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

$10.9 million resulting from internal and external research and development expense reimbursement under these two agreements.  

Research and development expenses increased to $8.1 million during the fourth quarter of 2010 compared with $6.8 million for the same period in 2009, primarily due to increased personnel related expenses. For the year ended December 31, 2010, research and development expenses were $31.2 million, compared to $33.7 million for 2009. The decrease in year-to-date research and development expenses is primarily due to a restructuring program enacted in the second quarter of 2009 coupled with ongoing expense management efforts and lower depreciation expense.

General and administrative expenses increased to $3.3 million during the fourth quarter of 2010 compared with $2.8 million for the same period last year, primarily due to increased personnel related costs. For the year ended December 31, 2010, general and administrative expenses were $13.3 million, compared to $14.4 million for 2009. The decrease in year-to-date general and administrative expenses is primarily due to a restructuring program enacted in the second quarter of 2009 coupled with ongoing expense management efforts.

Other income increased to $2.6 million during the fourth quarter of 2010 from $1.1 million of other income for the fourth quarter of 2009. This change resulted primarily from $0.7 million of gains recognized related to the sale of auction rate securities during the fourth quarter of 2010 and $1.0 million received for four research and discovery programs that received funding under the 2010 Qualifying Therapeutic Discovery Project Program enacted as part of the health care reform legislation. Other income increased to $5.8 million during the year ended December 31, 2010 from $2.6 million of other income for the year ended December 31, 2009. This change resulted primarily from $1.3 million of gains recognized related to the sale of auction rate se
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SOURCE Neurocrine Biosciences, Inc.
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