Amgen vs Gilead Sciences
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KIRA’s take AI analyst
I put Amgen and Gilead Sciences side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Amgen
AMGN
3/11
Revenue growth5-year growthReturn on equity
Gilead Sciences
GILD
8/11
Gross marginOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.