Amgen vs L'Oreal: Revenue, Profit and Business Model
Amgen reported $36.8B of revenue in FY2025 and $7.7B of net income. L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income.
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.
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
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 |
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | 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.
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
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.
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Questions about Amgen vs L'Oreal
Which company has higher revenue — Amgen Inc. or L'Oréal SA?
Amgen Inc. reported $36.8B (FY2025), while L'Oréal SA reported ~$49.8B (FY2025). By last reported revenue, L'Oréal SA is the larger business, with Amgen Inc. reporting a smaller revenue base.
What is the market cap of Amgen Inc. vs L'Oréal SA?
Amgen Inc.'s market capitalisation stands at $228.2B, while L'Oréal SA's is $204.9B. Amgen Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to L'Oréal SA.
Which is more financially efficient — Amgen Inc. or L'Oréal SA?
Amgen Inc. generates $1.17M / employee in revenue per employee, while L'Oréal SA generates $524k / 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 L'Oréal SA make money?
Amgen Inc. and L'Oréal SA generate revenue in fundamentally different ways. Amgen Inc.: Amgen operates a high-risk, high-reward biopharmaceutical business model. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Which company is valued higher relative to revenue — Amgen Inc. or L'Oréal SA?
On a price-to-sales (P/S) basis, Amgen Inc. trades at 6.2x P/S and L'Oréal SA at 4.1x P/S. Amgen Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to L'Oréal SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amgen Inc. bigger than L'Oréal SA?
By last reported revenue, L'Oréal SA (~$49.8B (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 L'Oreal overview