0000914475-24-000117 | 10-Q | XBRL Viewer | Neurocrine Biosciences INC

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Face value	$ 170.4	$ 170.4
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	220,000,000.0	220,000,000.0
Common stock, shares issued (in shares)	100,600,000	98,700,000
Common stock, shares outstanding (in shares)	100,600,000	98,700,000

Convertible Senior Notes

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Convertible Senior Notes

On May 2, 2017, we completed a private placement of $517.5 million in aggregate principal amount of 2.25% fixed-rate convertible senior notes due May 15, 2024, or the 2024 Notes, and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes is due semi-annually on May 15 and November 15 of each year.

In 2020, we repurchased $136.2 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $186.9 million in cash. In 2022, we repurchased $210.8 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $279.0 million in cash.

In January 2024, we provided notice to the holders of the 2024 Notes electing to settle all conversions of the 2024 Notes which occur on or after January 15, 2024 in cash. Consequently, the embedded conversion option of the 2024 Notes (the conversion feature) required bifurcation and separate accounting from the 2024 Notes as it no longer qualified for the equity scope exception under ASC 815. Upon bifurcation of the conversion feature, we recorded a derivative liability at a fair value of $126.6 million (Level 3) and a corresponding debt discount that will be accreted over the remaining term of the 2024 Notes using the straight-line method. Subsequent changes in the fair value of the derivative liability and accretion of the debt discount will be recorded in other income (expense), net in our condensed consolidated statements of operations.

The following table presents a reconciliation of the beginning and ending balances for the derivative liability measured at fair value using significant unobservable inputs (Level 3).


(in millions)	Amount
Balance as of December 31, 2023	$	—
Initial fair value	126.6
Change in fair value	9.6
Balance as of March 31, 2024	$	136.2

The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes in the first quarter of 2024.


(in millions)	Amount
Accretion of debt discount	$	79.1
Change in fair value	9.6
Charges associated with convertible senior notes	$	88.7

The following table presents a summary of the 2024 Notes as of March 31, 2024.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Issuance Costs		Discount				Amount		Leveling
Convertible senior notes	$	170.4	$	(0.1)	$	(47.5)	$	122.8	$	309.5	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2023.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Issuance Costs		Discount				Amount		Leveling
Convertible senior notes	$	170.4	$	(0.3)	$	—	$	170.1	$	295.7	Level 2

The initial conversion rate for the 2024 Notes, which is subject to adjustment in some events (as provided for in the 2017 Indenture), is 13.1711 shares of common stock per $1,000 principal amount and equivalent to an initial conversion price of approximately $75.92 per share, reflecting a conversion premium of approximately 42.5% above the closing price of $53.28 per share of our common stock on April 26, 2017.

On or after May 15, 2021, we had the ability to redeem for cash all or part of the 2024 Notes if the last reported sale price (as defined in the 2017 Indenture) of our common stock had been at least 130% of the conversion price then in effect (equal to $98.70 as of March 31, 2024) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period ending on, and including, the trading day immediately before the date which we provide a notice of redemption.

Holders of the 2024 Notes may convert the 2024 Notes at any time prior to the close of business on the business day immediately preceding May 15, 2024, only under the following circumstances:

(i)during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price (equal to $98.70 as of March 31, 2024) on each applicable trading day;

(ii)during the five business-day period immediately after any five consecutive trading-day period (the measurement period) in which the trading price (as defined in the 2017 Indenture) per $1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;

(iii)upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of our assets; or

(iv)if we call the 2024 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

Until the close of business on the scheduled trading day immediately preceding May 15, 2024, holders of the 2024 Notes may convert the 2024 Notes at any time. Upon conversion, holders of the 2024 Notes will receive the principal amount of their 2024 Notes and any conversion premium, calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture), in cash.

If we undergo a fundamental change (as defined in the 2017 Indenture), subject to certain conditions, holders of the 2024 Notes may require us to repurchase for cash all or part of their 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a make-whole fundamental change (as defined in the 2017 Indenture) occurs prior to January 15, 2024, we would, in certain circumstances, increase the conversion rate for a holder who elects to convert their notes in connection with the make-whole fundamental change.

The 2024 Notes are our general unsecured obligations that rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2024 Notes, and equal in right of payment to our unsecured indebtedness. The 2024 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by us. The 2017 Indenture contains customary events of default with respect to the 2024 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2024 Notes will automatically become due and payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale

The following table presents the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive income (loss) and fair value of debt securities available-for-sale, aggregated by major security type and contractual maturity.


		March 31, 2024								December 31, 2023
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	58.0	$	—	$	—	$	58.0	$	53.5	$	—	$	—	$	53.5
Corporate debt securities	0 to 1 years	419.4		0.1		(0.9)		418.6		382.1		0.1		(1.0)		381.2
Securities of government-sponsored entities	0 to 1 years	338.3		—		(0.6)		337.7		346.1		0.2		(0.5)		345.8
		$	815.7	$	0.1	$	(1.5)	$	814.3	$	781.7	$	0.3	$	(1.5)	$	780.5

Corporate debt securities	1 to 3 years	$	530.0	$	0.9	$	(1.3)	$	529.6	$	483.5	$	2.9	$	(0.4)	$	486.0
Securities of government-sponsored entities	1 to 3 years	171.4		—		(0.6)		170.8		201.1		0.5		(0.1)		201.5
		$	701.4	$	0.9	$	(1.9)	$	700.4	$	684.6	$	3.4	$	(0.5)	$	687.5

Schedule of Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position

The following table presents debt securities available-for-sale that were in an unrealized loss position as of March 31, 2024, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Corporate debt securities	$	555.2	$	(1.6)	$	90.0	$	(0.6)	$	645.2	$	(2.2)
Securities of government-sponsored entities	$	383.3	$	(0.9)	$	16.8	$	(0.3)	$	400.1	$	(1.2)

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2023, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Corporate debt securities	$	265.1	$	(0.4)	$	183.8	$	(1.0)	$	448.9	$	(1.4)
Securities of government-sponsored entities	$	214.6	$	(0.2)	$	16.7	$	(0.4)	$	231.3	$	(0.6)

Debt Securities - Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 555.2	$ 265.1
Less Than 12 Months, Unrealized Loss	(1.6)	(0.4)
12 Months or Longer, Fair Value	90.0	183.8
12 Months or Longer, Unrealized Loss	(0.6)	(1.0)
Total, Fair Value	645.2	448.9
Total, Unrealized Loss	(2.2)	(1.4)
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	383.3	214.6
Less Than 12 Months, Unrealized Loss	(0.9)	(0.2)
12 Months or Longer, Fair Value	16.8	16.7
12 Months or Longer, Unrealized Loss	(0.3)	(0.4)
Total, Fair Value	400.1	231.3
Total, Unrealized Loss	$ (1.2)	$ (0.6)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Balance Sheet Details - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Other Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 396.3	$ 251.1	$ 103.8
Restricted cash included in other noncurrent assets	8.0		7.8
Total cash, cash equivalents and restricted cash	$ 404.3	$ 259.1	$ 111.6	$ 270.7

Other Balance Sheet Details - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Sales rebates and reserves	$ 185.9	$ 139.3
Accrued employee related costs	42.6	86.2
Current branded prescription drug fee	35.3	45.7
Accrued development costs	41.3	44.3
Current income taxes payable	24.8	24.4
Accounts payable and other accrued liabilities	87.3	108.9
Total accounts payable and accrued liabilities	$ 417.2	$ 448.8

Leases - Additional Information (Details) $ in Millions		12 Months Ended
Leases - Additional Information (Details) $ in Millions	Feb. 08, 2022	Dec. 31, 2023 USD ($) office_building	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets		$ 276.5	$ 270.8
Operating lease, liability			$ 287.9
Building
Lessee, Lease, Description [Line Items]
Lessee option term for construction of fifth building	6 years
Number of buildings \| office_building		2
Right-of-use assets		$ 199.0
Operating lease, liability		$ 189.8

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K, or the 2023 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and for interim reporting periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.
Fair Value Measurements	The fair value hierarchy consists of the following three levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 515.3	$ 420.4
Operating expenses:
Cost of revenues	7.5	8.5
Research and development	159.4	139.5
Acquired in-process research and development	6.0	143.9
Selling, general and administrative	243.1	242.7
Total operating expenses	416.0	534.6
Operating income (loss)	99.3	(114.2)
Other (expense) income:
Interest expense	(1.1)	(1.1)
Unrealized gain on equity security investments	1.6	2.2
Charges associated with convertible senior notes	(88.7)	0.0
Investment income and other, net	23.4	9.8
Total other (expense) income, net	(64.8)	10.9
Income (loss) before benefit from income taxes	34.5	(103.3)
Benefit from income taxes	(8.9)	(26.7)
Net income (loss)	43.4	(76.6)
Foreign currency translation adjustments, net of tax	(0.5)	1.2
Unrealized (loss) gain on debt securities available-for-sale, net of tax	(3.2)	4.0
Comprehensive income (loss)	$ 39.7	$ (71.4)
Earnings (loss) per share:
Basic (in USD per share)	$ 0.43	$ (0.79)
Diluted (in USD per share)	$ 0.42	$ (0.79)
Weighted-average shares outstanding:
Basic (in shares)	99.8	97.1
Diluted (in shares)	103.6	97.1
Net product sales
Revenues:
Total revenues	$ 509.0	$ 415.3
Collaboration revenues
Revenues:
Total revenues	$ 6.3	$ 5.1

Convertible Senior Notes - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) d $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	May 02, 2017 USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 170,400,000			$ 170,400,000
Embedded Derivative Financial Instruments
Debt Instrument [Line Items]
Convertible senior notes embedded derivative liability	126,600,000
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Principal Amount	$ 170,400,000			$ 170,400,000	$ 517,500,000
Interest rate (as a percent)	2.25%
Aggregate principal amount repurchased		$ 210,800,000	$ 136,200,000
Aggregate repurchase price paid in cash		$ 279,000,000	$ 186,900,000
Convertible senior notes convertible in to shares	0.0131711
Convertible senior notes conversion price (in USD per share) \| $ / shares	$ 75.92
Convertible senior notes premium (as a percent)	42.50%
Share price (in USD per share) \| $ / shares	$ 53.28
Convertible senior notes redemption rate (as a percent)	100.00%
2.25% Convertible senior notes due 2024 \| Embedded Derivative Financial Instruments
Debt Instrument [Line Items]
Convertible senior notes embedded derivative liability	$ 126,600,000
2.25% Convertible senior notes due 2024 \| Conversion Period Two
Debt Instrument [Line Items]
Principal amount on conversion rate	$ 1,000
Threshold common stock trading days (in days) \| d	5
Minimum percentage of common stock price trigger (as a percent)	98.00%
2.25% Convertible senior notes due 2024 \| Conversion Period One
Debt Instrument [Line Items]
Threshold percentage of common stock price trigger (as a percent)	130.00%
Common stock price trigger (in USD per share) \| $ / shares	$ 98.70
Threshold common stock trading days (in days) \| d	20
Threshold consecutive common stock trading days (in days) \| d	30

Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Earnings (loss) per share were calculated as follows:


	Three Months Ended March 31,
(in millions, except per share data)		2024		2023
Net income (loss) - basic and diluted		$	43.4	$	(76.6)
Weighted-average common shares outstanding:
Basic		99.8		97.1
Effect of dilutive securities		3.8		—
Diluted		103.6		97.1
Earnings (loss) per share:
Basic		$	0.43	$	(0.79)
Diluted		$	0.42	$	(0.79)

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive		1.7		15.5

Goodwill and Intangible Assets - Estimated Annual Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (9 months remaining)	$ 2.7
2025	3.6
2026	3.6
2027	3.6
2028	3.6
Thereafter	$ 13.7

Organization and Significant Accounting Policies	3 Months Ended
Organization and Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K, or the 2023 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. There were no significant changes to our significant accounting policies as disclosed in the 2023 Form 10-K. Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and for interim reporting periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill. Goodwill is included in other noncurrent assets in our condensed consolidated balance sheets.


(in millions)	Amount
Balance as of December 31, 2023	$	5.8
Foreign currency translation adjustments	(0.1)
Balance as of March 31, 2024	$	5.7

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of March 31, 2024.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.8	$	5.0	$	30.8
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	34.3

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of March 31, 2024.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.8	$	5.0	$	30.8
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	34.3

Schedule of Estimated Annual Amortization Expense for our Finite-Lived Intangible Assets

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of March 31, 2024.


(in millions)	Amount
2024 (9 months remaining)	$	2.7
2025	$	3.6
2026	$	3.6
2027	$	3.6
2028	$	3.6
Thereafter	$	13.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements - Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,082.5	$ 1,889.0
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	567.8	421.0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,514.7	1,468.0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	948.2	867.2
Corporate debt securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Corporate debt securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	948.2	867.2
Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	508.5	547.3
Securities of government-sponsored entities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Securities of government-sponsored entities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	508.5	547.3
Equity security investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	163.5	161.9
Equity security investments \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	163.5	161.9
Equity security investments \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	396.3	251.1
Cash and money market funds \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	396.3	251.1
Cash and money market funds \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8.0	8.0
Restricted cash \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	8.0	8.0
Restricted cash \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	58.0	53.5
Commercial paper \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 58.0	$ 53.5

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents a summary of financial assets, which were measured at fair value on a recurring basis.


	March 31, 2024						December 31, 2023
	Fair Value		Leveling				Fair Value	Leveling
(in millions)			Level 1		Level 2					Level 1		Level 2
Cash and money market funds	$	396.3	$	396.3	$	—		$	251.1	$	251.1	$	—
Restricted cash	8.0		8.0		—			8.0		8.0		—
Commercial paper	58.0		—		58.0			53.5		—		53.5
Corporate debt securities	948.2		—		948.2			867.2		—		867.2
Securities of government-sponsored entities	508.5		—		508.5			547.3		—		547.3
Equity security investments	163.5		163.5		—			161.9		161.9		—
	$	2,082.5	$	567.8	$	1,514.7		$	1,889.0	$	421.0	$	1,468.0

Debt Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities


		March 31, 2024								December 31, 2023
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	58.0	$	—	$	—	$	58.0	$	53.5	$	—	$	—	$	53.5
Corporate debt securities	0 to 1 years	419.4		0.1		(0.9)		418.6		382.1		0.1		(1.0)		381.2
Securities of government-sponsored entities	0 to 1 years	338.3		—		(0.6)		337.7		346.1		0.2		(0.5)		345.8
		$	815.7	$	0.1	$	(1.5)	$	814.3	$	781.7	$	0.3	$	(1.5)	$	780.5

Corporate debt securities	1 to 3 years	$	530.0	$	0.9	$	(1.3)	$	529.6	$	483.5	$	2.9	$	(0.4)	$	486.0
Securities of government-sponsored entities	1 to 3 years	171.4		—		(0.6)		170.8		201.1		0.5		(0.1)		201.5
		$	701.4	$	0.9	$	(1.9)	$	700.4	$	684.6	$	3.4	$	(0.5)	$	687.5

Unrealized losses on our available-for-sale debt security investments were primarily due to changes in interest rates. These investments are of high credit quality, and we do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recognized as of March 31, 2024 or December 31, 2023.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Corporate debt securities	$	555.2	$	(1.6)	$	90.0	$	(0.6)	$	645.2	$	(2.2)
Securities of government-sponsored entities	$	383.3	$	(0.9)	$	16.8	$	(0.3)	$	400.1	$	(1.2)


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Corporate debt securities	$	265.1	$	(0.4)	$	183.8	$	(1.0)	$	448.9	$	(1.4)
Securities of government-sponsored entities	$	214.6	$	(0.2)	$	16.7	$	(0.4)	$	231.3	$	(0.6)

Accrued interest receivables on debt securities available-for-sale totaled $12.6 million and $11.2 million, respectively, as of March 31, 2024 and December 31, 2023. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the debt security. Uncollectible accrued interest receivables associated with an impaired debt security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the first three months of 2024 or 2023.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 43.4	$ (76.6)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Description of Operating Lease

The following table presents supplemental operating lease information for operating leases that have commenced.


	Three Months Ended March 31,
(in millions, except weighted average data)	2024			2023
Operating lease cost	$	9.4		$	4.1
Sublease income	(0.4)			—
Net operating lease cost	$	9.0		$	4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$	6.1		$	4.4

	March 31, 2024			March 31, 2023
Weighted average remaining lease term	10.6 years			7.7 years
Weighted average discount rate	5.1		%	5.3		%
Restricted cash related to letters of credit issued in lieu of cash security deposits	$	7.8		$	7.8

Schedule of Operating Lease Liability Maturity

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of March 31, 2024.


(in millions)	Operating Leases (1)		Sublease Income
2024 (9 months remaining)	$	26.9	$	(1.3)
2025	34.7		(1.7)
2026	34.0		(1.7)
2027	34.8		(1.7)
2028	35.6		(1.7)
Thereafter	211.4		(4.3)
Total operating lease payments (sublease income)	377.4		$	(12.4)
Less accreted interest	89.5
Total operating lease liabilities	287.9
Less current operating lease liabilities included in other current liabilities	35.0
Noncurrent operating lease liabilities	$	252.9

_________________________

(1) Amounts presented in the table above exclude $15.4 million for 2025, $23.6 million for 2026, $24.3 million for 2027, $25.1 million for 2028 and $223.5 million thereafter of approximate non-cancelable future minimum lease payments under operating leases related to our new campus facility that have not yet commenced.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill. Goodwill is included in other noncurrent assets in our condensed consolidated balance sheets.


(in millions)	Amount
Balance as of December 31, 2023	$	5.8
Foreign currency translation adjustments	(0.1)
Balance as of March 31, 2024	$	5.7

The following table presents information relating to our recognized intangible assets as of March 31, 2024.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.8	$	5.0	$	30.8
Acquired IPR&D	Indefinite	$	3.5	$	—	3.5
Total intangible assets, net						$	34.3

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of March 31, 2024.


(in millions)	Amount
2024 (9 months remaining)	$	2.7
2025	$	3.6
2026	$	3.6
2027	$	3.6
2028	$	3.6
Thereafter	$	13.7

Convertible Senior Notes - 2024 Notes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	May 02, 2017
Debt Instrument [Line Items]
Principal Amount	$ 170,400,000	$ 170,400,000
Net Carrying Amount	122,800,000	170,100,000
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Principal Amount	170,400,000	170,400,000	$ 517,500,000
Issuance Costs	(100,000)	(300,000)
Discount	(47,500,000)	0
Net Carrying Amount	122,800,000	170,100,000
Fair Value, Amount	$ 309,500,000	$ 295,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 9.4	$ 4.1
Sublease income	(0.4)	0.0
Net operating lease cost	9.0	4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$ 6.1	$ 4.4
Weighted average remaining lease term	10 years 7 months 6 days	7 years 8 months 12 days
Weighted average discount rate	5.10%	5.30%
Restricted cash	$ 8.0	$ 7.8
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 7.8	$ 7.8

Debt Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivables	$ 12,600,000		$ 11,200,000
Accrued interest receivables write-off	$ 0	$ 0

Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Derivative Liabilities Measured at Fair Value

The following table presents a reconciliation of the beginning and ending balances for the derivative liability measured at fair value using significant unobservable inputs (Level 3).


(in millions)	Amount
Balance as of December 31, 2023	$	—
Initial fair value	126.6
Change in fair value	9.6
Balance as of March 31, 2024	$	136.2

Schedule of Notes Net of Discount and Deferred Financing Costs

The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes in the first quarter of 2024.


(in millions)	Amount
Accretion of debt discount	$	79.1
Change in fair value	9.6
Charges associated with convertible senior notes	$	88.7

The following table presents a summary of the 2024 Notes as of March 31, 2024.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Issuance Costs		Discount				Amount		Leveling
Convertible senior notes	$	170.4	$	(0.1)	$	(47.5)	$	122.8	$	309.5	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2023.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Issuance Costs		Discount				Amount		Leveling
Convertible senior notes	$	170.4	$	(0.3)	$	—	$	170.1	$	295.7	Level 2

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Other Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2024

Other Balance Sheet Details [Abstract]

Schedule of Inventories

Inventory consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Raw materials	$	18.1	$	21.5
Work in process	12.0		9.7
Finished goods	7.5		12.3
	37.6		43.5
Less inventory reserves	(0.4)		(5.2)
Total inventory	$	37.2	$	38.3

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Sales rebates and reserves	$	185.9	$	139.3
Accrued employee related costs	42.6		86.2
Current branded prescription drug fee	35.3		45.7
Accrued development costs	41.3		44.3
Current income taxes payable	24.8		24.4
Accounts payable and other accrued liabilities	87.3		108.9
Total accounts payable and accrued liabilities	$	417.2	$	448.8

Schedule of Other Liabilities

Other noncurrent liabilities consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Noncurrent income taxes payable	$	101.1	$	96.0
Noncurrent branded prescription drug fee	19.4		10.3
Total other noncurrent liabilities	$	120.5	$	106.3

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


(in millions)	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	396.3	$	103.8
Restricted cash included in other noncurrent assets	8.0		7.8
Total cash, cash equivalents and restricted cash	$	404.3	$	111.6

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Our operating leases that have commenced have terms that expire beginning 2025 through 2036 and consist of office space and research and development laboratories, including our corporate headquarters. Certain of these lease agreements contain clauses for renewal at our option. As we were not reasonably certain to exercise any of these renewal options at commencement of the associated leases, no such options were recognized as part of our right-of-use (ROU) assets or operating lease liabilities.

The following table presents supplemental operating lease information for operating leases that have commenced.


	Three Months Ended March 31,
(in millions, except weighted average data)	2024			2023
Operating lease cost	$	9.4		$	4.1
Sublease income	(0.4)			—
Net operating lease cost	$	9.0		$	4.1
Cash paid for amounts included in the measurement of operating lease liabilities	$	6.1		$	4.4

	March 31, 2024			March 31, 2023
Weighted average remaining lease term	10.6 years			7.7 years
Weighted average discount rate	5.1		%	5.3		%
Restricted cash related to letters of credit issued in lieu of cash security deposits	$	7.8		$	7.8

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of March 31, 2024.


(in millions)	Operating Leases (1)		Sublease Income
2024 (9 months remaining)	$	26.9	$	(1.3)
2025	34.7		(1.7)
2026	34.0		(1.7)
2027	34.8		(1.7)
2028	35.6		(1.7)
Thereafter	211.4		(4.3)
Total operating lease payments (sublease income)	377.4		$	(12.4)
Less accreted interest	89.5
Total operating lease liabilities	287.9
Less current operating lease liabilities included in other current liabilities	35.0
Noncurrent operating lease liabilities	$	252.9

_________________________

New Campus Facility. On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, including a six-year option for the construction of a fifth building. This campus facility, comprised of office space and research and development laboratories, now serves as our corporate headquarters.

The construction of the campus facility is phased. The first phase of construction, consisting of two buildings relating to office space, was completed in December 2023 and resulted in the recognition of ROU assets and operating lease liabilities totaling $199.0 million and $189.8 million, respectively.

As we begin to occupy our new campus facility, we will sublease certain of our existing leased premises when we determine there is excess leased capacity. Certain of these subleases contain both lease and non-lease components. Sublease income is recognized as an offset to operating expense on a straight-line basis over the lease term. Income related to non-lease components is recognized in operating expenses as a reduction to costs we incur in relation to the primary lease.

Further, ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities.

Corporate ROU assets identified for sublease in connection with excess leased capacity are tested for impairment individually when the cash flows related to the ROU asset are determined to be independent from the cash flows of other assets and liabilities. Corporate ROU assets are otherwise tested for impairment on a consolidated level with consideration given to all cash flows of the company as corporate functions do not generate cash flows and are funded by revenue-producing activities at lower levels of the entity.

Convertible Senior Notes - Derivative Liability (Details) - Embedded Derivative Financial Instruments $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of December 31, 2023	$ 0.0
Initial fair value	126.6
Change in fair value	9.6
Balance as of March 31, 2024	$ 136.2

Other Balance Sheet Details - Other Long-term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Noncurrent income taxes payable	$ 101.1	$ 96.0
Noncurrent branded prescription drug fee	19.4	10.3
Total other noncurrent liabilities	$ 120.5	$ 106.3

Collaboration and License Agreements	3 Months Ended
Collaboration and License Agreements	Mar. 31, 2024
Business Combinations [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements Nxera Pharma UK Limited, or Nxera. In 2021, we entered into a collaboration and license agreement with Nxera (formerly Heptares Therapeutics Limited) to develop and commercialize certain compounds containing sub-type selective muscarinic M1, M4, or dual M1/M4 receptor agonists, which we have the exclusive rights to develop, manufacture and commercialize worldwide, excluding in Japan, where Nxera retains the rights to develop, manufacture, and commercialize all compounds comprised of M1 receptor agonists, subject to certain exceptions. With respect to such rights retained by Nxera, we retain the rights to opt in to profit sharing arrangements, pursuant to which we and Nxera will equally share in the operating profits and losses for such compounds in Japan. Subject to specified conditions, we may elect to exercise such opt-in rights with respect to each such compound either before initiation of the first proof of concept Phase 2 clinical trial for such compound or following our receipt from Nxera of the top-line data from such clinical trial for such compound. We are responsible for all development, manufacturing, and commercialization costs of any collaboration product. Under the terms of the agreement, Nxera may be entitled to receive potential future payments of up to $2.6 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which the royalty term for such licensed product has expired in such country. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a licensed product and terminate on the later of (i) the expiration of the last patent covering such licensed product in such country, (ii) a number of years from the first commercial sale of such licensed product in such country and (iii) the expiration of regulatory exclusivity for such licensed product in such country. We may terminate the agreement in its entirety or with respect to one or more targets upon 180 days’ written notice to Nxera during the research collaboration term and upon 90 days’ written notice to Nxera following the expiration of the research collaboration term. Following the expiration of the research collaboration term, Nxera may terminate the agreement on a target-by-target basis in the event that we do not conduct any material development activities outside of Japan with respect to a certain compound or licensed product within the applicable target class for a continuous period of not less than 365 days and do not commence any such activities within 120 days of receiving written notice. Either party may terminate the agreement, subject to specified conditions, (i) in the event of material breach by the other party, subject to a cure period, (ii) if the other party challenges the validity or enforceability of certain intellectual property rights, subject to a cure period, or (iii) if the other party becomes insolvent or takes certain actions related to insolvency. Takeda Pharmaceutical Company Limited, or Takeda. In 2020, we entered into an exclusive license agreement with Takeda, pursuant to which we acquired the exclusive rights to develop and commercialize certain early to mid-stage psychiatry compounds, including luvadaxistat, NBI-1070770, NBI-1065845, NBI-1065846 and three non-clinical stage compounds. Luvadaxistat, NBI-1070770, and the three non-clinical stage compounds have each been designated as a royalty-bearing product. NBI-1065845 and NBI-1065846 are currently each designated as a profit-share product. We are responsible for all manufacturing, development and commercialization costs of any royalty-bearing product. With respect to NBI-1065845 and NBI-1065846, we and Takeda will equally share in the operating profits and losses. Takeda retains the rights to opt-out of the profit-sharing arrangements, pursuant to which Takeda would be entitled to receive potential future payments upon the achievement of certain event-based milestones with respect to such compounds and receive royalties on the future net sales of such compounds (in lieu of equally sharing in the operating profits and losses). Takeda may elect to exercise such opt-out right for such compound immediately following the completion of a second Phase 2 clinical trial for such compound, or, under certain circumstances related to the development and commercialization activities to be performed by us, before the initiation of a Phase 3 clinical trial for such compound. Under the terms of the agreement, Takeda may be entitled to receive potential future payments of up to $1.9 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any royalty-bearing product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which, (i) for any royalty-bearing product, the royalty term has expired in such country; and (ii) for any profit-share product, for so long as we continue to develop, manufacture, or commercialize such licensed product. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a royalty-bearing product and terminate on the later of (i) the expiration of the last patent covering such royalty-bearing product in such country, (ii) a number of years from the first commercial sale of such royalty-bearing product in such country and (iii) the expiration of regulatory exclusivity for such royalty-bearing product in such country. We may terminate the agreement in its entirety or in one or more (but not all) of the United States, Japan, the European Union and the United Kingdom, or, collectively, the major markets, upon six months’ written notice to Takeda (i) with respect to all licensed products prior to the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes, as defined in the agreement, prior to the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. We may terminate the agreement in its entirety or in one or more (but not all) of the major markets upon 12 months’ written notice to Takeda (i) with respect to all licensed products following the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes following the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. Takeda may terminate the agreement, subject to specified conditions, (i) if we challenge the validity or enforceability of certain Takeda intellectual property rights or (ii) on a target class-by-target class basis, in the event that we do not conduct any material development or commercialization activities with respect to any licensed product within such target class for a specified continuous period. Subject to a cure period, either party may terminate the agreement in the event of any material breach, solely with respect to the target class of a licensed product to which such material breach relates, or in its entirety in the event of any material breach that relates to all licensed products. Idorsia Pharmaceuticals Ltd., or Idorsia. In 2020, we entered into a collaboration and license agreement with Idorsia, pursuant to which we acquired the global rights to NBI-827104, a potent, selective, orally active and brain penetrating T-type calcium channel blocker in clinical development for the treatment of a rare pediatric epilepsy and other potential indications, including essential tremor. We are responsible for all manufacturing, development and commercialization costs of any collaboration product. Under the terms of the agreement, Idorsia may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. We may terminate the agreement, in its entirety or with respect to a particular compound or development candidate, upon 90 days’ written notice to Idorsia. Further, in the event a party commits a material breach and fails to cure such material breach within 90 days after receiving written notice thereof, the non-breaching party may terminate the agreement in its entirety immediately upon written notice to the breaching party. Xenon Pharmaceuticals Inc., or Xenon. In 2019, we entered into a collaboration and license agreement with Xenon to identify, research and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates, which compounds we have the exclusive rights to develop and commercialize. We are responsible for all development and manufacturing costs of any collaboration product, subject to certain exceptions. In connection with entering the agreement in 2019, we purchased approximately 1.4 million shares (at $14.196 per share) of Xenon common stock (the 2019 Xenon Shares). The 2019 Xenon Shares were recorded at a fair value of $14.1 million after considering Xenon’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. In connection with the achievement of a development milestone in 2021, we purchased approximately 0.3 million shares (at $19.9755 per share) of Xenon common stock (the 2021 Xenon Shares). The 2021 Xenon Shares were recorded at a fair value of $4.6 million after considering Xenon’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. In connection with the achievement of a development milestone in 2022, we purchased approximately 0.3 million shares (at $31.855 per share) of Xenon common stock (the 2022 Xenon Shares). The 2022 Xenon Shares were recorded at a fair value of $7.7 million after considering Xenon’s stock price on the measurement date. Under the terms of the agreement, Xenon may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Xenon retains the right to elect to co-develop one product in a major indication, pursuant to which Xenon would receive a mid-single digit percentage increase in royalties earned on the future net sales of such product in the United States and we and Xenon would equally share in the development costs of such product in the applicable indication, except where such development costs relate solely to the regulatory approval of such product outside the United States. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the expiration of the royalty term for such product in such country. Upon the expiration of the royalty term for a particular licensed product and country, the license obtained by us with respect to such product and country will become fully paid, royalty free, perpetual and irrevocable. We may terminate the agreement upon 90 days’ written notice to Xenon, provided that such unilateral termination will not be effective for certain products until we have used commercially reasonable efforts to complete certain specified clinical studies. Either party may terminate the agreement in the event of a material breach in whole or in part, subject to specified conditions. Voyager Therapeutics, Inc., or Voyager. 2019 Voyager Agreement. In 2019, we entered into a collaboration and license agreement with Voyager (the 2019 Voyager Agreement), pursuant to which we retain certain rights to develop and commercialize the Friedreich’s ataxia (FA) program and two undisclosed programs. We are responsible for all development and commercialization costs of any collaboration product under the 2019 Voyager Agreement, subject to certain co-development and co-commercialization rights retained by Voyager. In connection with the 2019 Voyager Agreement, we purchased approximately 4.2 million shares (at $11.9625 per share) of Voyager common stock (the 2019 Voyager Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement (defined below). The 2019 Voyager Shares were recorded at a fair value of $54.7 million after considering Voyager’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. In connection with the selection of a development candidate under the FA program pursuant to our collaboration with Voyager in February 2024, we paid Voyager a milestone of $5.0 million, which was expensed as research and development in the first quarter of 2024. Under the terms of the 2019 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $1.3 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2019 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2019 Voyager Agreement. We may terminate the 2019 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2019 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2019 Voyager Agreement. 2023 Voyager Agreement. In 2023, we entered into a collaboration and license agreement with Voyager (the 2023 Voyager Agreement), pursuant to which we acquired the global rights to the gene therapy products directed to the gene that encodes glucosylceramidase beta 1 (GBA1) for the treatment of Parkinson's disease and other diseases associated with GBA1 (the GBA1 Program), and three gene therapy programs directed to rare central nervous system (CNS) targets, each enabled by Voyager's next-generation TRACERTM capsids. With respect to collaboration products subject to the GBA1 Program, we are responsible for all development and commercialization costs of any such products, including in the U.S., where Voyager retains certain co-development and co-commercialization rights. Voyager may elect to exercise such rights, pursuant to which we and Voyager would equally share in the operating profits and losses of such products in the U.S. (in lieu of Voyager being entitled to receive potential future payments of certain event-based milestones upon their achievement in the U.S. and receive royalties on the future net sales of such products in the U.S.), following Voyager’s receipt of the top-line data from a first clinical trial Parkinson’s disease. However, if we and Voyager elect to focus on an indication other than Parkinson’s disease prior to Voyager’s receipt of top-line data from a first clinical trial for Parkinson’s disease, then Voyager may elect to exercise such co-development and co-commercialization rights after the later of: (i) Voyager’s receipt of top-line data from the first clinical trial of a product that is the subject of the GBA1 Program or (ii) the date we and Voyager decide not to pursue Parkinson’s disease as an indication for development under the GBA1 Program. Irrespective of Voyager’s election to exercise such rights, Voyager may be entitled to receive potential future payments upon the achievement of certain event-based milestones outside the U.S. and would be entitled to receive royalties on the future net sales of any such product outside the U.S. With respect to collaboration products subject to the three gene therapy programs directed to rare CNS targets, we are responsible for all development and commercialization costs for any such products. In connection with the 2023 Voyager Agreement, we paid Voyager $175.0 million upfront, including a purchase of approximately 4.4 million shares (at $8.88 per share) of Voyager common stock (the 2023 Voyager Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement. In addition, as part of the collaboration, Jude Onyia, Ph.D., Chief Scientific Officer of Neurocrine Biosciences, was appointed to Voyager's board of directors. Mr. Onyia (or another individual designated by us) will be nominated for election to Voyager's board of directors annually for a maximum duration of 10 years from the effective date of the 2023 Voyager Agreement. As a result, our equity investment in Voyager became subject to the equity method of accounting, and Voyager became a related party, following our purchase of the 2023 Voyager Shares, after which, together with the 2019 Voyager Shares, we owned approximately 19.9% of the voting stock of Voyager. We elected the fair value option to account for our equity investment in Voyager as we believe it creates greater transparency regarding the investment's fair value at future reporting dates. The 2023 Voyager Shares were recorded at a fair value of $31.3 million after considering Voyager’s stock price on the measurement date. The remaining $143.9 million of the purchase price, which includes certain transaction-related costs, was expensed as in-process research and development in the first quarter of 2023 as the license had no foreseeable alternative future use. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. We recognized unrealized gains of $7.5 million and $9.3 million, respectively, on our equity investment in Voyager for the first quarter of 2024 and 2023. As of March 31, 2024, the fair value (Level 1) of our equity investment in Voyager was $79.8 million. Under the terms of the 2023 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $6.1 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2023 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the 2023 Voyager Agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2023 Voyager Agreement. We may terminate the 2023 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2023 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2023 Voyager Agreement. Mitsubishi Tanabe Pharma Corporation, or MTPC. In 2015, we out-licensed the rights to valbenazine in Japan and other select Asian markets to MTPC. In 2020, we entered into a commercial supply agreement with MTPC, pursuant to which we supply MTPC with valbenazine drug product for commercial use in such markets. MTPC is responsible for all development, manufacturing and commercialization costs of valbenazine in such markets. MTPC launched DYSVAL® (valbenazine) in Japan for the treatment of tardive dyskinesia in June 2022 and subsequently in other select Asian markets, where it is marketed as REMLEAS® (valbenazine). We receive royalties at tiered percentage rates on MTPC net sales of valbenazine. Under the terms of our license agreement with MTPC, we may be entitled to receive potential future payments of up to $30.0 million upon the achievement of certain sales-based milestones and are entitled to receive royalties at tiered percentage rates on future MTPC net sales of valbenazine for the longer of 10 years or the life of the related patent rights. MTPC may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us. AbbVie Inc., or AbbVie. In 2010, we out-licensed the global rights to elagolix to AbbVie. AbbVie is responsible for all development and commercialization costs of elagolix. AbbVie launched ORILISSA® (elagolix tablets) in the U.S. for the treatment of moderate to severe pain associated with endometriosis in August 2018 and ORIAHNN® (elagolix, estradiol and norethindrone acetate capsules and elagolix capsules) in the U.S. for the treatment of heavy menstrual bleeding due to uterine fibroids in June 2020. We receive royalties at tiered percentage rates on AbbVie net sales of elagolix and recognized elagolix royalty revenue of $3.0 million and $3.7 million, respectively, for the first quarter of 2024 and 2023. Under the terms of our license agreement with AbbVie, we may be entitled to receive potential future payments of up to $366.0 million upon the achievement of certain event-based milestones and are entitled to receive royalties at tiered percentage rates on future AbbVie net sales of elagolix for the longer of 10 years or the life of the related patent rights. AbbVie may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us.

Other Balance Sheet Details

3 Months Ended

Mar. 31, 2024

Other Balance Sheet Details [Abstract]

Other Balance Sheet Details

Inventory consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Raw materials	$	18.1	$	21.5
Work in process	12.0		9.7
Finished goods	7.5		12.3
	37.6		43.5
Less inventory reserves	(0.4)		(5.2)
Total inventory	$	37.2	$	38.3

Accounts payable and accrued liabilities consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Sales rebates and reserves	$	185.9	$	139.3
Accrued employee related costs	42.6		86.2
Current branded prescription drug fee	35.3		45.7
Accrued development costs	41.3		44.3
Current income taxes payable	24.8		24.4
Accounts payable and other accrued liabilities	87.3		108.9
Total accounts payable and accrued liabilities	$	417.2	$	448.8

Other noncurrent liabilities consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Noncurrent income taxes payable	$	101.1	$	96.0
Noncurrent branded prescription drug fee	19.4		10.3
Total other noncurrent liabilities	$	120.5	$	106.3


(in millions)	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	396.3	$	103.8
Restricted cash included in other noncurrent assets	8.0		7.8
Total cash, cash equivalents and restricted cash	$	404.3	$	111.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 43.4	$ (76.6)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Stock-based compensation expense	44.5	39.9
Charges associated with convertible senior notes	88.7	0.0
Depreciation	5.3	4.1
Accretion of discount on investments, net	(7.1)	(2.1)
Amortization of intangible assets	0.9	0.9
Changes in fair value of equity investments	(1.6)	(2.2)
Deferred income taxes	(15.6)	(31.6)
Other	3.4	(0.1)
Change in operating assets and liabilities:
Accounts receivable	(11.3)	(41.7)
Inventory	1.1	1.8
Accounts payable and accrued liabilities	(18.6)	6.7
Other assets and liabilities, net	(2.8)	(24.3)
Cash flows from operating activities	130.3	(125.2)
Cash flows from investing activities:
Purchases of debt securities available-for-sale	(320.1)	(206.2)
Sales and maturities of debt securities available-for-sale	276.3	203.9
Purchases of equity investments	0.0	(31.3)
Capital expenditures	(11.2)	(8.5)
Cash flows from investing activities	(55.0)	(42.1)
Cash flows from financing activities:
Issuances of common stock under benefit plans	69.9	8.2
Cash flows from financing activities	69.9	8.2
Change in cash, cash equivalents and restricted cash	145.2	(159.1)
Cash, cash equivalents and restricted cash at beginning of period	259.1	270.7
Cash, cash equivalents and restricted cash at end of period	404.3	111.6
Supplemental disclosures:
Non-cash capital expenditures	1.1	0.6
Cash paid for income taxes	$ 0.2	$ 0.2

Collaboration and License Agreements (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) non-clinicalStageCompound undisclosedProgram geneTherapyProgram	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) preclinicalCandidate $ / shares shares	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 6.0	$ 143.9
Unrealized gain on equity security investments	1.6	2.2
Equity security investments	163.5					$ 161.9
Total revenues	515.3	$ 420.4
Collaborative Arrangement \| Common Stock \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Beneficial ownership (as a percent)		19.90%
Nxera \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 2,600.0
Agreement termination, minimal contractual time (in days)	180 days
Agreement termination, contractual time threshold (in days)	90 days
Agreement termination by counterparty, contractual time threshold (in days)	365 days
Agreement termination by counterparty, minimal contractual time (in days)	120 days
Takeda \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 1,900.0
Agreement termination, minimal contractual time (in days)	6 months
Agreement termination, contractual time threshold (in days)	12 months
Number of non-clinical stage compounds \| non-clinicalStageCompound	3
Idorsia \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 1,700.0
Agreement termination, minimal contractual time (in days)	90 days
Agreement termination, due to material breach (in days)	90 days
Xenon \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 1,700.0
Agreement termination, contractual time threshold (in days)	90 days
Number of preclinical candidates \| preclinicalCandidate					3
Share price (in USD per share) \| $ / shares			$ 31.855	$ 19.9755	$ 14.196
Equity securities fair value (Level 3)				$ 4.6	$ 14.1
Equity securities fair value (Level 1)			$ 7.7
Xenon \| Collaborative Arrangement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares			0.3	0.3	1.4
Voyager \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transfer, beneficial ownership, and voting restrictions period		3 years
Unrealized gain on equity security investments	$ 7.5	$ 9.3
Equity security investments	79.8
Voyager \| Collaborative Arrangement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares		4.4			4.2
2019 Voyager Agreement \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 1,300.0
Agreement termination, minimal contractual time (in days)	180 days
Agreement termination, contractual time threshold (in days)	1 year
Share price (in USD per share) \| $ / shares					$ 11.9625
Equity securities fair value (Level 3)					$ 54.7
Number of undisclosed programs \| undisclosedProgram	2
Research and development	$ 5.0
2023 Voyager Agreement \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 6,100.0
Agreement termination, minimal contractual time (in days)	180 days
Agreement termination, contractual time threshold (in days)	1 year
Share price (in USD per share) \| $ / shares		$ 8.88
Equity securities fair value (Level 1)		$ 31.3
Acquired in-process research and development		143.9
Number of gene therapy programs \| geneTherapyProgram	3
Upfront payment		$ 175.0
Board of directors maximum duration term (in years)		10 years
MTPC \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)	180 days
Potential milestone payment receipts	$ 30.0
MTPC \| Collaborative Arrangement \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)	10 years
AbbVie \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)	180 days
Potential milestone payment receipts	$ 366.0
AbbVie \| Collaborative Arrangement \| Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3.0	$ 3.7
AbbVie \| Collaborative Arrangement \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)	10 years

Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	$ 815.7	$ 781.7
Unrealized gain, current	0.1	0.3
Unrealized loss, current	(1.5)	(1.5)
Fair value, current	814.3	780.5
Amortized cost, noncurrent	701.4	684.6
Unrealized gain, noncurrent	0.9	3.4
Unrealized loss, noncurrent	(1.9)	(0.5)
Fair value, noncurrent	700.4	687.5
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	58.0	53.5
Unrealized gain, current	0.0	0.0
Unrealized loss, current	0.0	0.0
Fair value, current	58.0	53.5
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	419.4	382.1
Unrealized gain, current	0.1	0.1
Unrealized loss, current	(0.9)	(1.0)
Fair value, current	418.6	381.2
Amortized cost, noncurrent	530.0	483.5
Unrealized gain, noncurrent	0.9	2.9
Unrealized loss, noncurrent	(1.3)	(0.4)
Fair value, noncurrent	529.6	486.0
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	338.3	346.1
Unrealized gain, current	0.0	0.2
Unrealized loss, current	(0.6)	(0.5)
Fair value, current	337.7	345.8
Amortized cost, noncurrent	171.4	201.1
Unrealized gain, noncurrent	0.0	0.5
Unrealized loss, noncurrent	(0.6)	(0.1)
Fair value, noncurrent	$ 170.8	$ 201.5

Goodwill and Intangible Assets - Intangible Assets Amortized Over Estimated Useful Lives (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Net Carrying Amount	$ 34.3	$ 35.5
Acquired IPR&D
Goodwill [Line Items]
Net Carrying Amount	$ 3.5
Developed product rights
Goodwill [Line Items]
Useful Life	10 years
Gross Carrying Amount	$ 35.8
Accumulated Amortization	5.0
Net Carrying Amount	$ 30.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (9 months remaining)	$ 26.9
2025	34.7
2026	34.0
2027	34.8
2028	35.6
Thereafter	211.4
Total operating lease payments (sublease income)	377.4
Less accreted interest	89.5
Total operating lease liabilities	$ 287.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Less current operating lease liabilities included in other current liabilities	$ 35.0
Noncurrent operating lease liabilities	252.9	$ 258.3
Sublease Income
2024 (9 months remaining)	(1.3)
2025	(1.7)
2026	(1.7)
2027	(1.7)
2028	(1.7)
Thereafter	(4.3)
Total operating lease payments (sublease income)	(12.4)
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2024	15.4
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2025	23.6
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2026	24.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2027	25.1
Non-cancelable future minimum lease payments under operating leases not yet commenced for thereafter	$ 223.5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		96.5
Beginning balance at Dec. 31, 2022	$ 1,707.8	$ 0.1	$ 2,122.4	$ (7.9)	$ (406.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(76.6)				(76.6)
Other comprehensive loss (income), net of tax	5.2			5.2
Stock-based compensation expense	39.9		39.9
Issuances of common stock under stock plans (in shares)		1.0
Issuances of common stock under stock plans	8.2		8.2
Ending balance (in shares) at Mar. 31, 2023		97.5
Ending balance at Mar. 31, 2023	1,684.5	$ 0.1	2,170.5	(2.7)	(483.4)
Beginning balance (in shares) at Dec. 31, 2023		98.7
Beginning balance at Dec. 31, 2023	2,232.0	$ 0.1	2,382.0	7.0	(157.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43.4				43.4
Other comprehensive loss (income), net of tax	(3.7)			(3.7)
Stock-based compensation expense	44.5		44.5
Issuances of common stock under stock plans (in shares)		1.9
Issuances of common stock under stock plans	69.9		69.9
Ending balance (in shares) at Mar. 31, 2024		100.6
Ending balance at Mar. 31, 2024	$ 2,386.1	$ 0.1	$ 2,496.4	$ 3.3	$ (113.7)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Other Balance Sheet Details - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Raw materials	$ 18.1	$ 21.5
Work in process	12.0	9.7
Finished goods	7.5	12.3
Inventory, gross	37.6	43.5
Less inventory reserves	(0.4)	(5.2)
Total inventory	$ 37.2	$ 38.3

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the period from January 1, 2024, to March 31, 2024, our executive officers and directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted below:

Name and Title

Action

Date

Trading Arrangement

Total Shares Authorized
to be Sold

Expiration
Date

Rule 10b5-1*

Non-Rule 10b5-1**

Julie S. Cooke

Adopt

3/17/2024

88,495

6/13/2025

Chief Human Resources Officer

Kyle W. Gano

Adopt

3/15/2024

101,400

5/10/2025

Chief Business Development & Strategy Officer

Matthew C. Abernethy

Adopt

2/13/2024

45,000

2/15/2025

Chief Financial Officer

Gary A. Lyons

Adopt

2/13/2024

25,000

5/27/2025

Director

______________

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Julie S. Cooke [Member]

Trading Arrangements, by Individual

Name

Julie S. Cooke

Title

Chief Human Resources Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

3/17/2024

Arrangement Duration

453 days

Aggregate Available

88,495

Kyle W. Gano [Member]

Trading Arrangements, by Individual

Name

Kyle W. Gano

Title

Chief Business Development & Strategy Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

3/15/2024

Arrangement Duration

421 days

Aggregate Available

101,400

Matthew C. Abernethy [Member]

Trading Arrangements, by Individual

Name

Matthew C. Abernethy

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

2/13/2024

Arrangement Duration

368 days

Aggregate Available

45,000

Gary A. Lyons [Member]

Trading Arrangements, by Individual

Name

Gary A. Lyons

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

2/13/2024

Arrangement Duration

469 days

Aggregate Available

25,000

Convertible Senior Notes - Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Accretion of debt discount	$ 79.1
Change in fair value	9.6
Charges associated with convertible senior notes	$ 88.7	$ 0.0

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value hierarchy consists of the following three levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

The following table presents a summary of financial assets, which were measured at fair value on a recurring basis.


	March 31, 2024						December 31, 2023
	Fair Value		Leveling				Fair Value	Leveling
(in millions)			Level 1		Level 2					Level 1		Level 2
Cash and money market funds	$	396.3	$	396.3	$	—		$	251.1	$	251.1	$	—
Restricted cash	8.0		8.0		—			8.0		8.0		—
Commercial paper	58.0		—		58.0			53.5		—		53.5
Corporate debt securities	948.2		—		948.2			867.2		—		867.2
Securities of government-sponsored entities	508.5		—		508.5			547.3		—		547.3
Equity security investments	163.5		163.5		—			161.9		161.9		—
	$	2,082.5	$	567.8	$	1,514.7		$	1,889.0	$	421.0	$	1,468.0

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Earnings (loss) per share were calculated as follows:


	Three Months Ended March 31,
(in millions, except per share data)		2024		2023
Net income (loss) - basic and diluted		$	43.4	$	(76.6)
Weighted-average common shares outstanding:
Basic		99.8		97.1
Effect of dilutive securities		3.8		—
Diluted		103.6		97.1
Earnings (loss) per share:
Basic		$	0.43	$	(0.79)
Diluted		$	0.42	$	(0.79)

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive		1.7		15.5

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-22705
Entity Registrant Name	NEUROCRINE BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0525145
Entity Address, Address Line One	6027 Edgewood Bend Court
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	(858)
Local Phone Number	617-7600
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	NBIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,637,227
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000914475
Current Fiscal Year End Date	--12-31

Earnings (Loss) per Share - Schedule of Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss) - basic	$ 43.4	$ (76.6)
Net income (loss) - diluted	$ 43.4	$ (76.6)
Weighted-average common shares outstanding:
Basic (in shares)	99.8	97.1
Effect of dilutive securities (in shares)	3.8	0.0
Diluted (in shares)	103.6	97.1
Earnings (loss) per share:
Earnings (loss) per share, basic (in USD per share)	$ 0.43	$ (0.79)
Earnings (loss) per share, diluted (in USD per share)	$ 0.42	$ (0.79)
Shares excluded from diluted per share amounts because their effect would have been anti-dilutive (in shares)	1.7	15.5

Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, at beginning period	$ 5.8
Foreign currency translation adjustments	(0.1)
Goodwill, at ending period	$ 5.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 396.3	$ 251.1
Debt securities available-for-sale	814.3	780.5
Accounts receivable	450.7	439.3
Inventory	37.2	38.3
Other current assets	100.5	97.8
Total current assets	1,799.0	1,607.0
Deferred tax assets	378.2	362.6
Debt securities available-for-sale	700.4	687.5
Right-of-use assets	270.8	276.5
Equity security investments	163.5	161.9
Property and equipment, net	75.3	70.8
Intangible assets, net	34.3	35.5
Other noncurrent assets	50.9	49.6
Total assets	3,472.4	3,251.4
Current liabilities:
Accounts payable and accrued liabilities	417.2	448.8
Convertible senior notes, at carrying value ($170.4 face value as of March 31, 2024 and December 31, 2023)	122.8	170.1
Convertible senior notes embedded derivative liability	136.2	0.0
Other current liabilities	36.7	35.9
Total current liabilities	712.9	654.8
Noncurrent operating lease liabilities	252.9	258.3
Other noncurrent liabilities	120.5	106.3
Total liabilities	1,086.3	1,019.4
Stockholders’ equity:
Preferred stock, $0.001 par value; 5.0 million shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 220.0 shares authorized; 100.6 and 98.7 shares issued and outstanding, respectively	0.1	0.1
Additional paid-in capital	2,496.4	2,382.0
Accumulated other comprehensive income	3.3	7.0
Accumulated deficit	(113.7)	(157.1)
Total stockholders’ equity	2,386.1	2,232.0
Total liabilities and stockholders’ equity	$ 3,472.4	$ 3,251.4