Inclusion complex formation between β-cyclodextrin and Naproxen was investigated using differential scanning calorimetry (DSC) as a function of the β-cyclodextrin-to-Naproxen molar ratio, ranging from 0:5:1 to 5:1. When these mixtures are heated above the melting temperature of Naproxen, an exothermic peak is observed at a temperature slightly higher than the melting peak of Naproxen. This peak, which has not been previously reported, has been interpreted as an exothermic energy of inclusion complex formation. The magnitude of this complex formation peak was found to be dependent upon the composition of the β-cyclodextrin and Naproxen mixture and increased in magnitude to a maximum value at a β-cyclodextrin:Naproxen molar ratio of 2:1. In addition, Naproxen recrystallization and re-melting peaks seen in the cooling and re-heating scans, respectively, decreased in magnitude with increasing molar ratio and totally disappeared for the mixture with 5:1 of β-cyclodextrin to Naproxen ratio indicative of complete inclusion of Naproxen in the cyclodextrin cavities. Complete inclusion was further reflected by the disappearance of key Naproxen peaks in Fourier transform infrared spectra of samples recovered from DSC experiments. The large excess of β-cyclodextrin needed to fully complex the Naproxen was found to be due to slow kinetics. Increasing the hold time after the initial melting led to inclusion efficiencies up to 95 % even for the 2:1 mixture. These experiments suggest that ratios of β-cyclodextrin:Naproxen 2:1 or greater facilitate the process by increasing the presence of cyclodextrin molecules in the close proximity of the drug molecules and lead to high inclusion efficiencies.