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Neurocrine Biosciences Inc. (NBIX) filed Quarterly Report for the period ended 2011-09-30.
Neurocrine Biosciences Inc. has a market cap of $353.53 million; its shares were traded at around $6.4 with a P/E ratio of 33.68 and P/S ratio of 10.55.
This is the annual revenues and earnings per share of NBIX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of NBIX.
Highlight of Business Operations:
We recognized $30.0 million in milestone revenue for the three and nine months ended September 30, 2011, $10.0 million of which was related to advancing elagolix into Phase II clinical trials in uterine fibroids and $20.0 million of which was related to the outcome of an elagolix pre- Phase III meeting with the U.S. Food and Drug Administration (FDA) for endometriosis. There are no other milestones under the Abbott agreement that meet the definition of a milestone under the revised authoritative guidance for research and development milestones. In addition, at September 30, 2011, we had $36.3 million of deferred revenue related to the Abbott agreement, which is being amortized over the remaining collaborative development period.The $27.2 million increase in third quarter revenue from 2010 to 2011 was attributable to continued revenue recognition under our collaboration agreements with Abbott and Boehringer Ingelheim, for our GnRH (including elagolix) and GPR119 programs, respectively. Both of these collaboration agreements were entered into during June 2010. During the third quarter of 2011, we recognized $30.0 million in milestone revenue related to our collaboration agreement with Abbott, $10.0 million of which was related to advancing elagolix into Phase II clinical trials in uterine fibroids and $20.0 million of which was related to the outcome of an elagolix pre- Phase III meeting with the FDA for endometriosis. During the third quarter of both 2011 and 2010, we recognized
Our net income for the third quarter of 2011 was $31.4 million, or $0.56 per fully diluted share, compared to net income of $3.3 million, or $0.06 per fully diluted share, during the same period in 2010. The change in operating results from 2010 to 2011 was primarily a result of the revenue recognized under our collaboration agreements with Abbott and Boehringer Ingelheim.
The $46.5 million increase in revenue for the nine months ended September 30, 2011 as compared to the same period in 2010 was due to continued revenue recognition under our collaboration agreements with Abbott and Boehringer Ingelheim, for our GnRH (including elagolix) and GPR119 programs, respectively. Both of these collaboration agreements were entered into during June 2010. During the nine months ended September 30, 2011, we recognized $30.0 million in milestone revenue related to our collaboration agreement with Abbott, $10.0 million of which was related to advancing elagolix into Phase II clinical trials in uterine fibroids and $20.0 million of which was related to the outcome of an elagolix pre- Phase III meeting with the FDA for endometriosis. During the nine months ended September 30, 2011, we recognized revenue of $25.6 million from the amortization of up-front license fees associated with the Abbott and Boehringer Ingelheim agreements compared to $11.1 million for the same period in 2010. Additionally, during the first nine months of 2011, we recognized $8.5 million resulting from sponsored research and development reimbursement under these two agreements compared to $6.5 million during the same period in 2010.
Net cash (used in) provided by operating activities during the first nine months of 2011 was $(11.7) million compared with $54.5 million during the same period in 2010. The $66.2 million decrease in cash flows from operating activities is primarily related to the $85 million in upfront license fees received under the Abbott and Boehringer Ingelheim collaboration agreements in 2010. This was partially offset by improved operating results of $46.7 million, of which $17.0 million of the change was related to non-cash deferred revenue, and $13.6 million of which was an increase in accounts receivable.
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