There's a general trick for solving many of these kinds of constrained arrangement problems: often it's easier to count the number of arrangements that don't satisfy the constraint, and then subtract this from the total number of possible unconstrained arrangements.
So, start with the total number ways to arrange seven people around a circular table. Then subtract from this the number of arrangements where Alex and Bob are sitting next to each other.
So, how to count those, then? Well, if Alex and Bob must always sit next to each other, then we can pretend that they're really just one person. Then we have six people (where one of those "people" is really Alex + Bob) that we can freely arrange around the table. And we can obviously count those arrangements exactly the same way as we counted the number of ways to arrange seven people around the table.
…but don't forget that there are two ways to seat Alex and Bob next to each other: either Alex can sit on the left and Bob on the right, or vice versa. So we actually have to subtract twice the number of ways to arrange six people around a circular table from the number of ways to arrange seven people around the table to get the final answer.