BioMarin Pharmaceutical vs Neurocrine Biosciences
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The short version
- BioMarin Pharmaceutical is the larger business, with $3.2B of revenue in fiscal 2025 against $2.9B for Neurocrine Biosciences.
- Neurocrine Biosciences grew revenue faster (21.5%, against 12.9%).
- Neurocrine Biosciences kept more of each dollar of sales as operating profit (21.6% operating margin, against 12.7%).
- Neurocrine Biosciences turned more of its sales into free cash flow (26.2% FCF margin, against 22.5%).
- Neurocrine Biosciences earned a higher return on the capital invested in it (25.6%, against 5.8%).
- Investors pay more for each dollar of BioMarin Pharmaceutical’s earnings: a P/E of 151.2x against 20.9x for Neurocrine Biosciences.
| Latest fiscal year | BMRN · FY25 | NBIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.9B | $14.9B |
| Revenue | $3.2B | $2.9B |
| Free cash flow | $725M | $749M |
| Net income | $349M | $479M |
| Growth | ||
| Revenue growth | 12.9% | 21.5% |
| 5-year growth | 11.6% | 22.3% |
| Share count change | 0.4% | −1.2% |
| Profitability | ||
| Gross margin | 77.7% | 98.2% |
| Operating margin | 12.7% | 21.6% |
| Net margin | 10.8% | 16.7% |
| FCF margin | 22.5% | 26.2% |
| Return on capital | 5.8% | 25.6% |
| Return on equity | 5.9% | 16.4% |
| Balance sheet | ||
| Net debt | −$963M | −$1.5B |
| Net debt / EBITDA | −2.0x | −2.3x |
| Dividends and buybacks | $0.0M | $168M |
| Valuation & quality | ||
| P/E | 151.2x | 20.9x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
BMRN $1.1B
NBIX $15.0M
FY17
BMRN $1.3B
NBIX $162M
FY18
BMRN $1.5B
NBIX $451M
FY19
BMRN $1.7B
NBIX $788M
FY20
BMRN $1.9B
NBIX $1.0B
FY21
BMRN $1.8B
NBIX $1.1B
FY22
BMRN $2.1B
NBIX $1.5B
FY23
BMRN $2.4B
NBIX $1.9B
FY24
BMRN $2.9B
NBIX $2.4B
FY25
BMRN $3.2B
NBIX $2.9B
BMRN
NBIX
Operating margin
FY16
BMRN −71.9%
NBIX −982.5%
FY17
BMRN −1.1%
NBIX −81.3%
FY18
BMRN −8.3%
NBIX 8.2%
FY19
BMRN −5.9%
NBIX 9.2%
FY20
BMRN −2.3%
NBIX 15.6%
FY21
BMRN −4.5%
NBIX 9.0%
FY22
BMRN 7.7%
NBIX 16.7%
FY23
BMRN 7.7%
NBIX 13.3%
FY24
BMRN 17.0%
NBIX 24.2%
FY25
BMRN 12.7%
NBIX 21.6%
BMRN
NBIX
Free cash flow
FY16
BMRN −$376M
NBIX −$110M
FY17
BMRN −$208M
NBIX −$101M
FY18
BMRN −$124M
NBIX $76.6M
FY19
BMRN −$96.8M
NBIX $132M
FY20
BMRN −$29.0M
NBIX $218M
FY21
BMRN $209M
NBIX $233M
FY22
BMRN $54.9M
NBIX $323M
FY23
BMRN $62.6M
NBIX $362M
FY24
BMRN $487M
NBIX $557M
FY25
BMRN $725M
NBIX $749M
BMRN
NBIX
Return on capital
FY16
BMRN −24.7%
NBIX —
FY17
BMRN −0.4%
NBIX −45.4%
FY18
BMRN −3.7%
NBIX 16.0%
FY19
BMRN −2.7%
NBIX 19.4%
FY20
BMRN −0.9%
NBIX 32.0%
FY21
BMRN −1.5%
NBIX 11.0%
FY22
BMRN 3.5%
NBIX 19.1%
FY23
BMRN 3.5%
NBIX 16.7%
FY24
BMRN 7.6%
NBIX 27.8%
FY25
BMRN 5.8%
NBIX 25.6%
BMRN
NBIX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.