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

Moderna brought in $1.9B of revenue in fiscal 2025, Neurocrine Biosciences $2.9B in fiscal 2025. Revenue changed by -39.9% at Moderna and +21.4% at Neurocrine Biosciences on the year before, so Neurocrine Biosciences grew faster. Moderna kept -145.2% of its revenue as net profit, Neurocrine Biosciences 16.7%. Free cash flow was -$2.1B at Moderna and $748.7M at Neurocrine Biosciences.

Side by side, latest fiscal year

MRNANBIX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.9B$2.9B
Revenue growth-39.9%+21.4%
Net income-$2.8B$478.6M
Net margin-145.2%16.7%
Free cash flow-$2.1B$748.7M
Free cash flow margin-106.2%26.2%
Earnings per share (diluted)-$7.26$4.67
Cash$2.6B$713M
Debt$590Mn/a
Price to earningsn/a29.6
Market value$79.4B$14.1B
Dividend yieldn/an/a
Rank by revenue in sector#111 of 523 · Health care#88 of 523 · Health care

Over the years

Revenue
MRNA FY2018: $135.1MMRNA FY2019: $60.2MMRNA FY2020: $803MMRNA FY2021: $18.5BMRNA FY2022: $19.3BMRNA FY2023: $6.8BMRNA FY2024: $3.2BMRNA FY2025: $1.9BNBIX FY2018: $451.2MNBIX FY2019: $788.1MNBIX FY2020: $1BNBIX FY2021: $1.1BNBIX FY2022: $1.5BNBIX FY2023: $1.9BNBIX FY2024: $2.4BNBIX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
MRNA $1.9BNBIX $2.9B
Net income
MRNA FY2018: -$384.7MMRNA FY2019: -$514MMRNA FY2020: -$747MMRNA FY2021: $12.2BMRNA FY2022: $8.4BMRNA FY2023: -$4.7BMRNA FY2024: -$3.6BMRNA FY2025: -$2.8BNBIX FY2018: $21.1MNBIX FY2019: $37MNBIX FY2020: $407.3MNBIX FY2021: $89.6MNBIX FY2022: $154.5MNBIX FY2023: $249.7MNBIX FY2024: $341.3MNBIX FY2025: $478.6MFY18FY19FY20FY21FY22FY23FY24FY25
MRNA -$2.8BNBIX $478.6M
Net margin
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%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
MRNA -145.2%NBIX 16.7%
Revenue growth
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%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
MRNA -39.9%NBIX +21.4%
Free cash flow
MRNA FY2018: -$436.6MMRNA FY2019: -$491MMRNA FY2020: $2BMRNA FY2021: $13.3BMRNA FY2022: $4.6BMRNA FY2023: -$3.8BMRNA FY2024: -$4.1BMRNA 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
MRNA -$2.1BNBIX $748.7M

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

Questions about Moderna and Neurocrine Biosciences

Which is bigger by revenue, Moderna or Neurocrine Biosciences?

Neurocrine Biosciences is bigger by revenue: $2.9B in fiscal 2025, against $1.9B for Moderna in fiscal 2025.

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

Moderna had a net margin of -145.2% in fiscal 2025; Neurocrine Biosciences had 16.7% in fiscal 2025.

Which grew revenue faster, Moderna or Neurocrine Biosciences?

In their latest fiscal years revenue changed by -39.9% at Moderna 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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