Incyte vs Neurocrine Biosciences
Incyte is the larger business, with $5.14bn of revenue in fiscal 2025 against $2.86bn for Neurocrine Biosciences (1.8 times as much). Neurocrine Biosciences grew faster (21.4% against 21.2%). Incyte kept more of each dollar of sales as profit: a net margin of 25.0% against 16.7%. Incyte carries less debt relative to equity (0.0% against 0.0%).
| Latest fiscal year | IncyteINCY, 2025 | Neurocrine BiosciencesNBIX, 2025 |
|---|---|---|
| Revenue | $5.14bn | $2.86bn |
| Revenue growth | 21.2% | 21.4% |
| Net income | $1.29bn | $479m |
| Operating margin | 29.5% | 21.6% |
| Net margin | 25.0% | 16.7% |
| Return on equity | 29.9% | 16.4% |
| Free cash flow | $1.41bn | $749m |
| Cash | $3.10bn | $713m |
| Total debt | $0 | $0 |
| Debt to equity | 0.0% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | $168m |
| Employees | 2,844 | 1,800 |
| Market value | $24.05bn | $16.93bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 54 (Moderate) | 61 (Moderate) |
| Insider trades, 12 months | 0 buys, 47 sales | 0 buys, 40 sales |