Amgen vs Mastercard: Revenue, Profit and Business Model
Amgen reported $36.8B of revenue in FY2025 and $7.7B of net income. Mastercard reported $32.8B of revenue in FY2025 and $15B 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
Mastercard
- Latest revenue
- $32.8B (FY2025)
- Net income
- $15B
- Net margin
- 45.6%
- Revenue growth
- +13.2% 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.
Mastercard
Mastercard's net revenue grew from $10.8 billion in 2016 to $32.8 billion in FY2025, with net income of $14.97 billion in FY2025, a net margin near 46%. Growth continued in 2026: second-quarter net revenue rose 14% to $9.28 billion and net income reached $4.39 billion, with a GAAP operating margin of 60.2%. Because incremental transactions cost little to process, most of that cash goes to share buybacks, dividends and acquisitions such as Recorded Future ($2.65 billion, 2024) and BVNK (up to $1.8 billion, 2026).
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 |
Mastercard
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $32.8B | $15B | 45.6% | +16.4% | Source |
| FY2024 | $28.2B | $12.9B | 45.7% | +12.2% | Source |
| FY2023 | $25.1B | $11.2B | 44.6% | +12.9% | Source |
| FY2022 | $22.2B | $9.9B | 44.7% | +17.8% | Source |
| FY2021 | $18.9B | $8.7B | 46.0% | +23.4% | Source |
| FY2020 | $15.3B | $6.4B | 41.9% | -9.4% | Source |
| FY2019 | $16.9B | $8.1B | 48.1% | +12.9% | Source |
| FY2018 | $14.9B | $5.9B | 39.2% | +19.6% | Source |
| FY2017 | $12.5B | $3.9B | 31.3% | +16.0% | Source |
| FY2016 | $10.8B | $4.1B | 37.7% | — | 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.
Mastercard
- Payment network~59%
Assessments on gross dollar volume, transaction switching fees and cross-border fees, net of customer incentives. About $19.48 billion in FY2025.
- Value-added services and solutions~41%
Fraud and security, cyber and threat intelligence, data analytics, consulting, loyalty, open banking and processing services. Grew 23% in FY2025 to about $13.3 billion.
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.
Mastercard
How it makes money
Mastercard earns money in two ways. Payment network revenue ($19.48 billion in FY2025, about 59% of net revenue) comes from assessments based on gross dollar volume, fees for switching transactions, and higher-yield cross-border fees, reduced by incentives paid to issuers and merchants.
Growth strategy
Mastercard's growth plan rests on three levers: moving more consumer spending from cash to cards and tokenized digital wallets, capturing new flows such as B2B payments, disbursements and cross-border remittances, and selling more services that are not tied to card volume. Services grew 23% in FY2025, faster than the network.
Competitive advantage
Mastercard's advantage is a two-sided network that took decades to build: about 3.7 billion Mastercard and Maestro cards issued by partners and acceptance at tens of millions of merchant locations worldwide. A new rival would need both sides at once. That scale also feeds its fraud models, tokenization service and data products, which makes the services business harder to copy.
Questions about Amgen vs Mastercard
Which company has higher revenue — Amgen Inc. or Mastercard Incorporated?
Amgen Inc. reported $36.8B (FY2025), while Mastercard Incorporated reported $32.8B (FY2025). By last reported revenue, Amgen Inc. is the larger business, with Mastercard Incorporated reporting a smaller revenue base.
What is the market cap of Amgen Inc. vs Mastercard Incorporated?
Amgen Inc.'s market capitalisation stands at $228.2B, while Mastercard Incorporated's is $495.4B. Mastercard Incorporated 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 Mastercard Incorporated?
Amgen Inc. generates $1.17M / employee in revenue per employee, while Mastercard Incorporated generates $824k / 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 Mastercard Incorporated make money?
Amgen Inc. and Mastercard Incorporated generate revenue in fundamentally different ways. Amgen Inc.: Amgen operates a high-risk, high-reward biopharmaceutical business model. Mastercard Incorporated: Mastercard earns money in two ways.
Which company is valued higher relative to revenue — Amgen Inc. or Mastercard Incorporated?
On a price-to-sales (P/S) basis, Amgen Inc. trades at 6.2x P/S and Mastercard Incorporated at 15.1x P/S. Mastercard Incorporated 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 Mastercard Incorporated?
By last reported revenue, Amgen Inc. ($36.8B (FY2025)) is the larger company compared to Mastercard Incorporated ($32.8B (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 Mastercard overview