Filing Flows › Neurocrine Biosciences (NBIX) › Q2 2025
Neurocrine Biosciences (NBIX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Neurocrine Biosciences (NBIX) reported revenue of $688M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +20% from the quarter before. Operating margin was 21.2%, net earnings $108M (15.6% of revenue).
Neurocrine Biosciences, Q2 2025: revenue $688M (+16% year over year), operating margin 21.2%, net earnings $108M, operating cash flow $102M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $688M | +20% | +16% |
| Operating profit | $146M | +517% | +0.1% |
| Net earnings | $108M | 14× | +65% |
| Operating cash flow | $102M | +57% | +58% |
| Free cash flow | $89.5M | +65% | +69% |
What changed
Revenue was $687.5M in Q2 2025, up 16% year over year and up 20% from the previous quarter. Net product sales was the largest line at 99% of revenue. Net product sales added $98.2M year over year (up 17%), 101% of the total change. Collaboration revenues declined 14%.
Operating profit was $145.6M, a 21.2% margin (down 3.5 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 25% margin then. Total costs grew 22% against revenue growth of 16%. The fastest-growing cost line was Research & development (+28%). Net earnings were $107.5M, up 65% year over year. The effective tax rate was 32.6%.
Operating cash flow was $102.0M (up 58% year over year), 95% of net earnings. Non-cash charges added back $7.3M of depreciation and amortization and $52.8M of share-based compensation. Working capital and other items used $65.6M. Capital expenditures of $12.5M left free cash flow of $89.5M.
Questions
What was Neurocrine Biosciences' revenue in the second quarter 2025?
Neurocrine Biosciences (NBIX) reported revenue of $688M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +20% from the quarter before.
Was Neurocrine Biosciences profitable in the second quarter 2025?
Operating profit was $146M (21.2% of revenue) and net earnings $108M.