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Biogen vs Exelixis: revenue, profit, margins and growth compared

Biogen brought in $9.9B of revenue in fiscal 2025, Exelixis $2.3B in fiscal 2025. Revenue changed by +2.2% at Biogen and +7.0% at Exelixis on the year before, so Exelixis grew faster. Biogen kept 13.1% of its revenue as net profit, Exelixis 33.7%. Free cash flow was $2.1B at Biogen and $875.8M at Exelixis.

Side by side, latest fiscal year

BIIBEXEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (January 2, 2026)
Revenue$9.9B$2.3B
Revenue growth+2.2%+7.0%
Net income$1.3B$782.6M
Net margin13.1%33.7%
Free cash flow$2.1B$875.8M
Free cash flow margin20.7%37.7%
Earnings per share (diluted)$8.79$2.78
Cash$3B$482.5M
Debt$6.3Bn/a
Price to earnings25.920.9
Market value$33.6B$14.4B
Dividend yieldn/an/a
Rank by revenue in sector#47 of 523 · Health care#100 of 523 · Health care

Over the years

Revenue
BIIB FY2018: $13.5BBIIB FY2019: $14.4BBIIB FY2020: $13.4BBIIB FY2021: $11BBIIB FY2022: $10.2BBIIB FY2023: $9.8BBIIB FY2024: $9.7BBIIB FY2025: $9.9BEXEL FY2018: $853.8MEXEL FY2019: $967.8MEXEL FY2020: $987.5MEXEL FY2021: $1.4BEXEL FY2022: $1.6BEXEL FY2023: $1.8BEXEL FY2024: $2.2BEXEL FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $9.9BEXEL $2.3B
Net income
BIIB FY2018: $4.4BBIIB FY2019: $5.9BBIIB FY2020: $4BBIIB FY2021: $1.6BBIIB FY2022: $3BBIIB FY2023: $1.2BBIIB FY2024: $1.6BBIIB FY2025: $1.3BEXEL FY2018: $690.1MEXEL FY2019: $321MEXEL FY2020: $111.8MEXEL FY2021: $231.1MEXEL FY2022: $182.3MEXEL FY2023: $207.8MEXEL FY2024: $521.3MEXEL FY2025: $782.6MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $1.3BEXEL $782.6M
Net margin
BIIB FY2018: 32.9%BIIB FY2019: 41.0%BIIB FY2020: 29.8%BIIB FY2021: 14.2%BIIB FY2022: 29.9%BIIB FY2023: 11.8%BIIB FY2024: 16.9%BIIB FY2025: 13.1%EXEL FY2018: 80.8%EXEL FY2019: 33.2%EXEL FY2020: 11.3%EXEL FY2021: 16.1%EXEL FY2022: 11.3%EXEL FY2023: 11.4%EXEL FY2024: 24.0%EXEL FY2025: 33.7%FY18FY19FY20FY21FY22FY23FY24FY25
BIIB 13.1%EXEL 33.7%
Revenue growth
BIIB FY2019: +6.9%BIIB FY2020: -6.5%BIIB FY2021: -18.3%BIIB FY2022: -7.4%BIIB FY2023: -3.3%BIIB FY2024: -1.6%BIIB FY2025: +2.2%EXEL FY2019: +13.3%EXEL FY2020: +2.0%EXEL FY2021: +45.3%EXEL FY2022: +12.3%EXEL FY2023: +13.6%EXEL FY2024: +18.5%EXEL FY2025: +7.0%FY19FY20FY21FY22FY23FY24FY25
BIIB +2.2%EXEL +7.0%
Free cash flow
BIIB FY2018: $5.4BBIIB FY2019: $6.6BBIIB FY2020: $3.8BBIIB FY2021: $3.4BBIIB FY2022: $1.1BBIIB FY2023: $1.3BBIIB FY2024: $2.7BBIIB FY2025: $2.1BEXEL FY2018: $382.4MEXEL FY2019: $514.1MEXEL FY2020: $178.6MEXEL FY2021: $346.6MEXEL FY2022: $334.9MEXEL FY2023: $292.9MEXEL FY2024: $671.5MEXEL FY2025: $875.8MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $2.1BEXEL $875.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Biogen and Exelixis

Which is bigger by revenue, Biogen or Exelixis?

Biogen is bigger by revenue: $9.9B in fiscal 2025, against $2.3B for Exelixis in fiscal 2025.

Which keeps more of its revenue as profit, Biogen or Exelixis?

Biogen had a net margin of 13.1% in fiscal 2025; Exelixis had 33.7% in fiscal 2025.

Which grew revenue faster, Biogen or Exelixis?

In their latest fiscal years revenue changed by +2.2% at Biogen and +7.0% at Exelixis.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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