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We are cultivating a differentiated neuroscience company, rooted in innovation and driven by a commitment to addressing the unmet needs of patients living with neurological diseases. To date, we have focused on rare neurological diseases with a growing portfolio now spanning sleep/wake, rare epilepsy, and neurobehavioral and we are harnessing scientific insights and pioneering approaches to adv…
Margins and capital returns are both well above average: 24.00% operating margin, ROIC at 16.18%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 21.5%, still solid. Margins contracted 2.7pp, which offsets some of the top-line progress.
ROIC dropped from 19.22% to 16.18%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$899M
▲ +21.5% YoY
Net Income (TTM)
$146M
▲ +9.1% YoY
Op. Margin
21.08%
▼ -2.7pp YoY
ROIC
13.53%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$342M
▲ +59.1% YoY
Op. Cash Flow (TTM)
$342M
▲ +58.4% YoY
Net Debt
-$476M
Net Cash Position
Cash & Equiv.
$641M
5Y CAGR: +40.3%
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