NBIXNEUROCRINE BIOSCIENCES INC

Biological Products, (no Diagnostic Substances)

Revenue: $2.9B; 21% YoY
Operating margin: 21.6%; 11% YoY
EBITDA: $645M; 8.6% YoY
Market cap: $14.8B
Employees: 800,000; $4K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
21% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$4K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$78M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.5B	$1.9B	$2.4B	$2.9B	21%
Operating income	$103M	$249M	$251M	$571M	$619M	8.5%
Net income	$90M	$155M	$250M	$341M	$479M	40%
Operating cash flow	$257M	$339M	$390M	$595M	$783M	31%
Capex	$23M	$17M	$28M	$38M	$34M	11%
Stock-based comp	$134M	$173M	$194M	$196M	$218M	11%
Buybacks	—	$0	$0	$300M	$168M	44%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $78M · 40
Net: −$78M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$6M	148	125
FY2024	—	—	142	93
FY2023	—	—	137	94
FY2022	—	—	125	90
FY2021	—	—	89	100