Neurocrine Biosciences Earnings: Here’s Why Shares are Popping Higher Now
Neurocrine Biosciences Inc. (NASDAQ:NBIX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.5%.
Neurocrine Biosciences Inc. Earnings Cheat Sheet
Results: Net income increased 614.29% to $9.5 million (14 cents per diluted share) in the quarter versus a net gain of $1.33 million in the year-earlier quarter.
Revenue: Rose 97.12% to $21.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Neurocrine Biosciences Inc. reported adjusted net income of 14 cents per share. By that measure, the company beat the mean analyst estimate. It beat the average revenue estimate of $9.43 million.
Quoting Management: “During 2012 we continued to perform to financial plan and were successful in moving our VMAT2 tardive dyskinesia program forward, as well as AbbVie advancing the elagolix endometriosis and uterine fibroids programs,” said Kevin C. Gorman, President and CEO of Neurocrine Biosciences. “Looking to 2013 we will have two Phase IIb readouts for our VMAT2 program, expect AbbVie to progress elagolix into Phase IIb in uterine fibroids, and we anticipate one additional program entering the clinic, resulting in a very productive year.”
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