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Neurocrine Biosciences, Inc. (NBIX)

適正価値
HealthcareDrug Manufacturers - Specialty & GenericUnited States

ファンダメンタル

74

株価

$143.13

時価総額

$14.12B

パート1 · 企業の価値

概要

Neurocrine Biosciences develops and sells drugs for neurological, endocrine and neuropsychiatric conditions. Its main product, INGREZZA, treats involuntary muscle movements caused by tardive dyskinesia and by Huntington's disease, conditions with few other approved options. In 2025 it added CRENESSITY, developed with AbbVie, for a rare hormonal disorder called congenital adrenal hyperplasia. The company runs its own US sales force and licenses ex-US rights to partners rather than building a global commercial organization itself.

収益の仕組み

Almost all revenue comes from US product sales recognized when specialty pharmacies dispense the drug, net of rebates to insurers and government programs. Prescription volume for INGREZZA keeps growing, but the average net price per prescription has been declining as the company invests in broader insurance formulary access; CRENESSITY and a small amount of collaboration and royalty income round out the rest. There is no meaningful ex-US commercial revenue yet.

セグメント別売上高

INGREZZA87.9%

Treatment for tardive dyskinesia and Huntington's disease chorea, and by far the company's largest product.

CRENESSITY10.5%

Treatment for congenital adrenal hyperplasia, developed with AbbVie and launched fully into 2025, its first full year on the market.

競争優位性(moat)

特許・ライセンス · 狭い

INGREZZA is protected by patents and by years of trial data that a generic or rival could not shortcut, and it holds a strong position among VMAT2 inhibitors, the drug class used for tardive dyskinesia. The advantage is narrow rather than wide because Teva's Austedo competes directly in the same class, and INGREZZA's own patent protection is not indefinite.

需要を左右する要因

ディフェンシブ

Both products treat chronic conditions that require ongoing medication regardless of the economy, and prescriptions are largely covered by insurance rather than paid out of pocket. Growth depends more on how many eligible patients get diagnosed and started on treatment, and on payors' willingness to keep reimbursing at current prices, than on macroeconomic conditions.

主なリスク

  • Dependence on a single product — INGREZZA generates close to 88% of revenue. A safety issue, competitive setback or loss of patent protection affecting this one drug would affect nearly the entire company.
  • Competition within the same drug class — Teva's Austedo is an approved rival VMAT2 inhibitor competing for the same tardive dyskinesia and Huntington's patients, and other companies are pursuing similar mechanisms.
  • Pricing and reimbursement pressure — Medicare price negotiation and scrutiny from pharmacy benefit managers on specialty drugs are an ongoing pressure on net price, and INGREZZA's average price per prescription has already been declining.
  • Patent exclusivity timeline — INGREZZA's patent protection will not last indefinitely, and the revenue and profitability that depend on it are expected to face generic competition once that protection lapses.

顧客集中度

Neurocrine does not disclose revenue concentration by individual customer; the more relevant concentration is by product, with INGREZZA alone generating close to 88% of total revenue.

強気材料

Buyers argue that INGREZZA still has room to grow as more patients are diagnosed and started on treatment, that CRENESSITY opens a second, largely untapped rare-disease market, and that a profitable, cash-generating biopharma with a broad neuroscience pipeline behind its two approved drugs deserves credit beyond its current product concentration.

弱気材料

Sellers fear that nearly nine in ten dollars of revenue riding on one drug leaves little room for a misstep, that Austedo and future rivals will keep chipping away at INGREZZA's pricing and share, and that patent expiration eventually turns today's cash-generating franchise into a shrinking one.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$3.37B

直近12か月(2026/6/30まで)

純利益

$706M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$749M

自己資本合計

$3.25B

負債合計

$1.38B

流動比率

1.87

利払い倍率

-

負債/EBITDA

0.51

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$142.91

現在株価

$143.13

安全マージン

-0.2%

適正価値レンジ

$92.97 - $192.84

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$208.40
ディスカウンテッド・キャッシュフロー(DCF):$135.75
利益倍率(P/E):$106.59
グレアムの成長公式:$78.97
収益力価値(EPV):$75.33
正当化されたP/B:$110.08
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:$56.20
売上高倍率:$127.57
アナリスト・コンセンサス:強い買い (31B / 5H / 0S)
直近の決算サプライズ:+1.52%

バリュエーション指標

P/E レシオ

20.77

ROE

14.7%

P/B レシオ

3.90

P/FCF

16.56

粗利益率

98.2%

ROIC

14.0%

収益性レーダー

価値創造(経済的モート)

ROIC

14.0%

WACC

7.8%

ROIC − WACC

+6.3 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(20)

  • EPS shows upward trend
  • Price CAGR 13.68%
  • ROIC 14.0%
  • Gross Margin 98.2%
  • P/FCF 16.56
  • Debt/Equity ratio
  • Operating Margin 23.6%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 21.1%
  • Revenue Growth 5Y 22.3%
  • Analyst Consensus 86% Buy
  • Earnings Surprise avg 36.6%
  • Earnings Quality (OCF/NI) 1.27
  • Share Dilution -1.2%
  • Net Margin Trend 20.9% vs 13.9%
  • Piotroski F-Score 6/9

不合格(5)

  • P/B Ratio 3.90
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG Ratio 8.66

データなし(2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.27

高品質:利益はキャッシュに裏付けられている

株式希薄化

-1.2%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Kyle W. Gano Ph.D.President, CEO & Director52
Mr. Matthew C. Abernethy CPAChief Financial Officer45
Dr. Jude Onyia Ph.D.Chief Scientific Officer61
Mr. Eric S. BenevichChief Commercial Officer60
Dr. Eiry Wyn Roberts M.D.Strategic Advisor61
Dr. Sanjay Keswani B.Sc., M.D., MBBSChief Medical Officer54
Dr. Wylie W. Vale Ph.D.Co-Founder83
Dr. Lawrence Steinman BA, M.D., Ph.D.Co-Founder of Neurocrine77
Mr. Aaron VosburghSenior Vice President of Finance & Accounting-
Mr. Lewis ChoiChief Information Officer-

監査リスク

3

取締役会リスク

2

報酬リスク

4

株主権利リスク

3

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-11

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-31

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-28

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

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