NBIX vs UTHR: Neurocrine Biosciences and United Therapeutics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- United Therapeutics is the larger company, worth $22.8B, about 1.6 times Neurocrine Biosciences.
- Neurocrine Biosciences grew revenue faster over the last year (+39.5% vs -1.9%).
- United Therapeutics keeps more of each dollar of revenue as operating profit (44.4% vs 23.6%).
- On earnings, United Therapeutics is the cheaper stock (19.8x vs 21.4x).
- United Therapeutics's price assumes faster free cash flow growth: about 6% a year, against 4% for Neurocrine Biosciences (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NBIX | UTHR |
|---|---|---|
| Market cap | $14.0B | $22.8B |
| Share price | $142.44 | $549.16 |
| Revenue (last fiscal year) | $2.9B | $3.2B |
| Free cash flow (last fiscal year) | $749M | $1.0B |
| Revenue growth, last year | +39.5% | -1.9% |
| Revenue growth per year, last 5 fiscal years | +26.0% | +17.2% |
| Operating margin | 23.6% | 44.4% |
| Net margin | 20.9% | 41.6% |
| Return on equity | 19.1% | 20.5% |
| P/E (trailing) | 21.4x | 19.8x |
| Price / free cash flow | 18.6x | 21.9x |
| EV / EBITDA | 13.3x | 11.7x |
| FCF growth the price implies | 4.1% | 6.2% |
| Dividend yield | — | — |
| Debt / equity | 0.45x | 0.13x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Neurocrine Biosciences
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.1B | $233M | 9.0% |
| 2022 | $1.5B | $323M | 16.7% |
| 2023 | $1.9B | $362M | 13.3% |
| 2024 | $2.4B | $557M | 24.2% |
| 2025 | $2.9B | $749M | 21.6% |
United Therapeutics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.7B | $477M | 33.0% |
| 2022 | $1.9B | $664M | 50.6% |
| 2023 | $2.3B | $748M | 50.9% |
| 2024 | $2.9B | $1.1B | 47.9% |
| 2025 | $3.2B | $1.0B | 46.9% |
Where the revenue comes from
Neurocrine Biosciences · by products, 2025
Net product sales$2.8B99%
Collaboration revenues$27M1%
United Therapeutics · by products, 2025
Tyvaso DPI$1.3B41%
Nebulized Tyvaso$586M18%
Remodulin$527M17%
Orenitram$497M16%
Unituxin$227M7%
Adcirca$30M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NBIX in InvestinglyQuestions
Which is bigger, Neurocrine Biosciences or United Therapeutics?
United Therapeutics (UTHR), at $22.8B against $14.0B.
Is NBIX or UTHR cheaper?
By trailing P/E, United Therapeutics (19.8x) is cheaper than Neurocrine Biosciences (21.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, NBIX or UTHR?
Neurocrine Biosciences: revenue grew +39.5% over the last year, against -1.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.