Intrinsic value of Neurocrine Biosciences - NBIX

Previous Close

$91.71

  Intrinsic Value

$1.04

stock screener

  Rating & Target

str. sell

-99%

Previous close

$91.71

 
Intrinsic value

$1.04

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of NBIX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  259
  400
  598
  867
  1,223
  1,682
  2,257
  2,964
  3,814
  4,817
  5,982
  7,313
  8,815
  10,488
  12,332
  14,345
  16,524
  18,866
  21,366
  24,022
  26,830
  29,786
  32,888
  36,136
  39,528
  43,065
  46,749
  50,581
  54,566
  58,708
Variable operating expenses, $m
  560
  866
  1,295
  1,879
  2,651
  3,644
  4,891
  6,422
  8,264
  10,438
  12,962
  15,847
  19,101
  22,727
  26,723
  31,085
  35,807
  40,882
  46,301
  52,056
  58,140
  64,546
  71,269
  78,306
  85,657
  93,322
  101,304
  109,610
  118,245
  127,220
Fixed operating expenses, $m
  136
  139
  142
  145
  148
  152
  155
  158
  162
  165
  169
  173
  176
  180
  184
  188
  193
  197
  201
  206
  210
  215
  219
  224
  229
  234
  239
  245
  250
  255
Total operating expenses, $m
  696
  1,005
  1,437
  2,024
  2,799
  3,796
  5,046
  6,580
  8,426
  10,603
  13,131
  16,020
  19,277
  22,907
  26,907
  31,273
  36,000
  41,079
  46,502
  52,262
  58,350
  64,761
  71,488
  78,530
  85,886
  93,556
  101,543
  109,855
  118,495
  127,475
Operating income, $m
  -438
  -605
  -839
  -1,157
  -1,576
  -2,114
  -2,789
  -3,617
  -4,612
  -5,787
  -7,149
  -8,707
  -10,463
  -12,420
  -14,575
  -16,929
  -19,476
  -22,213
  -25,136
  -28,239
  -31,520
  -34,975
  -38,600
  -42,395
  -46,358
  -50,491
  -54,795
  -59,273
  -63,929
  -68,768
EBITDA, $m
  -435
  -601
  -833
  -1,148
  -1,563
  -2,096
  -2,765
  -3,586
  -4,572
  -5,736
  -7,086
  -8,629
  -10,370
  -12,308
  -14,445
  -16,777
  -19,301
  -22,013
  -24,909
  -27,985
  -31,236
  -34,659
  -38,251
  -42,012
  -45,939
  -50,035
  -54,299
  -58,737
  -63,350
  -68,146
Interest expense (income), $m
  0
  39
  45
  75
  116
  171
  245
  340
  459
  605
  781
  989
  1,230
  1,505
  1,816
  2,162
  2,544
  2,960
  3,411
  3,896
  4,414
  4,963
  5,544
  6,156
  6,798
  7,470
  8,172
  8,904
  9,666
  10,459
  11,284
Earnings before tax, $m
  -477
  -651
  -914
  -1,272
  -1,747
  -2,359
  -3,129
  -4,076
  -5,218
  -6,568
  -8,138
  -9,937
  -11,969
  -14,236
  -16,738
  -19,473
  -22,436
  -25,624
  -29,032
  -32,653
  -36,483
  -40,519
  -44,756
  -49,193
  -53,828
  -58,663
  -63,699
  -68,939
  -74,388
  -80,052
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -477
  -651
  -914
  -1,272
  -1,747
  -2,359
  -3,129
  -4,076
  -5,218
  -6,568
  -8,138
  -9,937
  -11,969
  -14,236
  -16,738
  -19,473
  -22,436
  -25,624
  -29,032
  -32,653
  -36,483
  -40,519
  -44,756
  -49,193
  -53,828
  -58,663
  -63,699
  -68,939
  -74,388
  -80,052

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  561
  867
  1,296
  1,881
  2,653
  3,648
  4,896
  6,429
  8,273
  10,449
  12,975
  15,863
  19,121
  22,750
  26,750
  31,116
  35,844
  40,923
  46,348
  52,109
  58,199
  64,611
  71,341
  78,386
  85,744
  93,417
  101,407
  109,721
  118,365
  127,349
Adjusted assets (=assets-cash), $m
  561
  867
  1,296
  1,881
  2,653
  3,648
  4,896
  6,429
  8,273
  10,449
  12,975
  15,863
  19,121
  22,750
  26,750
  31,116
  35,844
  40,923
  46,348
  52,109
  58,199
  64,611
  71,341
  78,386
  85,744
  93,417
  101,407
  109,721
  118,365
  127,349
Revenue / Adjusted assets
  0.462
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
Average production assets, $m
  14
  21
  32
  46
  65
  89
  120
  157
  202
  255
  317
  388
  467
  556
  654
  760
  876
  1,000
  1,132
  1,273
  1,422
  1,579
  1,743
  1,915
  2,095
  2,282
  2,478
  2,681
  2,892
  3,112
Working capital, $m
  -32
  -49
  -73
  -107
  -150
  -207
  -278
  -365
  -469
  -592
  -736
  -900
  -1,084
  -1,290
  -1,517
  -1,764
  -2,032
  -2,320
  -2,628
  -2,955
  -3,300
  -3,664
  -4,045
  -4,445
  -4,862
  -5,297
  -5,750
  -6,221
  -6,712
  -7,221
Total debt, $m
  429
  704
  1,091
  1,617
  2,312
  3,207
  4,331
  5,710
  7,369
  9,328
  11,602
  14,201
  17,133
  20,399
  23,999
  27,929
  32,183
  36,755
  41,637
  46,822
  52,303
  58,074
  64,131
  70,471
  77,094
  83,999
  91,191
  98,673
  106,453
  114,539
Total liabilities, $m
  505
  780
  1,167
  1,693
  2,388
  3,283
  4,407
  5,786
  7,445
  9,404
  11,678
  14,277
  17,209
  20,475
  24,075
  28,005
  32,259
  36,831
  41,713
  46,898
  52,379
  58,150
  64,207
  70,547
  77,169
  84,075
  91,266
  98,749
  106,528
  114,615
Total equity, $m
  56
  87
  130
  188
  265
  365
  490
  643
  827
  1,045
  1,298
  1,586
  1,912
  2,275
  2,675
  3,112
  3,584
  4,092
  4,635
  5,211
  5,820
  6,461
  7,134
  7,839
  8,574
  9,342
  10,141
  10,972
  11,836
  12,735
Total liabilities and equity, $m
  561
  867
  1,297
  1,881
  2,653
  3,648
  4,897
  6,429
  8,272
  10,449
  12,976
  15,863
  19,121
  22,750
  26,750
  31,117
  35,843
  40,923
  46,348
  52,109
  58,199
  64,611
  71,341
  78,386
  85,743
  93,417
  101,407
  109,721
  118,364
  127,350
Debt-to-equity ratio
  7.650
  8.120
  8.410
  8.600
  8.710
  8.790
  8.850
  8.880
  8.910
  8.930
  8.940
  8.950
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -477
  -651
  -914
  -1,272
  -1,747
  -2,359
  -3,129
  -4,076
  -5,218
  -6,568
  -8,138
  -9,937
  -11,969
  -14,236
  -16,738
  -19,473
  -22,436
  -25,624
  -29,032
  -32,653
  -36,483
  -40,519
  -44,756
  -49,193
  -53,828
  -58,663
  -63,699
  -68,939
  -74,388
  -80,052
Depreciation, amort., depletion, $m
  3
  4
  6
  9
  13
  18
  24
  31
  40
  51
  63
  78
  93
  111
  131
  152
  175
  200
  226
  255
  284
  316
  349
  383
  419
  456
  496
  536
  578
  622
Funds from operations, $m
  -474
  -646
  -908
  -1,263
  -1,734
  -2,341
  -3,105
  -4,045
  -5,177
  -6,517
  -8,075
  -9,859
  -11,875
  -14,124
  -16,607
  -19,320
  -22,261
  -25,425
  -28,805
  -32,398
  -36,199
  -40,203
  -44,407
  -48,810
  -53,409
  -58,207
  -63,203
  -68,403
  -73,810
  -79,430
Change in working capital, $m
  -12
  -17
  -24
  -33
  -44
  -56
  -71
  -87
  -105
  -123
  -143
  -164
  -185
  -206
  -227
  -248
  -268
  -288
  -308
  -327
  -345
  -364
  -382
  -399
  -417
  -435
  -453
  -471
  -490
  -509
Cash from operations, $m
  -462
  -629
  -883
  -1,230
  -1,690
  -2,285
  -3,034
  -3,958
  -5,073
  -6,393
  -7,932
  -9,695
  -11,690
  -13,919
  -16,380
  -19,073
  -21,993
  -25,136
  -28,498
  -32,072
  -35,854
  -39,839
  -44,026
  -48,410
  -52,992
  -57,771
  -62,750
  -67,932
  -73,320
  -78,920
Maintenance CAPEX, $m
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -24
  -31
  -40
  -51
  -63
  -78
  -93
  -111
  -131
  -152
  -175
  -200
  -226
  -255
  -284
  -316
  -349
  -383
  -419
  -456
  -496
  -536
  -578
New CAPEX, $m
  -5
  -7
  -10
  -14
  -19
  -24
  -31
  -37
  -45
  -53
  -62
  -71
  -80
  -89
  -98
  -107
  -115
  -124
  -133
  -141
  -149
  -157
  -164
  -172
  -180
  -187
  -195
  -203
  -211
  -220
Cash from investing activities, $m
  -7
  -10
  -14
  -20
  -28
  -37
  -49
  -61
  -76
  -93
  -113
  -134
  -158
  -182
  -209
  -238
  -267
  -299
  -333
  -367
  -404
  -441
  -480
  -521
  -563
  -606
  -651
  -699
  -747
  -798
Free cash flow, $m
  -469
  -639
  -898
  -1,251
  -1,718
  -2,322
  -3,083
  -4,019
  -5,149
  -6,487
  -8,044
  -9,829
  -11,847
  -14,101
  -16,589
  -19,310
  -22,261
  -25,436
  -28,830
  -32,439
  -36,257
  -40,280
  -44,506
  -48,931
  -53,555
  -58,378
  -63,402
  -68,630
  -74,067
  -79,718
Issuance/(repayment) of debt, $m
  59
  275
  386
  526
  695
  895
  1,124
  1,380
  1,659
  1,959
  2,274
  2,599
  2,932
  3,266
  3,600
  3,930
  4,254
  4,572
  4,882
  5,185
  5,481
  5,771
  6,057
  6,340
  6,622
  6,905
  7,191
  7,482
  7,780
  8,086
Issuance/(repurchase) of shares, $m
  627
  681
  957
  1,331
  1,824
  2,458
  3,254
  4,229
  5,402
  6,786
  8,391
  10,226
  12,294
  14,598
  17,138
  19,909
  22,909
  26,132
  29,574
  33,229
  37,092
  41,160
  45,429
  49,897
  54,564
  59,430
  64,498
  69,770
  75,253
  80,950
Cash from financing (excl. dividends), $m  
  686
  956
  1,343
  1,857
  2,519
  3,353
  4,378
  5,609
  7,061
  8,745
  10,665
  12,825
  15,226
  17,864
  20,738
  23,839
  27,163
  30,704
  34,456
  38,414
  42,573
  46,931
  51,486
  56,237
  61,186
  66,335
  71,689
  77,252
  83,033
  89,036
Total cash flow (excl. dividends), $m
  217
  317
  445
  606
  801
  1,031
  1,295
  1,590
  1,912
  2,257
  2,620
  2,996
  3,378
  3,764
  4,149
  4,529
  4,903
  5,269
  5,626
  5,975
  6,316
  6,651
  6,980
  7,306
  7,632
  7,958
  8,287
  8,622
  8,965
  9,318
Retained Cash Flow (-), $m
  -627
  -681
  -957
  -1,331
  -1,824
  -2,458
  -3,254
  -4,229
  -5,402
  -6,786
  -8,391
  -10,226
  -12,294
  -14,598
  -17,138
  -19,909
  -22,909
  -26,132
  -29,574
  -33,229
  -37,092
  -41,160
  -45,429
  -49,897
  -54,564
  -59,430
  -64,498
  -69,770
  -75,253
  -80,950
Prev. year cash balance distribution, $m
  466
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  56
  -364
  -511
  -725
  -1,023
  -1,427
  -1,959
  -2,640
  -3,490
  -4,528
  -5,771
  -7,230
  -8,916
  -10,834
  -12,989
  -15,380
  -18,006
  -20,864
  -23,948
  -27,254
  -30,776
  -34,509
  -38,449
  -42,591
  -46,932
  -51,472
  -56,211
  -61,148
  -66,287
  -71,632
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  54
  -333
  -445
  -597
  -793
  -1,036
  -1,323
  -1,650
  -2,005
  -2,374
  -2,740
  -3,085
  -3,390
  -3,637
  -3,813
  -3,908
  -3,918
  -3,842
  -3,687
  -3,463
  -3,183
  -2,863
  -2,520
  -2,169
  -1,826
  -1,502
  -1,206
  -946
  -724
  -539
Current shareholders' claim on cash, %
  50.0
  22.6
  10.7
  5.3
  2.7
  1.4
  0.7
  0.4
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Neurocrine Biosciences, Inc. is engaged in discovering and developing pharmaceuticals, in diseases with unmet medical needs, through its research and development (R&D) platform, focused on neurological and endocrine based diseases and disorders. Its three lead late-stage clinical programs are elagolix, which is a gonadotropin-releasing hormone (GnRH) antagonist for endometriosis and uterine fibroids; INGREZZA (valbenazine), which is a vesicular monoamine transporter 2 (VMAT2) inhibitor, for the treatment of movement disorders, and opicapone, which is a selective catechol-O-methyltransferase inhibitor that is an adjunct therapy to preparations of levodopa/Dihydroxyphenylalanine (DOPA) decarboxylase inhibitors for adult patients with Parkinson's disease. Its product pipeline also includes NBI-640756, which targets tremor and NBI-74788, which targets classic congenital adrenal hyperplasia. Its R&D focus is on addressing diseases and disorders of the central nervous and endocrine systems.

FINANCIAL RATIOS  of  Neurocrine Biosciences (NBIX)

Valuation Ratios
P/E Ratio -56.5
Price to Sales 531.2
Price to Book 25.3
Price to Tangible Book
Price to Cash Flow -75.2
Price to Free Cash Flow -72.4
Growth Rates
Sales Growth Rate -25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.6%
Ret/ On Assets - 3 Yr. Avg. -29.7%
Return On Total Capital -38.2%
Ret/ On T. Cap. - 3 Yr. Avg. -34.5%
Return On Equity -38.2%
Return On Equity - 3 Yr. Avg. -34.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -933.3%
EBITDA Margin - 3 Yr. Avg. -457.8%
Operating Margin -980%
Oper. Margin - 3 Yr. Avg. -483.3%
Pre-Tax Margin -940%
Pre-Tax Margin - 3 Yr. Avg. -461.7%
Net Profit Margin -940%
Net Profit Margin - 3 Yr. Avg. -461.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NBIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBIX stock intrinsic value calculation we used $161.626 million for the last fiscal year's total revenue generated by Neurocrine Biosciences. The default revenue input number comes from 0001 income statement of Neurocrine Biosciences. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NBIX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NBIX is calculated based on our internal credit rating of Neurocrine Biosciences, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Neurocrine Biosciences.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NBIX stock the variable cost ratio is equal to 216.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $133 million in the base year in the intrinsic value calculation for NBIX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.6% for Neurocrine Biosciences.

Corporate tax rate of 27% is the nominal tax rate for Neurocrine Biosciences. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NBIX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NBIX are equal to 5.3%.

Life of production assets of 3.6 years is the average useful life of capital assets used in Neurocrine Biosciences operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NBIX is equal to -12.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $372.138 million for Neurocrine Biosciences - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.898 million for Neurocrine Biosciences is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Neurocrine Biosciences at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

▶ Neurocrine (NBIX) Catches Eye: Stock Jumps 6.5%   [Nov-16-18 09:04AM  Zacks]
▶ 5 Pharma Stocks to Stay Away From   [Nov-12-18 03:16PM  InvestorPlace]
▶ Neurocrine: 3Q Earnings Snapshot   [04:11PM  Associated Press]
▶ Healthcare: 2 Hot Biotech Stocks on Our Radar   [Sep-28-18 11:33AM  Motley Fool]
▶ Stock Market Forecast: More Gains, More Volatility   [Sep-07-18 03:57PM  Investor's Business Daily]
▶ 4 Reasons Behind Stifel's Neurocrine Bull Thesis   [Aug-07-18 11:07AM  Benzinga]
▶ Neurocrine: 2Q Earnings Snapshot   [Jul-31-18 04:28PM  Associated Press]
▶ 3 Biotech Stocks With Major Potential Catalysts in July   [Jun-27-18 06:01AM  Motley Fool]
▶ 5 Stocks That Are Screaming Buys Right Now   [Jun-20-18 07:52AM  TheStreet.com]
▶ 3 Top Biotech Stocks to Buy in May   [06:00AM  Motley Fool]
▶ Neurocrine: 1Q Earnings Snapshot   [Apr-30-18 04:21PM  Associated Press]
▶ 3 Biotechs That Could Get Big Boosts in April   [Mar-28-18 06:04AM  Motley Fool]
▶ Is This AbbVie's Next Blockbuster Drug?   [Mar-13-18 03:00PM  Motley Fool]
▶ 5 Stocks to Outperform in 2018s Volatile Market   [Feb-20-18 02:04PM  Investopedia]
▶ NBIX: Will File an NDA for Opicapone in 1H19   [Feb-16-18 03:00PM  Zacks Small Cap Research]
▶ Neurocrine misses 4Q profit forecasts   [Feb-13-18 04:17PM  Associated Press]
▶ Elagolix May Advance the Treatment Paradigm in Womens Health   [Jan-11-18 10:17AM  Market Realist]
▶ How Did Bioverativ Perform in 3Q17?   [Jan-10-18 05:20PM  Market Realist]
▶ Why Biotech Acadia May Be Undervalued By 40%   [Dec-19-17 11:42AM  Investopedia]

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