Amgen vs Intel: Revenue, Profit and Business Model
Amgen reported $36.8B of revenue in FY2025 and $7.7B of net income. Intel reported $52.9B of revenue in FY2025 and a net loss of $267M.
Latest financial snapshot
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.
Intel
Intel's revenue peaked at $79.0 billion in 2021 and fell to $53.1 billion in 2024, when it posted an $18.8 billion net loss driven by restructuring and impairments. FY2025 revenue was $52.9 billion with a much smaller $267 million net loss, and the year ended with $37.4 billion in cash and short-term investments. Q2 2026 revenue rose 25% to $16.1 billion with a 41.8% non-GAAP gross margin and $0.42 non-GAAP EPS. GAAP net loss for the quarter was $11.0 billion, almost all from a $12.5 billion non-cash mark-to-market charge on shares escrowed for the U.S. Department of Commerce. Intel guided Q3 2026 revenue to $15.8-16.8 billion.
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 |
Intel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52.9B | -$267M | -0.5% | -0.5% | Source |
| FY2024 | $53.1B | -$18.8B | -35.3% | -2.1% | Source |
| FY2023 | $54.2B | $1.7B | 3.1% | -14.0% | Source |
| FY2022 | $63.1B | $8B | 12.7% | -20.2% | Source |
| FY2021 | $79B | $19.9B | 25.1% | +1.5% | Source |
| FY2020 | $77.9B | $20.9B | 26.8% | +8.2% | Source |
| FY2019 | $72B | $21B | 29.2% | +1.6% | Source |
| FY2018 | $70.8B | $21.1B | 29.7% | +12.9% | Source |
| FY2017 | $62.8B | $9.6B | 15.3% | +5.7% | Source |
| FY2016 | $59.4B | $10.3B | 17.4% | — | 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.
Intel
- Client Computing and Physical AI Group~55%
Core and Core Ultra PC processors, chipsets, and edge platforms; $8.9B in Q2 2026, up 13% year over year.
- Data Center and AI~39%
Xeon server CPUs, AI accelerators, and data-center platforms; $6.3B in Q2 2026, up 59% year over year.
- Intel Foundry (external)small
Wafer manufacturing and advanced packaging for outside customers; most foundry revenue is internal sales to Intel Products and eliminates in consolidation.
- Mobileye and Other~6%
Mobileye ADAS chips and other businesses.
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.
Intel
How it makes money
Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel. Since 2024 it reports two halves. Intel Products (client CPUs, Xeon data-center CPUs, AI accelerators) sells to OEMs, hyperscalers, and enterprises. Intel Foundry manufactures wafers and packages for Intel Products and for external customers, competing with TSMC and Samsung.
Growth strategy
Under Lip-Bu Tan, Intel has cut layers and headcount, slowed some fab projects such as Ohio, and tied foundry spending to committed customer demand.
Competitive advantage
Intel's advantages are the installed base of x86 software, deep OEM and enterprise relationships, leading-edge U.S. fabs, and advanced packaging (EMIB, Foveros) that AI chip designers increasingly need. Its role as the main American maker of leading-edge logic chips also brings policy support: the U.S. government became its largest shareholder in August 2025.
Questions about Amgen vs Intel
Which company has higher revenue — Amgen Inc. or Intel Corporation?
Amgen Inc. reported $36.8B (FY2025), while Intel Corporation reported $52.9B (FY2025). By last reported revenue, Intel Corporation is the larger business, with Amgen Inc. reporting a smaller revenue base.
What is the market cap of Amgen Inc. vs Intel Corporation?
Amgen Inc.'s market capitalisation stands at $228.2B, while Intel Corporation's is $639.9B. Intel Corporation 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 Intel Corporation?
Amgen Inc. generates $1.17M / employee in revenue per employee, while Intel Corporation generates $621k / 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 Intel Corporation make money?
Amgen Inc. and Intel Corporation generate revenue in fundamentally different ways. Amgen Inc.: Amgen operates a high-risk, high-reward biopharmaceutical business model. Intel Corporation: Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel.
Which company is valued higher relative to revenue — Amgen Inc. or Intel Corporation?
On a price-to-sales (P/S) basis, Amgen Inc. trades at 6.2x P/S and Intel Corporation at 12.1x P/S. Intel Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Amgen Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amgen Inc. bigger than Intel Corporation?
By last reported revenue, Intel Corporation ($52.9B (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 Intel overview