| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 43 | 22.9x | 17.8x | Around median | |
Growth | 93 | 34.4% | 7.1% | Top tier | |
Quality | 93 | 15.3% | 4.5% | Top tier | |
Safety | 93 | 0.1x | 2.6x | Top tier | |
Capital Return | 38 | — | 2.12% | Bottom tier | |
Momentum | 73 | 19.4% | 2.9% | Top tier | |
Sentiment | 63 | 14 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Neurocrine Biosciences is a commercial biopharmaceutical company focused on neurological and psychiatric disorders and rare endocrine diseases. The company generated its Q2 FY2026 revenue from three key drugs: INGREZZA for movement disorders, CRENESSITY for classic congenital adrenal hyperplasia, and VYKAT XR for Prader-Willi syndrome. The portfolio expanded through the acquisition of Soleno Therapeutics for approximately $2.9 billion in cash, and VYKAT XR sales have been included in Neurocrine's results since the transaction closed on May 18, 2026.
Q2 FY2026 revenue was approximately $959.0 million, up about 39% year over year, while net income was $144.4 million, representing a calculated net margin of approximately 15.1%, and GAAP earnings per share were $1.39. Non-GAAP earnings per share were $2.85 versus expectations of $2.26. The difference between GAAP and adjusted earnings was affected by approximately $130 million in acquisition costs recorded during the quarter, in addition to approximately $20 million in intangible asset amortization and the accounting fair-value step-up of inventory.
INGREZZA remained the largest driver, generating revenue of $716 million, or approximately 74.7% of total Q2 FY2026 revenue, with year-over-year growth of 15%. CRENESSITY generated sales of $184 million, while VYKAT XR pro forma sales reached $94 million, of which Neurocrine recognized $54 million since the acquisition closing date. Including VYKAT XR for the full quarter, total pro forma revenue was $998 million, illustrating the portfolio's expansion while it remains heavily dependent on INGREZZA.
Analyst consensus rates NBIX stock a “Buy,” with an average price target of $203.11 and a wide range between $165 and $230. The average target is approximately 9% above the 52-week range high of $186.12, while the low target falls within the 52-week range of $122.14–$186.12, reflecting meaningful divergence in assessments of product opportunities and clinical risks. The positive case is based on growth in INGREZZA and CRENESSITY and portfolio expansion, while VYKAT XR safety concerns, revenue concentration, and the wide target range justify a high degree of valuation uncertainty.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Q2 FY2026 revenue was approximately $959 million, representing year-over-year growth of about 39%. INGREZZA generated sales of $716 million, up 15%, while CRENESSITY added $184 million. Neurocrine also recognized $54 million from VYKAT XR since the Soleno acquisition closed on May 18, 2026, while its full-quarter pro forma sales were $94 million. Adjusted earnings per share reached $2.85 versus expectations of $2.26, while GAAP earnings per share were $1.39.
INGREZZA generated sales of $716 million in Q2 FY2026, representing approximately 74.7% of the company's total revenue. The drug recorded record levels of new patients and total prescriptions, and its sales grew 15% compared with the same period. The company raised its FY2026 sales guidance to $2.825–$2.875 billion, representing growth of approximately 13% at the midpoint. Contracting covers approximately 70% of Medicare beneficiaries during FY2026, but the pricing impact of the Inflation Reduction Act will become an important factor in 2029.
CRENESSITY generated sales of $184 million in Q2 FY2026 and reached only approximately 15% of estimated diagnosed patients. The number of prescribers became nearly three times its level a year ago, with use spreading among adults and children and across centers of excellence and community endocrinologists. At ENDO 26, the company presented two-year follow-up data and cited more than 35 thousand patient-weeks of treatment exposure. It also reported that more than 90% of patients pay ten dollars or less per month, supporting accessibility compared with the typical pricing barriers for specialty drugs.
Automated analysis for informational purposes only — not investment advice.
Reports dated August 12, 2026 cited seven deaths and 100 serious adverse events associated with VYKAT XR, which is used for Prader-Willi syndrome. The available data do not establish that the drug directly caused these cases, but they create medical, regulatory, and commercial risks that warrant monitoring. Commercially, pro forma sales reached $94 million in Q2 FY2026 and were approximately flat sequentially. Management expects the long-term discontinuation rate to stabilize at 25%–30% and sequential quarterly growth to begin in Q4 FY2026.
Neurocrine is targeting the release of topline Phase 3 results for osavampator in major depressive disorder during the second half of 2027. It is also targeting the first Phase 3 readout for dereclidine in schizophrenia during the second half of 2027, followed by a second Phase 3 study readout in 2028. Dereclidine differs from some competing approaches because it is a selective M4 agonist that does not require the addition of an antimuscarinic, according to management's description, and Phase 2 showed a clean gastrointestinal profile, no weight gain, and no food effect with once-daily dosing without titration. The value of these programs remains contingent on the success of subsequent studies, and Phase 2 data are insufficient to guarantee Phase 3 results.
Neurocrine paid approximately $2.9 billion in cash to acquire Soleno and ended Q2 FY2026 with approximately $500 million in cash and no debt. The transaction added VYKAT XR, which generated $94 million in pro forma sales during the quarter, and management described the transaction as immediately accretive to non-GAAP earnings. In contrast, the company expects approximately $150 million in acquisition costs, of which $130 million was recorded in Q2 FY2026. The results also included approximately $20 million in intangible asset amortization and the accounting fair-value step-up of inventory.
