Incyte vs Neurocrine Biosciences
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KIRA’s take AI analyst
I put Incyte and Neurocrine Biosciences side by side, using each one’s latest annual report. Here is what stands out:
- Incyte is the larger business, with $5.1B of revenue in fiscal 2025 against $2.9B for Neurocrine Biosciences, about 1.8 times as much.
- Incyte kept more of each dollar of sales as operating profit (29.5% operating margin, against 21.6%).
- Incyte earned a higher return on the capital invested in it (79.4%, against 25.6%).
- Investors pay more for each dollar of Neurocrine Biosciences’s earnings: a P/E of 21.4x against 16.0x for Incyte.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Incyte
INCY
7/11
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Neurocrine Biosciences
NBIX
4/11
Revenue growth5-year growthGross marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | INCY FY25 | NBIX FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.4B | $15.2B |
| Revenue | $5.1B | $2.9B |
| Free cash flow | $1.4B | $749M |
| Net income | $1.3B | $479M |
| Growth | ||
| Revenue growth | 21.2% | 21.5% |
| 5-year growth | 14.0% | 22.3% |
| Share count change | −4.7% | −1.2% |
| Profitability | ||
| Gross margin | 92.8% | 98.2% |
| Operating margin | 29.5% | 21.6% |
| Net margin | 25.0% | 16.7% |
| FCF margin | 26.4% | 26.2% |
| Return on capital | 79.4% | 25.6% |
| Return on equity | 29.9% | 16.4% |
| Balance sheet | ||
| Net debt | −$3.5B | −$1.5B |
| Net debt / EBITDA | −2.2x | −2.3x |
| Dividends and buybacks | $0.0M | $168M |
| Valuation & quality | ||
| P/E | 16.0x | 21.4x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.