NBIX Nasdaq Russell 1000 Earnings call
Neurocrine Biosciences (NBIX) · Q2 2026 results and valuation
Share price: $174.41 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 5 May 2026
Net income down 27.0% on the previous quarter, guidance raised. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−27.0%
Net income vs Q1 2026
Guidance raised
Net income 144.4M vs 197.9M
Revenue +17.7%
Against the same quarter last year (Q2 2025) it is +34.3%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 76% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance ↑
NBIX raised its full-year INGREZZA guidance from $2.7 billion to a new range of $2.825 billion to $2.875 billion based on recent performance.
Valuation
Is Neurocrine Biosciences undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $107.15 a share — the stock trades 63% above it. Today's price assumes 16.1% growth a year.
Current price
$174.41
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.1% for 10 yrs
Fair value / share
$107.15
Buy below
$80.36
Price vs fair value
Overvalued 63%
Price vs buy-below price
Overvalued 117%
Read between the lines
-
Guidance
Approximately $130 million of the expected $150 million acquisition-related costs were recorded in Q2.
Source quote
“We expect approximately $150 million of acquisition related costs of which $130 million was recognized in the second quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This durable commercial performance provides the financial strength to continue investing in innovation, advance our industry leading pipeline, and pursue strategic opportunities that further strengthen Neurocrine for long term growth.”
“Today, we have multiple commercial growth drivers and expanding pipeline across all phases of development, and the financial strength to invest through innovation cycles.”
“So I think our focus right now is invest on the SG&A to grow sales much as possible and then also to advance the pipeline and be able to get...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 959.0M | 814.5M | +17.7% | 687.5M | +39.5% |
| Gross profit | — | 800.7M | 676.2M | ||
| Operating income | 151.5M | 193.4M | −21.7% | 145.6M | +4.1% |
| Net income | 144.4M | 197.9M | −27.0% | 107.5M | +34.3% |
| EPS | 1.39 | 1.91 | −27.2% | 1.06 | +31.1% |
| P/E today 21.1 | 24.6 | 20.3 | +4.3 | 37.2 | −12.6 |
Topics
Most discussed now
- New Disciplined capital deployment was demonstrated through the successful acquisition and integration of VYKAT XR.
- New Neurocrine Biosciences' prescriber base has nearly tripled compared to 1 year ago, providing a strong foundation for continued growth.
- New Just wanna make sure everyone appreciates that Neurocrine Biosciences is going through an organ integration of company.
- Neurocrine Biosciences has multiple commercial growth drivers and expanding pipeline across all phases of development, and the financial…
- This durable commercial performance provides the financial strength to continue investing in innovation, advance Neurocrine Biosciences'…
Faded since Q1 2026
- Dropped Ultimately, Neurocrine Biosciences recognized that probably the biggest rate limiter for getting patients started is the flow of patients…
- Fading With INGREZZA guidance reaffirmed at $2.7 billion to $2.8 billion, CRENESSITY now annualizing at over $600 million per year and...
- Fading Neurocrine Biosciences' ongoing investments in the sales force, marketing initiatives, including DTC and improved formulary access are…
- Fading With an increased base of psychiatric health care providers to call on for its recently expanded sales force, Neurocrine Biosciences…
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Material agreement; Acquisition or disposal; New financial obligation; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K