Amgen vs Regeneron Pharmaceuticals
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The short version
- Amgen is the larger business, with $36.8B of revenue in fiscal 2025 against $14.3B for Regeneron Pharmaceuticals, about 2.6 times as much.
- Amgen grew revenue faster (10.0%, against 1.0%).
- Regeneron Pharmaceuticals turned more of its sales into free cash flow (28.5% FCF margin, against 22.0%).
- Amgen earned a higher return on the capital invested in it (14.4%, against 12.7%).
- Investors pay more for each dollar of Amgen’s earnings: a P/E of 27.3x against 19.9x for Regeneron Pharmaceuticals.
| Latest fiscal year | AMGN · FY25 | REGN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $239.0B | $85.3B |
| Revenue | $36.8B | $14.3B |
| Free cash flow | $8.1B | $4.1B |
| Net income | $7.7B | $4.5B |
| Growth | ||
| Revenue growth | 10.0% | 1.0% |
| 5-year growth | 7.7% | 11.0% |
| Share count change | 0.2% | −5.7% |
| Profitability | ||
| Gross margin | 67.3% | — |
| Operating margin | 24.7% | 25.0% |
| Net margin | 21.0% | 31.4% |
| FCF margin | 22.0% | 28.5% |
| Return on capital | 14.4% | 12.7% |
| Return on equity | 106.1% | 14.9% |
| Balance sheet | ||
| Net debt | $45.5B | −$5.9B |
| Net debt / EBITDA | 3.2x | −1.4x |
| Dividends and buybacks | $5.1B | $3.8B |
| Valuation & quality | ||
| P/E | 27.3x | 19.9x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
AMGN $23.0B
REGN $4.9B
FY17
AMGN $22.8B
REGN $5.9B
FY18
AMGN $23.7B
REGN $5.1B
FY19
AMGN $23.4B
REGN $6.6B
FY20
AMGN $25.4B
REGN $8.5B
FY21
AMGN $26.0B
REGN $16.1B
FY22
AMGN $26.3B
REGN $12.2B
FY23
AMGN $28.2B
REGN $13.1B
FY24
AMGN $33.4B
REGN $14.2B
FY25
AMGN $36.8B
REGN $14.3B
AMGN
REGN
Operating margin
FY16
AMGN 42.6%
REGN 27.4%
FY17
AMGN 43.7%
REGN 35.4%
FY18
AMGN 43.2%
REGN 49.3%
FY19
AMGN 41.4%
REGN 33.7%
FY20
AMGN 36.0%
REGN 42.1%
FY21
AMGN 29.4%
REGN 55.7%
FY22
AMGN 36.3%
REGN 38.9%
FY23
AMGN 28.0%
REGN 30.9%
FY24
AMGN 21.7%
REGN 28.1%
FY25
AMGN 24.7%
REGN 25.0%
AMGN
REGN
Free cash flow
FY16
AMGN $9.6B
REGN $974M
FY17
AMGN $10.5B
REGN $1.0B
FY18
AMGN $10.6B
REGN $1.8B
FY19
AMGN $8.5B
REGN $2.0B
FY20
AMGN $9.9B
REGN $2.0B
FY21
AMGN $8.4B
REGN $6.5B
FY22
AMGN $8.8B
REGN $4.4B
FY23
AMGN $7.4B
REGN $3.9B
FY24
AMGN $10.4B
REGN $3.7B
FY25
AMGN $8.1B
REGN $4.1B
AMGN
REGN
Return on capital
FY16
AMGN 14.2%
REGN 29.8%
FY17
AMGN 12.5%
REGN 29.4%
FY18
AMGN 50.1%
REGN 45.4%
FY19
AMGN 34.7%
REGN 26.5%
FY20
AMGN 26.2%
REGN 35.2%
FY21
AMGN 21.1%
REGN 59.8%
FY22
AMGN 26.1%
REGN 25.3%
FY23
AMGN 14.5%
REGN 21.5%
FY24
AMGN 11.3%
REGN 18.0%
FY25
AMGN 14.4%
REGN 12.7%
AMGN
REGN
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.