change 18.1% -15.64%
Other Assets $3.200M $5.500M
YoY Change -41.82% 22.22%
Total Long-Term Assets $393.7M $324.5M
YoY Change 21.31% 10.9%
TOTAL ASSETS
Total Short-Term Assets $968.2M $633.2M
Total Long-Term Assets $393.7M $324.5M
Total Assets $1.362B $957.7M
YoY Change 42.2% 18.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.9M $68.30M
YoY Change 84.33% 49.45%
Accrued Expenses $8.800M
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 $140.3M $72.00M
YoY Change 94.85% 54.96%
LONG-TERM LIABILITIES
Long-Term Debt $414.1M $393.4M
YoY Change 5.26% 5.13%
Other Long-Term Liabilities $21.60M $15.86M
YoY Change 36.17% -25.17%
Total Long-Term Liabilities $21.60M $15.86M
YoY Change 36.17% -95.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.3M $72.00M
Total Long-Term Liabilities $21.60M $15.86M
Total Liabilities $161.9M $87.87M
YoY Change 84.26% -80.12%
SHAREHOLDERS EQUITY
Retained Earnings -$1.272B
YoY Change 2.51%
Common Stock $1.681B
YoY Change 4.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $700.3M $409.3M
YoY Change
Total Liabilities & Shareholders Equity $1.362B $957.7M
YoY Change 42.2% 18.77%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $37.40M -$102.1M
YoY Change -136.63% 144.15%
Depreciation, Depletion And Amortization $2.100M $1.600M
YoY Change 31.25% 100.0%
Cash From Operating Activities $35.50M -$112.5M
YoY Change -131.56% 192.31%
INVESTING ACTIVITIES
Capital Expenditures $1.300M $3.900M
YoY Change -66.67% 116.67%
Acquisitions
YoY Change
Other Investing Activities $34.50M $44.90M
YoY Change -23.16% -181.19%
Cash From Investing Activities $33.20M $41.00M
YoY Change -19.02% -171.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.000M $2.600M
YoY Change 130.77% -83.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.000M 2.600M
YoY Change 130.77% -83.89%
NET CHANGE
Cash From Operating Activities $35.50M -112.5M
Cash From Investing Activities $33.20M 41.00M
Cash From Financing Activities $6.000M 2.600M
Net Change In Cash $74.70M -68.90M
YoY Change -208.42% -13.23%
FREE CASH FLOW
Cash From Operating Activities $35.50M -$112.5M
Capital Expenditures $1.300M $3.900M
Free Cash Flow $34.20M -$116.4M
YoY Change -129.38% 188.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Allowance for Credit Losses.<span style="font-weight:normal;font-style:normal;"> For debt securities available-for-sale in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes in interest rates, and any changes to the rating of the security by a rating agency, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income or loss, as applicable.</span></p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued interest receivables on debt securities available-for-sale totaled $4.7 million at March 31, 2020. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the debt security. Uncollectible accrued interest receivables associated with an impaired debt security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the three months ended March 31, 2020.</p>
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11600000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
79700000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
130500000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36100000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
94400000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8800000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
85600000
CY2020Q1 nbix Non Cancelable Future Minimum Lease Payments For Operating Leases Not Yet Commenced
NonCancelableFutureMinimumLeasePaymentsForOperatingLeasesNotYetCommenced
28300000
CY2019Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
517500000
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6600000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6900000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
96800000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
101800000
CY2020Q1 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
414100000
CY2019Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
408800000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
37400000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-102100000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92600000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91100000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97000000.0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91100000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.12
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.12

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