NEUROCRINE BIOSCIENCES INC
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
NBIX$169.14+0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $478.6 | $341.3 | $249.7 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Stock-based compensation | 217.9 | 195.5 | 194.3 |
| Charges associated with convertible senior notes | — | 138.4 | — |
| Impairment charges associated with leased properties | 0.7 | 14.0 | — |
| Depreciation | 26.0 | 23.5 | 17.8 |
| Accretion of discount on available-for-sale debt securities, net | (12.7) | (26.2) | (18.3) |
| Amortization of acquired intangible assets | 4.1 | 3.6 | 3.5 |
| Changes in fair values of equity investments | 4.0 | 37.1 | (28.4) |
| Deferred tax assets | 165.4 | (123.1) | (56.7) |
| Non-cash lease expense | 26.8 | 10.4 | (0.9) |
| Other | 0.7 | 0.1 | 0.7 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (210.5) | (39.8) | (89.3) |
| Inventory | (15.3) | (19.1) | 5.4 |
| Accounts payable and accrued liabilities | 160.2 | 43.4 | 49.0 |
| Income tax assets and liabilities | (18.8) | 50.3 | 91.6 |
| Other assets and liabilities, net | (44.4) | (54.0) | (28.5) |
| Cash flows from operating activities | 782.7 | 595.4 | 389.9 |
| Cash flows from investing activities: | |||
| Purchases of available-for-sale debt securities | (1,319.8) | (1,056.1) | (1,379.9) |
| Sales and maturities of available-for-sale debt securities | 1,089.4 | 967.5 | 972.4 |
| Purchases of equity investments | — | — | (31.3) |
| Capital expenditures | (34.0) | (38.2) | (28.3) |
| Cash flows from investing activities | (264.4) | (126.8) | (467.1) |
| Cash flows from financing activities: | |||
| Issuances of common stock under benefit plans | 129.4 | 122.1 | 65.3 |
| Repurchases of common stock | (167.7) | (300.0) | — |
| Payments to settle convertible senior notes | — | (308.8) | — |
| Cash flows from financing activities | (38.3) | (486.7) | 65.3 |
| Effect of exchange rate changes on cash and cash equivalents | — | — | 0.3 |
| Change in cash and cash equivalents and restricted cash | 480.0 | (18.1) | (11.6) |
| Cash, cash equivalents and restricted cash at beginning of period | 241.0 | 259.1 | 270.7 |
| Cash, cash equivalents and restricted cash at end of period | $721.0 | $241.0 | $259.1 |
| Supplemental Disclosure: | |||
| Accrued capital expenditures | $2.2 | $2.2 | $2.5 |
| Right-of-use assets acquired through operating leases | $— | $271.6 | $200.8 |
| Cash paid for interest | $— | $1.6 | $3.8 |
| Cash paid for income taxes | $81.4 | $217.5 | $51.5 |
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