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Biogen vs Neurocrine Biosciences: revenue, profit, margins and growth compared

Biogen brought in $9.9B of revenue in fiscal 2025, Neurocrine Biosciences $2.9B in fiscal 2025. Revenue changed by +2.2% at Biogen and +21.4% at Neurocrine Biosciences on the year before, so Neurocrine Biosciences grew faster. Biogen kept 13.1% of its revenue as net profit, Neurocrine Biosciences 16.7%. Free cash flow was $2.1B at Biogen and $748.7M at Neurocrine Biosciences.

Side by side, latest fiscal year

BIIBNBIX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.9B$2.9B
Revenue growth+2.2%+21.4%
Net income$1.3B$478.6M
Net margin13.1%16.7%
Free cash flow$2.1B$748.7M
Free cash flow margin20.7%26.2%
Earnings per share (diluted)$8.79$4.67
Cash$3B$713M
Debt$6.3Bn/a
Price to earnings25.929.6
Market value$33.6B$14.1B
Dividend yieldn/an/a
Rank by revenue in sector#47 of 523 · Health care#88 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: $9.9BNBIX FY2018: $451.2MNBIX FY2019: $788.1MNBIX FY2020: $1BNBIX FY2021: $1.1BNBIX FY2022: $1.5BNBIX FY2023: $1.9BNBIX FY2024: $2.4BNBIX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $9.9BNBIX $2.9B
Net income
BIIB FY2018: $4.4BBIIB FY2019: $5.9BBIIB FY2020: $4BBIIB FY2021: $1.6BBIIB FY2022: $3BBIIB FY2023: $1.2BBIIB FY2024: $1.6BBIIB FY2025: $1.3BNBIX FY2018: $21.1MNBIX FY2019: $37MNBIX FY2020: $407.3MNBIX FY2021: $89.6MNBIX FY2022: $154.5MNBIX FY2023: $249.7MNBIX FY2024: $341.3MNBIX FY2025: $478.6MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $1.3BNBIX $478.6M
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%NBIX FY2018: 4.7%NBIX FY2019: 4.7%NBIX FY2020: 38.9%NBIX FY2021: 7.9%NBIX FY2022: 10.4%NBIX FY2023: 13.2%NBIX FY2024: 14.5%NBIX FY2025: 16.7%FY18FY19FY20FY21FY22FY23FY24FY25
BIIB 13.1%NBIX 16.7%
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%NBIX FY2019: +74.7%NBIX FY2020: +32.7%NBIX FY2021: +8.4%NBIX FY2022: +31.3%NBIX FY2023: +26.8%NBIX FY2024: +24.8%NBIX FY2025: +21.4%FY19FY20FY21FY22FY23FY24FY25
BIIB +2.2%NBIX +21.4%
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: $2.1BNBIX FY2018: $76.6MNBIX FY2019: $132.3MNBIX FY2020: $217.6MNBIX FY2021: $233.1MNBIX FY2022: $322.9MNBIX FY2023: $361.6MNBIX FY2024: $557.2MNBIX FY2025: $748.7MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $2.1BNBIX $748.7M

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

Questions about Biogen and Neurocrine Biosciences

Which is bigger by revenue, Biogen or Neurocrine Biosciences?

Biogen is bigger by revenue: $9.9B in fiscal 2025, against $2.9B for Neurocrine Biosciences in fiscal 2025.

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

Biogen had a net margin of 13.1% in fiscal 2025; Neurocrine Biosciences had 16.7% in fiscal 2025.

Which grew revenue faster, Biogen or Neurocrine Biosciences?

In their latest fiscal years revenue changed by +2.2% at Biogen and +21.4% at Neurocrine Biosciences.

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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