Neurocrine fourth quarter earnings Climb On Advancement In R&D and Collaboration

Boston, MA 02/10/2013 (wallstreetpr) – Neurocrine Biosciences Inc. (NASDAQ:NBIX)’s Q4 earnings hiked as the drug maker’s revenues climbed after its collaboration on elagolix  an experimental remedy for endometriosis pain. The SanDiego based drug developer has not put shelved any of its products until now earned $9.5 million in profits in the quarter ended Dec. 31st. This means a profit per share of 14 cents against net earnings of 2 cents a share for the last year while net income totaled $1.3 million.

Revenues grew twofold to $21.9 million whereas analyst’s had predicted revenues as much as $9.1 million and a loss of 8 cents a share.

Elagolix is in the later phases of development which is currently undergoing a mid stage trial, as uterine fibroid treatment. Research to explore the drug’s potential efficacy as a treatment for endometriosis, is in the advanced stages. AbbVie Inc. (NYSE:ABBV), which was a spin off from Abbott Laboratories) is doing the research.

Aside from endometriosis pain treatment the company is also working on the development of treatments for pain, diabetes, uterine fibroids and stress disorders including insomnia,

Neurocrine Biosciences Inc. (NASDAQ:NBIX) said its R&D costs swelled by 14% to $9.1 million; general administrative expenses also increased. All in all, the company earned about $5 million (i.e. $0.8 a share) while its revenues grew to $53.1 million in the fiscal year 2012.

The company expects a loss per share of 75 to 83 cents in its 2013 outlook. Analysts’ anticipate a loss per shares of 63 cents on average. The company’s shares climbed to over 6%, i.e. almost $0.66 to close at $10.89 during the intra-day trading on Friday while Nasdaq hiked a little below 1%.

The shares of Neurocrine Biosciences Inc. (NASDAQ:NBIX) were up 5.96% to close at $10.48. The shares of AbbVie Inc. (NYSE:ABBV) were down by 0.47% to close at $36.25.

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Published by Donna Fago

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