Incyte vs Neurocrine Biosciences
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The short version
- 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 20.9x against 16.3x for Incyte.
| Latest fiscal year | INCY · FY25 | NBIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.9B | $14.9B |
| 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 | 16.3x | 20.9x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
INCY $1.1B
NBIX $15.0M
FY17
INCY $1.5B
NBIX $162M
FY18
INCY $1.9B
NBIX $451M
FY19
INCY $2.2B
NBIX $788M
FY20
INCY $2.7B
NBIX $1.0B
FY21
INCY $3.0B
NBIX $1.1B
FY22
INCY $3.4B
NBIX $1.5B
FY23
INCY $3.7B
NBIX $1.9B
FY24
INCY $4.2B
NBIX $2.4B
FY25
INCY $5.1B
NBIX $2.9B
INCY
NBIX
Operating margin
FY16
INCY 13.1%
NBIX −982.5%
FY17
INCY −15.8%
NBIX −81.3%
FY18
INCY 6.9%
NBIX 8.2%
FY19
INCY 18.6%
NBIX 9.2%
FY20
INCY −9.9%
NBIX 15.6%
FY21
INCY 19.6%
NBIX 9.0%
FY22
INCY 17.1%
NBIX 16.7%
FY23
INCY 16.8%
NBIX 13.3%
FY24
INCY 1.5%
NBIX 24.2%
FY25
INCY 29.5%
NBIX 21.6%
INCY
NBIX
Free cash flow
FY16
INCY $184M
NBIX −$110M
FY17
INCY −$204M
NBIX −$101M
FY18
INCY $263M
NBIX $76.6M
FY19
INCY $633M
NBIX $132M
FY20
INCY −$312M
NBIX $218M
FY21
INCY $568M
NBIX $233M
FY22
INCY $892M
NBIX $323M
FY23
INCY $464M
NBIX $362M
FY24
INCY $249M
NBIX $557M
FY25
INCY $1.4B
NBIX $749M
INCY
NBIX
Return on capital
FY16
INCY 59.2%
NBIX —
FY17
INCY −51.5%
NBIX −45.4%
FY18
INCY 24.8%
NBIX 16.0%
FY19
INCY 71.2%
NBIX 19.4%
FY20
INCY −30.3%
NBIX 32.0%
FY21
INCY 50.9%
NBIX 11.0%
FY22
INCY 28.5%
NBIX 19.1%
FY23
INCY 32.6%
NBIX 16.7%
FY24
INCY 2.1%
NBIX 27.8%
FY25
INCY 79.4%
NBIX 25.6%
INCY
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.