Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reported net income above Wall Street’s expectations for the third quarter. Neurocrine Biosciences discovers, develops, and commercializes drugs for the treatment of neurological and endocrine-related diseases and disorders.

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Neurocrine Biosciences Earnings Cheat Sheet for the Third Quarter

Results: Net income for the biotechnology company rose to $31.4 million (56 cents per share) vs. $3.3 million (6 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Revenue: Rose more than twofold to $41.6 million from the year earlier quarter.

Actual vs. Wall St. Expectations: NBIX beat the mean analyst estimate of 9 cents per share. It beat the average revenue estimate of $21.6 million.

Quoting Management: “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.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 1105.6%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 1871.1% from the year earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 4 cents versus a mean estimate of net income of 6 cents per share.

Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to 46 cents per share from 35 cents. The average estimate for the fiscal year is 64 cents per share, down from 65 cents ninety days ago.

Competitors to Watch: GlaxoSmithKline plc (NYSE:GSK), Abbott Laboratories (NYSE:ABT), Repligen Corporation (NASDAQ:RGEN), Pfizer Inc. (NYSE:PFE), EntreMed, Inc. (NASDAQ:ENMD), Johnson & Johnson (NYSE:JNJ), Transcept Pharmaceuticals, Inc. (NASDAQ:TSPT), BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX), Forest Laboratories, Inc. (NYSE:FRX), and Repros Therapeutics Inc. (NASDAQ:RPRX).

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(Source: Xignite Financials)

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