NBIX - Neurocrine swings to Q3 2021 profit but EPS falls below expectations; shares down 6%
Although Neurocrine Biosciences (NASDAQ:NBIX) swung to a Q3 2021 non-GAAP net income of $62.6M from a loss of $16.9M in the prior-year period, the company missed Street estimates on both EPS and revenue. Shares are down ~6% in after-hours trading. Revenue in the quarter increased ~15% year over year to $296M. On a non-GAAP basis, R&D expenses increased ~34% to $80.7M. Neurocrine said this was due to advancing its pipeline, including psychiatry programs in-licensed in mid-2020 and in-licensed epilepsy programs that began at the end of 2019. The company achieved record total prescriptions of Ingressa (valbenazine) in the quarter. Net product sales were $288.8M, up ~14% from Q3 2020. Neurocrine ended the quarter with $1.3B in cash on hand. Read what Evercore recently had to say about Neurocrine.
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Neurocrine swings to Q3 2021 profit, but EPS falls below expectations; shares down 6%