American Express vs Amgen: Revenue, Profit and Business Model

American Express

Latest revenue

$72.2B (FY2025)

Net income

$10.8B

Net margin

15.0%

Revenue growth

+8.2% a year, FY2016–FY2025

Amgen

Latest revenue

$36.8B (FY2025)

Net income

$7.7B

Net margin

21.0%

Revenue growth

+5.4% a year, FY2016–FY2025

American Express

American Express reported $72.2 billion in total revenues net of interest expense for FY2025, up 10 percent, and $10.8 billion of net income, or $15.38 per diluted share. The mix is less fee-only than its premium image suggests: discount revenue on merchant transactions was $37.4 billion, net interest income on card member loans was $17.4 billion, net card fees were $10.0 billion and service fees and other revenue were $7.5 billion. Growth in 2025 came disproportionately from the two smaller lines, with net card fees up 18 percent and net interest income up 12 percent against 6 percent growth in discount revenue. Return on average equity was 33.9 percent, the net write-off rate on consumer and small business loans and receivables was 2.0 percent, and the company declared $3.28 per share in dividends while average diluted shares fell from 713 million to 696 million.

Amgen

Amgen is a cash-generative business with high product gross margins. In fiscal 2025 it reported US$36.8 billion of total revenues, US$7.7 billion of GAAP net income, a 25.8% GAAP operating margin, US$8.1 billion of free cash flow and US$5.1 billion of dividends paid. Its results used to depend on a few large franchises, first Epogen and Aranesp, then Enbrel. As those matured Amgen bought revenue instead: Onyx in 2013, Otezla in 2019 and Horizon Therapeutics for US$27.8 billion in 2023. That last deal is also the main reason for the balance sheet it now carries, with US$54.6 billion of debt outstanding at December 31, 2025, debt leverage of about 3.2 times EBITDA and US$2.8 billion of net interest expense in fiscal 2025.

American Express

• Discount Revenue (Merchant Fees)~52%

  Discount revenue is the fee American Express charges merchants on card transactions. It was $37,401 million in FY2025, up 6 percent, and equalled 2.24 percent of billed business. It remains the largest revenue line and moves with billed business, merchant mix and geography.

• Net Interest Income~24%

  Net interest income is earned on card member loans and receivables after funding costs. It was $17,364 million in FY2025, up 12 percent, on a net interest yield of 8.1 percent, helped by growth in revolving balances and by lending features added to charge card products.

• Net Card Fees~14%

  Net card fees are the annual fees on consumer, small business and corporate cards. They reached $9,993 million in FY2025, up 18 percent, at an average of $117 per proprietary card in force, driven by new acquisitions on fee-paying products and by the 2025 Platinum refresh.

• Service Fees and Other Revenue~10%

  Service fees and other revenue was $7,471 million in FY2025, up 10 percent. It covers network partnership revenue from cards issued by partner banks, foreign currency fees on cross-currency spending, loyalty coalition and merchant service fees, delinquency fees, travel commissions and income from equity method investments.

Amgen

• U.S. product sales

  ~70% of total revenues

  United States product sales were US$25.66 billion in fiscal 2025, 73% of the US$35.15 billion product sales total and about 70% of total revenues. The largest domestic contributors were Prolia (US$2.98 billion), Enbrel (US$2.20 billion), Otezla (US$1.84 billion), Tepezza (US$1.76 billion), Repatha (US$1.66 billion), Evenity (US$1.60 billion) and Tezspire (US$1.48 billion). Access depends on formulary placement with the large pharmacy benefit managers and on Medicare and Medicaid reimbursement.

• International product sales

  ~26% of total revenues

  Product sales outside the United States were US$9.49 billion in fiscal 2025, 27% of product sales. The largest were Repatha (US$1.35 billion), Aranesp (US$973 million), XGEVA (US$729 million), Vectibix (US$571 million) and Amgevita (US$549 million). Prices are generally lower than in the United States because of government reference pricing and national formulary negotiation.

• Biosimilars

  ~8% of total revenues

  Biosimilars sit inside product sales and generated about US$3.0 billion in fiscal 2025: Mvasi (bevacizumab) US$771 million, Pavblu (aflibercept) US$700 million, Amjevita and Amgevita (adalimumab) US$597 million, Wezlana and Wezenla (ustekinumab) US$273 million, and US$683 million across the smaller biosimilars reported within other products. Amjevita sales fell 22% year over year, so segment growth now comes from the newer launches.

• Rare disease portfolio acquired with Horizon

  ~13% of total revenues

  Also inside product sales, the medicines acquired with Horizon Therapeutics produced about US$4.6 billion in fiscal 2025: Tepezza US$1.90 billion, Krystexxa US$1.34 billion, Uplizna US$655 million and the ultra-rare products US$719 million. Uplizna grew 73% after approvals in IgG4-related disease and generalized myasthenia gravis, while the ultra-rare group fell 5% as Ravicti met generic competition.

• Other revenues

  ~4% of total revenues

  Other revenues, mainly royalties, license income and corporate partner payments, were US$1.60 billion in fiscal 2025, the difference between US$36.75 billion of total revenues and US$35.15 billion of product sales. The line carries high margins but is not a growth priority.

American Express

Amgen