Amgen vs Berkshire Hathaway: Revenue, Profit and Business Model
Amgen reported $36.8B of revenue in FY2025 and $7.7B of net income. Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income.
Latest financial snapshot
Amgen
- Latest revenue
- $36.8B (FY2025)
- Net income
- $7.7B
- Net margin
- 21.0%
- Revenue growth
- +5.4% a year, FY2016–FY2025
Berkshire Hathaway
- Latest revenue
- $371.4B (FY2025)
- Net income
- $67B
- Net margin
- 18.0%
- Revenue growth
- +6.3% a year, FY2016–FY2025
Financial summary
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.
Berkshire Hathaway
Berkshire reported 2025 revenue of $371.444 billion, operating earnings of $44.486 billion (down from $47.437 billion in 2024 and above the five-year average of about $37.5 billion), and net earnings attributable to shareholders of $66.968 billion. GAAP net earnings swing with the equity portfolio: 2025 included $30.737 billion of after-tax investment gains and $8.255 billion of after-tax impairments on Kraft Heinz and Occidental. The businesses produced $46 billion of net cash from operating activities. Insurance earned $9.460 billion of pre-tax underwriting profit, with GEICO contributing $6.824 billion, and insurance float grew to $176 billion from $171 billion a year earlier. Shareholders' equity ended 2025 at $717.4 billion, up $68.1 billion, and the insurance and other businesses held $369.0 billion of cash, cash equivalents and US Treasury Bills. Berkshire repurchased no stock in 2025 and has paid no dividend since 1967.
Revenue and profit by year
Amgen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $36.8B | $7.7B | 21.0% | +10.0% | Source |
| FY2024 | $33.4B | $4.1B | 12.2% | +18.6% | Source |
| FY2023 | $28.2B | $6.7B | 23.8% | +7.1% | Source |
| FY2022 | $26.3B | $6.6B | 24.9% | +1.3% | Source |
| FY2021 | $26B | $5.9B | 22.7% | +2.2% | Source |
| FY2020 | $25.4B | $7.3B | 28.6% | +8.8% | Source |
| FY2019 | $23.4B | $7.8B | 33.6% | -1.6% | Source |
| FY2018 | $23.7B | $8.4B | 35.3% | +3.9% | Source |
| FY2017 | $22.8B | $2B | 8.7% | -0.6% | Source |
| FY2016 | $23B | $7.7B | 33.6% | — | Source |
Berkshire Hathaway
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $371.4B | $67B | 18.0% | +0.0% | Source |
| FY2024 | $371.4B | $89B | 24.0% | +1.9% | Source |
| FY2023 | $364.5B | $96.2B | 26.4% | +20.7% | Source |
| FY2022 | $302B | -$22.8B | -7.5% | +9.4% | Source |
| FY2021 | $276.2B | $89.9B | 32.6% | +12.5% | Source |
| FY2020 | $245.6B | $42.5B | 17.3% | -3.5% | Source |
| FY2019 | $254.6B | $81.4B | 32.0% | +2.7% | Source |
| FY2018 | $247.8B | $4B | 1.6% | +3.3% | Source |
| FY2017 | $239.9B | $44.9B | 18.7% | +11.5% | Source |
| FY2016 | $215.1B | $24.1B | 11.2% | — | Source |
Where the revenue comes from
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.
Berkshire Hathaway
- Insurance premiums earned23.9%
GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group earned $88.902B of premiums in 2025 and produced $9.460B of pre-tax underwriting earnings.
- Sales and service revenues53.7%
Manufacturing, service and retailing businesses, plus McLane and Pilot distribution, generated $199.524B of sales and service revenue in 2025, the largest revenue line and a thin-margin one.
- Interest, dividend and other investment income6.3%
Investment income of $23.261B in 2025 came mostly from US Treasury Bills and dividends on the equity portfolio.
- Freight rail transportation6.3%
BNSF produced $23.330B of freight revenue in 2025 hauling consumer products, industrial products, agricultural and energy products and coal.
- Utility and energy operating revenues5.9%
Berkshire Hathaway Energy's regulated utilities and pipelines produced $21.856B in 2025, serving about 5.4 million retail customers.
- Leasing revenues2.7%
Leasing businesses including XTRA trailer leasing and other equipment lessors produced $10.034B in 2025.
- Railroad, utilities and energy service revenues and other income1.2%
Service revenues and other income inside the railroad, utilities and energy group added $4.537B in 2025.
Business model and strategy
Amgen
How it makes money
Amgen operates a high-risk, high-reward biopharmaceutical business model. It spends heavily on research to discover and engineer new biologic drugs: US$7.3 billion in fiscal 2025, or 20.7% of product sales. Once a drug is approved by the FDA, Amgen secures a patent, granting them a temporary monopoly to sell the drug at a premium price.
Growth strategy
Amgen's growth plan has two parts: scale the newer medicines and buy what the pipeline does not supply. Recent launches and acquired products drove the 10% revenue growth in fiscal 2025, with Tezspire up 52% to US$1.48 billion, Repatha up 36% to US$3.02 billion, Evenity up 34% to US$2.10 billion, Uplizna up 73% to US$655 million and Imdelltra reaching US$627 million in its second year.
Competitive advantage
Amgen's main competitive advantage is experience making complex biologics at commercial scale, which it has done continuously since Epogen launched in 1989.
Berkshire Hathaway
How it makes money
Berkshire's business model is capital allocation on top of a decentralized group of operating companies. Subsidiary managers run their own businesses, with no corporate budget submissions and no committee structure at headquarters, and send surplus cash to Omaha.
Growth strategy
Berkshire's size limits what can move its results, so growth comes from large purchases, reinvestment inside existing businesses and buying back its own stock. Buffett described the 2009 BNSF agreement, a $34 billion investment in the railroad, as an all-in wager on the economic future of the United States.
Competitive advantage
Berkshire's advantages are permanent capital, a balance sheet that stays liquid by design, and a reputation that brings sellers to it.
Questions about Amgen vs Berkshire Hathaway
Which company has higher revenue — Amgen Inc. or Berkshire Hathaway Inc.?
Amgen Inc. reported $36.8B (FY2025), while Berkshire Hathaway Inc. reported $371.4B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with Amgen Inc. reporting a smaller revenue base.
What is the market cap of Amgen Inc. vs Berkshire Hathaway Inc.?
Amgen Inc.'s market capitalisation stands at $228.2B, while Berkshire Hathaway Inc.'s is $1.07T. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amgen Inc..
Which is more financially efficient — Amgen Inc. or Berkshire Hathaway Inc.?
Amgen Inc. generates $1.17M / employee in revenue per employee, while Berkshire Hathaway Inc. generates $958k / employee. Amgen Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Amgen Inc. and Berkshire Hathaway Inc. make money?
Amgen Inc. and Berkshire Hathaway Inc. generate revenue in fundamentally different ways. Amgen Inc.: Amgen operates a high-risk, high-reward biopharmaceutical business model. Berkshire Hathaway Inc.: Berkshire's business model is capital allocation on top of a decentralized group of operating companies.
Which company is valued higher relative to revenue — Amgen Inc. or Berkshire Hathaway Inc.?
On a price-to-sales (P/S) basis, Amgen Inc. trades at 6.2x P/S and Berkshire Hathaway Inc. at 2.9x P/S. Amgen Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Berkshire Hathaway Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amgen Inc. bigger than Berkshire Hathaway Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to Amgen Inc. ($36.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amgen vs Berkshire Hathaway overview