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Neurocrine Biosciences Reports Third Quarter 2012 Results
Date:10/31/2012

SAN DIEGO, Oct. 31, 2012 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced its financial results for the quarter and nine months ended September 30, 2012. For the third quarter of 2012, the Company reported a net loss of $3.1 million, or $0.05 loss per share, compared to net income of $31.4 million, or income of $0.56 per fully diluted share outstanding, for the same period in 2011. For the nine months ended September 30, 2012, the Company reported a net loss of $4.5 million, or $0.07 loss per share, compared to net income of $36.2 million, or income of $0.64 per fully diluted share outstanding, for the first nine months of last year. During the third quarter of 2011, the Company recognized $30.0 million in milestone revenue under its collaboration agreement with Abbott.

The Company's balance sheet at September 30, 2012 reflected cash, cash equivalents, investments and receivables under collaboration agreements of $185.5 million. 

"Neurocrine continued to advance its development pipeline with our VMAT2 inhibitor entering Phase IIb clinical trials this past quarter," said Christopher O'Brien, Chief Medical Officer of Neurocrine Biosciences. "The KINECT study, along with the pending second Phase IIb study of NBI-98854 in tardive dyskinesia patients as well as information from the elagolix program will provide significant data flow over the coming quarters."

"Significant progress has also been made with elagolix," said Kevin Gorman, Chief Executive Officer of Neurocrine Biosciences. "The Phase III study for elagolix in endometriosis is enrolling as planned, and the Phase II clinical trial in uterine fibroids is anticipated to complete in the first half of next year."

Revenues for the third quarter of 2012 were $9.4 million, compared to $41.6 million for the same period in 2011. Revenues for the nine months ended September 30,
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SOURCE Neurocrine Biosciences, Inc.
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