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Neurocrine Biosciences Reports Fourth Quarter and Year End 2010 Results
Date:2/10/2011

SAN DIEGO, Feb. 10, 2011 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the quarter and year ended December 31, 2010.

For the fourth quarter of 2010, the Company reported net income of $2.5 million, or $0.05 per basic share, compared with a net loss of $7.9 million, or $0.20 per basic share, for the same period in 2009. For the year ended December 31, 2010, the Company reported a net loss of $8.0 million, or $0.15 per basic share, as compared to a net loss of $51.0 million, or $1.30 per basic share, for 2009.

The Company's balance sheet on December 31, 2010 reflected total assets of $144.4 million, including cash, investments and receivables of $135.1 million.

"2010 was a very productive and pivotal year for Neurocrine," said Kevin C. Gorman, Chief Executive Officer of Neurocrine Biosciences. "We hope to build on our success in 2010 by moving elagolix into Phase III registration trials and progressing our VMAT2 program into Phase 2b studies during 2011, while diligently managing our cash and delivering further value to our shareholders."

Revenues for the fourth quarter of 2010 were $13.7 million, compared to $0.7 million for the same period in 2009. Revenues for the year ended December 31, 2010 were $33.5 million, compared with $3.0 million for 2009. The increase in revenue is due to our recently executed collaboration agreements with Abbott and Boehringer Ingelheim, for our GnRH (elagolix) and GPR119 programs, respectively. During the fourth quarter of 2010, we recognized revenue of $8.5 million from amortization of up-front license fees and $4.4 million resulting from internal and external research and development expense reimbursement under these two agreements. During the year ended December 31, 2010, we recognized revenue of $19.6 million from amortization of up-front license fees and
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SOURCE Neurocrine Biosciences, Inc.
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