Neurocrine Biosciences Inc (NBIX) is undervalued and Teva- Pharmaceutical Industries Ltd (TEVA) is overvalued.
Against our estimates of intrinsic value, NBIX trades at the wider discount: a margin of safety of +29%, against -92% for TEVA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $201.20; the price of $142.25 is 29% below that value, and 81% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $20.57; the price of $39.52 is 92% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | NBIX | TEVA |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $142.25 | $39.52 |
| Intrinsic value | $201.20 | $20.57 |
| Margin of safety | +29% | -92% |
| Leak Score | 100/100 (3/12) | 0/100 (3/12) |
| Market cap | $14.5B | $46.1B |
| Revenue growth, 5 years | 22.3% | 0.8% |
| Operating margin | 23.9% | 18.8% |
| Net margin | 20.9% | 4.1% |
| Return on equity | 22.1% | 9.7% |
| Debt to equity | 0.11 | 2.18 |
| P/E | 20.8x | 65.9x |
| Forward P/E | 14.6x | 12.9x |
| P/B | 3.9x | 5.9x |