Filing Flows › Neurocrine Biosciences (NBIX) › Q1 2026
Neurocrine Biosciences (NBIX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Neurocrine Biosciences (NBIX) reported revenue of $814M for the first quarter 2026 (Q1 2026), +42% from a year earlier and +1% from the quarter before. Operating margin was 23.7%, net earnings $198M (24.3% of revenue).
Neurocrine Biosciences, Q1 2026: revenue $814M (+42% year over year), operating margin 23.7%, net earnings $198M, operating cash flow $146M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $814M | +1% | +42% |
| Operating profit | $193M | -8% | +719% |
| Net earnings | $198M | +29% | 25× |
| Operating cash flow | $146M | -62% | +125% |
| Free cash flow | $137M | -65% | +153% |
What changed
Revenue was $814.5M in Q1 2026, up 42% year over year and up 1% from the previous quarter. Net product sales was the largest line at 100% of revenue. Net product sales added $247.3M year over year (up 44%), 102% of the total change. Collaboration revenues declined 61%.
Operating profit was $193.4M, a 23.7% margin (up 19.6 points year over year). Of the extra revenue versus Q1 2025, 70% reached operating profit, above the 4% margin then. Total costs grew 13% against revenue growth of 42%. Net earnings were $197.9M, up 2405% year over year. The effective tax rate was 19.8%. Non-operating items added $53.4M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $145.8M (up 125% year over year), 74% of net earnings. Non-cash charges added back $7.3M of depreciation and amortization and $57.2M of share-based compensation. Working capital and other items used $116.6M. Capital expenditures of $9.1M left free cash flow of $136.7M.
Questions
What was Neurocrine Biosciences' revenue in the first quarter 2026?
Neurocrine Biosciences (NBIX) reported revenue of $814M for the first quarter 2026 (Q1 2026), +42% from a year earlier and +1% from the quarter before.
Was Neurocrine Biosciences profitable in the first quarter 2026?
Operating profit was $193M (23.7% of revenue) and net earnings $198M.