Exelixis vs Neurocrine Biosciences
Neurocrine Biosciences reported revenue of $2.9 billion in fiscal 2025, 1.2 times Exelixis' $2.3 billion in fiscal 2025. Exelixis' revenue grew 7.0% in its latest year, and Neurocrine Biosciences' grew 21.4%. Exelixis had an operating margin of 37.6%, against 21.6% at Neurocrine Biosciences. Free cash flow was $876 million at Exelixis and $749 million at Neurocrine Biosciences. Their fiscal years end in different months (January 2 and December 31), so the periods don't line up exactly.
Side by side
| Exelixis | Neurocrine Biosciences | |
|---|---|---|
| Latest fiscal year | FY2025, Jan 2, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $2.3B | $2.9B |
| Revenue growth | 7.0% | 21.4% |
| Revenue growth a year, last 5 years | 18.6% | 22.3% |
| Gross margin | 96.4% | 98.2% |
| Operating margin | 37.6% | 21.6% |
| Net margin | 33.7% | 16.7% |
| Free cash flow | $876M | $749M |
| Free cash flow margin | 37.8% | 26.2% |
| Return on capital | 64.9% | 25.6% |
| Net debt to EBITDA | −1.2x | −2.3x |
| Dividends and buybacks | $948M | $168M |
| Change in diluted share count | −4.8% | −1.2% |
| Last close | $65.11 | $145.87 |
| P/E at the last close | 20.5× | 21.4× |
| Insider trades, last 12 months | bought $1.2 million, sold $42.2 million | sold $77.9 million |
| Piotroski F-score | 6 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
ExelixisNeurocrine Biosciences
Operating margin
Percent of revenue
ExelixisNeurocrine Biosciences
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ExelixisNeurocrine Biosciences
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Exelixis and Neurocrine Biosciences pages.