Exelixis vs Neurocrine Biosciences
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The short version
- Neurocrine Biosciences is the larger business, with $2.9B of revenue in fiscal 2025 against $2.3B for Exelixis.
- Neurocrine Biosciences grew revenue faster (21.5%, against 7.0%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against 21.6%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against 26.2%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against 25.6%).
- Investors pay more for each dollar of Neurocrine Biosciences’s earnings: a P/E of 20.9x against 20.3x for Exelixis.
| Latest fiscal year | EXEL · FY25 | NBIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.8B | $14.9B |
| Revenue | $2.3B | $2.9B |
| Free cash flow | $876M | $749M |
| Net income | $783M | $479M |
| Growth | ||
| Revenue growth | 7.0% | 21.5% |
| 5-year growth | 18.6% | 22.3% |
| Share count change | −4.8% | −1.2% |
| Profitability | ||
| Gross margin | 96.4% | 98.2% |
| Operating margin | 37.6% | 21.6% |
| Net margin | 33.7% | 16.7% |
| FCF margin | 37.8% | 26.2% |
| Return on capital | 64.9% | 25.6% |
| Return on equity | 35.5% | 16.4% |
| Balance sheet | ||
| Net debt | −$1.1B | −$1.5B |
| Net debt / EBITDA | −1.2x | −2.3x |
| Dividends and buybacks | $948M | $168M |
| Valuation & quality | ||
| P/E | 20.3x | 20.9x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
EXEL $192M
NBIX $15.0M
FY17
EXEL $453M
NBIX $162M
FY18
EXEL $854M
NBIX $451M
FY19
EXEL $968M
NBIX $788M
FY20
EXEL $988M
NBIX $1.0B
FY21
EXEL $1.4B
NBIX $1.1B
FY22
EXEL $1.6B
NBIX $1.5B
FY23
EXEL $1.8B
NBIX $1.9B
FY24
EXEL $2.2B
NBIX $2.4B
FY25
EXEL $2.3B
NBIX $2.9B
EXEL
NBIX
Operating margin
FY16
EXEL −14.7%
NBIX −982.5%
FY17
EXEL 36.7%
NBIX −81.3%
FY18
EXEL 51.4%
NBIX 8.2%
FY19
EXEL 38.2%
NBIX 9.2%
FY20
EXEL 11.1%
NBIX 15.6%
FY21
EXEL 20.0%
NBIX 9.0%
FY22
EXEL 12.5%
NBIX 16.7%
FY23
EXEL 9.3%
NBIX 13.3%
FY24
EXEL 27.9%
NBIX 24.2%
FY25
EXEL 37.6%
NBIX 21.6%
EXEL
NBIX
Free cash flow
FY16
EXEL $205M
NBIX −$110M
FY17
EXEL $144M
NBIX −$101M
FY18
EXEL $382M
NBIX $76.6M
FY19
EXEL $514M
NBIX $132M
FY20
EXEL $179M
NBIX $218M
FY21
EXEL $347M
NBIX $233M
FY22
EXEL $335M
NBIX $323M
FY23
EXEL $293M
NBIX $362M
FY24
EXEL $672M
NBIX $557M
FY25
EXEL $876M
NBIX $749M
EXEL
NBIX
Return on capital
FY16
EXEL —
NBIX —
FY17
EXEL —
NBIX −45.4%
FY18
EXEL 178.6%
NBIX 16.0%
FY19
EXEL 41.7%
NBIX 19.4%
FY20
EXEL 12.5%
NBIX 32.0%
FY21
EXEL 31.8%
NBIX 11.0%
FY22
EXEL 16.3%
NBIX 19.1%
FY23
EXEL 11.3%
NBIX 16.7%
FY24
EXEL 38.5%
NBIX 27.8%
FY25
EXEL 64.9%
NBIX 25.6%
EXEL
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.