--- title: "Neurocrine Biosciences | 10-K: FY2025 Revenue Beats Estimate at USD 2.861 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275656963.md" datetime: "2026-02-11T21:07:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275656963.md) - [en](https://longbridge.com/en/news/275656963.md) - [zh-HK](https://longbridge.com/zh-HK/news/275656963.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275656963.md) | [English](https://longbridge.com/en/news/275656963.md) # Neurocrine Biosciences | 10-K: FY2025 Revenue Beats Estimate at USD 2.861 B Revenue: As of FY2025, the actual value is USD 2.861 B, beating the estimate of USD 2.843 B. EPS: As of FY2025, the actual value is USD 4.67, missing the estimate of USD 4.9613. EBIT: As of FY2025, the actual value is USD 528.8 M. #### Segment Revenue - **Total Revenues**: 神经分泌生物科学 reported total revenues of $2,860.5 million in 2025, an increase from $2,355.3 million in 2024 and $1,887.1 million in 2023. - **INGREZZA Net Product Sales**: Net product sales for INGREZZA were $2,513.7 million in 2025, up from $2,313.5 million in 2024 and $1,836.0 million in 2023. The increase in 2025 was driven by record total prescriptions and strong patient demand. - **CRENESITY Net Product Sales**: CRENESITY generated net product sales of $301.2 million in 2025, compared to $1.7 million in 2024 and no sales in 2023, following its launch in December 2024. - **Collaboration Revenues**: These revenues, primarily from royalties, were $26.6 million in 2025, $24.7 million in 2024, and $26.5 million in 2023. #### Operational Metrics - **Total Net Product Sales**: Total net product sales increased by $503.3 million, or 21.6%, to $2,833.9 million in 2025, reflecting increases from both CRENESITY and INGREZZA, partially offset by a lower net price for INGREZZA. - **Operating Income**: Operating income was $619.1 million in 2025, rising from $570.5 million in 2024 and $250.9 million in 2023. - **Net Income**: The company’s net income was $478.6 million in 2025, an increase from $341.3 million in 2024 and $249.7 million in 2023. - **Operating Expenses**: Total operating expenses were $2,241.4 million in 2025, $1,784.8 million in 2024, and $1,636.2 million in 2023. - **Cost of Revenues**: Cost of revenues increased to $52.1 million in 2025 (1.8% of total revenues) from $34.0 million in 2024 (1.4%) and $39.7 million in 2023 (2.1%), primarily due to higher net product sales of INGREZZA and increased royalties for CRENESITY. - **Research and Development (R&D) Expenses**: R&D expenses rose to $1,015.7 million in 2025 (35.5% of total revenues) from $731.1 million in 2024 (31.0%) and $565.0 million in 2023 (29.9%), mainly due to higher investments in late-stage programs and expanded discovery and preclinical programs. - **Late Stage R&D**: Increased to $190.7 million in 2025 from $101.8 million in 2024. - **Early Stage R&D**: Decreased to $72.4 million in 2025 from $96.1 million in 2024. - **Research and Discovery**: Increased to $244.2 million in 2025 from $145.6 million in 2024. - **Milestones**: Totaled $65.4 million in 2025. - **Payroll and Benefits (R&D)**: Increased to $306.4 million in 2025 from $236.7 million in 2024 due to higher headcount. - **Acquired In-Process Research and Development (IPR&D)**: This expense was $17.4 million in 2025, $12.5 million in 2024, and $143.9 million in 2023, with the 2025 increase reflecting higher upfront payments for early-stage development candidates. - **Selling, General, and Administrative (SG&A) Expenses**: SG&A increased to $1,156.2 million in 2025 (40.4% of total revenues) from $1,007.2 million in 2024 (42.8%) and $887.6 million in 2023 (47.0%), driven by continued investment in the commercial organization and CRENESITY launch activities. - **Other Income (Expense)**: Total other income was $86.3 million in 2025, compared to an expense of - $84.5 million in 2024 and an income of $81.2 million in 2023, reflecting prior year charges and fluctuations in equity investment fair values. #### Cash Flow - **Cash Flows from Operating Activities**: Operating cash flow increased to $782.7 million in 2025 from $595.4 million in 2024 and $389.9 million in 2023, primarily due to higher net product sales. - **Cash Flows from Investing Activities**: Investing activities resulted in - $264.4 million in 2025, - $126.8 million in 2024, and - $467.1 million in 2023, mainly reflecting timing differences in debt security investments. - **Cash Flows from Financing Activities**: Financing activities resulted in - $38.3 million in 2025, - $486.7 million in 2024, and $65.3 million in 2023, with the 2025 change due to decreased share repurchases and lower cash payments for convertible senior notes. #### Unique Metrics - **Employee Headcount**: The number of full-time employees grew from approximately 200 in 2017 to over 2,000 as of December 31, 2025. - **Share Repurchase Programs**: In 2025, 神经分泌生物科学 repurchased 1.5 million shares for $167.7 million under a new $500.0 million program, and completed a $300.0 million accelerated repurchase program from October 2024, repurchasing 2.3 million shares. #### Outlook / Guidance 神经分泌生物科学 plans to expand its INGREZZA and CRENESITY sales teams by the end of Q1 2026 to boost prescriber reach and frequency, aiming for sustained revenue growth. The company will continue substantial investments in R&D personnel to support expansion into biologics, including peptides, proteins, antibodies, conjugates, and gene therapies. 神经分泌生物科学 aims to launch, on average, approximately one new medicine every two years to drive long-term value. ### 相關股票 - [Neurocrine Biosciences (NBIX.US)](https://longbridge.com/zh-HK/quote/NBIX.US.md) ## 相關資訊與研究 - [A Look At Neurocrine Biosciences (NBIX) Valuation After New INGREZZA Data In Older Tardive Dyskinesia Patients](https://longbridge.com/zh-HK/news/281593054.md) - [Neurocrine Biosciences Presents First Expert Consensus Recommendations for Tardive Dyskinesia in Long-Term Care Settings | NBIX Stock News](https://longbridge.com/zh-HK/news/280629770.md) - [Trump Has No Good Options: UNSW's Genauer](https://longbridge.com/zh-HK/news/281330773.md) - [Denali Therapeutics Secures $200 Million Royalty Funding](https://longbridge.com/zh-HK/news/281213273.md) - [DENARIUS METALS FILES 2025 ANNUAL FILINGS ON SEDAR+ | DNRSF Stock News](https://longbridge.com/zh-HK/news/281291504.md)