Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the Nasdaq Global Select Market under the symbol “NBIX”.
At January 29, 2021, there were approximately 47 stockholders of record of our common stock. We have not paid any cash dividends on our common stock since inception and do not anticipate paying cash dividends in the foreseeable future.
Information about our equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities and Issuer Purchases of Equity Securities
There were no unregistered sales of our equity securities during 2020. In addition, we did not repurchase any of our equity securities during 2020.
Stock Performance Graph and Cumulative Total Return*
The graph below shows the cumulative total stockholder return assuming the investment of $100 on December 31, 2015 (and the reinvestment of dividends thereafter) in each of (i) Neurocrine Biosciences, Inc.’s common stock, (ii) the Nasdaq Composite Index and (iii) the Nasdaq Biotechnology Index. The comparisons in the graph below are based upon historical data and are not indicative of, or intended to forecast, future performance of our common stock or Indexes.
* The material in this section is not “soliciting material”, is not deemed “filed” with the Securities and Exchange Commission, or SEC, and is not to be incorporated by reference into any of our SEC filings whether made before or after the date hereof and irrespective of any general incorporation language in any such SEC filing except to the extent we specifically incorporate this section by reference.
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Item 6. Selected Financial Data
The following selected financial data have been derived from our audited financial statements. The information set forth below is not necessarily indicative of our results of future operations and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K.
(in millions, except per share data) 2020 2019 2018 2017 2016
Consolidated Statements of Operations Data
Revenues:
Product sales, net $ 994.1 $ 752.9 $ 409.6 $ 116.6 $ —
Collaboration revenue 51.8 35.2 41.6 45.0 15.0
Total revenues 1,045.9 788.1 451.2 161.6 15.0
Operating expenses:
Cost of sales 10.1 7.4 4.9 1.3 —
Research and development 275.0 200.0 155.8 91.8 94.3
Acquired in-process research and development 164.5 154.3 4.8 30.0 —
Selling, general and administrative 433.3 354.1 248.9 169.9 68.1
Total operating expenses 882.9 715.8 414.4 293.0 162.4
Operating income (loss) 163.0 72.3 36.8 (131.4) (147.4)
Other (expense) income:
Interest expense (32.8) (32.0) (30.5) (19.5) —
Unrealized loss on restricted equity securities (17.7) (13.0) — — —
Loss on extinguishment of convertible senior notes (18.4) — — — —
Investment income and other, net 12.6 19.2 15.5 8.3 6.3
Total other (expense) income, net (56.3) (25.8) (15.0) (11.2) 6.3
Income (loss) before (benefit from) provision for income taxes 106.7 46.5 21.8 (142.5) (141.1)
(Benefit from) provision for income taxes (300.6) 9.5 0.7 — —
Net income (loss) $ 407.3 $ 37.0 $ 21.1 $ (142.5) $ (141.1)
Net income (loss) per share, basic $ 4.38 $ 0.40 $ 0.23 $ (1.62) $ (1.63)
Net income (loss) per share, diluted $ 4.16 $ 0.39 $ 0.22 $ (1.62) $ (1.63)
Weighted average common shares outstanding:
Basic 93.1 91.6 90.2 88.1 86.7
Diluted 97.8 95.7 95.4 88.1 86.7
Consolidated Balance Sheets Data
Cash, cash equivalents and debt securities available-for-sale $ 1,028.1 $ 970.2 $ 866.9 $ 763.3 $ 350.8
Working capital
$ 829.7 $ 265.7 $ 649.5 $ 500.5 $ 280.0
Total assets $ 1,734.7 $ 1,306.0 $ 993.2 $ 817.6 $ 365.1
Convertible senior notes $ 317.9 $ 408.8 $ 388.5 $ 369.6 $ —
Accumulated deficit $ (725.4) $ (1,132.7) $ (1,177.8) $ (1,198.9) $ (1,056.3)
Total stockholders’ equity $ 1,126.2 $ 636.9 $ 480.8 $ 372.1 $ 314.9
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