Filing Flows › Neurocrine Biosciences (NBIX) › Q4 2025
Neurocrine Biosciences (NBIX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Neurocrine Biosciences (NBIX) reported revenue of $806M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +1% from the quarter before. Operating margin was 26.2%, net earnings $154M (19.1% of revenue).
Neurocrine Biosciences, Q4 2025: revenue $806M (+28% year over year), operating margin 26.2%, net earnings $154M, operating cash flow $388M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $806M | +1% | +28% |
| Operating profit | $211M | -12% | +49% |
| Net earnings | $154M | -27% | +49% |
| Operating cash flow | $388M | +71% | +60% |
What changed
Revenue was $805.5M in Q4 2025, up 28% year over year and up 1% from the previous quarter. Net product sales was the largest line at 99% of revenue.
Operating profit was $210.9M, a 26.2% margin (up 3.6 points year over year). Of the extra revenue versus a year earlier, 39% reached operating profit, above the 23% margin then. Total costs grew 22% against revenue growth of 28%. The fastest-growing cost line was Other operating costs (+467%). Net earnings were $153.7M, up 49% year over year. The effective tax rate was 35.8%.
Operating cash flow was $388.4M (up 60% year over year), 253% of net earnings. Non-cash charges added back $7.5M of depreciation and amortization and $58.6M of share-based compensation. Working capital and other items added $168.6M. Capital expenditures of −$2.4M left free cash flow of $390.8M.
Questions
What was Neurocrine Biosciences' revenue in the fourth quarter 2025?
Neurocrine Biosciences (NBIX) reported revenue of $806M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +1% from the quarter before.
Was Neurocrine Biosciences profitable in the fourth quarter 2025?
Operating profit was $211M (26.2% of revenue) and net earnings $154M.