Neurocrine Biosciences Earnings: Swings to a Loss, Falling Short of Estimates
Neurocrine Biosciences Inc. (NASDAQ:NBIX) reported its results 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 Inc. Earnings Cheat Sheet
Results: Reported a loss of $3.1 million (5 cents per diluted share) in the quarter. Neurocrine Biosciences Inc. had a net income of $31.4 million or 56 cents per share in the year-earlier quarter.
Revenue: Fell 77.5% to $9.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Neurocrine Biosciences Inc. fell short of the mean analyst estimate of a loss of 4 cents per share. It fell short of the average revenue estimate of $11 million.
Quoting Management: “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.”
Revenue has dropped for four quarters in a row. Revenue declined 13.1% to $10.6 million in the second quarter. The figure fell 10% in the first quarter from the year earlier and dropped 18.6% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with a loss of -1 cents versus a mean estimate of a loss of 2 cents per share.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 7 cents a share. For the fiscal year, the average estimate has been unchanged at 13 cents a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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