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

Exelixis brought in $2.3B of revenue in fiscal 2025, Moderna $1.9B in fiscal 2025. Revenue changed by +7.0% at Exelixis and -39.9% at Moderna on the year before, so Exelixis grew faster. Exelixis kept 33.7% of its revenue as net profit, Moderna -145.2%. Free cash flow was $875.8M at Exelixis and -$2.1B at Moderna.

Side by side, latest fiscal year

EXELMRNA
Fiscal year endedFY2025 (January 2, 2026)FY2025 (December 31, 2025)
Revenue$2.3B$1.9B
Revenue growth+7.0%-39.9%
Net income$782.6M-$2.8B
Net margin33.7%-145.2%
Free cash flow$875.8M-$2.1B
Free cash flow margin37.7%-106.2%
Earnings per share (diluted)$2.78-$7.26
Cash$482.5M$2.6B
Debtn/a$590M
Price to earnings20.9n/a
Market value$14.4B$79.4B
Dividend yieldn/an/a
Rank by revenue in sector#100 of 523 · Health care#111 of 523 · Health care

Over the years

Revenue
EXEL FY2018: $853.8MEXEL FY2019: $967.8MEXEL FY2020: $987.5MEXEL FY2021: $1.4BEXEL FY2022: $1.6BEXEL FY2023: $1.8BEXEL FY2024: $2.2BEXEL FY2025: $2.3BMRNA FY2018: $135.1MMRNA FY2019: $60.2MMRNA FY2020: $803MMRNA FY2021: $18.5BMRNA FY2022: $19.3BMRNA FY2023: $6.8BMRNA FY2024: $3.2BMRNA FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $2.3BMRNA $1.9B
Net income
EXEL FY2018: $690.1MEXEL FY2019: $321MEXEL FY2020: $111.8MEXEL FY2021: $231.1MEXEL FY2022: $182.3MEXEL FY2023: $207.8MEXEL FY2024: $521.3MEXEL FY2025: $782.6MMRNA FY2018: -$384.7MMRNA FY2019: -$514MMRNA FY2020: -$747MMRNA FY2021: $12.2BMRNA FY2022: $8.4BMRNA FY2023: -$4.7BMRNA FY2024: -$3.6BMRNA FY2025: -$2.8BFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $782.6MMRNA -$2.8B
Net margin
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%MRNA FY2018: -284.8%MRNA FY2019: -853.7%MRNA FY2020: -93.0%MRNA FY2021: 66.1%MRNA FY2022: 43.4%MRNA FY2023: -68.8%MRNA FY2024: -110.0%MRNA FY2025: -145.2%FY18FY19FY20FY21FY22FY23FY24FY25
EXEL 33.7%MRNA -145.2%
Revenue growth
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%MRNA FY2019: -55.4%MRNA FY2020: +1,233.7%MRNA FY2021: +2,200.2%MRNA FY2022: +4.3%MRNA FY2023: -64.4%MRNA FY2024: -52.7%MRNA FY2025: -39.9%FY19FY20FY21FY22FY23FY24FY25
EXEL +7.0%MRNA -39.9%
Free cash flow
EXEL FY2018: $382.4MEXEL FY2019: $514.1MEXEL FY2020: $178.6MEXEL FY2021: $346.6MEXEL FY2022: $334.9MEXEL FY2023: $292.9MEXEL FY2024: $671.5MEXEL FY2025: $875.8MMRNA FY2018: -$436.6MMRNA FY2019: -$491MMRNA FY2020: $2BMRNA FY2021: $13.3BMRNA FY2022: $4.6BMRNA FY2023: -$3.8BMRNA FY2024: -$4.1BMRNA FY2025: -$2.1BFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $875.8MMRNA -$2.1B

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

Questions about Exelixis and Moderna

Which is bigger by revenue, Exelixis or Moderna?

Exelixis is bigger by revenue: $2.3B in fiscal 2025, against $1.9B for Moderna in fiscal 2025.

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

Exelixis had a net margin of 33.7% in fiscal 2025; Moderna had -145.2% in fiscal 2025.

Which grew revenue faster, Exelixis or Moderna?

In their latest fiscal years revenue changed by +7.0% at Exelixis and -39.9% at Moderna.

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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