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Neurocrine Biosciences Reports Fourth Quarter and Year-End 2007 Results
Date:2/5/2008

SAN DIEGO, Feb. 5 /PRNewswire-FirstCall/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the fourth quarter and year ended December 31, 2007. For the three months ended December 31, 2007, the Company reported a net loss of $128.0 million or $3.35 loss per share compared to a net loss of $14.7 million or $0.39 loss per share for the same period last year. For the year ended December 31, 2007, the Company had a net loss of $207.3 million, or $5.45 loss per share compared with a net loss of $107.2 million, or $2.84 loss per share in 2006. The increase in net loss is primarily the result of a one-time non-cash impairment charge of $94.0 million related to the write-off of the indiplon prepaid royalty during the fourth quarter of 2007. Additionally, the Company incurred a $6.9 million charge related to a severance program enacted in December 2007.

Revenues for the fourth quarter of 2007 were $0.5 million compared with $9.4 million for the same period last year. The Company recognized $0.5 million in license fee revenues during the fourth quarter of 2007 related to the licensing of the Japanese rights for indiplon to Dainippon Sumitomo Pharma Co. Ltd. (DSP). During the fourth quarter of 2006, the Company recognized license fee revenues arising from the Pfizer, Inc. (Pfizer) collaboration of $0.7 million. Additionally, the Company recognized milestones related to CRF drug candidate development under the GlaxoSmithKline (GSK) agreement of $8.0 million for the fourth quarter of 2006.

Revenues for the year ended December 31, 2007, were $1.2 million, compared with $39.2 million for 2006. The decrease in revenues for the year ended December 31, 2007 is primarily due to the cancellation of our col
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SOURCE Neurocrine Biosciences, Inc.
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