NBIX

Neurocrine is a rare profitable, fast-growing specialty pharma. Revenue has compounded from $1.13B (FY2021) to $2.86B (FY2025), up 21.4% last year, with net income up 40.2% to $479M and diluted EPS up 41.9% to $4.67. The engine is INGREZZA (valbenazine) for tardive dyskinesia and Huntington's chorea, which did $2.51B of net product sales in 2025, supplemented by CRENESSITY (crinecerfont) for CAH, which delivered $301.2M in its first full year after a December 2024 launch. Operating margin is a healthy 21.6% and operating cash flow grew 31.5% to $783M, funding R&D internally.

The balance sheet is clean and supportive. Total liabilities of $1.38B sit against $3.25B equity (0.42x), cash more than tripled to $713M, and the company is returning capital — a $500M 2025 repurchase authorization on top of a completed $300M 2024 program, with $168M of buybacks executed in FY2025. Management is also investing for durability: it expanded the INGREZZA/CRENESSITY sales teams (completed by Q1 2026) and secured the Medicare small-biotech exception for INGREZZA (exempt from price selection until 2027), plus ~70% Medicare formulary coverage.