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Side-by-side financial comparison of EXELIXIS, INC. (EXEL) and UNITED THERAPEUTICS Corp (UTHR), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
UNITED THERAPEUTICS Corp is the larger business by last-quarter revenue ($790.2M vs $598.7M, roughly 1.3× EXELIXIS, INC.). UNITED THERAPEUTICS Corp runs the higher net margin — 40.8% vs 46.1%, a 5.3% gap on every dollar of revenue. On growth, UNITED THERAPEUTICS Corp posted the faster year-over-year revenue change (7.4% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $173.3M). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% CAGR vs 8.0%).
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
United Therapeutics Corporation is an American biotechnology company that develops pharmaceuticals and technologies related to organ transplantation, including xenotransplantation. Many of the company's products are focused towards lung disease and organ manufacturing. United Therapeutics is co-headquartered in Silver Spring, Maryland and Research Triangle Park, North Carolina, with additional facilities in Magog and Bromont, Quebec; Melbourne and Jacksonville, Florida; Blacksburg, Virginia; ...
EXEL vs UTHR — Head-to-Head
Income Statement — Q4 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $598.7M | $790.2M |
| Net Profit | $244.5M | $364.3M |
| Gross Margin | 95.6% | 86.9% |
| Operating Margin | 39.3% | 45.1% |
| Net Margin | 40.8% | 46.1% |
| Revenue YoY | 5.6% | 7.4% |
| Net Profit YoY | 74.8% | 20.9% |
| EPS (diluted) | $0.89 | $7.66 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | $598.7M | — | ||
| Q4 25 | $597.8M | $790.2M | ||
| Q3 25 | $568.3M | $799.5M | ||
| Q2 25 | $555.4M | $798.6M | ||
| Q1 25 | $566.8M | $794.4M | ||
| Q4 24 | — | $735.9M | ||
| Q3 24 | $539.5M | $748.9M | ||
| Q2 24 | $637.2M | $714.9M |
| Q1 26 | $244.5M | — | ||
| Q4 25 | $193.6M | $364.3M | ||
| Q3 25 | $184.8M | $338.7M | ||
| Q2 25 | $159.6M | $309.5M | ||
| Q1 25 | $139.9M | $322.2M | ||
| Q4 24 | — | $301.3M | ||
| Q3 24 | $118.0M | $309.1M | ||
| Q2 24 | $226.1M | $278.1M |
| Q1 26 | 95.6% | — | ||
| Q4 25 | 96.9% | 86.9% | ||
| Q3 25 | 96.6% | 87.4% | ||
| Q2 25 | 96.5% | 89.0% | ||
| Q1 25 | 96.5% | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | 96.8% | 88.9% | ||
| Q2 24 | 97.2% | 89.1% |
| Q1 26 | 39.3% | — | ||
| Q4 25 | 39.6% | 45.1% | ||
| Q3 25 | 37.6% | 48.6% | ||
| Q2 25 | 33.6% | 45.6% | ||
| Q1 25 | 28.8% | 48.2% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | 25.2% | 45.8% | ||
| Q2 24 | 43.3% | 44.7% |
| Q1 26 | 40.8% | — | ||
| Q4 25 | 32.4% | 46.1% | ||
| Q3 25 | 32.5% | 42.4% | ||
| Q2 25 | 28.7% | 38.8% | ||
| Q1 25 | 24.7% | 40.6% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | 21.9% | 41.3% | ||
| Q2 24 | 35.5% | 38.9% |
| Q1 26 | $0.89 | — | ||
| Q4 25 | $0.69 | $7.66 | ||
| Q3 25 | $0.65 | $7.16 | ||
| Q2 25 | $0.55 | $6.41 | ||
| Q1 25 | $0.47 | $6.63 | ||
| Q4 24 | — | $6.23 | ||
| Q3 24 | $0.40 | $6.39 | ||
| Q2 24 | $0.77 | $5.85 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $2.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $7.1B |
| Total Assets | $2.8B | $7.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $988.5M | $2.9B | ||
| Q3 25 | $791.1M | $2.8B | ||
| Q2 25 | $1.0B | $3.0B | ||
| Q1 25 | $1.1B | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $1.0B | $3.0B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $7.1B | ||
| Q3 25 | $2.0B | $6.6B | ||
| Q2 25 | $2.1B | $7.2B | ||
| Q1 25 | $2.2B | $6.8B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $2.3B | $6.1B | ||
| Q2 24 | $2.1B | $5.7B |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $7.9B | ||
| Q3 25 | $2.7B | $7.4B | ||
| Q2 25 | $2.8B | $7.9B | ||
| Q1 25 | $2.9B | $7.7B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | $3.0B | $7.1B | ||
| Q2 24 | $2.8B | $6.7B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $333.5M | $346.2M |
| Free Cash FlowOCF − Capex | $332.4M | $173.3M |
| FCF MarginFCF / Revenue | 55.5% | 21.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.2% | 21.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.36× | 0.95× |
| TTM Free Cash FlowTrailing 4 quarters | $875.8M | $1.0B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $333.5M | — | ||
| Q4 25 | $290.3M | $346.2M | ||
| Q3 25 | $49.0M | $562.1M | ||
| Q2 25 | $211.4M | $191.7M | ||
| Q1 25 | $240.3M | $461.2M | ||
| Q4 24 | — | $341.2M | ||
| Q3 24 | $271.3M | $377.2M | ||
| Q2 24 | $119.5M | $232.2M |
| Q1 26 | $332.4M | — | ||
| Q4 25 | $288.8M | $173.3M | ||
| Q3 25 | $46.2M | $351.6M | ||
| Q2 25 | $208.5M | $129.5M | ||
| Q1 25 | $236.3M | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | $263.1M | $300.7M | ||
| Q2 24 | $113.0M | $187.1M |
| Q1 26 | 55.5% | — | ||
| Q4 25 | 48.3% | 21.9% | ||
| Q3 25 | 8.1% | 44.0% | ||
| Q2 25 | 37.5% | 16.2% | ||
| Q1 25 | 41.7% | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | 48.8% | 40.2% | ||
| Q2 24 | 17.7% | 26.2% |
| Q1 26 | 0.2% | — | ||
| Q4 25 | 0.2% | 21.9% | ||
| Q3 25 | 0.5% | 26.3% | ||
| Q2 25 | 0.5% | 7.8% | ||
| Q1 25 | 0.7% | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 1.5% | 10.2% | ||
| Q2 24 | 1.0% | 6.3% |
| Q1 26 | 1.36× | — | ||
| Q4 25 | 1.50× | 0.95× | ||
| Q3 25 | 0.27× | 1.66× | ||
| Q2 25 | 1.32× | 0.62× | ||
| Q1 25 | 1.72× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 2.30× | 1.22× | ||
| Q2 24 | 0.53× | 0.83× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
EXEL
Segment breakdown not available.
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
