Filing Flows › Neurocrine Biosciences (NBIX) › Q3 2025
Neurocrine Biosciences (NBIX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Neurocrine Biosciences (NBIX) reported revenue of $795M for the third quarter 2025 (Q3 2025), +28% from a year earlier and +16% from the quarter before. Operating margin was 30.1%, net earnings $210M (26.4% of revenue).
Neurocrine Biosciences, Q3 2025: revenue $795M (+28% year over year), operating margin 30.1%, net earnings $210M, operating cash flow $228M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $795M | +16% | +28% |
| Operating profit | $239M | +64% | +30% |
| Net earnings | $210M | +95% | +61% |
| Operating cash flow | $228M | +123% | +44% |
| Free cash flow | $214M | +139% | +43% |
What changed
Revenue was $794.9M in Q3 2025, up 28% year over year and up 16% from the previous quarter. Net product sales was the largest line at 99% of revenue. Net product sales added $173.3M year over year (up 28%), 100% of the total change. Collaboration revenues declined 9%.
Operating profit was $239.0M, a 30.1% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 30% margin then. Total costs grew 27% against revenue growth of 28%. The fastest-growing cost line was Cost of revenue (+75%). Net earnings were $209.5M, up 61% year over year. The effective tax rate was 28.2%.
Operating cash flow was $227.5M (up 44% year over year), 109% of net earnings. Non-cash charges added back $7.7M of depreciation and amortization and $53.7M of share-based compensation. Working capital and other items used $43.4M. Capital expenditures of $13.2M left free cash flow of $214.3M.
Questions
What was Neurocrine Biosciences' revenue in the third quarter 2025?
Neurocrine Biosciences (NBIX) reported revenue of $795M for the third quarter 2025 (Q3 2025), +28% from a year earlier and +16% from the quarter before.
Was Neurocrine Biosciences profitable in the third quarter 2025?
Operating profit was $239M (30.1% of revenue) and net earnings $210M.