Exelixis vs United Therapeutics
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The short version
- United Therapeutics is the larger business, with $3.2B of revenue in fiscal 2025 against $2.3B for Exelixis.
- United Therapeutics grew revenue faster (10.6%, against 7.0%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 37.6%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against 32.7%).
- Investors pay more for each dollar of United Therapeutics’s earnings: a P/E of 21.0x against 20.3x for Exelixis.
| Latest fiscal year | EXEL · FY25 | UTHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.8B | $26.9B |
| Revenue | $2.3B | $3.2B |
| Free cash flow | $876M | $1.0B |
| Net income | $783M | $1.3B |
| Growth | ||
| Revenue growth | 7.0% | 10.6% |
| 5-year growth | 18.6% | 16.5% |
| Share count change | −4.8% | −1.2% |
| Profitability | ||
| Gross margin | 96.4% | 87.9% |
| Operating margin | 37.6% | 46.9% |
| Net margin | 33.7% | 41.9% |
| FCF margin | 37.8% | 32.7% |
| Return on capital | 64.9% | — |
| Return on equity | 35.5% | 19.7% |
| Balance sheet | ||
| Net debt | −$1.1B | — |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $948M | $1.0B |
| Valuation & quality | ||
| P/E | 20.3x | 21.0x |
| Piotroski F-score | 6 | — |
Revenue
FY16
EXEL $192M
UTHR $1.6B
FY17
EXEL $453M
UTHR $1.7B
FY18
EXEL $854M
UTHR $1.6B
FY19
EXEL $968M
UTHR $1.4B
FY20
EXEL $988M
UTHR $1.5B
FY21
EXEL $1.4B
UTHR $1.7B
FY22
EXEL $1.6B
UTHR $1.9B
FY23
EXEL $1.8B
UTHR $2.3B
FY24
EXEL $2.2B
UTHR $2.9B
FY25
EXEL $2.3B
UTHR $3.2B
EXEL
UTHR
Operating margin
FY16
EXEL −14.7%
UTHR 66.4%
FY17
EXEL 36.7%
UTHR 47.2%
FY18
EXEL 51.4%
UTHR 49.5%
FY19
EXEL 38.2%
UTHR −13.0%
FY20
EXEL 11.1%
UTHR 40.0%
FY21
EXEL 20.0%
UTHR 33.0%
FY22
EXEL 12.5%
UTHR 50.6%
FY23
EXEL 9.3%
UTHR 50.9%
FY24
EXEL 27.9%
UTHR 47.9%
FY25
EXEL 37.6%
UTHR 46.9%
EXEL
UTHR
Free cash flow
FY16
EXEL $205M
UTHR $606M
FY17
EXEL $144M
UTHR $388M
FY18
EXEL $382M
UTHR $594M
FY19
EXEL $514M
UTHR −$290M
FY20
EXEL $179M
UTHR $696M
FY21
EXEL $347M
UTHR $477M
FY22
EXEL $335M
UTHR $664M
FY23
EXEL $293M
UTHR $748M
FY24
EXEL $672M
UTHR $1.1B
FY25
EXEL $876M
UTHR $1.0B
EXEL
UTHR
Return on capital
FY16
EXEL —
UTHR —
FY17
EXEL —
UTHR —
FY18
EXEL 178.6%
UTHR —
FY19
EXEL 41.7%
UTHR —
FY20
EXEL 12.5%
UTHR —
FY21
EXEL 31.8%
UTHR —
FY22
EXEL 16.3%
UTHR —
FY23
EXEL 11.3%
UTHR —
FY24
EXEL 38.5%
UTHR —
FY25
EXEL 64.9%
UTHR —
EXEL
UTHR
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.