Amgen vs Gilead Sciences
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The short version
- Amgen is the larger business, with $36.8B of revenue in fiscal 2025 against $29.4B for Gilead Sciences.
- Amgen grew revenue faster (10.0%, against 2.4%).
- Gilead Sciences kept more of each dollar of sales as operating profit (34.0% operating margin, against 24.7%).
- Gilead Sciences turned more of its sales into free cash flow (32.1% FCF margin, against 22.0%).
- Gilead Sciences earned a higher return on the capital invested in it (23.0%, against 14.4%).
| Latest fiscal year | AMGN · FY25 | GILD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $239.0B | $194.0B |
| Revenue | $36.8B | $29.4B |
| Free cash flow | $8.1B | $9.5B |
| Net income | $7.7B | $8.5B |
| Growth | ||
| Revenue growth | 10.0% | 2.4% |
| 5-year growth | 7.7% | 3.6% |
| Share count change | 0.2% | 0.0% |
| Profitability | ||
| Gross margin | 67.3% | 78.8% |
| Operating margin | 24.7% | 34.0% |
| Net margin | 21.0% | 28.9% |
| FCF margin | 22.0% | 32.1% |
| Return on capital | 14.4% | 23.0% |
| Return on equity | 106.1% | 40.5% |
| Balance sheet | ||
| Net debt | $45.5B | $17.3B |
| Net debt / EBITDA | 3.2x | 1.4x |
| Dividends and buybacks | $5.1B | $5.9B |
| Valuation & quality | ||
| P/E | 27.3x | — |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
AMGN $23.0B
GILD $30.4B
FY17
AMGN $22.8B
GILD $26.1B
FY18
AMGN $23.7B
GILD $22.1B
FY19
AMGN $23.4B
GILD $22.4B
FY20
AMGN $25.4B
GILD $24.7B
FY21
AMGN $26.0B
GILD $27.3B
FY22
AMGN $26.3B
GILD $27.3B
FY23
AMGN $28.2B
GILD $27.1B
FY24
AMGN $33.4B
GILD $28.8B
FY25
AMGN $36.8B
GILD $29.4B
AMGN
GILD
Operating margin
FY16
AMGN 42.6%
GILD 58.0%
FY17
AMGN 43.7%
GILD 54.1%
FY18
AMGN 43.2%
GILD 37.1%
FY19
AMGN 41.4%
GILD 19.1%
FY20
AMGN 36.0%
GILD 16.5%
FY21
AMGN 29.4%
GILD 36.3%
FY22
AMGN 36.3%
GILD 26.9%
FY23
AMGN 28.0%
GILD 28.1%
FY24
AMGN 21.7%
GILD 5.8%
FY25
AMGN 24.7%
GILD 34.0%
AMGN
GILD
Free cash flow
FY16
AMGN $9.6B
GILD $16.3B
FY17
AMGN $10.5B
GILD $11.3B
FY18
AMGN $10.6B
GILD $7.5B
FY19
AMGN $8.5B
GILD $8.3B
FY20
AMGN $9.9B
GILD $7.5B
FY21
AMGN $8.4B
GILD $10.8B
FY22
AMGN $8.8B
GILD $8.3B
FY23
AMGN $7.4B
GILD $7.4B
FY24
AMGN $10.4B
GILD $10.3B
FY25
AMGN $8.1B
GILD $9.5B
AMGN
GILD
Return on capital
FY16
AMGN 14.2%
GILD 46.0%
FY17
AMGN 12.5%
GILD 22.7%
FY18
AMGN 50.1%
GILD 24.3%
FY19
AMGN 34.7%
GILD 20.6%
FY20
AMGN 26.2%
GILD 6.3%
FY21
AMGN 21.1%
GILD 17.8%
FY22
AMGN 26.1%
GILD 14.2%
FY23
AMGN 14.5%
GILD 15.5%
FY24
AMGN 11.3%
GILD 3.0%
FY25
AMGN 14.4%
GILD 23.0%
AMGN
GILD
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.