WinstonWınston
Back
Stock

Neurocrine Biosciences

NBIX
72
Biotechnology · Healthcare
Also trades as: 0K6R.L GBP 1.42 (-0.78%)
Price
$142.70
-0.59 (-0.41%)
Market Cap
$14.51B
Exchange
NASDAQ
Winston Score
72
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Not counted
n/a

68 of 95 counted points = Winston Score 72. Pillars marked n/a do not apply to this company and are left out of the total.

Track this stock — start free trial

Share count rising — dilution

+4.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 97.9M (2021) → 102.5M (2025)

§Winston Score History

The full picture

Neurocrine Biosciences is a biotechnology company that discovers and sells medicines for neurological and psychiatric disorders. Its main product is Ingrezza (valbenazine), a pill that treats involuntary movement disorders like tardive dyskinesia and Huntington's disease chorea. The company sells primarily to patients in the United States through prescriptions written by neurologists and psychiatrists.

Neurocrine makes money by selling its branded drugs directly to specialty pharmacies and distributors, which is why its gross margin is exceptionally high — nearly all revenue turns into gross profit. The company operates mainly in the US and generates roughly $2 billion in annual revenue, with Ingrezza accounting for the vast majority of sales. Its moat comes from patent protection on Ingrezza and its established relationships with specialist physicians, but heavy reliance on a single drug is a real risk — any generic competition or patent challenge could significantly hurt revenue. The company is working to diversify its pipeline through partnerships and internal drug development.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.5% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+31.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.09

30 Jun 2026: $1.43

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$1.0B/ year

↑ Rising (+39% vs prior year)

35.5% of revenue

2.0x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$629M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Neurocrine Biosciences grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
97.6%
Premium pricing power — 97.6% gross margin
Profit after running costs
Operating Margin
16.0%
Healthy — 16.0% operating margin
Return on the money invested
ROCE
19.3%
Strong — 19.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+34.4%
Fast-growing sales (+34.4% YoY)
Profit growth
EPS YoY
+102.6%
Earnings growing fast (+102.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
127%
Turns 127% of profit into real cash
Spare cash per sale
FCF Margin
25.7%
Converts sales into free cash efficiently (25.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.11
Conservative — low debt load (0.11)
Covers its interest
Interest Cover
272.03x
Comfortably covers interest (272.0x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
20.2x
Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 10.8)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial