Amgen vs Vertex Pharmaceuticals
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The short version
- Amgen is the larger business, with $36.8B of revenue in fiscal 2025 against $12.0B for Vertex Pharmaceuticals, about 3.1 times as much.
- Amgen grew revenue faster (10.0%, against 8.9%).
- Vertex Pharmaceuticals kept more of each dollar of sales as operating profit (34.8% operating margin, against 24.7%).
- Vertex Pharmaceuticals turned more of its sales into free cash flow (26.6% FCF margin, against 22.0%).
- Vertex Pharmaceuticals earned a higher return on the capital invested in it (31.5%, against 14.4%).
- Investors pay more for each dollar of Vertex Pharmaceuticals’s earnings: a P/E of 30.5x against 27.3x for Amgen.
| Latest fiscal year | AMGN · FY25 | VRTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $239.0B | $133.7B |
| Revenue | $36.8B | $12.0B |
| Free cash flow | $8.1B | $3.2B |
| Net income | $7.7B | $4.0B |
| Growth | ||
| Revenue growth | 10.0% | 8.9% |
| 5-year growth | 7.7% | 14.1% |
| Share count change | 0.2% | 0.0% |
| Profitability | ||
| Gross margin | 67.3% | 86.2% |
| Operating margin | 24.7% | 34.8% |
| Net margin | 21.0% | 32.9% |
| FCF margin | 22.0% | 26.6% |
| Return on capital | 14.4% | 31.5% |
| Return on equity | 106.1% | 22.5% |
| Balance sheet | ||
| Net debt | $45.5B | −$6.5B |
| Net debt / EBITDA | 3.2x | −1.5x |
| Dividends and buybacks | $5.1B | $2.0B |
| Valuation & quality | ||
| P/E | 27.3x | 30.5x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
AMGN $23.0B
VRTX $1.7B
FY17
AMGN $22.8B
VRTX $2.5B
FY18
AMGN $23.7B
VRTX $3.0B
FY19
AMGN $23.4B
VRTX $4.2B
FY20
AMGN $25.4B
VRTX $6.2B
FY21
AMGN $26.0B
VRTX $7.6B
FY22
AMGN $26.3B
VRTX $8.9B
FY23
AMGN $28.2B
VRTX $9.9B
FY24
AMGN $33.4B
VRTX $11.0B
FY25
AMGN $36.8B
VRTX $12.0B
AMGN
VRTX
Operating margin
FY16
AMGN 42.6%
VRTX 0.6%
FY17
AMGN 43.7%
VRTX 5.0%
FY18
AMGN 43.2%
VRTX 20.8%
FY19
AMGN 41.4%
VRTX 28.8%
FY20
AMGN 36.0%
VRTX 46.0%
FY21
AMGN 29.4%
VRTX 36.7%
FY22
AMGN 36.3%
VRTX 48.2%
FY23
AMGN 28.0%
VRTX 38.8%
FY24
AMGN 21.7%
VRTX −2.1%
FY25
AMGN 24.7%
VRTX 34.8%
AMGN
VRTX
Free cash flow
FY16
AMGN $9.6B
VRTX $180M
FY17
AMGN $10.5B
VRTX $746M
FY18
AMGN $10.6B
VRTX $1.2B
FY19
AMGN $8.5B
VRTX $1.5B
FY20
AMGN $9.9B
VRTX $3.0B
FY21
AMGN $8.4B
VRTX $2.4B
FY22
AMGN $8.8B
VRTX $3.9B
FY23
AMGN $7.4B
VRTX $3.3B
FY24
AMGN $10.4B
VRTX −$790M
FY25
AMGN $8.1B
VRTX $3.2B
AMGN
VRTX
Return on capital
FY16
AMGN 14.2%
VRTX 1.9%
FY17
AMGN 12.5%
VRTX —
FY18
AMGN 50.1%
VRTX 77.3%
FY19
AMGN 34.7%
VRTX 49.0%
FY20
AMGN 26.2%
VRTX 91.0%
FY21
AMGN 21.1%
VRTX 83.1%
FY22
AMGN 26.1%
VRTX 100.4%
FY23
AMGN 14.5%
VRTX 60.9%
FY24
AMGN 11.3%
VRTX −1.4%
FY25
AMGN 14.4%
VRTX 31.5%
AMGN
VRTX
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.