Neurocrine Biosciences vs United Therapeutics
Add, change or remove companies; up to four.
The short version
- United Therapeutics 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 10.6%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 21.6%).
- United Therapeutics turned more of its sales into free cash flow (32.7% FCF margin, against 26.2%).
- Investors pay more for each dollar of United Therapeutics’s earnings: a P/E of 21.0x against 20.9x for Neurocrine Biosciences.
| Latest fiscal year | NBIX · FY25 | UTHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.9B | $26.9B |
| Revenue | $2.9B | $3.2B |
| Free cash flow | $749M | $1.0B |
| Net income | $479M | $1.3B |
| Growth | ||
| Revenue growth | 21.5% | 10.6% |
| 5-year growth | 22.3% | 16.5% |
| Share count change | −1.2% | −1.2% |
| Profitability | ||
| Gross margin | 98.2% | 87.9% |
| Operating margin | 21.6% | 46.9% |
| Net margin | 16.7% | 41.9% |
| FCF margin | 26.2% | 32.7% |
| Return on capital | 25.6% | — |
| Return on equity | 16.4% | 19.7% |
| Balance sheet | ||
| Net debt | −$1.5B | — |
| Net debt / EBITDA | −2.3x | — |
| Dividends and buybacks | $168M | $1.0B |
| Valuation & quality | ||
| P/E | 20.9x | 21.0x |
| Piotroski F-score | 6 | — |
Revenue
FY16
NBIX $15.0M
UTHR $1.6B
FY17
NBIX $162M
UTHR $1.7B
FY18
NBIX $451M
UTHR $1.6B
FY19
NBIX $788M
UTHR $1.4B
FY20
NBIX $1.0B
UTHR $1.5B
FY21
NBIX $1.1B
UTHR $1.7B
FY22
NBIX $1.5B
UTHR $1.9B
FY23
NBIX $1.9B
UTHR $2.3B
FY24
NBIX $2.4B
UTHR $2.9B
FY25
NBIX $2.9B
UTHR $3.2B
NBIX
UTHR
Operating margin
FY16
NBIX −982.5%
UTHR 66.4%
FY17
NBIX −81.3%
UTHR 47.2%
FY18
NBIX 8.2%
UTHR 49.5%
FY19
NBIX 9.2%
UTHR −13.0%
FY20
NBIX 15.6%
UTHR 40.0%
FY21
NBIX 9.0%
UTHR 33.0%
FY22
NBIX 16.7%
UTHR 50.6%
FY23
NBIX 13.3%
UTHR 50.9%
FY24
NBIX 24.2%
UTHR 47.9%
FY25
NBIX 21.6%
UTHR 46.9%
NBIX
UTHR
Free cash flow
FY16
NBIX −$110M
UTHR $606M
FY17
NBIX −$101M
UTHR $388M
FY18
NBIX $76.6M
UTHR $594M
FY19
NBIX $132M
UTHR −$290M
FY20
NBIX $218M
UTHR $696M
FY21
NBIX $233M
UTHR $477M
FY22
NBIX $323M
UTHR $664M
FY23
NBIX $362M
UTHR $748M
FY24
NBIX $557M
UTHR $1.1B
FY25
NBIX $749M
UTHR $1.0B
NBIX
UTHR
Return on capital
FY16
NBIX —
UTHR —
FY17
NBIX −45.4%
UTHR —
FY18
NBIX 16.0%
UTHR —
FY19
NBIX 19.4%
UTHR —
FY20
NBIX 32.0%
UTHR —
FY21
NBIX 11.0%
UTHR —
FY22
NBIX 19.1%
UTHR —
FY23
NBIX 16.7%
UTHR —
FY24
NBIX 27.8%
UTHR —
FY25
NBIX 25.6%
UTHR —
NBIX
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.