Neurocrine Biosciences vs United Therapeutics
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KIRA’s take AI analyst
I put Neurocrine Biosciences and United Therapeutics side by side, using each one’s latest annual report. Here is what stands out:
- 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 Neurocrine Biosciences’s earnings: a P/E of 21.4x against 21.2x for United Therapeutics.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Neurocrine Biosciences
NBIX
3/8
Revenue growth5-year growthGross margin
United Therapeutics
UTHR
5/8
Operating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | NBIX FY25 | UTHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.2B | $27.2B |
| 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 | 21.4x | 21.2x |
| Piotroski F-score | 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.