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Biogen vs Neurocrine Biosciences: BIIB and NBIX compared
Biogen is the larger company: $2.8B of revenue in its latest quarter (Q3 2026) against $1.1B for Neurocrine Biosciences (Q3 2026). Neurocrine Biosciences is growing faster (+41% against +11% a year earlier). Neurocrine Biosciences is more profitable, with an operating margin of 29.5% against -0.3%.
Where the money goes: BIIB and NBIX
Biogen (BIIB) · Q3 2026
Biogen, Q3 2026: revenue $2.8B (+11% year over year), operating margin -0.3%, net loss $20.6M, operating cash flow $641M. The chart follows the revenue to costs, profit and cash.
Neurocrine Biosciences (NBIX) · Q3 2026
Neurocrine Biosciences, Q3 2026: revenue $1.1B (+41% year over year), operating margin 29.5%, net earnings $206M, operating cash flow $395M. The chart follows the revenue to costs, profit and cash.
| Biogen (BIIB) | Neurocrine Biosciences (NBIX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.8B | $1.1B |
| Revenue growth, Y/Y | +11% | +41% |
| Operating margin | -0.3% | 29.5% |
| Net earnings | −$20.6M | $206M |
| Net margin | -0.7% | 18.4% |
| Operating cash flow | $641M | $395M |
| Free cash flow | $600M | $384M |
| Market value | $36.7B | $17.3B |
| P/E | 107.0× | 24.4× |
| Analysts’ mean target | $266.38 | $208.11 |
Where the revenue comes from
Biogen
- MS Product Revenues: $919M (33%)
- Rare Disease Product Revenue: $676M (24%)
- SPINRAZA: $461M (16%)
- Royalty Attributed to OCREVUS: $370M (13%)
Questions
Which is bigger, Biogen or Neurocrine Biosciences?
Biogen is the larger company: $2.8B of revenue in its latest quarter (Q3 2026) against $1.1B for Neurocrine Biosciences (Q3 2026).
Is Biogen or Neurocrine Biosciences growing faster?
Neurocrine Biosciences is growing faster (+41% against +11% a year earlier).
Which is more profitable, Biogen or Neurocrine Biosciences?
Neurocrine Biosciences is more profitable, with an operating margin of 29.5% against -0.3%.
More: Biogen earnings · how Biogen makes money · Neurocrine Biosciences earnings · how Neurocrine Biosciences makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.