AbbVie vs Amgen
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The short version
- AbbVie is the larger business, with $61.2B of revenue in fiscal 2025 against $36.8B for Amgen, about 1.7 times as much.
- Amgen grew revenue faster (10.0%, against 8.6%).
- AbbVie turned more of its sales into free cash flow (29.1% FCF margin, against 22.0%).
- AbbVie earned a higher return on the capital invested in it (15.7%, against 14.4%).
- Investors pay more for each dollar of AbbVie’s earnings: a P/E of 80.7x against 27.3x for Amgen.
| Latest fiscal year | ABBV · FY25 | AMGN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $505.9B | $239.0B |
| Revenue | $61.2B | $36.8B |
| Free cash flow | $17.8B | $8.1B |
| Net income | $4.2B | $7.7B |
| Growth | ||
| Revenue growth | 8.6% | 10.0% |
| 5-year growth | 6.0% | 7.7% |
| Share count change | 0.0% | 0.2% |
| Profitability | ||
| Gross margin | 70.2% | 67.3% |
| Operating margin | 24.7% | 24.7% |
| Net margin | 6.9% | 21.0% |
| FCF margin | 29.1% | 22.0% |
| Return on capital | 15.7% | 14.4% |
| Return on equity | — | 106.1% |
| Balance sheet | ||
| Net debt | $61.8B | $45.5B |
| Net debt / EBITDA | 2.7x | 3.2x |
| Dividends and buybacks | $12.6B | $5.1B |
| Valuation & quality | ||
| P/E | 80.7x | 27.3x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
ABBV $25.6B
AMGN $23.0B
FY17
ABBV $28.2B
AMGN $22.8B
FY18
ABBV $32.8B
AMGN $23.7B
FY19
ABBV $33.3B
AMGN $23.4B
FY20
ABBV $45.8B
AMGN $25.4B
FY21
ABBV $56.2B
AMGN $26.0B
FY22
ABBV $58.1B
AMGN $26.3B
FY23
ABBV $54.3B
AMGN $28.2B
FY24
ABBV $56.3B
AMGN $33.4B
FY25
ABBV $61.2B
AMGN $36.8B
ABBV
AMGN
Operating margin
FY16
ABBV 36.4%
AMGN 42.6%
FY17
ABBV 33.8%
AMGN 43.7%
FY18
ABBV 19.5%
AMGN 43.2%
FY19
ABBV 39.0%
AMGN 41.4%
FY20
ABBV 24.8%
AMGN 36.0%
FY21
ABBV 31.9%
AMGN 29.4%
FY22
ABBV 31.2%
AMGN 36.3%
FY23
ABBV 23.5%
AMGN 28.0%
FY24
ABBV 16.2%
AMGN 21.7%
FY25
ABBV 24.7%
AMGN 24.7%
ABBV
AMGN
Free cash flow
FY16
ABBV $6.6B
AMGN $9.6B
FY17
ABBV $9.4B
AMGN $10.5B
FY18
ABBV $12.8B
AMGN $10.6B
FY19
ABBV $12.8B
AMGN $8.5B
FY20
ABBV $16.8B
AMGN $9.9B
FY21
ABBV $22.0B
AMGN $8.4B
FY22
ABBV $24.2B
AMGN $8.8B
FY23
ABBV $22.1B
AMGN $7.4B
FY24
ABBV $17.8B
AMGN $10.4B
FY25
ABBV $17.8B
AMGN $8.1B
ABBV
AMGN
Return on capital
FY16
ABBV 22.7%
AMGN 14.2%
FY17
ABBV 19.4%
AMGN 12.5%
FY18
ABBV 22.6%
AMGN 50.1%
FY19
ABBV 56.5%
AMGN 34.7%
FY20
ABBV 20.9%
AMGN 26.2%
FY21
ABBV 18.6%
AMGN 21.1%
FY22
ABBV 20.8%
AMGN 26.1%
FY23
ABBV 15.5%
AMGN 14.5%
FY24
ABBV 15.0%
AMGN 11.3%
FY25
ABBV 15.7%
AMGN 14.4%
ABBV
AMGN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.