Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reported its results for the second quarter. Neurocrine Biosciences, Inc. discovers, develops and plans to commercialize drugs for the treatment of neurological and endocrine-related diseases and disorders.
Neurocrine Biosciences Earnings Cheat Sheet for the Second Quarter
Results: Swung to a profit of $2 million (4 cents per diluted share) in the quarter. The biotechnology company had a net loss of $5.2 million or a loss of 9 cents per share in the year earlier quarter.
Revenue: Rose more than twofold to $12.2 million from the year earlier quarter.
Actual vs. Wall St. Expectations: NBIX fell short of the mean analyst estimate of 6 cents per share. It fell short of the average revenue estimate of $13.3 million.
Quoting Management: “Our financial results for the second quarter of 2011 were consistent with our budget, and our cash target for the quarter was met,” said Kevin Gorman, Ph.D., President and Chief Executive Officer of Neurocrine Biosciences. “Our partner Abbott continues to advance the elagolix program in both endometriosis and uterine fibroids, our VMAT2 program also took two significant steps forward during this past quarter. In June, we met with the FDA in a pre-IND meeting for our VMAT2 inhibitor, and based on that successful meeting we submitted our IND in July. Additionally, at the end of the second quarter we were notified that the United States Patent and Trademark Office had approved our composition of matter patent application for NBI-98854, our VMAT2 inhibitor.”
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 1174.7%, 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 fell short of estimates last quarter after being in line with expecations the quarter before with net income of 5 cents.
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).
(Source: Xignite Financials)