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

Exelixis brought in $2.3B of revenue in fiscal 2025, Neurocrine Biosciences $2.9B in fiscal 2025. Revenue changed by +7.0% at Exelixis and +21.4% at Neurocrine Biosciences on the year before, so Neurocrine Biosciences grew faster. Exelixis kept 33.7% of its revenue as net profit, Neurocrine Biosciences 16.7%. Free cash flow was $875.8M at Exelixis and $748.7M at Neurocrine Biosciences.

Side by side, latest fiscal year

EXELNBIX
Fiscal year endedFY2025 (January 2, 2026)FY2025 (December 31, 2025)
Revenue$2.3B$2.9B
Revenue growth+7.0%+21.4%
Net income$782.6M$478.6M
Net margin33.7%16.7%
Free cash flow$875.8M$748.7M
Free cash flow margin37.7%26.2%
Earnings per share (diluted)$2.78$4.67
Cash$482.5M$713M
Debtn/an/a
Price to earnings20.929.6
Market value$14.4B$14.1B
Dividend yieldn/an/a
Rank by revenue in sector#100 of 523 · Health care#88 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: $2.3BNBIX FY2018: $451.2MNBIX FY2019: $788.1MNBIX FY2020: $1BNBIX FY2021: $1.1BNBIX FY2022: $1.5BNBIX FY2023: $1.9BNBIX FY2024: $2.4BNBIX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $2.3BNBIX $2.9B
Net income
EXEL FY2018: $690.1MEXEL FY2019: $321MEXEL FY2020: $111.8MEXEL FY2021: $231.1MEXEL FY2022: $182.3MEXEL FY2023: $207.8MEXEL FY2024: $521.3MEXEL FY2025: $782.6MNBIX FY2018: $21.1MNBIX FY2019: $37MNBIX FY2020: $407.3MNBIX FY2021: $89.6MNBIX FY2022: $154.5MNBIX FY2023: $249.7MNBIX FY2024: $341.3MNBIX FY2025: $478.6MFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $782.6MNBIX $478.6M
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%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
EXEL 33.7%NBIX 16.7%
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%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
EXEL +7.0%NBIX +21.4%
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: $875.8MNBIX FY2018: $76.6MNBIX FY2019: $132.3MNBIX FY2020: $217.6MNBIX FY2021: $233.1MNBIX FY2022: $322.9MNBIX FY2023: $361.6MNBIX FY2024: $557.2MNBIX FY2025: $748.7MFY18FY19FY20FY21FY22FY23FY24FY25
EXEL $875.8MNBIX $748.7M

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

Questions about Exelixis and Neurocrine Biosciences

Which is bigger by revenue, Exelixis or Neurocrine Biosciences?

Neurocrine Biosciences is bigger by revenue: $2.9B in fiscal 2025, against $2.3B for Exelixis in fiscal 2025.

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

Exelixis had a net margin of 33.7% in fiscal 2025; Neurocrine Biosciences had 16.7% in fiscal 2025.

Which grew revenue faster, Exelixis or Neurocrine Biosciences?

In their latest fiscal years revenue changed by +7.0% at Exelixis 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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