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Neurocrine Biosciences Reports Second Quarter 2012 Results
Date:7/31/2012

SAN DIEGO, July 31, 2012 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended June 30, 2012. For the second quarter of 2012, the Company reported a net loss of $0.5 million, or $0.01 loss per share, compared to net income of $2.0 million, or $0.04 per share, for the same period in 2011. For the six months ended June 30, 2012, the Company reported a net loss of $1.4 million, or $0.02 loss per share, as compared to net income of $4.9 million, or $0.09 per share, for the first half of last year.

The Company's balance sheet at June 30, 2012 reflected cash, cash equivalents, investments and receivables under collaboration agreements of $194.7 million compared to $203.2 million at March 31, 2012. 

"The elagolix program achieved a significant milestone this past quarter with the start of Phase III studies in endometriosis," said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. "This coupled with the continued progress of elagolix in the Phase II uterine fibroids study, preparations for the VMAT2 Phase IIb program which is on track to start in August, and advancements in early research programs served for a very productive quarter."

Revenues for the second quarter of 2012 were $10.6 million, compared to $12.2 million for the same period in 2011. Revenues for the six months ended June 30, 2012 were $21.8 million, compared to $24.7 million for the first half of 2011. The decrease in revenue from 2011 to 2012 is due to lower revenue recognition under the collaboration agreement with Abbott for our GnRH program, as substantially all of the workload for elagolix was transferred to Abbott.

During the second quarter and six months ended June 30, 2012 the Company recognized $1.2 million and $2.6 million, respectively, in revenue from internal and external resear
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SOURCE Neurocrine Biosciences, Inc.
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