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Neurocrine Biosciences Reports Third Quarter 2011 Results
Date:10/31/2011

SAN DIEGO, Oct. 31, 2011 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter ended September 30, 2011.

For the third quarter of 2011, the Company reported net income of $31.4 million, or $0.56 per fully diluted share outstanding, compared to net income of $3.3 million, or $0.06 per fully diluted share outstanding, for the same period in 2010. For the nine months ended September 30, 2011, the Company reported a net income of $36.2 million, or $0.64 per fully diluted share outstanding, as compared to a net loss of $10.5 million, or $0.20 loss per basic share outstanding, for the same period last year.

The Company's balance sheet on September 30, 2011 reflected total assets of $149.0 million, including cash, investments and receivables of $140.2 million. The asset balances were bolstered during the third quarter through $30.0 million of milestones recognized under the Abbott collaboration agreement.

"The achievement of the two milestones under the Abbott agreement enables us to achieve our $130 million 2011 year-end cash, investments and receivables target for the Company," said Timothy P. Coughlin, Chief Financial Officer of Neurocrine Biosciences. "With Abbott moving elagolix forward in endometriosis and uterine fibroids, we will look to accelerate our VMAT2 Phase II clinical program, as well as bring some of our pre-clinical drug candidates into the clinic."

Revenues for the third quarter of 2011 were $41.6 million, compared to $14.4 million for the same period in 2010. Revenues for the nine months ended September 30, 2011 were $66.3 million, compared to $19.8 million for the same period in 2010. The increase in revenue in the third quarter 2011 is due to two milestones achieved under the Company's collaboration agreement with Abbott. The Company recognized a $10.0 million milestone which was
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SOURCE Neurocrine Biosciences, Inc.
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